Friday, September 28, 2007
Although Jabil Circuit Inc. (JBL) swung to a fourth quarter profit of 6 cents per share compared with losses of 22 cents per share a year earlier, the company forecast first quarter results below expectations. The stock price tumbled $1.66 to close at $22.84.
BigBand Slashes Guidance
BigBand Networks Inc. (BBND) slashed its third quarter guidance prompting a downgrade. The stock price plummeted $2.67 to close at $6.40.
Par Pharmaceuticals Lowers Outlook
Par Pharmaceutical Companies Inc. (PRX) lowered its revenue and profit outlook due to competition sending the stock price plunging $3.12 to close at $18.56.
KongZhong Corp. (KONG) shares plummeted $1.83 to close at $6.70 along with other China-related mobile companies after a recent rally.
Silverstar Reports Record Revenue
Silverstar Holdings Ltd. (SSTR) reported record revenues and earnings of 24 cents per share compared with losses of 10 cents per share a year earlier on strong entertainment software sales. The stock price leaped $2.57 to close at $5.02.
3Com Receives $2.2 Billion Cash Offer
3Com Corp. (COMS) received a $2.2 billion cash offer from private equity firm Bain Capital Partners sending shares of the networking solutions provider soaring $1.26 to close at $4.94.
Thursday, September 27, 2007
Analyst Lowers Earnings Estimate For Tesoro
Friedman, Billings, Ramsey analyst Eltan Bernstein cited margin concerns for lowering his earnings estimate for Tesoro Corp. (TSO) sending the stock price tumbling $2.56 to close at $47.14.
Traffix To Merge With New Motion
Traffix Inc. (TRFX) will merge with New Motion Inc. in a stock swap deal. The stock price soared $1.28 to close at $6.04.
Morgan Stanley downgraded Embarq Corp. (EQ) and lowered its price target for the company sending the stock price tumbling $2.71 to close at $57.06.
China Finance Continues To Surge
Shares of China Finance Online Co. Ltd. (JRJC) continued to climb $1.40 to close at $35.33 after boosting its third quarter outlook earlier this week.
KB Home Swings To Loss
KB Home (KBH) swung to a third quarter loss of 46 cents per share compared with a profit of $1.90 per share in the year ago period and indicated that it may continue to lose money for the foreseeable future. Shares of the homebuilder edged up 62 cents to close at $24.71.
Sallie Mae's Price Tag May Drop
Sallie Mae Corp. (SLM) shares surged $4.11 to close at $49.12 despite statements made by private equity suitors that they may lower its offer price.
Wednesday, September 26, 2007
Fremont May Lose Investor
An investment group that pledged to buy $80 million worth of stock in Fremont General Corp. (FMT) may back out of the deal. The stock price tumbled 99 cents to close at $4.14.
Rumor Of Buffet Investment Lifts Bear Stearns
Rumors that Warren Buffet may take a minority stake in Bear Stearns Companies Inc. (BSC) lifted shares of the brokerage $8.76 to close at $123.00.
Greatbatch Lowers Guidance
Greatbatch Inc. (GB) lowered its earnings and revenue guidance due to slower growth in medical device components sales sending the stock price plummeting $5.23 to close at $26.87.
UAW Strike Against GM Ends
General Motors Corp. (GM) ended a two-day strike and agreed to a contract that would put a retiree health plan into the union's hands. Shares of the world's largest automaker leaped $3.22 to close at $37.64.
Emergent BioSolutions Wins Government Contract
Emergent BioSolutions Inc. (EBS) will provide the government with $400 million worth of anthrax vaccine. The stock price soared $1.43 to close at $9.22.
CollaGenex Study Fails
CollaGenex Pharmaceuticals Inc. (CGPI) failed to meet its goal in a midstage study for its rosacea treatment and shut down the program. The stock price plummeted $1.78 to close at $9.35.
Tuesday, September 25, 2007
Superconductor Signs Term Sheet
Superconductor Technologies Inc. (SCON) signed a term sheet with Hunchun BaoLi Communications to form a joint venture by the end of the year. The stock price leaped $3.99 to close at $9.88.
