Market Updates
Humana, Immucor Plunge; Caterpillar Rises
123jump.com Staff
12 Mar, 2008
New York City
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U.S. stock averages traded 1% higher, a second day advance on the positive earnings guidance. Caterpillar reaffirmed its earnings rise in 2008 between 15% and 20% and sales gain between 5% and 15% on the strength in the global demand. Immucor, blood transfusion systems developer fell 31% after making a cash acquisition for $117 million. Financial stocks gained for the second day after the Fed plan to pump liquidity. Humana plunged 27% on the lowered earnings forecast.
[R]11:30AM New York – U.S. stocks rallied for the second day after the Fed plan to add liquidity and earnings guidance from Caterpillar.[/R]
U.S. stocks rallied for the second day after the Fed plan to boost liquidity in the mortgage markets. Dow Jones Industrial Average gained 1% or 118.29 to 12,275.94, Nasdaq added 1% or 24.27 to 2,280.03 and S&P 500 index added 0.9% or 10.68 to 1,331.33.
Caterpillar in a presentation to industry gathering reaffirmed earnings growth guidance of 15% to 20% on strong global demand and rising spending in infrastructure projects in the U.S. The company guided 2008 revenue rise between 5% and 10% and earnings rise between 5% and 15%.
Caterpillar ((CAT)) stock jumped $2.90 to $75.50.
Bear Stearns ((BSC)) chief executive Alan Schwartz on a television interview suggested that the company sufficient capital to weather current credit market volatility. The company was rumored this week to lack access to capital to complete number of mortgage securities related transactions.
Bear Stearns ((BSC)) stock added $3.00 to $65.98.
Humana fell after it sharply revised its quarterly and annual earnings estimates lower for the year 2008. Humana said lowered its first quarter earnings estimates between 44cents and 46 cents from 80 to 85 cents per share. For the year Humana lowered its estimates between $4 and $4.25 from $5.35 to $5.55 per share.
Humana ((HUM)) stock fell 27% or $12.80 to $34.54.
Immucor, Inc plunged 31% after it acquired BioArray Solutions for $117 million in cash and 19% stake in a company formed by the current shareholders of BioArray. Immucor guided that in its first full year of its ownership diluted earnings per share will decline between 20 cents and 23 cents including 5 cents per of non-cash amortization charges.
Immucor ((BLUD)) fell $8.57 to $18.98 after the news.
Asian Markets Review
In Tokyo Nikkei 225 Index closed higher 202.85 or 1.60% to 12,861.13, in Hong Kong Hang Seng index increased 427.41 or 1.86% closed to 23,422.76. Australia ASX 200 index increased 123.70 or 2.41% to close 5,257.90. In Malaysia KL Composite index increased 26.05 or 2.16% closed to 1232.59.
In South Korea Kospi Index increased 17.35 or 1.06% to close at 1,658.83, in Thailand SET index closed higher 7.17 or 0.87% to 827.00 and Indonesia JSE Index edged increased 32.71 or 1.30% to 2,556.24. Sensex index in India increased 4.83 or 0.03% to 16,127.98.
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