Friday, March 30, 2007
Medarex Inc. (MEDX) reported positive trial data for its anthrax vaccine Valortim. The stock price surged $1.45 to close at $12.94.
Magma Settles Dispute With Synopsys
Magma Design Automation Inc. (LAVA) will pay $12.5 million to Synopsys Inc. (SNPS) to settle a patent dispute. Shares of Magma climbed $1.74 to close at $11.96 while Synopsys stock edged up 12 cents to close at $26.23.
Revenue Falls Short For Global Payments
Although third quarter earnings rose for Global Payments Inc. (GPN) to 42 cents per share from 36 cents per share a year earlier, revenue fell short of expectations. Shares of the electronic payment processing company plunged $5.11 to close at $34.06.
ICT Slashes Outlook
ICT Group Inc. (ICTG) slashed its first quarter outlook as costs rose. The stock price plummeted $6.95 to close at $17.50.
Earnings Double For Checkpoint Systems
Fourth quarter earnings for Checkpoint Systems Inc. (CKP) doubled to 45 cents per share from 23 cents per share in the year ago period. The stock price soared $3.74 to close at $23.66.
Approval Recommended For Dendreon's Provenge
After reviewing data on Dendreon Corp.'s (DNDN) Provenge, an FDA advisory committee recommended approval for the prostate cancer treatment. Shares of the biotechnology company more than doubled by leaping $7.71 to close at $12.93.
Thursday, March 29, 2007
KMG's Rating Lowered
A. M. Best lowered its ratings outlook on KMG America Corp. (KMA) sending the stock price plummeting $3.80 to close at $4.87.
Gol Linhas To Acquire Varig
Gol Linhas Areas Inteligentes S. A. (GOL) agreed to acquire rival airliner Varig in a deal worth approximately $275 million. The stock price surged $3.37 to close at $29.88.
U. S. Steel To Acquire Lone Star
U. S. Steel Corp. (X) will pay $2.1 billion in cash to acquire Lone Star Technologies Inc. (LSS). Shares of U. S. Steel climbed $3.61 to close at $101.22 while Lone Star stock leaped $17.66 to close at $66.11.
Insituform Warns Of Lower Earnings
Insituform Technologies Inc. (INSU) warned that earnings will drop this year and announced that the company will sell its tunneling business. The stock price plummeted $5.90 to close at $20.00.
Targeted Genetics Swings To Profit
Soaring sales and lower costs helped Targeted Genetics Corp. (TGEN) swing to a fourth quarter profit of 8 cents per share compared with a loss of 41 cents per share in the year ago period. The stock price leaped $1.70 to close at $4.27.
BCE May Go Private
A news report that a private equity firm is interested in acquiring BCE Inc. (BCE) lifted shares of the Canadian telecom $1.65 to close at $27.66.
Wednesday, March 28, 2007
Hovnanian Tumbles Over Beazer's Troubles
Shares of Hovnanian Enterprises Inc. (HOV) tumbled $1.09 to $25.55 as the government launched an investigation into possible fraud practices at Beazer Homes.
An analyst downgraded Sigma Designs Inc. (SIGM) over competition concerns sending the stock price plunging $3.28 to close at $27.08.
Beazer Under Investigation
Beazer Homes USA Inc. (BZH) is under federal investigation for possible fraud. Shares of the homebuilder tumbled $2.64 to close at $28.77.
AngioDynamics Swings To Loss
AngioDynamics Inc. (ANGO) blamed higher costs for swinging to a third quarter loss of 55 cents per share compared with earnings of 14 cents per share a year earlier. The stock price plunged $4.68 to close at $17.92.
NBTY May Sell Itself
According to a report, NBTY Inc. (NTY) retained the services of Bank of America and Bear Stearns to advise the company in a possible sale. The stock price surged $3.88 to close at $52.56.
Vyyo Raises Funds
Goldman Sachs agreed to invest an additional $35 million in Vyyo Inc. (VYYO) lifting the stock price 97 cents to close at $8.44.
Tuesday, March 27, 2007
BioCryst Halts Drug Trial
BioCryst Pharmaceuticals Inc. (BCRX) stopped a mid-stage clinical trial of its leukemia treatment because of possible contaminants in the drug packaging. The stock price plunged $1.58 to close at $8.00.