Lowe's Trims Guidance
The Lowe's Companies Inc. (LOW) trimmed earnings guidance due to slowing sales sending the stock price down $2.04 to close at $28.51.
McCormick & Schmick's Cuts Outlook
McCormick & Schmick's Seafood Restaurants, Inc. (MSSR) blamed weak September traffic for cutting its third quarter outlook. The stock price plummeted $5.74 to close at $19.32.
ValueClick Rises On Rumors
Rumors that AOL may purchase ValueClick Inc. (VCLK) lifted shares of the online advertising company $2.85 to close at $24.85.
China Finance Boosts Outlook
Shares of China Finance Online Co. Ltd. (JRJC) hit a record high by jumping $3.29 to close at $29.52 after the subscription service boosted its revenue and earnings outlook.
No Impropriety At Focus Media
Shares of Focus Media Holding Ltd. (FMCN) surged $9.29 to close at $57.79 after an investigation into its advertising sales disclosed no improper payments.
Monday, September 24, 2007
Standard Pacific Eliminates Dividend
Standard Pacific Corp. (SPF) eliminated its quarterly dividend and announced plans to sell $100 millin in convertible senior subordinated notes. Shares of the homebuilder tumbled $1.05 to close at $7.05.
An analyst downgraded AMR Corporation (AMR) due to higher costs and slower revenues expected for the operator of American Airlines. The stock price plunged $3.49 to close at $20.77.
Harman International Industries Inc. (HAR) warned that first quarter results will fall far short of expectations as costs surged. The stock price plunged $4.69 to close at $80.31.
C-COR To Be Acquired
C-COR Inc. (CCBL) will be acquired by Arris Group Inc. (ARRS) for approximately $730 million in cash and stock. Shares of C-COR surged $2.14 to close at $12.02 while Arris stock tumbled $2.28 to close at $11.98.
Adtran Lowers Guidance
Adtran Inc. (ADTN) lowered its sales guidance for the current quarter due to soft network equipment sales sending the stock price plunging $3.57 to close at $22.84.
Sonus Reports Failed Test
The casualty of the day was Sonus Pharmaceuticals Inc. (SNUS) whose shares plummeted $3.65 to close at 70 cents after the drug research company announced a failed late-stage study.
Friday, September 21, 2007
Possible Buyout Problems For Harman
Shares of Harman International Industries Inc. (HAR) plummeted $27.25 to close at $85.00 after rumors of problems at Kohlberg Kravis Roberts & Company surfaced about raising the $8 billion to complete the acquisition.
HandHeld Entertainment Named Fastest Growing Web Property
HandHeld Entertainment Inc. (ZVUE) was recognized by comScore as the fastest growing web property after the recent launch of its online video advertising network. The stock price leaped 95 cents to close at $2.68.
Oracle Hits New 52-Week High
Shares of Oracle Corp. (ORCL) hit a new 52-week high by climbing 93 cents to close at $21.98 after the software giant posted higher revenues and earnings of 16 cents per share compared with 13 cents per share a year earlier following a string of acquisitions.
Thursday, September 20, 2007
D. R. Horton Tumbles
Morgan Stanley analyst Robert Stevenson expects weakness among homebuilders to continue sending shares of D. R. Horton Inc. (DHI) tumbling $1.11 to close at $14.08.
Athenahealth Surges In Debut
Shares of Athenahealth Inc. (ATHN) leaped $17.50 to close at $35.50 in its market debut.
ACI Swings To Loss
ACI Worldwide Inc. (ACIW) blamed one time expenses and a tax rate change for swinging to a third quarter loss of 7 cents per share compared with earnings of 59 cents per share last year. The stock price plunged $2.97 to close at $23.51.
Circuit City Posts Wider Than Expected Loss
Circuit City Stores Inc. (CC) posted a wider than expected loss of 38 cents per share compared with earnings of 6 cents per share a year earlier as same store sales fell. Shares of the nation's second largest consumer electronics chain tumbled $1.90 to close at $8.67.
