Friday, March 31, 2006
Analysts downgraded Mohawk Industries Inc. (MHK) after the company cut its first quarter earnings outlook. Shares of the floor coverings firm plummeted $4.60 to close at $80.72.
United Rentals Files Delayed Annual Reports
Shares of United Rentals Inc. (URI) rose $1.87 to close at $34.50 after filing annual reports for fiscal 2004 and fiscal 2005. The reports had been delayed due to a securities investigation. The equipment rental company's quarterly reports will be filed at the end of April.
Peerless Systems Corp. (PRLS) fell one penny short of expectations with fourth quarter earnings of 9 cents per share compared with 7 cents per share in the year ago period. The imaging products firm also announced the retirement of chief financial officer Bill Neil. The stock price plunged $2.15 to close at $7.47.
Workstream Reports Quarterly Loss
Workstream Inc. (WSTM) narrowed third quarter losses to 7 cents per share from 8 cents per share in the year ago period. The work force management software firm has retained the services of William Blair & Co. to explore options to maximize shareholder value. The stock price dropped 38 cents to close at $1.80.
Blue Dolphin Swings To Profit
Blue Dolphin Energy Co. (BDCO) swung to a profit with fourth quarter earnings of 9 cents per share compared with losses of 9 cents per share a year earlier. For fiscal 2005, the company reported earnings of 6 cents per share, up from losses of 37 cents per share in fiscal 2004. The stock price surged over 50% to close at $3.32, up $1.13.
Genesis Cuts Outlook
Weak demand prompted Genesis Microchip Inc. (GNSS) to lower its fourth quarter outlook sending the stock price tumbling $1.48 to close at $17.04.
Thursday, March 30, 2006
Nokia Expects Greater Global Growth
In anticipation of strong demand for mobile phones in Asia and Africa, Nokia Corp. (NOK) lifted its global growth estimates and unveiled three low priced models for the Chinese market. Shares of the world's largest cell phone maker gained $1.06 to close at $21.28.
AVI To Test Flu Drug
AVI BioPharma Inc. (AVII) will begin clinical trials the company's Neugene antisense drugs to treat various strains of influenza including the bird flu. Shares of the biopharmaceutical surged $1.04 to close at $7.63.
Positive Test Results Lift ViroPharma
Preliminary results from a Phase II clinical trial demonstrated that ViroPharma Inc.'s (VPHM) antiviral medication Maribavir is effective in treating the herpes infection cytomegalovirus. The stock price climbed $1.10 to close at $12.79.
JPMorgan May Buy Bank of New York Branches
A news report that JPMorgan Chase & Co. (JPM) may purchase The Bank of New York Company Inc.'s (BK) 300 branches for approximately $4 billion lifted shares of one of the nation's oldest banks $1.50 to close at $35.92. JPMorgan stock eased 15 cents to close at $41.53.
ATI Results Beat Expectations
ATI Technologies Inc. (ATYT) beat expectations by 6 cents to report second quarter earnings of 13 cents per share compared with 22 cents per share in the year ago period. The stock price rose $1.32 to close at $17.05.
SigmaTel Lowers Sales Forecast
SigmaTel Inc. (SGTL) blamed lower prices and delayed orders for cutting its first quarter sales outlook. Shares of the semiconductor company tumbled $1.27 to close at $8.86.
Wednesday, March 29, 2006
Qualcomm Sues Broadcom
Qualcomm Inc. (QCOM) filed a lawsuit against Broadcom Corp. (BRCM) for patent infringement and the misappropriation of trade secrets. Shares of Qualcomm rose $1.36 to close at $50.72 while Broadcom stock gained $1.44 to close at $43.77.
New Volume Controls For iPods
Apple Computer Inc. (AAPL) announced new volume control features for their iPod digital music players allowing parents to lock in maximum volume settings. The stock price surged $3.62 to close at $62.33.
Whirlpool's Purchase Of Maytag Approved
The merger between Whirlpool Corp. (WHR) and Maytag Corp. (MYG) received regulatory approval paving the way for the nation's largest appliance manufacturer to purchase the number three company. Whirlpool stock leaped $6.38 to close at $95.95 while shares of Maytag jumped $4.73 to close at $21.81.
Analysts downgraded Accenture Ltd. (ACN) after the management and technology consulting firm forecast wider losses from a major contract sending the stock price tumbling $1.79 to close at $29.11.
Red Hat Forecast Disappoints
Although Red Hat Inc. (RHAT) beat expectations by a penny to report fourth quarter earnings that more than doubled to 13 cents per share from 6 cents per share a year earlier, the company forecast current quarter results below expectations. The stock price dropped 62 cents to close at $28.19.