Aruba Networks Surges In Debut
Shares of Aruba Networks Inc. (ARUN) surged $3.15 to close at $14.15 in its market debut.
Beazer Homes Hit With Lawsuit
A lawsuit was filed against Beazer Homes USA Inc. (BZH) claiming the homebuilder encouraged applicants to falsify information on mortgage applications. The stock price fell 91 cents to close at $31.41.
Electronic Clearing House And Intuit End Merger Deal
Electronic Clearing House Inc. (ECHO) and Intuit Inc. (INTU) agreed to terminate their proposed $142 million merger. Shares of Electronic Clearing House plummeted $6.38 to close at $12.23 while Intuit stock edged up 18 cents to close at $27.55.
FuelCell Lands Deal Worth $200 Million
FuelCell Energy Inc. (FCEL) landed $200 million deal to provide fuel cell products to the Connecticut Clean Energy Fund. The stock price surged $1.50 to close at $8.70.
Fast Track Status For Nuvelo's Cancer Drug
Nuvelo Inc.'s (NUVO) colorectal cancer treatment rNAPc2 received fast track status from the Food and Drug Administration sending the stock price soaring 77 cents to close at $3.86.
Monday, March 26, 2007
Abbot Reports Positive Test Results
Abbot Laboratories (ABT) reported positive test results for its Xience coronary stent. The stock price soared $3.38 to close at $57.24.
CV Therapeutics Downgraded
CV Therapeutics Inc. (CVTX) predicted disappointing results for its angina drug treatment. Analysts promptly downgraded the biopharmaceutical sending the stock price plunging $1.82 to close at $6.75.
Progressive Settles Lawsuit
Shares of Progressive Gaming International Corp. (PGIC) continued to lose ground after an unfavorable jury ruling. The stock price dropped 73 cents to close at $4.20.
Alexza Announces Positive Test Results
Alexza Pharmaceuticals Inc. (ALXA) announced positive results for its inhalable schizophrenia and migraine drug treatment sending the stock price surging $5.23 to close at $15.21.
Beckman To Buy Biosite
Biomedical laboratory instrument maker Beckman Coulter Inc. (BEC) offered $1.55 billion to buy Biosite Inc. (BSTE). Shares of Biosite leaped $28.42 to close at $83.80 while Beckman stock plunged $4.57 to close at $62.51.
Novatel Lifts Forecast
Novatel Wireless Inc. (NVTL) cited strong demand for lifting its first quarter forecast. The stock price climbed $1.85 to close at $17.03.
Friday, March 23, 2007
Atmos Downgraded Over Rate Dispute
A Goldman Sachs analyst downgraded Atmos Energy Corp. (ATO) over the utility's rate dispute with Texas regulators. The stock price tumbled $1.10 to close at $31.15.
Judge Issues Injunction Against Vonage
Vonage Holdings Corp. (VG) was ordered by a federal judge to halt its use of Verizon Communication Inc.'s (VZ) patented technology. Shares of Vonage plummeted $1.05 to close at $3.00 while Verizon stock edged up 11 cents to close at $38.12.
Shares of Imclone Systems Inc. (IMCL) surged $4.62 to close at $38.50 after rivals cancelled trials of their colon cancer treatment.
Jabil Warns Of Earnings Miss
Jabil Circuit Inc. (JBL) warned that both its third quarter as well as its fourth quarter earnings will fall short of expectations as two major clients renegotiate agreements. The stock price tumbled $2.67 to close at $22.26.
Avery Dennison To Buy Paxar
Paxar Corp. (PXR) agreed to be acquired by Avery Dennison Corp. (AVY) for approximately $1.34 billion. Shares of Paxar leaped $4.52 to close at $28.55 while Avery Dennison stock edged up 88 cents to close at $66.43.
Kronos To Go Private
Kronos Inc. (KRON) will be purchased for approximately $1.74 billion by a private equity firm sending the stock price surging $6.48 to close at $53.11.
Thursday, March 22, 2007
Intuit Reaffirms Forecast
Intuit Inc. (INTU) reaffirmed its full year forecast which was lowered in February and reported a disappointing 1% increase in TurboTax sales. The stock price dropped $2.46 to close at $27.54.
