Friday, June 30, 2006
Vertex Pharmaceuticals (VRTX) entered an agreement with Johnson & Johnson (JNJ) to commercialize and market Vertex's hepatits C medication VX-950. Shares of Vertex jumped $4.68 to close at $36.71 while Johnson & Johnson stock added 3 cents to close at $59.92.
Computer Sciences To Repurchase Stock
Computer Sciences Corp. (CSC) announced a $2 billion stock repurchase plan in the wake of a strategic review. Investors had hoped that the company would sell itself. The stock price plummeted $7.32 to close at $48.56.
Qiao Xing's Income Drops
While first quarter sales for Qiao Xing Universal Telephone Inc. (XING) rose, income dropped due to stock option expenses. Shares of the Chinese telecommunications company plunged $2.50 to close at $9.75.
Cephalon Receives Approval Letter
The Food and Drug Administration issued an approval letter to Cephalon Inc. (CEPH) for its pain medication Fentora sending shares of the biopharmaceutical company soaring $5.84 to close at $60.10.
Airspan Delays Shipment
Airspan Networks Inc. (AIRN) will delay shipment of its WiMax wireless networking equipment to its largest customer until contract renegotiations are completed. The stock price plummeted $1.25 to $2.42.
Palm Halts Sales Of Treo
Palm Inc. (PALM) halted sales of its Treo 650 phone in Europe due to the high lead content in the product prompting the company to forecast current quarter sales below expectations. The stock price plunged $2.56 to $16.10.
Thursday, June 29, 2006
Advanced Auto Parts Cuts Outlook
Advance Auto Parts Inc. (AAP) cut its second quarter outlook as customer spending dropped. Shares of the auto parts retailer plunged $5.99 to close at $29.91.
RSA Surges Over Possible Sale
Shares of RSA Security Inc. (RSAS) surged $3.52 to close at $22.88 after the digital security company acknowledged that it is in negotiations to sell the company.
Neoware Slashes Forecast
Neoware Inc. (NWRE) blamed sluggish sales for slashing its fourth quarter forecast sending the stock price plummeting $8.41 to close at $11.78.
Wednesday, June 28, 2006
Merrill Lynch analyst John P. Herrlin upgraded Hess Corp. (HES) saying that the oil and gas producer is undervalued. The stock price surged $2.21 to close at $50.41.
Exxon Mobil Extends Deal
Exxon Mobil Corp. (XOM) extended its deal with Formula 1 racing Team McLaren Mercedes to provide motor oil to the team for 12 years. Shares of Exxon Mobil rose $1.47 to $61.12.
Analysts Question Marvell's Acquisition
Marvell Technology Group Ltd. (MRVL) extended its losses from yesterday as analysts questioned the wisdom of the company's $600 million cash purchase of Intel Corp.'s (INTC) division that makes processors for handheld devices. Shares of Marvell lost $1.82 to close at $42.32 while Intel stock gained 61 cents to close at $18.66.
Citigroup analyst B. Alexander Henderson cited competition from rivals for downgrading Netgear Inc. (NTGR). The stock price tumbled $2.66 to close at $21.00.
Coach Stock Value Priced
Motley Fool's Tom Gardner recommended Coach Inc. (COH) as an attractively priced stock with double digit profit growth for the next five years. Shares of the fine accessories retailer gained 82 cents to close at $28.64.
Analyst Anticipates iPod Release Delays
Shares of Apple Computer Inc. (AAPL) lost $1.41 to close at $56.02 after American Technology Research analyst Shaw Wu wrote of possible delays to the release of two new iPod models.
Tuesday, June 27, 2006
Maximus Warns Of Losses
Maximus Inc. (MMS) warned of third quarter losses due to cost overruns and expenses from an amended subcontract. The stock price plunged $6.21 to close at a 52-week low of $23.20.
Tribune's Repurchase Plan Successful
Tribune Co.'s (TRB) hotly contested stock repurchase plan concluded successfully yesterday with the newspaper publisher buying back 45 million shares of common stock. The stock price gained $1.57 to close at $32.47.