Disappointing Results For BioCryst's Flu Drug
BioCryst Pharmaceuticals Inc. (BCRX) was downgraded after the company's flu drug failed to significantly improve symptoms. The stock price plummeted $3.78 to close at $8.00.
Potash Expects Strong Demand
Potash Corp. of Saskatchewan Inc. (POT) expects demand to remain strong through 2008 and possibly into 2009. The stock price soared $4.42 to close at $98.00.
Wednesday, September 19, 2007
Insteel Warns Shipments To Fall
Insteel Industries Inc. (IIIN) blamed a weak market for warning that fourth quarter shipments will fall. The stock price plunged $2.14 to close at $16.44.
Regulators May Purchase $20 Billion In Subprime Mortgages
Shares of mortgage insurer Triad Guaranty Inc. (TGIC) surged $4.11 to close at $21.78 after federal regulators indicated that they could purchase up to another $20 billion in subprime mortgages
Kellwood Receives Unsolicited Offer
Sun Capital Securities Group LLC made an unsolicited $543.9 million cash bid for Kellwood Co. (KWD) sending shares of the apparel maker soaring $3.97 to close at $19.14.
Citigroup Slashes NutriSystem's Price Target
Citigroup cited competition from the obesity drug Alli for slashing NutriSystem Inc.'s (NTRI) price target sending shares of the weight loss management company plummeting $6.87 to close at $50.08.
Shares of auto retailer CarMax Inc. (KMX) skidded $3.77 to close at $21.29 after the company reported revenue that missed expectations and lowered its outlook for the year.
NetSol Reverses Losses
NetSol Technologies Inc. (NTWK) posted a profit of 7 cents per share compared with losses of 11 cents per share in the year ago period on sharply higher revenues due to strong demand for its enterprise software packages. The stock price surged 68 cents to close at $2.37.
Tuesday, September 18, 2007
Factory Card & Party Outlet To Be Acquired
AAH Holding Corp. will pay approximately $56.1 million in cash to acquire Factory Card & Party Outlet Corp. (FCPO) sending shares of the party supply chain soaring $8.15 to close at $16.20.
Sales Surge For Hovnanian
Sales volumes surged ten times normal after Hovnanian Enterprises Inc. (HOV) held a weekend sale with sharply reduced home prices. Shares of the homebuilder leaped $3.22 to close at $14.55.
Sonoco Products Slashes Outlook
Sonoco Products Co. (SON) cited higher expenses and lower volume for slashing its third quarter as well as its full year outlook. Shares of the industrial and consumer packaging company tumbled $2.42 to close at $30.78.
Earnings Surge For Kroger
Second quarter earnings for Kroger Co. (KR) surged to 38 cents per share from 29 cents per share in the year ago period to beat expectations prompting the grocery chain to lift its full year guidance. The stock price climbed $2.07 to close at $29.09.
E-Trade Shutters Mortgage Business
E-Trade Financial Corp. (ETFC) announced plans to shutter its whole mortgage business and slashed its earnings outlook sending the stock price down 21 cents to close at $14.00.
Micrus Slashes Outlook
Shares of Micrus Endovascular Corp. (MEND) plummeted $6.20 to close at $17.37 after the drug company slashed its revenue outlook due to regulatory delays in Asia.
Monday, September 17, 2007
Enterra Suspends Monthly Distribution
Enterra Energy Trust (ENT) suspended payment of monthly distributions in order to repay debt sending the stock price plummeting $1.87 to close at $1.93.
Newell Lifts Guidance
Newell Rubbermaid Inc. (NWL) lifted its third quarter as well as its full year guidance sending the stock price soaring $2.26 to close at $28.02.
Central Garden Withdraws Outlook
Central Garden & Pet Co. (CENT) blamed poor weather and high grain prices for withdrawing its fourth quarter outlook. The stock price plunged 94 cents to close at $9.77.
An analyst upgraded Brocade Communications Systems Inc. (BRCD) due to a strong outlook for the network storage equipment maker. The stock price edged up 10 cents to close at $7.46.
iRobot Loses Contract
iRobot Corp. (IRBT) lost a multi-million contract to build bomb detection robots to a rival sending the stock price plummeting $5.35 to close at $18.27.