Herman Miller Misses
Although third quarter earnings rose for Herman Miller Inc. (MLHR) to 50 cents per share from 33 cents per share in the year ago period, the results fell two cents short of expectations sending the stock price plunging $4.41 to close at $33.43.
Adams Settles Patent Suit
Adams Respiratory Therapeutics Inc. (ARTX) reached a patent settlement with Mutual Pharmaceutical Co. sending shares of Adams soaring $4.70 to close at $35.54.
Management Changes For Motorola
Motorola Inc. (MOT) surprised investors with its announcement of management changes and warning of a first quarter loss sending the stock price down $1.24 to close at $17.50.
Buy-Out Rumors Fizzle For Palm
Shares of Palm Inc. (PALM) lost ground by slipping $1.71 to close at $17.74 as rumors of a possible buy-out faded.
Scholastic Lowers Outlook
Scholastic Corp. (SCHL) lowered its full-year outlook due to debt expenses and higher marketing costs. The stock price plunged $4.48 to close at $31.08.
Wednesday, March 21, 2007
Morgan Stanley's Earnings Beat Expectations
First quarter earnings for Morgan Stanley Inc. (MS) surged to $2.51 per share from $1.48 per share in the year ago period, beating expectations by a wide margin. Separately, an appeals court reversed a $1.58 billion verdict against Morgan Stanley. Shares of the financial services firm jumped $5.22 to close at $81.33.
GSI Commerce Inc. (GSIC) was upgraded for its strong 2006 earnings and upbeat 2007 forecast. The stock price climbed $2.91 to close at $22.65.
Price Target Lifted For MEMC
Deutshce Bank lifted its price target on MEMC Electronic Materials Inc. (WFR) saying that 2007 results will most likely come in ahead of expectations. The stock price soared $3.81 to close at $60.99.
Disappointing February Sales For Cintas
Warm weather in February hurt sales at Cintas Corp. (CTAS), a uniform rental supplier. The stock price plummeted $3.33 to close at $37.18.
Higher Revenues For Telestone Technologies
China-based Telestone Technologies Corp. (TSTC) reported higher revenues and a profit in its wireless communications equipment business. The stock price surged $1.02 to close at $8.71.
ICF Reports Strong Earnings
ICF International Inc. (ICFI) reported revenues that doubled and a profit due to strong demand for its consulting services. The stock price surged $2.48 to close at $18.69.
Tuesday, March 20, 2007
Exide To Provide Batteries For San Antonio Tundra Plant
Exide Technologies (XIDE) will provide Toyota's San Antonio plant with lead-acid starting batteries for the company's Tundra trucks. The stock price rose 83 cents to close at $8.24.
Halliburton Warns Of Earnings Miss
Halliburton Co. (HAL) warned that first quarter results would fall short of expectations sending the stock price down $1.90 to close at $30.50.
Accredited Secures Loan
Accredited Home Lenders Holding Co. (LEND) sold $2.7 billion of its mortgage loans and secured a $200 million term loan commitment from Farallon Capital Management. The stock price of the troubled lender surged $1.82 to close at $10.77.
ViroPharma To Offer Notes
ViroPharma Inc. (VPHM) shares lost ground by falling 96 cents to close at $14.24 after the company announced plans to offer $200 million in senior notes.
Margins Shrink For Systemax
Systemax Inc. (SYX) reported earnings that doubled while revenues rose 11%. However, operating income fell due to smaller margins sending the stock price plunging $5.15 to close at $18.11.
Affiliated Computer Services To Go Private
Affiliated Computer Services Inc. (ACS) was offered $8.2 billion by its founder and an investment group to go private. The stock price leaped $8.66 to close at $59.95.
Monday, March 19, 2007
Hero To Buy Todco
Oil field-services company Hercules Offshore Inc. (HERO) offered $2.3 billion in stock and cash to buy Todco (THE). Shares of Hercules tumbled $1.25 to close at $25.32 while Todco stock leaped $6.46 to close at $39.24.
AtheroGenics Warns Results Will Disappoint
AtheroGenics Inc. (AGIX) warned of disappointing results for its late stage clinical trial of a heart disease treatment. The stock price plummeted $4.74 to close at $3.09.