GM Warns Of Disappointing Sales
Shares of General Motors Corp. (GM) lost $1.85 to close at $25.90 after warning that summer sales are expected to fall below last year. June sales figures will be released next week.
DuPont To Use Corn Sugar Instead Of Petroleum
Beginning in 2007, DuPont Co. (DD) will begin using corn sugar instead of petroleum in the manufacturing process of new high performance resins and elastomer products. The switch will save the company approximately 10 million gallons of gasoline each year. The stock price lost $1.16 to close at $40.88.
Univision Board Approves Sale
Univision Communications Inc.'s (UVN) board of directors has approved the $12.3 billion cash sale of the broadcaster to a consortium of investors sending the stock price soaring $1.97 to close at $34.00.
Citizens Banking Will Buy Republic Bancorp
Citizens Banking Corp. (CBCF) will purchase Republic Bancorp Inc. (RBNC) for approximately $1.05 billion in cash and stock forming a new company to be called Citizens Republic Bancorp. Shares of Citizens dropped $2.37 to close at $24.66 while Republic stock jumped $1.88 to close at $12.45.
Monday, June 26, 2006
Boston Scientific Recall
Shares of Boston Scientific Corp. (BSX) tumbled $1.19 to $17.07 after the company recalled certain models of defibrillators and pacemakers that could fail.
Redback Networks Inc. (RBAK) was downgraded by Canaccord Adams analyst Joanna Markis, who expects the telecommunications networking equipment maker to experience a drop in revenue. The stock price plummeted $2.22 to $18.56.
Anadys Halts Trial
Anadys Pharmaceuticals Inc. (ANDS) halted dosing of hepatits C patients in its clinical trial of ANA975 while the company awaits further analysis of toxicology studies. Shares of Anadys plunged $3.18 to $3.51.
Friday, June 23, 2006
Six Flags In Trouble
On the downside was Six Flags Inc. (SIX) whose shares tumbled $1.90 to close at $5.55. The amusement park operator may be unable to make debt payments and forced to sell of some of its properties.
Andarko To Buy Two Rivals
Anadarko Petroleum (APC) announced plans to acquire two rivals, Kerr-McGee (KMG) and Western Gas Resources (WGR). Shares of Kerr-McGee leaped $18.31 to close at $68.61 while Western Gas stock jumped $18.76 to close at $59.67. Anadarko Petroleum shares lost $3.49 to close at $44.90.
Sunterra CEO On Leave
Sunterra Corp. (SNRR) president and chief executive Nicholas J. Benson has been placed on administrative leave while the company investigates allegations of financial impropriety. Analysts downgraded the stock sending shares of the operator of time-share vacation properties plunged $1.50 to close at $7.17.
Friedman Billings To Sell Stake In New Unit
Friedman Billings Ramsey Group Inc. (FBR) announced the sale of a $400 million stake in its newly formed FBR Capital Markets Corp. unit. The stock price climbed $1.06 to close at $11.02.
Pfizer And Neurocrine End Partnership
Pfizer Inc. (PFE) will terminate its partnership with Neurocrine Biosciences Inc. (NBIX) to develop the insomnia drug Indiplon because of delays in the approval process. Shares of Neurocrine plummeted $3.96 to close at $9.85 while Pfizer stock eased a penny to close at $22.64.
Thursday, June 22, 2006
Reimbursement News Lifts Hologic
Shares of medical imaging device maker Hologic Inc. (HOLX) surged $7.47 to close at $48.76 after the Centers for Medicare & Medicaid Services decided not to lower reimbursements for digital mammography.
Orchid Widens Losses
Orchid Cellmark Inc. (ORCH) blamed falling prices for first quarter losses that widened to 27 cents per share from 7 cents per share in the year ago period. The stock price plummeted $1.20 to close at $2.50.
Jabil Circuit Inc. (JBL) fell a penny short of expectations to report third quarter earnings of 30 cents per share compared with 29 cents per share a year earlier. The company also announced job cuts and plant closures to reduce expenses. Shares of the circuit board maker eased 69 cents to close at $24.79.
NICE Lifts Outlook
Increased demand prompted NICE Systems Ltd. (NICE) to lift its second quarter outlook. The stock price surged $3.07 to $26.90.