Idearc Buys InfoSpace's Online Directory Business
InfoSpace Inc. (INSP) sold its online directory business to Idearc Inc. (IAR) for $225 million. Shares of InfoSpace leaped $4.13 to close at $17.38 while Idearc stock eased 50 cents to close at $32.85.
Friday, September 14, 2007
Cardinal Health Trims Outlook
Cardinal Health Inc. (CAH) trimmed the outlook for its supply chain division sending the stock price plunging $3.29 to close at $64.67.
First Acceptance Swings To Loss
First Acceptance Corp. (FAC) swung to a fourth quarter loss of 50 cents per share compared with earnings of 30 cents per share in the year ago period. Shares of the personal auto insurance company plummeted $2.70 to close at $5.05.
Friedman Billings downgraded ImClone Systems Inc. (IMCL) citing comments from doctors that ImClone's Erbitux lung cancer treatment will not be used to treat the majority of lung cancer patients. The stock price plummeted $4.46 to close at $39.02.
American Express Downgraded
An analyst downgraded American Express Co. (AXP) in an already weakened financial services sector. The stock price tumbled $1.66 to close at $58.94.
Tween Brands Raises Guidance
Apparel retailer Tween Brands Inc. (TWB) announced a stock buyback and raised its earnings guidance sending the stock price soaring $2.41 to close at $29.96.
Tarragon Reinstates Loans
Tarragon Corp. (TARR) shares soared 47 cents to close at $2.53 after the home developer closed an agreement with General Electric Capital to reinstate more than $550 million in loans.
Thursday, September 13, 2007
Kohl's Launches New Kitchenware Line
Kohl's Corp. (KSS) launched its exclusive Food Network line of kitchenware. The stock price leaped $3.23 to close at $56.50.
Cephalon Warns Of Fentora Dangers
Cephalon Inc. (CEPH) warned doctors that improper use of its intense pain medication Fentora may cause fatal reactions in patients. The stock price plunged $3.99 to close at $72.55.
Select Comfort Warns
Select Comfort Corp. (SCSS) shares tumbled $1.49 to close at $15.91 after the bedding maker warned that it may miss profit targets.
Syntax-Brillian's Outlook Disappoints
Shares of Syntax-Brillian Corp. (BRLC), the maker of Olevia high-def televisions, tumbled $2.12 to close at $4.01 on a disappointing outlook due to supplier issues.
Countrywide Secures Additional Borrowing Capacity
Countrywide Financial Corp. (CFC) secured an additional $12 billion in borrowing capacity sending the stock price up $2.31 to close at $18.93.
GM Workers To Manage Own Health Care Program
General Motors Corp. (GM) may let its workers manage its own health care program. Shares of the automaker surged $3.04 to close at $33.29.
Wednesday, September 12, 2007
Jefferies & Co. analyst Ross MacMillan downgraded Macrovision Corp. (MVSN) citing lower revenue from movie studios. The stock price tumbled $2.06 to close at $22.85.
FDA Approves Vision-Sciences New Endoscopes
The FDA approved Vision-Sciences Inc.'s (VSCI) new endoscope line lifting the stock price 44 cents to close at $2.29.
Corcept Gives Back Gains
Corcept Therapeutics Inc. (CORT) shares gave up 83 cents to close at $3.85 after the company announced the start of a study for its Cushing's Syndrome drug treatment.
Aluminum Corp. Gives Up Gains
American Depositary Receipts for Aluminum Corp. of China Ltd. (ACH) gave up all of yesterday's gains following a rebound in metal prices. The stock price plunged $5.96 to close at $60.22.
J. P. Morgan Lifts Price Target For Las Vegas Sands
J. P. Morgan Securities analyst Harry Curtis lifted the price target for Las Vegas Sands Corp. (LVS) saying that the opening of the Venetian Macao will improve the long term value of the stock. The stock price leaped $7.94 to close at $116.79.
Cardica Receives European Approval
Cardica Inc. (CRDC) received European approval for its blood vessel connection device sending the stock price soaring $1.35 to close at $9.99.