Quanta To Buy InfraSource
InfraSource Services Inc. (IFS) which provides utility infrastructure services received a $1.26 billion offer from Quanta Services Inc. (PWR). Shares of InfraSource leaped $4.17 to close at $29.83 while Quanta stock edged up 3 cents to close at $24.67.
SIGA's Smallpox Drug Improves Patient
SIGA Technologies Inc. (SIGA) reported that a patient using the company's smallpox drug treatment showed improvement lifting the stock price 63 cents to close at $5.15.
Servicemaster To Be Acquired
Servicemaster Co. (SVM) was the target of a $4.5 billion bid from private equity firm Clayton, Dubilier & Rice. The stock price climbed $1.68 to close at $15.15.
Acadia Pharmaceuticals Reports Positive Trial Results
Acadia Pharmaceuticals Inc. (ACAD) reported positive Phase II trial results for its schizophrenia treatment ACP-103. The stock price more than doubled by leaping $6.92 to close at $13.61.
Friday, March 16, 2007
Gannett Lowers Outlook
Gannett Co. Inc. (GCI) lowered its first quarter outlook as advertising revenue fell. The stock price tumbled $2.49 to close at $55.76.
Disappointing Trial Results For Adams Respiratory
Adams Respiratory Therapeutics Inc. (ARXT) reported disappointing midstage results for its chronic bronchitis treatment erdosteine and forecast third quarter as well as full year sales below expectations. The stock price plummeted $9.45 to close at $28.22.
Fremont General's Credit Line Increased
Credit Suisse increased Fremont General Corp.'s (FMT) line of credit to $1 billion lifting the stock price $1.50 to close at $8.90.
Accredited Home Sells Loans
Accredited Home Lenders Holding Co. (LEND) shares rallied after loans were sold to give the beleagured subprime lender some needed liquidity. The stock price surged $1.47 to close at $10.90.
Possible Bankruptcy For Bally
Bally Total Fitness Holding Corp. (BFT) may file for bankruptcy sending the stock price plunging $1.24 to close at 75 cents.
Trimeris Inc. (TRMS) was downgraded by analysts due to management changes and diminished hopes of near-term takeover of the pharmaceutical company. The stock price plummeted $2.95 to close at $7.12.
Thursday, March 15, 2007
Usana's Stock Expected To Drop
According to a Wall Street Journal article, Barry Minkow, who served time for stock fraud, is betting that Usana Health Sciences Inc.'s (USNA) stock price will drop. Shares of the nutritional and personal care products company plummeted $8.92 to close at $49.85.
ICE Makes Bid For CBOT
IntercontinentalExchange Inc. (ICE) made an unsolicited $9.9 billion all-stock bid for commodities exchange CBOT Holdings (BOT) to top the $8 billion offer by Chicago Mercantile Exchange Holdings (CME). Shares of ICE dropped $3.83 to close at $128.10 while CBOT stock leaped $28.86 to close at $194.95. CME stock tumbled $31.09 to close at $532.88.
BigBand Surges In Market Debut
Shares of BigBand Networks (BBND) surged $4.00 to close at $17.00 on its first day of trading.
PHH To Be Acquired
PHH Corp. (PHH) will be acquired by GE Capital Solutions, a unit of General Electric Co. (GE), for approximately $1.8 billion. Shares of PHH surged $3.29 to close at $31.10 while GE stock edged up 21 cents to close at $34.52.
Cisco To Buy WebEx
Cisco Systems Inc. (CSCO) offered $3.2 billion in cash to buy online meeting service provider WebEx Communications Inc. (WEBX). Shares of Cisco edged down 4 cents to close at $25.81 while WebEx stock soared $10.18 to close at $56.38.
Accredited Home Rebounds
Accredited Home Lenders Holding Co. (LEND) rebounded along with its subprime lending peers on hopes that they would get some legislative relief. The stock price leaped $3.39 to close at $9.43.
Wednesday, March 14, 2007
AudioCodes Lowers Outlook
AudioCodes Ltd. (AUDC) blamed a slower-than-expected intake of orders for lowering its first quarter outlook. The stock price plunged $2.10 to close at $7.44.
J. P. Morgan cited the sharp drop in HomeBanc Corp.'s (HMB) stock price and its relatively low delinquency rate for upgrading the mortgage company. The stock price soared $1.23 to close at $2.70.
