March 2010 Archives

Mortgage defaults fell in February lifting shares of mortgage insurers PMI Group Inc. (NYSE: PMI) 88 cents to close at $5.42, Radian Group Inc. (NYSE: RDN) $1.03 to close at $15.64, and MGIC Investment Corp. (NYSE: MTG) 84 cents to close at $10.97.

Air Transport Services Group Inc. (Nasdaq: ATSG) announced new long term agreements to provide DHL with aircraft and operating support. The stock price leaped $1.04 to close at $3.35.

While fourth quarter earnings for SAIC Inc. (NYSE: SAI) rose to 31 cents per share from 29 cents per share a year earlier, the results missed expectations and the company lowered its guidance for fiscal 2011.

ArQule Inc. (Nasdaq: ARQL) reported upbeat results from a mid-stage clinical trial of its lung cancer treatment ARQ 197 sending the stock price soaring $2.86 to $6.36.

Citibank (NYSE: C) granted Zale (NYSE: ZLC) an extra month to either pay a fee for low sales on its private label credit cards or end the program. Citigroup stock eased 9 cents to close at $4.09 while Zale stock lost 61 cents to close at $2.63.

Charming Shoppes Inc. (Nasdaq: CHRS) narrowed fourth quarter losses to 24 cents per share from 99 cents per share in the year ago period but reported lower same store sales in the first quarter. The stock price tumbled $1.04 to close at $5.66.

Stifel Nicolaus downgraded Maguire Properties (NYSE: MPG) sending the stock price down 27 cents to $3.10.

Microsemi will acquire White Electronic Designs Corp. (Nasdaq: WEDC) for approximately $163 million in cash sending the stock price soaring $1.51 to $6.97.

FBR Capital Markets analyst Paul J. Miller downgraded Synovus Financial Corp. (NYSE: SNV) saying that he doubts that the regional bank will return to profitability this year. The stock price fell 23 cents to close at $3.25.

Allied Irish Banks (NYSE: AIB) must increase its capital and will most likely need another injection of capital from the government. The stock price dropped 87 cents to close at $3.58.

Pacific Ethanol Inc. (Nasdaq: PEIX) subsidiary Pacific Ethanol Holding Co. will restructure approximately $293.5 million worth of debt and secure up to $35 million in a new line of credit. The stock price plunged 64 cents to $1.35.

MDRNA Inc. (Nasdaq: MRNA) received an allowance letter from the patent office for its proprietary method of targeting peptide technology. Shares of the biotechnology firm leaped 29 cents to $1.30.

Avnet will pay approximately $252 million in cash to acquire Bell Microproducts Inc. (Nasdaq: BELM) sending the stock price soaring $1.52 to $6.90.

Bloomberg reported that Man Group discussed investment and acquisition opportunities with GLG Partners Inc. (NYSE: GLG) and SAC Capital Advisors. The stock price rose 39 cents to close at $3.07.

Shares of China Lodging Group Ltd. (Nasdaq: HTHT) surged $1.67 to close at $13.92 on its first trading day.

Penn Virginia GP Holdings LP (NYSE: PVG) priced its offering of 10 million common units at $18.45 per unit. The stock price fell $1.32 to $18.28.

The New York Post reported that RadioShack Corp. (NYSE: RSH) was exploring strategic alternatives including the possible sale of the company lifting shares of the consumer electronics retailer $1.81 to $23.61.

ARCA biopharma Inc. (Nasdaq: ABIO) was granted a patent for methods of treating heart failure patients with bucindolol based on genetic testing sending the stock price soaring $5.45 to $8.10.

Fourth quarter earnings for Lululemon Athletica Inc. (Nasdaq: LULU) nearly tripled to 40 cents per share from 16 cents per share last year to top estimates as revenue climbed. The stock price leaped $3.35 to close at $39.40.

Bakers Footwear Group Inc. (Nasdaq: BKRS) reported a surge in fourth quarter profit to 73 cents per diluted share from 7 cents per diluted share in the year ago period and amended its debt covenant. Shares of the specialty footwear retailer soared $1.14 to close at $2.74.

Citigroup downgraded RRI Energy Inc. (NYSE: RRI) to a Sell rating sending the stock price down 19 cents to $3.90.

JP Morgan downgraded Genzyme Corp. (NYSE: GENZ) after the Food and Drug Administration informed the biotechnology firm that third party inspectors may have to be hired to monitor one of its manufacturing plants. The stock price tumbled $3.88 to $51.45.