Rite Aid Earnings Drop
First quarter earnings for Rite Aid Corp. (RAD) fell to a penny per share from 5 cents per share last year. The stock price lost 35 cents to close at $4.20.
Lower Margins For Xyratex
Although second quarter earnings for Xyratex Ltd. (XRTX) more than doubled to 83 cents per share from 38 cents per share in the year ago period, shares of the network and computer storage system maker dropped $1.94 to close at $26.46 on lower margins.
Wednesday, June 21, 2006
Google Tests New Ad Network
Google Inc. (GOOG) unveiled a new online affiliate marketing network to extend its advertising range. Shares of the online search engine leaped $14.96 to close at $402.13.
Centene Chief Says Drug Costs Too High
Shares of Centene Corp. (CNC) tumbled $1.92 to close at $24.51 in reaction to comments from chief executive Michael Neidorff that drug expenses in Indiana were too high.
Jos. A. Bank Upgraded
Ryan Beck & Co. analyst Margaret B. Whitfield upgraded Joseph A. Bank Clothiers Inc. (JOSB) saying that the company's valuation was low. Shares of the men's clothing retailer surged $2.30 to close at $24.54.
Univision Disappointed With Purchase Offers
According to The Wall Street Journal, offers to purchase Univision Communications Inc. (UVN) have been below the price that the company had expected sending the stock price tumbling $1.56 to close at $33.84.
H-P Updates Restructuring Plan
As part of its ongoing restructuring plan, Hewlett-Packard (HPQ) expanded the responsibilites of three business groups. The stock price gained 88 cents to close at $33.74.
Teva Hurt As Merck Cuts Prices
Shares of generic drug maker Teva Pharmaceutical Industries Ltd. (TEVA) plunged $3.40 to close at $32.27 after Merck & Co. (MRK) announced price cuts to its cholesterol medication Zocor. Merck stock edged up 35 cents to close at $35.27.
Tuesday, June 20, 2006
Analysts Cut Outlook For Group 1 Automotive
Analysts cut their outlook for Group 1 Automotive Inc. (GPI) after the company announced a $250 million offering of senior convertible notes. Shares of the automobile dealer plunged $4.16 to close at $53.54.
Smucker Reports Improved Sales
Improved sales lifted fourth quarter earnings for J. M. Smucker Co. (SJM) to 62 cents per share from 38 cents per share last year. The stock price jumped $2.89 to close at $43.30.
FactSet's Earnings Rise
FactSet Research Systems Inc. (FDS) reported third quarter earnings that rose to 41 cents per share from 39 cents per share a year earlier. The financial information firm forecast fourth quarter results above expectations sending the stock price soaring $3.37 to close at $46.18.
Trinity Industries Lifts Forecast
Shares of Trinity Industries Inc. (TRN) surged $1.77 to close at $34.52 after the industrial company lifted its second quarter earnings outlook.
Actuant Warns Results Will Disappoint
Although Actuant Corp. (ATU) reported third quarter earnings that rose to 86 cents per share from 66 cents per share in the year ago period, the stock price plummeted $10.12 to close at $46.58 after the company warned that fourth quarter results would miss expectations.
Analyst Cuts Forecast For Trident Microsystems
Analyst Tore Svanberg cut his earnings forecast for Trident Microsystems Inc. (TRID) over softening demand for LCD TVs. The stock price plunged $1.72 to close at $18.02.
Monday, June 19, 2006
Gold Prices Retreat
The stock price of Goldcorp Inc. (GG) lost $1.77 to close at 25.61 as gold prices slipped.
Valero's Air Blower Failed
An air blower failed to work at Valero Energy Corp.'s (VLO) Port Arthur refinery. Although the company said that production had not been impacted, the stock price tumbled $2.65 to close at $57.35.
Shares of Sepracor Inc. (SEPR) surged $4.63 to close at $54.15 following rival Neurocrine Biosciences Inc.'s (NBIX) announcement last week that it may need to conduct more tests on its sleep aid Indiplon. Sepracor makes the insomnia drug Lunesta. Neurocrine stock dropped $1.06 to close at $14.12.