Ameritrade Lifts Outlook
Shares of TD Ameritrade Holding Corp. (AMTD) rose $1.80 to close at $20.96 after the company lifted its second quarter earnings outlook.
Tuesday, March 28, 2006
Lexar Media Forecasts Below Expectations
Lexar Media Inc. (LEXR) forecast first quarter results well below analyst expectations sending the stock price down 60 cents to $8.72.
Lennar's Earnings Rise
Lennar Corp. (LEN) beat expectations by 3 cents to report first quarter income of $1.58 per share compared with $1.17 per share in the year ago period. The stock price edged up 29 cents to $60.61.
EBay Prepares Patent Case
Shares of eBay Inc. (EBAY) rose $1.06 to $38.21 as the online auctioneer prepares to argue its patent case before the U. S. Supreme Court.
Monday, March 27, 2006
Encysive Plunges Over FDA Request
Encysive Pharmaceuticals (ENCY) shares lost nearly half their value by plunging $4.48 to close at $4.60. The drug researcher received a letter from the FDA requesting more clinical trial data for its pulmonary arterial hypertension treatment.
Cal-Maine Earnings Triple
Third quarter earnings for Cal-Maine Foods Inc. (CALM) more than tripled to 34 cents per share from 10 cents per share in the year ago period. Shares of the fresh egg producer soared $1.56 to close at $7.87.
CSK Delays Results
Due to accounting irregularities, CSK Auto Corp. (CAO) delayed the release of its fourth quarter and full year results. The stock price dropped $1.26 to close at $14.64.
Analyst Upgrades Time Warner Telecom
Morgan Stanley analyst Vance Edelson cited substantial growth potential for upgrading Time Warner Telecom Inc. (TWTC) and raising the price target for the stock. Shares of the telecommunications firm surged $1.22 to close at $16.87.
FDA Approves DexCom's Monitoring Device
The Food and Drug Administration approved DexCom Inc.'s (DXCM) portable STS Continuous Glucose Monitoring System for diabetes patients. Shares of the medical device maker soared $1.39 to close at $21.20.
Internal Investigation At Max Re Capital
Analysts downgraded Max Re Capital Ltd. (MXRE) after the reinsurer announced an internal accounting investigation that may lead to financial restatements. The stock price dropped 60 cents to close at $23.29.
Mining Stocks Rise
Shares of mining companies rose after Citigroup analyst John H. Hill forecast higher prices for metals. Freeport McMoran Copper & Gold Inc. (FCX) stock surged $2.50 to close at $56.19 while the price of copper mining company Phelps Dodge Corp. (PD) increased $1.47 to close at $76.61. Shares of Meridian Gold Inc. (MDG) climbed $2.34 to close at $29.13. Newmont Mining Corp. (NEM) stock gained $1.06 to close at $50.52.
Friday, March 24, 2006
Google Added To S&P 500
Search engine giant Google (GOOG) was added to the benchmark S&P 500 Index which gave the stock a boost. It jumped $23.91 to close at $365.80.
Bayer Offers $19.6 Billion For Schering
Bayer AG (BAY) offered 16.3 billion euro or about $19.6 billion to buy drugmaker Schering AG (SHR) which had been fending off German rival Merck's (MRK) takeover offer. Bayer shares added $1.05 to close at $42.74 while Schering shares lost $3.69 to close at $103.51. Meanwhile, Merck shares slipped 15 cents to close at $36.05.
Clayton Debuts On Nasdaq
On the upside, Clayton Holdings Inc. (CLAY) surged $4.00 to $21.00 on its first day of trading on Nasdaq.
Generic Drug Competition Hurts Biovail
Shares of Biovail Corp. (BVF) dropped $2.13 to $24.50 over concerns that the Food and Drug Administration will make it easier for generic drug companies to bring generic versions of Biovail's Wellbutrin to market.
Antigenics Halts Clinical Trial
Antigenics Inc. (AGEN) stock lost nearly half its value after suspending a late stage clinical trial of its kidney cancer drug Oncophage. Shares of the biotechnology company plummeted $2.14 to close at $2.97.
Idenix Lowers Drug Dosage In Trial
Idenix Pharmaceuticals Inc. (IDIX) lowered dosages of its hepatitis C treatment valopicitabine in its Phase IIb clinical trials after gastrointestinal side effects developed with higher dosages of the drug. Idenix stock plunged $5.68 to close at $14.57. Shares of Novaris AG (NVS), which developed valopicitabine with Idenix, edged up 25 cents to $55.70.