Cemex, SAB de CV (NYSE: CX) warned of losses for the first quarter due to the sluggish global economy and severe winter storms that halted construction projects sending the stock price down 54 cents to close at $10.46.

Shares of mortgage insurers PMI Group Inc. (NYSE: PMI) surged 85 cents to close at $4.49, Radian Group Inc. (NYSE: RDN) soared $2.63 to close at $14.52 and MGIC Investment Corp. (NYSE: MTG) gained 57 cents to close at $9.50 after Bank of America Corp. (NYSE: BAC) announced a new program that will lower the principal on underwater home loans. Bank of America stock rose 44 cents to close at $17.57.

Jabil Circuit Inc. (NYSE: JBL) reversed year ago losses of $4.19 per share to post a profit of 14 cents per share but revenue fell short of analyst expectations. The stock price tumbled $1.83 to close at $16.53.

Sprint Nextel Corp. (NYSE: S) introduced its HTC Evo 4G Android smartphone. The stock price rose 22 cents to $4.05.

Poniard Pharmaceuticals Inc. (Nasdaq: PARD) halted efforts to obtain regulatory approval for its lung cancer treatment picoplatin, announced that it will slash its workforce by 45% and will begin exploring strategic options including the possible sale of the company sending the stock price tumbling 30 cents to $1.26.

MF Global Holdings Ltd. (NYSE: MF) named former New Jersey governor Jon S. Corzine to the position of chief executive. The stock price rose 73 cents to $8.05.

Perrigo Co. (Nasdaq: PRGO) will pay $808 million in cash to acquire PBM, the world's biggest maker of store branded infant formula. The stock price leaped $6.07 to close at $57.20.

Beckman Coulter Inc. (NYSE: BEC) must obtain new Food and Drug Administration approval for its heart attack test system. Shares of the biomedical testing device maker plunged $4.88 to close at $64.22.

Freddie Mac (NYSE: FRE) approved PMI Group's (NYSE: PMI) request for subsidiary PMI Mortgage Assurance to issue mortgage insurance. Freddie Mac stock edged up a penny to $1.30 while PMI stock gained 49 cents to $3.63.

Maguire Properties Inc. (NYSE: MPG) blamed charges associated with defaulted properties for widening fourth quarter losses to $5.48 per share from 88 cents per share in the year ago period. Shares of the real estate investment trust soared 60 cents to $3.27.

Acquisition rumors lifted shares of BankAtlantic Bancorp Inc. (NYSE: BBX) 31 cents to close at $2.06.

Techwell Inc. (Nasdaq: TWLL) will be acquired by Intersil Corp. (Nasdaq: ISIL) for approximately $370 million. Shares of Techwell leaped $5.94 to close at $18.38 while Intersil stock eased 14 cents to $15.19.

Williams-Sonoma Inc. (NYSE: WSM) impressed with sharply higher fourth quarter earnings of 81 cents per share compared with 12 cents per share last year that topped estimates, forecast 2010 results ahead of expectations and increased its quarterly dividend. Shares of the specialty home products retailer surged $2.96 to close at $27.10.

CNX Gas Corp. (Nasdaq: CXG) announced that its Marcellus Shale GH2BCV gas well achieved a record production rate of 5.7 million cubic feet per day. The stock price leaped $7.07 to $37.87.

Fannie Mae (NYSE: FNM) relaxed certain income documentation requirements for loan modifications sending the stock price down 5 cents to $1.10.

Rite Aid Corp. (NYSE: RAD) will now accept payments with electronic benefit transfer cards and food stamps lifting the stock price 9 cents to close at $1.65.

Hersha Hospitality Trust (NYSE: HT) will sell 24 million common shares to raise approximately $102 million. The stock price rose 27 cents to close at $4.79.

SunPower Corp. (Nasdaq: SPWRA) restated earnings for the past two years and reported a sharp drop in fourth quarter earnings to 9 cents per share from 33 cents per share last year. Shares of the solar electric power technologies company tumbled $23.29 to $18.75.

Canaccord Adams analyst Peter Misek cited solvency concerns for slashing his price target on Palm Inc. (Nasdaq: PALM) to $0. The stock price plunged $1.52 to $4.13.

The Food and Drug Administration issued a complete response letter to A. P. Pharma Inc. (Nasdaq: APPA) denying approval for the company's chemotherapy induced nausea treatment APF530 sending the stock price plummeting 91 cents to $1.15.

Vimpel-Communications (NYSE: VIP) disappointed with fourth quarter results that fell short of expectations sending the stock price down $1.27 to close at $16.77.