Airlines Up As Oil Slips
Airline stocks rose as crude oil prices retreated over a possible end to Iran's nuclear ambitions. Shares of Continental Airlines Inc. (CAL) gained $1.18 to close at $26.90 while the stock price of AMR Corp. (AMR) added 72 cents to close at $24.51.
An analyst upgrade sent shares of Monster Worldwide Inc. (MNST) up $1.85 to close at $43.02.
Symmetry Medical Cuts Forecast
Symmetry Medical Inc. (SMA) blamed changing order patterns for cutting its second quarter outlook. The stock price plunged $3.36 to close at $15.47.
Friday, June 16, 2006
California Micro Devices Cuts Forecast
Falling demand prompted California Micro Devices Corp. (CAMD) to cut its first quarter forecast. Analysts downgraded the semiconductor sending the share price plunging $1.47 to close at $4.39.
Martek Signs Deal With General Mills
Shares of Martek Biosciences Corp. (MATK) climbed $2.77 to close at $29.48 after signing a 15 year agreement to provide General Mills Inc. (GIS) with an omega-3 fatty acid. General Mills stock eased 39 cents to close at $50.44.
Carnival Beats Expectations
Carnival Corp. (CCL) blamed higher fuel expenses for second quarter earnings that slipped to 46 cents per share from 47 cents per share a year earlier. However, the results beat expectations by 2 cents sending the stock price up $2.02 to close at $40.19.
Chevron To Curtail Cigarette Sales To Kids
Shares of Chevron Corp. (CVX) lost 72 cents to close at $58.71 after agreeing to implement an aggressive campaign to reduce sales of tobacco products to minors.
More Tests For Neurocrine
More clinical trials may be necessary before the Food and Drug Administration approves Neurocrine Biosciences Inc.'s (NBIX) sleep aid Indiplon. The stock price plummeted $4.19 to close at $15.18.
OmniVision's Margin Drops
OmniVision Technologies Inc. (OVTI) beat expectations by a penny to report fourth quarter earnings of 39 cents per share compared with 30 cents per share in the year ago period. However, the stock price plunged $3.37 to close at $23.44 as gross margin dropped.
Thursday, June 15, 2006
Wafer Shortage To Boost MEMC
Lehman Brothers analyst Tim Luke expects the polysilicon semiconductor wafer shortage to extend through 2008 which will boost the earnings of wafer maker MEMC Electronic Materials Inc. (WFR). The stock price leaped $3.28 to close at $35.11.
Analyst Expects HP's Market Share To Grow
Bank of America analyst Keith Bachman expressed confidence in Hewlett Packard Co.'s (HPQ) ability to increase its market share and improve margins while cutting costs. The stock price gained $1.74 to close at $31.88.
FDA To Decide On Encysive's Thelin
The Food and Drug Administration will decide in late July whether to approve Encysive Pharmaceuticals Inc.'s (ENCY) high blood pressure treatment Thelin. Shares of the biopharmaceutical firm jumped $1.96 to close at $7.01.
Charles Schwab Cuts Fees
Charles Schwab Inc. (SCHW) announced another round of fee cuts sending the stock price up $1.18 to close at $15.73.
Nvidia And SanDisk Upgraded
UBS upgraded both Nvidia Corp. (NVDA) and SanDisk Corp. (SNDK) giving a boost to their stock prices. Nvidia rose $1.79 to close at $22.23 while SanDisk stock climbed $2.95 to close at $54.45.
General Mills Downgraded
Citigroup analyst David C. Driscoll downgraded General Mills Inc. (GIS) after the company warned that expenses would dampen 2007 earnings. The stock price lost 63 cents to close at $50.83.
Wednesday, June 14, 2006
Casey's General Stores Impresses
Casey's General Stores Inc. (CASY) impressed with fourth quarter earnings that rose to 21 cents per share from 15 cents per share in the year ago period, beating expectations by 7 cents. The stock price leaped $4.04 to close at $24.83.
Commerce Bancorp.'s Forecast Disappoints
Commerce Bancorp. (CBH) forecast second quarter results below expectations sending shares of the bank holding company down $1.94 to close at $35.14.
