Gymboree, Chesapeake, LDK Solar and Warner Chilcott Rise

Bikram Pandey
11 Oct, 2010
New York City

Gymboree surged after the company agreed to go private. Warned Chilcott soared more than 7% after the company received regulatory approval for its drug to treat osteoporosis. LDK Solar surged more than 10% after it lifted revenues outlook.

[R]11:40 AM New York – Gymboree surged after the company agreed to go private. Warned Chilcott soared more than 7% after the company received regulatory approval for its drug to treat osteoporosis. LDK Solar surged more than 10% after it lifted revenues outlook.[/R]

Of the stocks in the Dow, 20 increased, 10 decreased and none were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Alcoa Inc. led the gainers with a rise of 1.32% followed by increase in American Express Company of 1.05%, in Intel Corporation of 0.87%, in JPMorgan Chase & Co. of 0.84%, The Boeing Company of 0.66%.

Hewlett-Packard Company led the decliners with a fall of 0.40% followed by decline in Kraft Foods Inc. of 0.36%, in 3M Company of 0.28%, in Pfizer Inc. of 0.23%, in The Home Depot, Inc. of 0.22%.

Other Movers

Bank of South Carolina Corporation ((BKSC)) plunged 3.8% or 40 cent to $10 after the state-chartered financial institution reported third quarter net income surged 501.81% to $821,601 or 19 cents per diluted share, compared to net income of $136,521 or 3 cents per share for the year-ago quarter. The increase is mainly the result of a $1.11 million allocation the company made to its reserve for loan losses in the third quarter of 2009, compared to $190,000 in the third quarter of 2010.

Burnham Holdings, Inc. ((BURCA.PK)), the manufacturer of boilers and related HVAC products and accessories reported third quarter net sales grew 2.7% to $50.16 million from $48.85 million for the comparable period last year. Net income for the quarter increased 15.8% to $1.61 million or 36 cents per diluted share compared with net income of $1.39 million or 31 cents per share in the year-ago period.

Chesapeake Energy Corporation, ((CHK)) increased 3.3% to $23.21 after the natural gas producer agreed to sell one-third of its undivided interest in South Texas-based Eagle Ford Shale project to CNOOC International Ltd., a wholly-owned subsidiary of China based CNOOC Ltd. for $1.08 billion in cash.

Chesapeake, the operator of the project, will conduct all leasing, drilling, completion, operations and marketing activities for the project. Hong Kong-based CNOOC further agreed to fund 75% of Chesapeake''s share of drilling and completion costs until an additional $1.08 billion is paid, expected to happen by end of 2012.

Gymboree Corp ((GYMB)) soared 20% to $64.25 after the children’s apparel agreed to be acquired by Bain Capital LLC for $65.40 per share or $1.8 billion.

ImmunoGen Inc ((IMGN)) after the bio-technology company said Novartis AG agreed to pay exclusive technology license fee of $45 million for anti-cancer drug portfolio. Total fees may be as much as $200 million if all the drugs are developed.

LDK Solar Co, Ltd ((LDK)) surged 10.3% or $1.01 to $10.81 after the producer of solar wafers said for the third quarter of 2010, it expects to report revenue in the range of $610 million to $640 million up from the company''s prior guidance of $570 million to $600 million.

OCZ Technology Group Inc. ((OCZ)) declined 2.2% or 7 cent to $3.09 after the provider of high performance solid state drives and memory modules for computing devices and systems reported second quarter net revenues increased 0.7% to $38.04 million from $37.79 million last year. Net loss in the quarter widened 338% to $7.58 million or 29 cents per diluted share, compared to a net loss of $1.73 million or 8 cents per share a year ago.

Schmitt Industries, Inc. ((SMIT)) soared 15.7% or 37 cent to $2.72 after the company that designs, manufactures and markets computer-controlled vibration detection and balancing equipment reported first quarter sales soared 96.6% to $2.40 million from $1.22 million in the same quarter last year. Net loss in the quarter narrowed 80.3% to $113,000 or 4 cents per diluted share, compared to a net loss of $575,000 or 20 cents per share in the year-ago quarter.

TSR, Inc. ((TSRI)) fell 1.3% or 3 cent to $2.17 after the company engaged in the business of providing contract computer programming services reported first quarter net revenue rose 3.0% to $9.36 million from $9.09 million in the prior year. Net income in the quarter declined 65% to $22,000 or 1 cent per diluted share, compared to net income of $63,000 or 2 cents per share in the same quarter last year.

Warner Chilcott Plc ((WCRX)) soared 7.5% to $23.95 after the pharmaceutical company received the FDA approval for the next generation of treatment of osteoporosis or bone loss for women.