Lucent And Alcatel Discuss Merger
Lucent Technologies Inc. (LU) and Alcatel SA (ALA) reopened merger discussions that ended in 2001 which would create the world's largest communications equipment maker. Shares of Lucent rose 24 cents to close at $3.06 while Alcatel stock gained 25 cents to close at $15.70.
FDA Panel Votes Against Cephalon's Sparlon
A Food and Drug Administration advisory panel voted against recommending for approval Cephalon Inc.'s (CEPH) Sparlon treatment for attention deficit hyperactivity disorder. The stock price plummeted $9.51 to close at $63.80.
Thursday, March 23, 2006
Microsoft Reorganizes Unit
Microsoft Corp. (MSFT) announced a reorganization of its Windows division to jumpstart development of the company's consumer version of Windows to include more Internet based products. The stock price eased 30 cents to close at $26.85. Shares of Google Inc. (GOOG) gained $1.67 to close at $341.89 while Yahoo Inc. (YHOO) stock rose $1.08 to close at $31.83. Both are developing free Web based products to compete against Microsoft.
Upgrade Lifts Level 3
Bear Stearns analyst Steven Randall upgraded Level 3 Communications Inc. (LVLT) citing an improved operating environment. The stock price of the communications services provider edged up 57 cents to $4.01.
Scholastic Widens Losses
Scholastic Corp. (SCHL) disappointed with third quarter losses that widened to 37 cents per share from losses of 2 cents per share in the year ago period. The children's book publisher also cut its current quarter outlook and warned that full year results would miss expectations. The stock price plunged $3.38 to close at $26.04.
Earnings Rise For Jabil Circuit
Analysts upgraded Jabil Circuit Inc. (JBL) after the company reported second quarter earnings that grew to 32 cents per share from 22 cents per share a year earlier. The stock price of the electronic manufacturing services firm jumped $4.51 to close at $42.75.
Carnival's Earnings Fall
Carnival Corp. (CCL) blamed higher fuel costs for first quarter earnings that dropped to 34 cents per share from 42 cents per share in the year ago period. For the second quarter, the world's largest cruise operator forecast earnings below expectations sending the stock price tumbling $2.54 to close at $47.49.
YRC Worldwide Slashes Forecast
Cost overruns and weak volumes prompted YRC Worldwide Inc. (YRCW) to slash its first quarter earnings forecast. Shares of the transportation services firm plummeted $6.73 to close at $38.56.
Wednesday, March 22, 2006
Generex Reports Losses
Shares of Generex Biotech Corp. (GNBT) plunged $1.01 to $3.22 after reporting second quarter losses of $14.4 million.
Nextest IPOs On Nasdaq
Semiconductor test equipment maker Nextest Systems Corp. (NEXT) made its debut on Nasdaq by surging $3.10 to close at $17.10.
Sigma Designs Inc. (SIGM) fell 2 cents short of expectations to report fourth quarter earnings of 2 cents per share compared with break even last year. The stock price plummeted $2.32 to $13.55.
Chaparral Reports Impressive Earnings
Lower energy expenses together with higher steel prices boosted third quarter earnings for Chaparral Steel Co. (CHAP) to $2.06 per share from 62 cents per share in the year ago period. The stock price leaped $8.16 to close at $57.50.
Bristol-Myers Settles Patent Suit
Bristol-Myers Squibb Co. (BMY) and Sanofi-Aventis SA (SNY) settled a patent challenge to their blood thinning agent Plavix with generic drug maker Apotex Inc. Shares of Bristol-Myers surged $2.41 to close at $25.24 while Sanofi-Aventis stock jumped $4.20 to close at $47.88.
FDA Questions Safety Of Cephalon's Sparlon
The Food and Drug Adminstration released reports questioning the safety of Cephalon Inc.'s (CEPH) Sparlon drug for treating attention deficit hyperactivity disorder. Sparlon is currently marketed as sleep disorder medication under the name Provigil. The stock price rose $1.45 to clost at $73.31.
Tuesday, March 21, 2006
Low Coal Prices Hurt Fording
Shares of Fording Canadian Coal Trust (FDG) plunged $2.84 to $37.55 after CIBC World Markets analyst Petro Panarites downgraded the company over concerns that falling coal prices would negatively impact earnings.
GM And UAW Close To An Agreement
Shares of General Motors Corp. (GM) gained $1.15 to close at $22.00 over reports that the world's largest automaker was nearing a deal with the United Auto Workers union to reduce costs by offering retirement incentives.
No Anniversary Celebration for Apple
UBS analyst Benjamin A. Reitzes issued a client note expressing doubt that Apple Computer Inc. (AAPL) will celebrate its 30th anniversary with a special event. The stock price tumbled $2.18 to close at $61.81.