Trina Solar Ltd. (NYSE: TSL) will offer 7.9 million American depositary shares sending the stock price tumbling $2.54 to close at $20.54.

Third quarter earnings for Nike Inc. (NYSE: NKE) doubled to $1.01 per share from 50 cents per share in the year ago period to surpass expectations as sales increased. Shares of the world's largest athletic footwear and apparel company soared $3.78 to close at $74.66.

The Food and Drug Administration approved Somaxon Pharmaceuticals Inc.'s (Nasdaq: SOMX) insomnia treatment Silenor sending the stock price soaring $2.41 to $6.35.

Fourth quarter earnings for GameStop Corp. (NYSE: GME) beat analyst expectations at $1.29 per share compared with $1.39 per share a year earlier and the company forecast 2010 results ahead of estimates. The stock price rose $1.50 to $21.36.

Star Scientific Inc. (Nasdaq: CIGX) widened losses for 2009 due to a patent infringement settlement paid to RJ Reynolds. The stock price tumbled 39 cents to close at $1.60.

Central Pacific Financial Corp. (NYSE: CPF) appointed John C. Dean to the position of Chairman of the Board. The stock price rose 23 cents to close at $1.87.

A federal court requested that the patent office review its decision to deny a patent extension for Medicines Co.'s (Nasdaq: MDCO) Angiomax anti-clotting drug sending the stock price soaring $1.57 to close at $9.83.

Analysts downgraded FUQI International Inc. (Nasdaq: FUQI) after the company announced that earnings were overstated for the first, second and third quarters of 2009 due to accounting errors. The stock price plummeted $6.84 to $12.16.

LSI Corp. (NYSE: LSI) lifted its first quarter guidance as sales climbed. The stock price rose 60 cents to $6.42.

Financial Times reported that private equity firm Apax has been engaged in discussions to take Polycom Inc. (Nasdaq: PLCM) private sending the stock price soaring $3.22 to $33.66.

CKX Inc. (Nasdaq: CKXE) narrowed fourth quarter losses to 5 cents per share from 15 cents per share last year as revenue surged. The stock price leaped $1.16 to close at $5.84.

A Wall Street Journal report of possible bank consolidations in Puerto Rico lifted shares of Popular Inc. (Nasdaq: BPOP) 30 cents to close at $2.56.

Rumors circulated that private equity firm Kohlberg Kravis Roberts may be interested in acquiring Harley-Davison Inc. (NYSE: HOG) lifting the stock price $1.72 to $28.22.

Lexicon Pharmaceuticals Inc. (NYSE: LXRX) priced its public offering of more than 87.7 million shares at $1.15 per share. The stock price slipped 12 cents to $1.30.

Gramercy Capital Corp. (NYSE: GKK) retained the services of EdgeRock Realty Advisors to explore strategic alternatives for its Gramercy Realty business sending the stock price plummeting $1.70 to close at $2.50.

The Food and Drug Administration requested additional data from Mannkind Corp. (Nasdaq: MNKD) for its inhalabel insulin Afrezza. Shares of the biopharmaceutical plunged $2.59 to close at $7.89.

Boston Scientific Corp. (NYSE: BSX) stopped all shipments and issued a recall of its implantable cardioverter defibrillators and cardiac resynchronization therapy defibrillators sending the stock price tumbling $1.24 to $6.55.

The Food and Drug Administration requested no new studies for an extended release version of the diabetes treatment exenatide developed by Amylin Pharmaceuticals Inc. (Nasdaq: AMLN), Eli Lilly & Co. (NYSE: LLY) and Alkermes Inc. (Nasdaq: ALKS). Shares of Amylin soared $2.89 to $23.15 while Eli Lilly stock eased 12 cents to $35.81. Alkermes stock climbed $1.48 to $13.69.

Chordiant Software Inc. (Nasdaq: CHRD) agreed to be acquired by Pegasystems Inc. (Nasdaq: PEGA) in an all cash deal valued at approximately $161.5 million. Shares of Chordiant leaped $1.16 to $4.97 while Pegasystems stock climbed $1.96 to $38.79.

Rumors circulated that Supervalu Inc. (NYSE: SVU) may be the target of an acquisition. Shares of the grocery chain operator climbed $1.06 to close at $17.13.

Star Scientific Inc. (Nasdaq: CIGX) chief executive Jonnie Williams purchased nearly 2.4 million shares of company stock lifting the stock price 18 cents to close at $1.58.