Clean Harbors Warns Of Slow First Quarter
Fourth quarter earnings surged for Clean Harbors Inc. (CLHB) to 56 cents per share from 43 cents per share last year but the waste management services company warned of a slow first quarter. The stock price plummeted $3.67 to close at $47.23.
Diamond Management Trims Outlook
Diamond Management & Technology Inc. (DTPI) trimmed its fourth quarter forecast prompting downgrades. The stock price plummeted $3.68 to close at $11.17.
Norsk Hydro Invests In Ascent Solar Technologies
Norsk Hydro bought 1.6 million shares of Ascent Solar Technologies Inc. (ASTI) through a private placement sending the stock price soaring $4.14 to close at $8.79.
Gymboree Corp. (GYMB) impressed with fourth quarter results that rose to 75 cents per share from 61 cents per share a year earlier, beating expectations. Shares of the children's clothing retailer surged $3.21 to close at $38.35.
Tuesday, March 13, 2007
Icahn To Bid On WCI
Billionaire investor Carl Icahn will make an unsolicited offer for WCI Communities Inc. (WCI) sending shares of the homebuilder soaring $2.83 to close at $21.80.
American Oriental's Forecast Disappoints
Fourth quarter earnings surged for American Oriental Bioengineering Inc. (AOB) to 17 cents per share from 10 cents per share in the year ago period but the company forecast disappointing first quarter results. The stock price plunged $2.98 to close at $8.52.
Revenue Falls Short For Infocrossing
While Infocrossing Inc. (IFOX) swung to a profit of 12 cents per share compared with losses of a penny per share in the year ago period, revenue missed expectations sending the stock price plunging $2.06 to close at $14.00.
Default Concerns Weigh Down American Home Mortgage
Concerns about mortgage defaults weighed down shares of American Home Mortgage Investment Corp. (AHM). The stock price tumbled $2.46 to close at $21.36.
Shuffle Master To Restate Financials
Shuffle Master Inc. (SHFL) must restate its fourth quarter as well as its full year 2006 financials prompting downgrades. The stock price dropped $1.56 to close at $17.81.
Accredited Home Pays Lenders $190 Million
Accredited Home Lenders Holding Co. (LEND) will layoff employees and search for ways to raise capital after its lenders demanded payment of $190 million. The stock price plummeted $7.43 to close at $3.97.
Monday, March 12, 2007
Accredited Home Lenders Extends Losses
Shares of subprime lender Accredited Home Lenders Holding Co. (LEND) extended its losses by plunging another $4.38 to close at $11.40 after New Century Financial warned of liquidity problems.
Trading Of New Century Financial Halted
New Century Financial Corp. (NEW) shares were suspended after the subprime lender warned of serious liquidity problems. The stock price plummeted $1.55 to close at $1.66.
Schering-Plough To Acquire Organon BioSciences
Schering-Plough Corp. (SGP) offered $14.5 billion to acquire the Organon BioSciences BV pharmaceuticals business of Akzo Nobel NV (AKZOY), a chemicals and coatings maker. Akzo Nobel stock leaped $10.02 to close at $70.83 while shares of Schering-Plough edged up 10 cents to close at $23.95.
Dollar General To Go Private
Private equity firm Kohlberg Kravis Roberts & Co. offered $6.87 billion to acquire Dollar General Corp. (DG) sending shares of the discount retailer soaring $4.29 to close at $21.07.
UnitedHealth To Acquire Sierra Health
Sierra Health Services Inc. (SIE) will be acquired by UnitedHealth Group Inc. (UNH) for approximately $2.6 billion in cash. Shares of Sierra jumped $5.67 to close at $41.57 while UnitedHealth stock edged up 27 cents to close at $53.27.
Lumera Receives Order From Lockheed
Lumera Corp. (LMRA) received a purchase order for high electro-optic activity materials from Lockheed Martin Corp. (LMT). Shares of Lumera leaped 89 cents to close at $4.54 while Lockheed stock climbed $3.11 to close at $100.00.
Friday, March 09, 2007
Earnings Plunge For PeopleSupport
PeopleSupport Inc. (PSPT) which provides business process outsourcing services reported fourth quarter results that plunged to 18 cents per share from 65 cents per share a year earlier to fall far short of expectations. The stock price plummeted $8.83 to close at $13.65.