Healthways Raises Forecast
Although second quarter earnings for Healthways Inc. (HWAY) slipped to 20 cents per share from 24 cents per share in the year ago period, the company lifted its full year forecast. Shares of the health and care support services firm jumped $7.62 to close at $47.14.
Valeant's Study Results Disappoint
Disappointing late stage test results for Valeant Pharmaceuticals International's (VRX) hepatitis C treatment Viramidine sent the stock price plummeting $2.65 to close at $16.03.
Anlayst Upgrade Lifts Nvidia
Lehman Brothers analyst Arnab Chanda upgraded Nvidia Corp. (NVDA) and raised his earnings estimates for the company in anticipation of increased revenues. Shares of the graphic chip maker surged $2.39 to close at $50.79.
Friday, March 17, 2006
Genentech Raises Outlook
Genentech Inc. (DNA) lifted its fiscal 2006 forecast and provided business goals through the year 2010. The stock price surged $5.55 to $88.14.
William Lyon CEO Offers To Buy Company
William Lyons Homes (WLS) chief executive William Lyon offered $93 per share to purchase all outstanding stock in the company. The stock price leaped $23.30 to close at $99.00.
SBA To Buy AAT For $1 Billion
SBA Communications Corp. (SBAC) will acquire privately held AAT Communications Corp. for approximately $1 billion in cash and stock, extending SBA's wireless coverage to 47 of the 48 continental states. The stock price rose $2.29 to close at $23.86.
Generex Granted Patent In Mexico
The Mexico National Registry of Patents granted Generex Biotechnology Corp. (GNBT) a patent for improved drug delivery systems. The stock price gained 32 cents to close at $2.94.
Pride International Delays Annual Report
Pride International Inc. (PDE) reported fourth quarter earnings that grew to 24 cents per share from 16 cents per share in the year ago period. However, the company delayed filing its 2005 annual report until the conclusion of an internal investigation into bribes paid to foreign governments is complete. The stock price dropped $1.10 to close at $29.96.
Regulation Change Hurts ViroPharma
Shares of ViroPharma Inc. (VPHM) plunged $5.39 to close at $10.86 after the Food and Drug Administration changed the conditions under which a generic drug applicant may request a waiver for bioequivalency testing for ViroPharma's Vancocin. The decision will bring generic drug products to market sooner.
Thursday, March 16, 2006
American Service Group Will Restate Financials
America Service Group Inc. (ASGRE) must restate financial results from 2001 through 2004 as well as the first six months of 2005 after an internal investigation revealed inaccurate pricing terms in its pharmacy unit. The stock price plummeted $5.65 to close at $13.95.
American Italian Pasta Avoids Bankruptcy
American Italian Pasta Co. (PLB) avoided bankruptcy filings after negotiating a new credit pact. Shares of the pasta maker surged $1.95 to close at $6.12.
Intel To Regain Asian Market Share
Shares of Advanced Micro Devices Inc. (AMD) lost $1.04 to close at $34.08 after rival Intel Corp. (INTC) announced that the company will regain market share in China that it lost to AMD in recent years. Intel stock edged down 27 cents to close at 19.65.
ConAgra Cuts Dividend, Sells Units
ConAgra Foods Inc. (CAG) announced plans to seafood and chees businesses and slashed its quarterly dividend to 18 cents per share payable June 1 to shareholders of record on May 1. The stock price tumbled 91 cents to close at $19.50.
BioMarin Reports Positive Trial Results
BioMarin Pharmaceutical Inc. (BMRN) reported positive clinical trial results for its metabolic disorder treatment Phenoptin. The stock price climbed $1.47 to close at $13.92.
Impressive Earnings for Barnes & Noble
Barnes & Noble Inc. (BKS) impressed with fourth quarter earnings that grew to $1.76 per share from $1.56 per share in the year ago period. The nation's largest bookseller also forecast fiscal 2006 earnings above expectations sending the stock price soaring $4.18 to close at $47.40.
Wednesday, March 15, 2006
Court Rules Against Rent-A-Center
The New Jersey Supreme Court ruled that Rent-A-Center Inc. (RCII) is subject to a 30% interest rate cap per year. Refunds must be issued to consumers who paid more. The stock price dropped $1.72 to close at $24.29.
Union Pacific Raises Outlook
Improved margins prompted Union Pacific Corp. (UNP) to lift its first quarter forecast as well as its full year outlook. Shares of the nation's largest railroad company jumped $5.04 to close at $90.25.