Quiksilver Inc. (NYSE: ZQK) narrowed first quarter losses more than expected to 4 cents per share from $1.53 per share in the year ago period even as revenue slipped. The stock price leaped 79 cents to $3.90.

CF Industries Holding Inc. (NYSE: CF) will pay approximately $4.7 billion to acquire Terra Industries (NYSE: TRA). Shares of CF tumbled $4.31 to $96.30 while Terra stock lost 68 cents to $46.22.

DeLorme placed an order with Globalstar Inc. (Nasdaq: GSAT) for over 15,000 SPOT Satellite Communicators lifting the stock price 14 cents to close at $1.42.

China Security & Surveillance Technology Inc. (NYSE: CSR) announced a public offering of 20 million common shares. The stock price dropped $1.10 to close at $7.28.

GameStop Corp. (NYSE: GME) will launch God of War III at midnight on Monday, March 15 at over 3,500 stores nationwide. The stock price climbed $1.00 to $19.28.

Clean Energy Fuels Corp. (Nasdaq: CLNE) posted a fourth quarter loss of 3 cents per share compared with a loss of 49 cents per share in the year ago period that was narrower than expected prompting an upgrade. Shares of the natural gas provider soared $2.70 to $22.02.

A jury found that Smith & Nephew infringed on patents licensed to Kinetic Concepts Inc. (NYSE: KCI). The stock price leaped $6.19 to close at $49.50.

The Wall Street Journal reported that private equity firm Bain Capital was in negotiations to acquire Psychiatric Solutions Inc. (Nasdaq: PSYS) sending the stock price surging $5.09 to close at $29.00.

The Food and Drug Administration approved Oculus Innovative Sciences Inc.'s (Nasdaq: OCLS) Microcyn Skin and Wound HydroGel. The stock price jumped $1.07 to $2.88.

Abbott Laboratories (NYSE: ABT) announced an all cash $450 million deal to acquire Facet Biotech Corp. (Nasdaq: FACT). Shares of Abbott rose 52 cents to $55.32 while Facet stock leaped $10.80 to $27.01.

Fairholme fund manager Bruce Berkowitz told Fortune that Citigroup Inc. (NYSE: C) stock was underpriced. Shares of the bank rose 26 cents to close at $3.82.

Wabash National Corp. (NYSE: WNC) will build 3,100 new DuraPlate HD dry vans for Swift Transportation sending the stock price soaring 86 cents to close at $5.04.

AgFeed Industries Inc. (Nasdaq: FEED) impressed with record revenue for 2009 as production volumes surged. The stock price climbed 59 cents to $5.10.

Sprint Nextel Corp. (NYSE: S) chief financial officer Bob Brust said that debt will be reduced much more quickly and suggested that quarterly revenue may increase for the first time in four years sending the stock price up 21 cents to $3.61.

AirFinancials.com reported that budget airlines are taking market share away from legacy carriers weighed down shares of American Airlines parent AMR Corp. (NYSE: AMR) 45 cents to $8.94.

BMO Capital Markets analyst Tim Long upgraded Research In Motion Ltd. (Nasdaq: RIMM) and lifted his earnings estimate as well as price target for the BlackBerry maker saying that competitors are unable to steal market share from the company. The stock price soared $3.89 to close at $73.39.

Briefing.com reported that Maersk may be interested in acquiring DryShips Inc. (Nasdaq: DRYS) lifting the stock price 43 cents to close at $6.09.

Shares of Zanett Co. (Nasdaq: ZANE) continued soaring by leaping $1.15 to $3.08 after announcing last week that the company received $12 million in new contracts in January and February.

Yingli Green Energy Holding Company Ltd. (NYSE: YGE) disappointed by swinging to a fourth quarter loss of 4 cents per American depositary share that fell short of expectations. The stock price lost 77 cents to $12.11.

Satcon Technology Corp. (Nasdaq: SATC) widened fourth quarter losses to 11 cents per share from 2 cents per share last year even as revenue rose. The stock price tumbled 42 cents to close at $2.28.

Patriot Coal Corp. (NYSE: PCX) placed two employees on administrative leave and fired one individual over accusations of falsified inspection records. The stock price soared $2.57 to close at $21.67.

Zanett Inc. (Nasdaq: ZANE) announced that it received $12 million in new contracts in the January and February of 2010. Shares of the technology solutions company climbed 41 cents to $2.53.

Private equity firm ABRY Partners will take RCN Corp. (Nasdaq: RCNI) private in a deal valued at approximately $1.2 billion lifting the stock price $2.84 to $15.10.