Southwestern Energy Reports Production Increase
Southwestern Energy Co. (SWN) reported that production has sharply increased at its Fayetteville Shale field. Shares of the natural gas and oil company surged $3.25 to close at $28.05.
Qualcomm Lifts Forecast
Improved sales and higher prices prompted Qualcomm Inc. (QCOM) to lift its third quarter forecast. The stock price rose $1.41 to close at $43.25.
Online Brokerages Fall
As the markets tumbled the last few weeks, the stock price of online brokerage E-Trade Financial Corp. (ET) tumbled $1.24 to close at $19.38 while OptionsXpress Holdings Inc. (OXPS) stock plunged $3.81 to close at $22.23.
Boeing Lands $4.52 Billion Contract
In a contract worth $4.52 billion, Singapore Airlines ordered 20 aircraft from Boeing Co. (BA) with the option of purchasing 20 more. Shares of Boeing leaped $5.03 to close at $82.01.
Tuesday, June 13, 2006
Cowen & Co. analyst Sara Michelmore downgraded DexCom Inc. (DXCM) after a number of insurance companies said that they will delay reimbursements for DexCom's continuous glucose monitors until at least 2008. Shares of the medical device maker tumbled $2.86 to close at $13.97.
Three Herley Facilities Suspended
The U. S. Government suspended three of Herley Industries Inc.'s (HRLY) manufacturing facilities from receiving contracts while legal proceedings are pursued against the company and former chairman Lee N. Blatt for defrauding the government. The stock price plunged $5.19 to close at $10.06.
Gold Prices Plunge
Heavy selling sent gold prices tumbling with today's plunge the greatest percentage drop in a single day in over 15 years. Shares of StreetTracks Gold Trust (GLD) plummeted $4.11 to close at $55.92.
Apple's Fourth Quarter Will Impress
Piper Jaffray analyst Gene Munster expects Apple Computer Inc. (AAPL) to have a stellar fourth quarter with the back-to-school shopping season. Apple stock gained $1.33 to close at $58.33.
Tuesday Warns Results Will Disappoint
Tuesday Morning Corp. (TUES) warned that second quarter results would not only fall short of expectations, but would also come in below last year's levels. Shares of the closeout retailer tumbled $2.32 to close at $14.03.
Tenaris To Buy Maverick Tube
Shares of Maverick Tube Corp. (MVK) leaped $16.99 to close at $62.65 after the maker welded tubular steel products agreed to by purchased by Tenaris SA (TS) for $3.19 billion including debt. Tenaris stock rose $1.03 to close at $32.53.
Monday, June 12, 2006
Schlumberger Warns Lack Of Engineers
Oilfield services firm Schlumberger Ltd. (SLB) warned that future production may be hampered by a lack of qualified engineers sending the stock price falling $2.64 to close at $56.58.
Deutsche Bank analyst Cobb H. Sadler cited market share concerns as well as price competition from rivals for downgrading Tellabs Inc. (TLAB). The stock price dropped $1.61 to close at $13.40.
Qualcomm Files Complaint Against Nokia
Qualcomm Inc. (QCOM) filed a complaint with the U. S. International Trade Commission against Nokia Corp. (NOK) for infringing on six of the company's patents. Shares of Qualcomm tumbled $2.25 to close at $41.19 while Nokia stock eased 49 cents to close at $19.57.
Mirant Withdraws Bid For NRG
Mirant Corp. (MIR) withdrew its $8 billion offer to purchase NRG Energy Inc. (NRG) sending shares of NRG tumbling $3.93 to close at $46.92. Mirant stock eased 7 cents to close at $24.38.
Monster Investigate Options
Monster Worldwide Inc. (MNST) launched an internal investigation into possible backdating of its stock option grants. The stock price plunged $3.40 to close at $38.60.
Comverse Delays Filing
Comverse Technology Inc. (CMVT) cited its ongoing stock option grants review for delaying the filing of its first quarter report. Shares of the communications systems and software maker dropped $3.09 to close at $20.48.
Friday, June 09, 2006
Parlux Fragrances Downgraded
Disappointing sales of Paris Hilton branded products prompted analysts to downgrade Parlux Fragrances Inc. (PARL). The stock price tumbled $2.38 to close at $18.47.