Analyst Upgrades SanDisk
Pacific Crest Securities analyst Ruben Roy upgraded SanDisk Corp. (SNDK) and lifted his earnings estimates for 2006 and 2007 in anticipation of greater demand for flash memory towards the end of the year. The stock price surged $3.11 to close at $56.53.
H&R Block Charged With Fraud
New York Attorney General Eliot Spitzer filed a $250 million fraud lawsuit againt H&R Block Inc. (HRB) charging that the nation's largest tax preparation firm advised clients to open money losing retirement accounts called Express IRA's. The stock price dropped $1.38 to $20.62.
First Earnings Release For HealthSpring
HealthSpring Inc. (HS) reported fourth quarter earnings of $3.million, its first earnings release as a publicly traded company. Shares of the managed care organization tumbled $2.01 to $17.30.
Movie Gallery To Sublease Retail Space
Shares of Movie Gallery Inc. (MOVI) rose 67 cents to $2.84 after retaining Excess Space Retail Services to sublease retail space at 2,200 of its locations.
Tuesday, March 14, 2006
Chipotle Beats Expectations
Shares of Chipotle Mexican Grill (CMG) jumped $5.29 to $48.70. The burrito chain which was spun off from McDonald's (MCD) reported a 4th quarter profit and higher sales that beat expectations. Shares of McDonald's slipped 6 cents to $34.26 on news of a case of mad cow disease.
Partial Victory For Google
Department of Justice lawyers significantly scaled back their request for access to Google's search data which was seen as a partial victory for the search engine giant. Shares of Google (GOOG) jumped $14.10 to close at $351.16.
ADAM Inc. Posts Loss
Medical information provider ADAM Inc. (ADAM) posted a loss last quarter due to a one-time stock options restatement. The stock tumbled $2.37 to $8.05.
Comverse Technology to Restate Results
Comverse Technology (CMVT) is planning to review its accounting of stock options and expects to restate past results. The stock dropped $4.28 to $24.87
Goldman Sachs Reports Profits
Goldman Sachs (GS) reported sharply higher revenues and earnings due to brisk investment banking business. The stock hit a new 52-week high climbing $6.95 to $147.67.
Monday, March 13, 2006
McClatchy To Acquire Knight Ridder
Knight Ridder (KRI) found a suitor in McClatchy (MNI) who would pay $4.5 billion in cash and stock and assume about $2 billion in debt to acquire the nation's 2nd largest newspaper publisher. Knight-Ridder shares lost $1.08 to close at $63.92 while McClatchy shares slipped $1.51 to close at $51.55.
Capital One Buys North Fork
Capital One Financial (COF) announced a $14.6 billion stock and cash deal to buy North Fork Bancorp (NFB) whose shares jumped $3.80 to close at $29.20. Capital One Financial shares tumbled $6.82 to close at $83.10.
Possible Price Wars Weigh On Advanced Micro Devices
A price war between Intel Corp. (INTC) and Advanced Micro Devices Inc. (AMD) prompted analysts to downgrade AMD sending the stock price tumbling $2.63 to close at $34.00. Shares of Intel eased 12 cents to close at $19.73.
Analyst Upgrades Apple
Citigroup analyst Richard Gardner upgraded Apple Computer Inc. (AAPL) on the expectation that new product releases will boost sales. The stock price rose $2.49 to close at $65.68.
TOP Sell Ships For $550 Million
TOP Tankers Inc. (TOPT) announced the sale of 13 ships for $550 million and will use the proceeds from the sale for a special dividend of $5 payable on March 27 to shareholders of record on March 22. The stock price climbed $2.84 to close at $16.66.
NMT's Study Results Disappoint
Disappointing results from NMT Medical Inc.'s (NMTI) clinical study of its migraine headache reduction product StarFlex sent shares of the heart defect device maker plunging $6.88 to close at $14.04.
Watson Buys Andrx For $1.9 Billion
Watson Pharmaceuticals Inc. (WPI) entered a $1.9 billion deal to purchase Andrx Corp. (ADRX) becoming the nation's third largest generic drug company. Shares of Andrx surged $2.14 to close at $23.73 while Watson stock lost 55 cents to close at $29.00.
Friday, March 10, 2006
LSE Rejects Nasdaq's $4.2 billion Offer
Nasdaq Stock Market Inc.'s (NDAQ) $4.2 billion purchase offer for the London Stock Exchange was rejected for being too low. Nasdaq stock jumped $4.06 to close at $43.56.
NPS Receives Approval Letter From FDA
The Food and Drug Administration issued an approval letter to NPS Pharmaceuticals Inc. (NPSP) for its osteoporosis drug Preos while at the same time requesting more clinical information about an increase in the incidence of hypercalcemia in patients. Shares of the biotechnology company plummeted $5.27 to $8.77.