Earnings Surge For Big Lots
Discount retailer Big Lots Inc. (BIG) announced higher earnings of 94 cents per share compared with 13 cents per share in the year ago period as its turnaround plan reduced costs. The stock price leaped $4.09 to close at $28.84.
Blue Coat Beats Estimates
Blue Coat Systems Inc. (BCSI) reported higher sales that beat estimates due to strong demand for its network security products sending the stock price soaring $3.78 to close at $35.95.
Jones' Profit Triples
Jones Soda Co. (JSDA) posted profits that tripled as the natural soda maker expanded its distribution to more retailers. The stock price surged $3.18 to close at $17.13.
Thursday, March 08, 2007
Distributed Energy Widens Losses
Distributed Energy Systems Corp. (DESC) widened fourth quarter losses to 84 cents per share from 9 cents per share in the year ago period prompting a downgrade. The stock price plunged 83 cents to close at $1.93.
Nucor Expects Improved Market Conditions
Nucor Corp. (NUE) expects market conditions to improve and demand to remain strong in the coming year. The stock price surged $3.17 to close at $63.12.
Earnings Rise For Men's Wearhouse
Men's Wearhouse Inc. (MW) reported higher fourth quarter earnings of 95 cents per share compared with 60 cents per share a year earlier that easily surpassed expectations. The stock price surged $4.06 to close at $47.36.
Bankruptcy Rumors Swirl Around New Century
Rumors that New Century Financial Corp. (NEW) may file for bankruptcy sent shares of the troubled lender plummeting $1.29 to close at to a 52-week low of $3.87.
Hollis-Eden Receives Rejection Notice
Hollis-Eden Pharmaceuticals Inc. (HEPH) received a rejection notice from the government for its acute radiation syndrome treatment sending the stock price tumbling $1.38 to close at $2.90.
Nordstrom's Same Store Sales Beat Expectations
High end retailer Nordstrom Inc. (JWN) bucked the trend and beat target for same-store sales in February. The stock price climbed $2.26 to close at $52.68.
Wednesday, March 07, 2007
Progenics To Reformulate Drug
Progenics Pharmaceuticals Inc. (PGNX) will reformulate its constipation treatment methylnaltrexone to improve effectiveness. The stock price plunged $4.19 to close at $22.57.
Payless ShoeSource Swings To Profit
Higher sales helped Payless ShoeSource Inc. (PSS) swing to a fourth quarter profit of 37 cents per share compared with losses of 8 cents per share in the year ago period. The stock price soared $2.57 to close at $34.00.
Test Failed For CV Therapeutics
CV Therapeutics Inc. (CVTX) reported that its angina treatment Ranexa failed to improve patients with acute coronoary syndrome sending its stock price plunging $2.90 to close at $9.40.
Take-Two Investors Push For Change
Shares of Take-Two Interactive Software Inc. (TTWO) surged $1.34 to close at $18.95 on news that an investment group may try to take seats on its board and place a new CEO.
Jupitermedia Ends Talks With Getty Images
Jupitermedia Corp. (JUPM) called off acquisition talks with Getty Images Inc. (GYI). Shares of Jupitermedia tumbled $1.53 to close at $7.10 while Getty stock lost $1.19 to close at $49.43.
Management Changes At Energy Conversion
Energy Conversion Devices Inc. (ENER) initiated steps in its management succession plan as co-founder Stanford R. Ovshinsky transitioned out of his role as President and Chief Scientist and Technologist. The stock price climbed $2.28 to close at $32.41.
Tuesday, March 06, 2007
Volt Reported Lower Sales
While Volt Information Sciences Inc. (VOL) swung to a first quarter profit of 3 cents per share compared with losses of 2 cents per share in the year ago period, sales slipped. The stock price tumbled $2.04 to close at $29.52.
K&F To Be Acquired
K&F Industries Holdings Inc. (KFI) will be acquired by Meggitt PLC for $1.1 billion in cash. The stock price climbed $2.33 to close $26.83.
Upgrade Lifts Innovative Solutions
An analyst upgrade lifted shares of Innovative Solutions & Support Inc. (ISSC) $3.75 to close at $23.10.