Source Interlink Reports Higher Earnings
Higher revenue lifted first quarter earnings for Source Interlink Cos. (SORC) to 6 cents per share from 4 cents per share in the year ago period sending the stock price up $1.09 to close at $12.52.
Quality Systems Beats Expectations
Quality Systems Inc. (QSII) beat expectations by 5 cents to report fourth quarter earnings that rose to 28 cents per share from 18 cents per share a year earlier. The stock price leaped $5.23 to close at $37.23.
Georgia Gulf To Acquire Royal Group
Georgia Gulf Corp. (GGC) will acquire Royal Group Technologies Ltd. (RYG) for approximately $1 billion. Shares of Georgia Gulf plunged $4.26 to close at $26.23 while Royal Group stock surged $3.28 to close at $11.28.
Shuffle Master Reports Losses
Shuffle Master Inc. (SHFL) disappointed with second quarter losses of 37 cents per share compared with earnings of 19 cents per share in the year ago period. The stock price tumbled $2.75 to close at $34.01.
Conditional Approval For Trexima
Pozen Inc. (POZN) and GlaxoSmithKline PLC (GSK) received conditional approval from Food and Drug Administration for their migraine medication Trexima. Additional safety information must be provided to the regulatory agency before full approval is granted. Shares of Pozen plummeted $8.59 to close at $5.52 while GlaxoSmithKline stock eased 75 cents to close at $54.65.
Wednesday, June 07, 2006
L-3's CEO Dies
L-3 Communications Holdings Inc. (LLL) announced the unexpected death of chairman, chief executive and co-founder Frank C. Lanza. Shares of the defense contractor jumped $4.01 to $77.50 over speculation that the company may now be an acquisition target.
International Coal Cuts Outlook
International Coal Group Inc. (ICO) blamed greater diesel fuel expenses and a mine fire for slashing its fiscal 2006 outlook. The stock price dropped $1.32 to $7.18.
LoopNet Leaps In IPO
On its first trading day, LoopNet Inc. (LOOP) shares leaped $3.55 to $15.55, breaking the recent trend of discounted IPOs.
Tuesday, June 06, 2006
Evergreen Secures Agreement
On the upside, shares of Evergreen Solar Inc. (ESLR) climbed $1.78 to close at $13.07 on news that the company secured a seven year agreement for enough silicon to increase production tenfold.
Salesforce.com Stumbles Over Marketing Campaign
Investors sent shares of Salesforce.com Inc. (CRM) plunging $2.13 to close at $27.62 in reaction to a marketing campaign that steeply discounts the company's entry-level product.
Spansion Sells Senior Notes
Spansion Inc. (SPSN) announced plans to sell $240 million worth of senior subordinated debentures in a private placement. Shares of the flash memory products company dropped $1.82 to close at $14.94.
Homebuilder Stocks Drop
Fears that further interest rate hikes would dampen demand for new homes prompted analysts to downgrade homebuilders. Shares of Pulte Homes Inc. (PHM) dropped $1.64 to close at $28.11 while D. R. Horton Inc. (DHI) stock fell $1.40 to close at $23.41. The stock price of KB Home (KBH) lost $3.28 to close at $45.82.
Analysts downgraded Brightpoint Inc. (CELL) sending the stock price plunging $3.67 to close at $16.22.
Openwave Sales Goal Doubtful
Shares of Openwave Systems Inc. (OPWV) continued to fall after analysts expressed doubt that the telecommunications company would meet fourth quarter sales expectations. The stock price tumbled $1.45 to close at $12.16.
Monday, June 05, 2006
Brookfield To Buy Trizec
In an $8.9 billion deal, Brookfield Properties Corp. (BPO) and private equity firm Blackstone Group will purchase Trizec Properties Inc. (TRZ). Shares of Trizec jumped $4.08 to close at $28.68 while Brookfield stock edged up 19 cents to close at $31.17.
Cutera Settles Lawsuit
Cutera Inc. (CUTR) settled a patent infringement lawsuit by paying Palomar Medical Technologies $22 million. The settlement prompted the maker of laser skin treatments to cut its second quarter outlook as well as its fiscal 2006 forecast. The stock price, however, leaped $6.31 to close at $25.09 after an analyst upgrade.