Adtran Lowers Forecast
Shares of Adtran Inc. (ADTN) tumbled $1.21 to close at $26.73 after booking delays prompted the network access equipment maker to lower its first quarter forecast.
Aeropostale's Earnings Rise
Impressive sales lifted fourth quarter earnings for Aeropostale Inc. (ARO) to 76 cents per share from 62 cents per share a year earlier. The stock price gained $1.83 to close at $30.30.
AnnTaylor Swings To Profit
AnnTaylor Stores Corp. (ANN) reversed losses and beat expectations to report fourth quarter income of 38 cents per share compared with losses of 18 cents per share in the year ago period. The stock price rose $2.15 to close at $37.48.
Nortel Networks Posts Loss, Restates Financials
Nortel Networks (NT) posted a $2.21 billion fourth-quarter loss and said it will restate more past financial statements due to revenue recognition errors.
Thursday, March 09, 2006
Fourth Quarter Results Rise For Claire's Stores
Claire's Stores Inc. (CLE) impressed with fourth quarter earnings that grew to 69 cents per share from 56 cents per share in the year ago period. Shares of the costume jewelry retailer surged $2.83 to close at $33.03.
Analyst Says Cash Flow Problems For Movie Gallery
Shares of Movie Gallery Inc. (MOVI) lost 43 cents to close at $2.04 after an analyst warned that the nation's second largest movie rental company was low on cash and may experience negative cash flow this year.
Biogen Extends Gains
Biogen Idec Inc. (BIIB) extended its gains by climbing another $2.03 to close at $47.54. Yesterday, a Food and Drug Administration advisory committee voted unanimously to allow the recalled multiple sclerosis drug Tysabri back on the market. Biogen developed the drug with Elan Corp. (ELN), whose shares edged down 49 cents to close at $15.32.
Slumping Sales For Urban Outfitters
Fourth quarter income for Urban Outfitters Inc. (URBN) rose to 21 cents per share from 16 cents per share in the year ago period. But, disappointing sales for the current quarter sent the stock price tumbling 56 cents to close at $24.85.
Wind River's Outlook Disappoints
Wind River Systems Inc. (WIND) reported fourth quarter earnings that grew to 11 cents per share from 7 cents per share a year earlier. However, the company forecast fiscal 2006 results below expectations sending the stock price plunging $3.19 to close at $12.17.
Late Fees Reduce Blockbuster's Revenues
Blockbuster (BBI) reported lower revenues mostly from the elimination of late fees, but higher profits due to cost-cutting. The stock slipped 25 cents to $3.62.
GM and Delphi May Reach Cost-Cutting Deal
General Motors (GM) is reportedly close to reaching a cost-cutting labor agreement with bankrupt auto parts maker Delphi Corp. to possibly avert a strike that would have otherwise crippled GM operations, according to The Wall Street Journal. GM shares added 92 cents to close at $21.34.
Imax Posts Profits, Mulls Sale
Large-size movie screen maker Imax (IMAX) posted a profit and has hired an investment bank to consider several unsolicited offers. The stock rose 85 cents to close at $10.35.
Wednesday, March 08, 2006
Google Settles Click Fraud Case for $90 Million
Internet search engine provider Google (GOOG) agreed to pay up to $90 million to settle a click fraud lawsuit filed by Lane's Gifts earlier this year in an Arkansas state court. The stock fell $10.57 to $353.88 in regular trading before dropping another $2 afterhours.
Qualcomm Raises Outlook
Strong sales prompted Qualcomm Inc. (QCOM) to lift its forecast for the current quarter sending the stock price up $1.67 to close at $49.53.
Tysabri To Return To Market
A Food and Drug Administration advisory committee voted unanimously to allow the recalled multiple sclerosis drug Tysabri back on the market. Shares of Elan Corp. (ELN) jumped $3.11 to close at $15.81 while Biogen Idec Inc. (BIIB) stock leaped $3.50 to close at $49.00.
Gold Prices Plunge
As the price of gold continued to plummet, shares of gold mining stocks fell with Newmont Mining Corp. (NEM) easing 25 cents to close at $49.57. Shares of Goldcorp Inc. (GG) tumbled $1.51 to close at $25.55 while Harmony Gold Mining Co. Ltd. (HMY) stock slipped 43 cents to close at $12.82.
Informatica Announces Debt Offering
Shares of Informatica Corp. (INFA) tumbled $1.07 to close $14.40 after announcing a $200 million convertible senior notes offering.