InterMune Ends Drug Trial
InterMune Inc.'s (ITMN) late stage trial of Actimmune failed to improve survival rates in idiopathic pulmonary fibrosis patients prompting the biotechnology company to end clinical trials. The stock price plunged $5.90 to close at $22.15.
Topps To Be Acquired
Topps Co. Inc. (TOPP) will be acquired for approximately $385.4 million sending the stock price up 90 cents to close at $9.81.
Sykes Offers Upbeat Forecast
Fourth quarter earnings for Sykes Enterprises Inc. (SYKE) slipped to 20 cents per share from 22 cents per share in the year ago period but the company guided first quarter results above expectations. The stock price soared $3.67 to close at $19.49.
Monday, March 05, 2007
Subprime Slump Impacts Impac
A slump among subprime lenders weighed down shares of Impac Mortgage Holdings Inc. (IMH). The stock price dropped $1.91 to close at $4.05.
Fremont General To End Subprime Business
Fremont General Corp. (FMT) announced plans to end its subprime mortgage business as fears of defaults plague the industry. The stock price plunged $2.82 to close at $5.89.
Default Fears Weigh Down Novastar
Fears of increased defaults by at risk borrowers sent shares of Novastar Financial Inc. (NFI)plunging $2.96 to close at $4.28.
Celanese To Repurchase Stock
Celanese Corp. (CE) will repurchase up to $400 million worth of common stock and refinance its debt. The stock price climbed $1.00 to close at $29.33.
Private Equity Firms Bid On Aeroflex
Aeroflex Inc. (ARXX) was the target of a $1 billion takeover by private equity firms. Shares of the communications components maker climbed $2.05 to close at $13.06.
Prosecutors Investigating New Century Financial
Shares of New Century Financial Corp. (NEW) lost more than half its value by plummeting $10.09 to close at $4.56 as prosecutors investigated problems at the subprime lender.
Friday, March 02, 2007
Gulf Island Corrects Overstated Revenue
Gulf Island Fabrication Inc. (GIFI) corrected overstated revenue from the first three quarters of 2006 by lowering earnings. The stock price plunged $9.10 to close at $26.84.
Credence Systems Corp. (CMOS) posted earnings that missed targets and lowered its outlook due to soft demand for semiconductor test equipment. The stock price plunged $1.15 to close at $3.45.
Zurich Financial Buys Bristol West
Bristol West Holdings Inc. (BRW), a U.S.-based auto insurer, was acquired by Swiss insurer Zurich Financial's Farmers Group for $712 million. The stock price leaped $5.87 to close at $22.08.
Immersion Settles Patent Suit With Sony
Immersion Corp. (IMMR) settled a patent infringement suit with Sony Corp. (SNE) and received damages of nearly $100 million. Shares of Immersion surged $1.25 to close at $8.48 while Sony stock dropped $2.44 to close at $49.43.
Dendrite International Targeted For Take Over
Sales and marketing software maker Dendrite International Inc. (DRTE) was the target of $751 million buyout offer from Paris-based Cegdemi SA. The stock price surged $2.74 to close at $15.53.
Thursday, March 01, 2007
Although communications networking equipment maker Ciena Corp. (CIEN) swung to a first quarter profit of 12 cents per share compared with a loss of 8 cents per share in the year ago period, the results fell shy of Wall Street expectations sending the stock price plunging $3.19 to close at $28.28.
IndyMac Warns Of Earnings Drop
IndyMac Bancorp Inc.(NDE) warned that 2007 results will drop as default rates climb. The stock price tumbled $2.17 to close at $32.16.
Goodyear Freezes Pension Plan
As part of Goodyear Tire & Rubber Co.'s (GT) plans to slash costs by $1 billion, the company will freeze its traditional pension plan for salaried workers and require these workers to pay more for retiree medical benefits. The stock price rose $1.53 to close at $26.15.
Temasek To Buy Stats Chippac
Temasek Holdings offered to purchase the remaining 64.4% of Stats Chippac Ltd. (STTS) that it does not already own. The stock price surged $2.20 to close at $11.87.
Aetna Cancels LabCorp Contract
Aetna Inc. (AET) cancelled its contract with Laboratory Corp. of America Holdings (LH) prompting an analyst downgrade of LabCorp. Shares of LabCorp plunged $9.51 to close at $70.17 while Aetna stock edged up 63 cents to close at $44.85.