Tuesday, September 11, 2007
Luminent Repays All Lines Of Credit
Luminent Mortgage Capital Inc. (LUM) repaid repaid all lines of warehouse credit sending the stock price up 44 cents to close at $1.73.
G-III Narrows Losses
G-III Apparel Group Ltd. (GIII) narrowed second quarter losses to 5 cents per share from losses of 14 cents per share a year earlier and lifted its full year guidance. The stock price soared $2.86 to close at $19.97.
VMware Acquires Dunes Technology
Shares of VMware Inc. (VMW) eased 11 cents to close at $76.65 after it acquired software company Dunes Technology for an undisclosed sum.
More Troubles For Countrywide
Countrywide Financial Corp.'s (CFC) shares fell 33 cents to close at $16.88 on reports that the beleaguered mortgage company may need additional investors to keep the company afloat.
United Retail Receives $193 Million Offer
Home shopping marketer Redcats Group offered $193 million to buy United Retail Group Inc. (URGI), a women's apparel retailer. The stock price jumped $5.92 to close at $13.47.
ImClone's Erbitux Increases Survival Rate
ImClone Systems Inc.'s (IMCL) lung cancer treatment Erbitux increased the survival rate of cancer patients. The stock price leaped $6.97 to close at $44.90.
Monday, September 10, 2007
ImClone Settles Patent Infringement Case
Repligen Corp. (RGEN) announced a modest $65 million settlement from ImClone Systems Inc. (IMCL) which will receive a nonexclusive sublicense to market Erbitux. Shares of Repligen dropped 89 cents to close at $4.12 while ImClone stock climbed $1.19 to close at $37.93.
Humana Offers $137 Million For KMG
Humana Inc. (HUM) offered $137 million in cash to buy KMG America Corp. (KMA), an insurance processing company. Shares of Humana edged up 28 cents to close at $63.86 while KMG stock leaped $2.32 to close at $5.81.
Washington Mutual Prepares For More Losses
Washington Mutual Inc. (WM) stated that it may set aside $500 million more in reserves for possible loan losses. The stock price lost 28 cents to close at $34.74.
XTL Begins Phase IIb Clinical Trial
XTL Biopharmaceuticals Ltd. (XTLB) began a Phase IIb clinical trial of its diabetic neuropathic pain treatment Bicifadine. The stock price surged 39 cents to close at $1.74.
FDA Approves Mylan's Generic Topamax
The FDA approved Mylan Laboratories Inc.'s (MYL) generic version of epilepsy drug Topamax lifting the stock price 61 cents to close at $15.69.
A. G. Edwards analyst Thomas Kouchoukos downgraded Cardica Inc. (CRDC) saying that investors were overly enthusiastic about the company's new less invasive surgery system. The stock price tumbled $1.52 to close at $8.40.
Friday, September 07, 2007
No Licensing Deal For Theravance
GlaxoSmithKline PLC (GSK) will not license Theravance Inc.'s (THRX) gastrointestinal disorder treatment. Shares of GlaxoSmithKline slipped 39 cents to close at $53.07 while Theravance's stock plunged $3.37 to close at $28.38.
Enzo's Patent Suit Dismissed
Enzo Biochem Inc. (ENZ) filed an appeal after it lost a ruling to Applied Biosystems Group (ABI)to recover damages from three patents. Shares of Enzo plummeted $5.21 to close at $12.56 while Applied Biosystems stock eased 19 cents to close at $32.02.
Pozen To Receive Additional $10 Million
Pozen Inc. (POZN) began a late stage trial of its anti-inflammation drug and will receive an additional $10 million from AstraZeneca PLC (AZN) on top of the original $335 million for the development of the treatment. Shares of Pozen jumped $2.78 to close at $12.76 while AstraZeneca stock eased 85 cents to close at $48.03.
Harley-Davidson Lowers Outlook
Harley-Davidson Inc. (HOG) blamed sluggish sales for lowering its earnings outlook. The stock price plummeted $5.00 to close at $49.09.
