U.S. Movers: DemandTec, McDonald's, Pacific Sunwear, Medtronic, Costco

Bikram Pandey
08 Dec, 2011
New York City

DemanTec Inc soared after the Internet tools maker agreed to be acquired by IBM for $440 million. MEMC Electronic Materials Inc said it plans to shutter some of its facilities and lay off 20% of its staff. Pacific Sunwear agreed to $160 million financing but did not detail the terms.

[R]12:40 PM New York – DemanTec Inc soared after the Internet tools maker agreed to be acquired by IBM for $440 million. MEMC Electronic Materials Inc said it plans to shutter some of its facilities and lay off 20% of its staff. Pacific Sunwear agreed to $160 million financing but did not detail the terms. McDonald’s global same stores sales rose 7.4%.[/R]

Banks traded lower after European Central Bank President Mario Draghi dashed hopes to expand the sovereign bond purchase program in the euro zone.

Morgan Stanley ((MS)) declined 5.8% to $16.32, Goldman Sachs ((GS)) dropped 3.9% to $101.03 and J.P. Morgan Chase ((JPM)) decreased 4% to $32.65.

Bank of America ((BAC)) fell 3.3% to $5.70.

Ciena Corp rose ((CIEN)) 3.4% $12.32 after the networking gears maker reported smaller loss on a higher revenues from its high end switching equipment.

Costco Wholesale Corp ((COST)) declined 65 cents to $86.82 after the operator of warehouse stores reported fiscal first quarter profit that was below market expectations and increased 2.6%.

DemandTec Inc ((DMAN)) soared 55.4% to $13.10 after the Internet tools provider agreed to be acquired by IBM for $440 million.

G-III Apparel Group Ltd ((GIII)) increased 13% to $23.10 after the apparel maker said fiscal third quarter net increased 2% on lower than expected sales on bad weather and higher promotions crimped margins.

Hartford Financial Services ((HIG)) dropped 7.6% to $17.30 after the insurer and asset manager said it plans to cut its workforce and lower cost as the economic conditions remain weak.

KornFerry International ((KOF)) declined 5.2% to $16.20 after the staffing services provider said fiscal second quarter earnings increased 11% but estimated lower than expected earnings in the current quarter.

Layne Christensen Company ((LAYN)) declined 83 cents to $23.80 after the water infrastructure and treatment services provider said third quarter revenues increased 9.3% to $294.9 million and earnings increased to $8.8 million or 45 cents from $8.2 million or 42 cents a share.

McDonald’s Corp ((MCD)) increased 91 cents to $97.37 after the fast food restaurant chain operator said its global sales at stores opened at least 13 months increased 7.4% in November. The stronger demand in China and Japan lifted the sales.

Medtronic Inc declined ((MDT)) 2.3% to $35.55 after the medical equipment maker received a subpoena from the California Attorney General two months ago for its controversial spine product according to a regulatory filing today.

MEMC Electronic Materials Inc ((WFR)) rose 2.95% to $4.31 after the solar module and materials maker said it plans to trim its workforce by 20% and idle some of its manufacturing units.

Solar grade polysilicon prices have dipped from as high as $500 in 2008 to $25 in the last quarter after trading in the range of $70 in January according to an industry research provider.

Pilgrim’s Pride Corp ((PPC)) dropped 9% to $5.66 after the company said it plans to launch 44 million share rights offering that will price its stock at $4.50 each.

Pacific Sunwear of California Inc ((PSUN)) soared 17% to $1.58 after the company reported larger than expected loss in the latest quarter. The teenage retailer also said it agreed to a $160 million in financing from Wells Fargo & Co and Golden Gate Capital.