Family Dollar Stores Inc. (NYSE: FDO) reported higher February same store sales and lifted its outlook for the second quarter. Shares of the retail discount chain climbed $2.63 to closer at $35.24.

Fourth quarter results for Yamana Gold Inc. (NYSE: AUY) fell short of expectations sending the stock price down 53 cents to close at $10.61.

Wendy's/Arby's Group Inc. (NYSE: WEN) narrowed fourth quarter losses to 3 cents per share from 84 cents per share last year but same store sales dropped and the fast food chain expects to spend more to increase its customer base. The stock price lost 35 cents to close at $4.59.

Ciena Corp. (Nasdaq: CIEN) blamed order delays and pending acquisition costs for widening first quarter losses to 58 cents per share from 27 cents per share in the year ago period. The stock price fell $1.10 to $13.45.

Abercrombie & Fitch Co. (NYSE: ANF) impressed with a strong same store sales growth of 5% in February sending the stock price soaring $4.14 to $40.38.

Although fourth quarter earnings for BJ's Wholesale Club Inc. (NYSE: BJ) rose to $1.01 per share from 91 cents per share last year, the results fell short of estimates and the company forecast 2010 results below expectations. The stock price dropped $1.86 to close at $34.61.

The Securities and Exchange Commission is conducting an informal inquiry of Synovus Financial Corp. (NYSE: SNV) into possible securities violations sending the stock price down 12 cents to close at $2.70.

Analysts downgraded VisionChina Media Inc. (Nasdaq: VISN) after the company forecast first quarter revenue well below expectations. The stock price plummeted $3.11 to close at $5.09.

Pfizer (NYSE: PFE) and Medivation (Nasdaq: MDVN) announced that their Alzheimer's treatment Dimebon failed a late stage trial. Analysts promptly downgraded Medivation. Shares of Pfizer lost 29 cents to $17.31 while Medivation stock plummeted $26.95 to $13.30.

SouthWest Water Co. (Nasdaq: SWWC) will be taken private by institutional investors in a deal valued at approximately $275 million. The stock price leaped $3.33 to $10.40.

Private equity firm Elliott Associates made a $2 billion unsolicited bid to acquire Novell Inc. (Nasdaq: NOVL) sending shares of the enterprise software company soaring $1.26 to $6.01.

Rumors circulated that Massey Energy Co. (NYSE: MEE) may purchase Patriot Coal Corp. (NYSE: PCX). Massey stock rose $1.82 while shares of Patriot Coal climbed $1.94 to $20.02.

Cantor Fitzgerald analyst Pamela Bassett upgraded Sequenom Inc. (Nasdaq: SQNM) to a Buy rating after the biotech settled a class action lawsuit lifting the stock price $1.13 to close at $8.05.

Staples Inc. (Nasdaq: SPLS) blamed restructuring and integration costs for lower fourth quarter earnings of 32 cents per share that missed expectations compared with earnings of 40 cents per share last year and forecast full year results below estimates. The stock price dropped $2.46 to $23.40.

Terra Industries Inc. (NYSE: TRA), which has rejected past take-over offers from CF Industries Holdings Inc. (NYSE: CF), received another $4.74 billion bid from CF. Shares of Terra leaped $4.69 to $45.89 while CF stock fell $1.90 to $105.64.

The Food and Drug Administration approved CombinatoRx Inc.'s (Nasdaq: CRXX) extended release opioid pain treatment Exalgo sending the stock price soaring 39 cents to $1.50.

Wunderlich downgraded Sirius XM Radio (Nasdaq: SIRI) citing lower auto sales sending the stock price down 13 cents to close at 89 cents.

USEC (NYSE: USU) nearly doubled its fourth quarter earnings to 31 cents per diluted share from 16 cents per diluted share last year revenue rose. The stock price leaped 90 cents to close at $5.26.

Shanda Interactive Entertainment Ltd. (Nasdaq: SNDA) reported record revenue for the fourth quarter but profit was the weakest in three quarters sending the stock price down $4.19 to $41.11. Shares of the company's online unit Shanda Games (Nasdaq: GAME) fell $1.33 to $6.94.

Merck & Co. (NYSE: MRK) will acquire Millipore Corp. (NYSE: MIL) for approximately $6 billion in cash. Shares of Merck added 43 cents to $37.31 while Millipore stock leaped $10.57 to $104.98.

Japan's second largest drugmaker Astellas made an unsolicited $3.5 billion hostile bid for OSI Pharmaceuticals Inc. (Nasdaq: OSIP) sending the stock price soaring $19.46 to $56.48.