Martek's First Quarter Results Impress
Martek Biosciences Corp. (MATK) beat expectations by 4 cents to report first quarter earnings of 17 cents per share compared with 23 cents per share in the year ago period. The stock price surged $3.69 to close at $34.22.
Micron Snaps Up Lexar
Micron Technology (MU) is buying Lexar Media (LEXR) for nearly $700 million in stock in order to expand its flash memory business. Lexar shares surged $1.36 to $8.45 while Micron shares eased 36 cents to $14.62.
Tuesday, March 07, 2006
Price War Among Drive Makers
A possible price war between disk drive makers sparked by the impending acquisition of Maxtor Corp. (MXO) by Seagate Technology (STX) weighed down the sector with Western Digital Corp. (WDC) losing $1.68 to close at $20.69. Shares of Komag Inc. (KOMG) dropped $2.99 to close at $49.84 while Seagate stock fell $1.37 to $26.15. The stock price of Maxtor eased 52 cents to $9.45.
First Marblehead Secures $114 Million In Fees
First Marblehead Corp. (FMD) stock surged $1.53 to close at $42.98 over news that the company will collect nearly $114 million in advisory fees for a loan deal.
LSI Cancels IPO
Shares of LSI Logic Corp. (LSI) edged up 76 cents to close at $10.38 after it canceled the initial public offering of its storage system unit, Engenio Information Technologies, Inc., and announced the sale of its communications chip business.
Analysts Turn Bearish on Texas Instruments
Texas Instruments (TXN) narrowed its guidance for the current quarter, while analysts warned about weak demand in the semiconductor industry. Shares of the chip supplier dropped $1.07 to close at $31.26.
Krispy Kreme Appoints New CEO
Troubled doughnut chain Krispy Kreme Doughnuts (KKD) appointed former Kraft executive and food industry veteran Daryl G. Brewster as its new CEO. The stock jumped $1.32 to close at $7.71.
Monday, March 06, 2006
Education Management To Be Sold
Education Management Corp. (EDMC) will be acquired by investment firms Providence Equity Partners and Goldman Sachs Capital Partners for approximately $3.4 billion. The stock price surged $4.66 to $41.64.
Exide Lowers Outlook
Exide Technologies (XIDE) cut its earnings forecast for the current quarter sending the stock price plunging $1.18 to close at $2.80.
AT&T and BellSouth May Cut 10,000 Jobs
AT&T's chief financial officer said that the merger of AT&T (T) and BellSouth (BLS) may result in $2 billion in savings through 10,000 job cuts, mostly through attrition.
NBC Universal to Buy iVillage
General-Electric owned NBC Universal (GE) announced a $600 million cash deal to buy women-focused websites operator iVillage Inc. (IVIL) whose shares added 38 cents to close at $8.36.
Ma Bell Comes Back?
By acquiring BellSouth (BLS), AT&T (T) has come full circle from forced deregulation a quarter century ago that split Ma Bell into regional Baby Bells. AT&T was recently acquired by SBC which assumed the more familiar corporate name.
GM May Sell Its Stake in Suzuki
General Motors (GM) announced that it would sell a 17.4% stake in Suzuki to keep a 3% stake. Suzuki Motor added that General Motors (GM) has an informal option to buy back a stake in the Japanese auto maker for a year.
AT&T Announces Acquisition of BellSouth
AT&T (T) announced a $67 billion bid to acquire BellSouth (BLS) whose shares jumped $3.04 to close at $34.50. AT&T shares eased 97 cents to close at $27.02.
Friday, March 03, 2006
BlackBerry Patent Fight Settled for $612.5 Million
Research In Motion Ltd., (RIMM) the maker of the BlackBerry e-mail device, agreed to pay NTP $612.5 millin to settle all claims in full. The stock closed at $71.92, up 53 cents before leaping $12 to $84 in afterhour trading.
Vodafone Discussing Sale of Japanese Unit
Vodafone Group PLC (VOD) acknowledged that the company is discussing the potential sale of its Japanese unit to Japanese technology investment firm Softbank. Shares of Vodafone climbed $1.32 to $21.00.
U. S. Steel May Acquire AK Steel
Shares of AK Steel Holding Corp. (AKS) surged $2.66 to close at $14.00 over a news report that United States Steel Corp. (X) made a cash and stock offer to purchase the company. U. S. Steel stock edged up 38 cents to close at $57.98.
SFBC Delays Financial Reports
SFBC International Inc. (SFCC) delayed the release of both its fourth quarter as well as its full year financial results sending shares of the research firm plummeting $3.58 to close at $18.71.