Hollis-Eden Reports Positive Test Results
Hollis-Eden Pharmaceuticals Inc. (HEPH) reported that its breast cancer drug continued to prevent tumor growth even after treatment ended. The stock price leaped 67 cents to close at $2.31.
China Technology To Enter Solar Sector
China Technology Development Group Corp. (CTDC) announced plans to enter the solar energy sector lifting the stock price $1.41 to close at $6.20.
Thursday, September 06, 2007
Gold Prices Rise Above $700
Shares of Barrick Gold Corp. (ABX) rose $2.80 to close at $36.20 as gold prices climbed above $700 an ounce.
CDC Swings To Loss
CDC Corp. (CHINA) blamed higher expenses for swinging to a second quarter loss of 3 cents per share compared with earnings of 7 cents per share a year earlier. The stock price dropped 89 cents to close at $7.60.
Alabama National To Be Acquired
Alabama National BanCorp (ALAB) will be acquired by RBC Centura Banks Inc. for approximately $1.6 billion in cash and stock. Shares of Alabama National leaped $23.98 to close at $77.10.
Countrywide Sheds Another 900 Jobs
Troubled mortgage giant Countrywide Financial Corp. (CFC) slashed another 900 jobs sending the stock price down 33 cents to close at $18.48.
Cardica Continues To Climb
Cardica Inc. (CRDC) shares rose again by climbing $3.22 to close at $11.24 following news of a successful coronary artery bypass operation using the company's device.
Wednesday, September 05, 2007
OSI Warns Of Losses
Although OSI Systems Inc. (OSIS) reported higher fourth quarter results of 24 cents per share compared with 4 cents per share a year earlier, the company warned of losses for the first quarter. The stock price plummeted $5.00 to close at $20.56.
Tyson Lowers Outlook
Tyson Foods Inc. (TSN) blamed a difficult fourth quarter for lowering its full year outlook. The stock price plunged $2.84 to close at $19.17.
Salix Reports Positive Trial Results
Salix Pharmaceuticals Ltd. (SLXP) reported positive trial results for two drugs to treat colitis and irritable bowel syndrome sending the stock price up $1.64 to $12.96.
Closed Chest Bypass Possible With Cardica's System
Surgeons performed the first closed chest heart bypass surgeries using Cardica Inc.'s (CRDC) C-Port Flex A Anastomosis System. The stock price leaped $2.64 to close at $8.02.
MGIC And Radian Terminate Merger Agreement
Mortgage insurer MGIC Investment Corp. (MTG) and Radian Group Inc. (RDN) agreed to call off their merger which was due to close in October citing problems in the mortgage industry. Shares of MGIC edged down 29 cents to close at $30.05 while Radian stock climbed added 16 cents to close at $18.27.
Cognos Offers $339 Million For Applix
Cognos Inc. (COGN) offered $339 million in cash to buy Applix Inc. (APLX), a business analystics software company. Shares of Cognos edged up 12 cents to close at $41.20 while Applix stock surged $3.21 to close at $17.58.
Tuesday, September 04, 2007
NovaStar Cancels Rights Offering
NovaStar Financial Inc. (NFI) cancelled its rights offering unable to get consent from its auditor. The stock price tumbled $1.33 to close at $7.16.
MEMC Lowers Outlook
MEMC Electronic Materials Inc. (WFR) blamed problems resulting from a power outage for lowering its third quarter outlook. The stock price plunged $3.09 to close at $58.33.
Home Depot Slips
Shares of The Home Depot Inc. (HD) dropped $1.95 to close at $36.36 after its Dutch tender offer came in at the low end of its target range of $37 to $42 a share.
Local.com Renews Yahoo Agreement
Local.com Corp. (LOCM) renewed its multiyear agreement with Yahoo Inc. (YHOO) to provide sponsored search results. Shares of Local.com rose 39 cents to close at $6.32 while Yahoo stock climbed $1.24 to close at $23.97.
ASE Test To Go Private
Taiwanese semiconductor testing services company ASE Test Ltd. (ASTSF) announced a $784 million deal to be acquired by majority owner ASE. The stock price surged $2.59 to close at $14.35.