FDA Allows Restricted Use Of Tysabri
The Food and Drug Administration will allow the recalled multiple sclerosis drug Tysabri back to market under very limited conditions. Shares of Biogen Idec Inc. (BIIB) dropped $2.32 to close at $45.39 while Elan Corp. (ELN) stock plunged $2.46 to close at $16.52.
Acquisition Rumors Lift Movie Gallery
Rumors that Movie Gallery Inc. (MOVI) may be acquired sent shares of the DVD rental company climbing $1.01 to close at $6.86.
American Medical To Buy Laserscope
American Medical Systems Holdings Inc. (AMMD) will purchase competitor Laserscope Inc. (LSCP) for $715 million. American Medical stock tumbled $3.65 to close at $16.85 while shares of Laserscope leaped $9.24 to close at $30.65.
Onyx Drug Fails Late Stage Trial
Late stage clinical trials of Onyx Pharmaceuticals Inc. (ONXX) and Bayer AG's (BAY) kidney cancer treatment Nexavar failed to increase survival rates in patients. Shares of Onyx plunged $3.00 to close at $16.82 while Bayer stock eased 91 cents to close at $43.89.
Friday, June 02, 2006
Black Box Misses Expectations
Although Black Box Corp. (BBOX) reported fourth quarter earnings that grew to 26 cents per diluted share from break even last year, the results fell far short of analyst expectations sending the stock price plummeting $9.51 to close at $44.42.
AMD Unveils New Chip Plans
Advanced Micro Devices Inc. (AMD) announced plans for new chips that would improve power efficiency and performance. However, the stock price slipped $1.29 to close at $30.10.
Revlon Warns Of Earnings Shortfall
Shares of Revlon Inc. (REV) plunged $1.13 to close at $1.91 after warning that fiscal 2006 earnings before items may come in below 2005 levels due to disappointing sales.
Revenue Up For Chicago Bridge
Chicago Bridge & Iron Co. (CBI) reported first quarter earnings that slipped to 13 cents per share from 16 cents per share in the year ago period due to higher expenses. However, revenue jumped 35% prompting analysts to upgrade the stock. Shares of the engineering and construction company climbed $2.39 to close at $26.85.
Analyst Issues Upbeat Note On Dynamic Materials
JP Morgan analyst Michael F. Gambardella issued an upbeat note on Dynamic Materials Corp. (BOOM) saying that the company held a dominant position in the industry. The stock price jumped $5.06 to close at $33.27.
Pulte Homes Slashes Forecast
Shares of Pulte Homes Inc. (PHM) lost $1.70 to close at $31.33 after a sharp drop in new orders prompted the homebuilder to slash its full-year forecast.
Thursday, June 01, 2006
Trinity Sells Fittings Group
Shares of Trinity Industries Inc. (TRN) tumbled $4.31 to close at $58.03 after announcing the sale of its fittings group to Levine Leichtman Capital Partners for an undisclosed sum.
UnitedHealth Reaffirms Outlook
UnitedHealth Group Inc. (UNH) reaffirmed its earnings outlook for 2006. Shares of the health insurer gained $1.76 to close at $45.72.
Comcast Increases Network Speed
Comcast Corp. (CMCSA) unveiled its new PowerBoost technology which increases its network connection speed to 12 to 16 megabytes per second. The stock price rose $1.20 to close at $33.33.
Novel's Forecast Disappoints
Novell Inc. (NOVL) reversed losses to report second quarter earnings of a penny per share compared with losses of 4 cents per share in the year ago period. However, the company forecast third quarter results below expectations prompting analysts to downgrade the stock. Shares of the open source software maker tumbled $1.13 to close at $6.60.
Micron And Hynix Schemed To Fix Prices
Shares of Rambus Inc. (RMBS) surged $4.49 to close at $28.75 after email evidence revealed that Micron Technology Inc. (MU) and Hynix Semiconductor Inc. schemed to fix memory chip prices on the global market. Micron stock edged up 31 cents to close at $16.87.