Novell's Sales Drop
Declining sales sent first quarter earnings for Novell Inc. (NOVL) down to less than a penny per share from 90 cents per share in the year ago period. The dismal results prompted analysts to downgrade the stock. Shares of the networking software maker plunged $1.63 to close at $7.90.
Finisar Swings to Profit
Analysts upgraded Finisar Corp. (FNSR) after the company reversed losses and beat expectations to report third quarter earnings of 3 cents per share compared with losses of 15 cents per share last year. The stock price surged $1.17 to close at $4.08.
Intel Lowers Revenue Guidance
Intel weighed on the tech sector after lowering its projected quarterly revenue by $500 million and warning about falling margins. The stock opened at $19.97, down 48 cents.
Thursday, March 02, 2006
Abercrombie & Fitch Disappoints
Shares of Abercrombie & Fitch Co. (ANF) plunged $6.20 to close at $61.05 after reporting a dismal 5% February same store sales growth, far below the 13.6% gain that analysts had anticipated.
Hurricane Losses Hurt Quanta
Analysts downgraded Quanta Capital Holdings Ltd. (QNTA) after the insurance company warned of wider fourth quarter losses due to millions in hurricane expenses. The stock price collapsed more than 40% by falling $1.90 to close at $2.83.
Cloudy Forecast For OmniVision
OmniVision Technologies Inc. (OVTI) beat expectations by an impressive 8 cents to report third quarter earnings of 53 cents per share compared with 33 cents per share in the year ago period. However, the digital image sensor maker forecast fourth quarter results below expectations sending the stock price tumbling $3.22 to close at $23.99.
Chico's Sales Below Expectations
Although Chico's Fas Inc. (CHS) reported fourth quarter earnings that grew to 24 cents per share from 18 cents per share in the year ago period, the stock price plummeted $6.41 to close at $41.35 over disappointing same-store sales growth. Sales at stores open at least one year rose a mere 5.7%, far short of the 8.7% that analysts were expecting.
Merck Relinquishes Rights to Nastech Drug
Merck & Co. (MRK) returned full rights of obesity drug PYY3-36 to Nastech Pharmaceutical Co. (NSTK) after disappointing test results. Shares of Nastech plunged $8.594 to close at $14.43 while Merck stock edged up 16 cents to close at $35.12.
Dassault Systemes Buys MatrixOne
French software firm Dassault Systemes SA will purchase MatrixOne Inc. (MONE) for approximately $408 million in cash. Shares of MatrixOne surged $1.13 to close at $7.14.
Versant Reports Income, Stock Leaps 50%
Versant Corp. (VSNT) reported its largest profit since its IPO in 1996 to beat expectations. Shares of the data management company jumped $2.69 to close at $8.09.
Wednesday, March 01, 2006
Analyst Upgrade Boosts Altera
Shares of Altera Corp. (ALTR) gained $1.14 to close at $21.18 after an analyst upgraded the programmable chip maker. Bear Stearns analyst Gurinder Kalra expects the company to lift its revenue outlook.
Pacific Sunwear Sales Disappoint
Although fourth quarter earnings for Pacific Sunwear of California Inc. (PSUN) rose, the youth clothing retailer forecast first quarter results below expectations due to disappointing same store sales results. The stock price tumbled $1.88 to close at $21.93.
Medco Reports Record Revenues
Medco Health Solutions (MHS) reported fourth quarter earnings that grew to 57 cents per share from 48 cents per share last year as a result of new clients, higher drug prices and record revenues. Shares of one of the nation's biggest pharmacy benefits management companies jumped $3.56 to close at $59.28.
Bullish Note Lifts Texas Instruments
Shares of Texas Instruments Inc. (TXN) gained $2.33 to close at $32.18 after Goldman Sachs analyst James Covello issued a research note saying that he expects the company to raise its earnings outlook.
Profits Rise for Autodesk
Strong sales lifted fourth quarter income for Autodesk Inc.
(ADSK) to 33 cents per share from 26 cents per share a year earlier. The company also forecast fiscal 2006 results above expectations. Shares of the software maker surged $4.03 to close at $41.68.
(ADSK) to 33 cents per share from 26 cents per share a year earlier. The company also forecast fiscal 2006 results above expectations. Shares of the software maker surged $4.03 to close at $41.68.
American Eagle Outfitters Reports Higher Profit
American Eagle Outfitters Inc. (AEOS) reported fourth quarter earnings that rose to 71 cents per share from 66 cents per share in the year ago period. The casual teen retailer also reported same store sales growing 6% in February prompting the company to lift its first quarter earnings forecast. The stock price climbed $3.44 to close at $28.91.