GLG Partners Gain; Lowe

Mayank Mehta
17 May, 2010
New York City

Lowe

[R]11:45 AM New York - Lowe’s Companies, Inc. led the decliners in the S&P 500 index with a loss of 4.4%. Universal Health Services to acquire psychiatric solutions for $3.1 billion in cash. Lowe''s first quarter profit climbs to $489 million.[/R]

Of the stocks in S&P 500 index, 410 increased, 86 declined and 4 were unchanged.

Lowe’s Companies, Inc. led the decliners in the S&P 500 index with a loss of 4.4% followed by losses in Massey Energy Company of 3.5% and in United States Steel Corporation of 2.3%, in Allegheny Energy, Inc. of 2.0% and in Harman International Industries, Incorporated of 1.8%.

Pactiv Corporation led gainers in the S&P 500 index with a rise of 21.2% followed by gains in Sealed Air Corporation 6.6%, in ProLogis of 5.5% and in Bemis Company, Inc of 4.3%.

Other Movers

American Superconductor Corporation ((AMSC)), the energy-technology company advanced 3.8% or $1.29 to $32.13.

Blockbuster Inc. ((BBI)), the video rental chain plunged 19.0% or 95 cents to $0.40.

Federal-Mogul Corporation ((FDML)), the auto-parts supplier fell 1.1% or 22 cents to $18.48.

GLG Partners, Inc. ((GLG)) surged 49.4% or $1.44 to $4.36 after the publicly traded hedge fund firm today announced that it has agreed to be acquired by UK based Man Group plc.

Greenhill & Co., Inc. ((GHL)), the investment bank fell 1.6% or $1.30 to $75.69.

Ivanhoe Mines Ltd. ((IVN)) fell 1.0% or 16 cents to $15.20 after the mining company said its first quarter loss from continuing operations widened to 47 cents a share from 17 cents a year earlier.

Kraft Foods Inc. ((KFT)) rose 1.1% or 33 cents to $30.36.

Lowe’s Companies, Inc. ((LOW)) added 4.1% or $1.07 to $25.00 after the home improvement retailer reported first quarter sales rose 4.7% to $12.39 billion from $11.83 billion a year ago. Net income in the quarter rose 2.7% to $489 million or 34 cents per diluted share compared to net income of $476 million or 32 cents per share a year ago.

MetroPCS Communications, Inc. ((PCS)), the wireless telecommunications provider added 3.4% or 30 cents to $9.02.

OSI Pharmaceuticals, Inc. ((OSIP)) fell 4.0% or $2.44 to $57.36 after the drugmaker today announced that they have entered into a merger agreement under which Astellas will acquire OSI.

Pactiv Corporation ((PTV)) the packaging maker surged 20.7% or $4.98 to $28.95.

Perfect World Co, Ltd. ((PWRD)) plunged 11.2% or $3.69 to $29.25. The online game developer and operator reported first quarter revenues rose 47% to Rmb 625.0 million from Rmb 425.1 million a year ago. Net income in the quarter rose 41.6% to Rmb 305.2 million or Rmb 5.75 per ADS compared to net income of Rmb 215.4 million or Rmb 3.96 per ADS a year ago.

Sara Lee Corporation ((SLE)), the maker of Jimmy Dean foods fell 0.6% or 10 cents to $14.60.

Seagate Technology ((STX)), the maker of hard-disk drives rose 0.7% or 13 cents to $18.11.

Universal Health Services, Inc. ((UHS)), the hospital management company added 7.4% or $2.76 to $41.80.