Quest, ICE, LDK and Evergreen Fall

Mayank Mehta
06 Jan, 2009
New York City

Solar panel chip makers fell after LDK lowered its revenue estimate and Evergreen took one time charge on production stoppage and shipment delays. IntercontinentalExchange declined on earnings worries. Garmin Limited dropped after Goldman downgraded the stock.

[R]1:00PM New York – Solar panel chip makers fell after LDK lowered its revenue estimate and Evergreen took one time charge on production stoppage and shipment delays. IntercontinentalExchange declined on earnings worries.[/R]

Of the stocks in S&P 500 index, 330 increased, 164 declined and 6 are unchanged.

Intercontinental Exchange led decliners with a fall of 13.5% followed by losses in Quest Diagnostic of 7.6%, in Rohm & Haas of 6.9%, in Celgene Corp of 6.3% and in Laboratory Corp of 6%.

American Capital led gainers in the S&P 500 index with a rise of 19% followed by increase in LSI Corp of 15.3%, in Prudential Financial of 15.1% and Ciena Corp of 13%.

Other Movers

Acuity Brands, Inc ((AYI)) declined 10.7% or $3.79 to $35.36 after the providers of lighting fixtures reported first quarter sales fell 11% to $452 million. Net income in the quarter fell 37% to $19.4 million or 48 cents per diluted share compared to net income of $31.1 million or 72 cents per share a year ago.

Aladdin Knowledge Systems Ltd ((ALDN)) gained 29.0% or $2.04 to $9.06 after the Israeli computer Security Company on the Israel media speculation that the company may be sold between $11 and $12 a share valuing the company at between $150 million to $165 million.

Best Buy Co., Inc ((BBY)) rose 3.5% or $1.07 to $31.07. The retailer started selling refurbished iPhone at a discount to lure discount consumers.

Developers Diversified Realty Corporation ((DDR)) climbed 4.9% or 28 cents to $5.98 after Cleveland-based real estate investment trust after the company promoted two executives business developments and chief investment officer.

Datalink Corporation ((DTLK)) fell 18% or 61 cents to $2.77 after the data-storage company provided fourth quarter guidance of revenue between $49 million and $53 million, with GAAP net earnings ranging from $0.08 to $0.12 per diluted share.

Garmin Limited ((GRMN)) slipped 3.8% or 84 cents to $21.16 after the largest U.S. maker of car-navigation devices was downgraded by Goldman Sachs and cited the company products are likely to face decline for several years in its core market.

IntercontinentalExchange, Inc ((ICE)) fell 9.2% or $6.76 to $66.24 after the operator of regulated futures exchanges tumbled Monday after the exchange operator reported weaker-than-expected results in its over-the-counter energy markets, prompting several analysts to cut their profit estimates.

Indevus Pharmaceuticals, Inc ((IDEV)) surged 69.0% or $2.14 to $5.24 after the specialty pharmaceutical company Endo Pharmaceuticals Holdings Inc. will purchase the company for as much as $637 million in cash.

Laboratory Corporation of America Holdings ((LH)) slid 8.8% or $5.80 to $59.86 an independent clinical laboratory company lowered its 2009 earnings forecast Tuesday, citing the deteriorating economy. Earnings are now expected to be in the range of $4.75 to $4.95 per share, excluding the impact of any share repurchase activity after September 30, 2008, the company said.

LapCorp said it now expects revenue growth of 2% to 4% in 2009, down from its earlier forecast of 3.5% to 5.5%.

LDK Solar Co., Ltd ((LDK)) fell 10.3% or $1.53 to $13.31 after the China based silicon wafers maker lowered fourth quarter 2008 revenue guidance by $130 million to between $425 million and 435 million on requested shipment delays and “tight credit markets.”

Evergreen Solar Inc fell 7% to $3.33 after the company plans to idle production plant in the U.S. and incur $25 million in one time charge in the fourth quarter.

The Mosaic Company ((MOS)) added 2.2% or 81 cents to $37.67 after the North American fertilizer company said second quarter revenues rose 37% to $3.01 billion from $2.2 billion a year ago. Net income in the quarter rose 144% to $959.8 million or $2.15 per diluted share compared to net income of $394.0 million or 89 cents per share a year ago.

Piedmont Natural Gas Company, Inc ((PNY)) dropped 2.4% or 78 cents to $30.50 an energy services company said fourth quarter revenues rose 12.1% to $312 million from $278 million a year ago. Net loss in the quarter was $13.2 million or 18 cents per diluted share compared to net loss of $8.3 million or 11 cents per share a year ago.

XL Capital Ltd ((XL)) surged 10.1% or 38 cents to $4.13 after the provider of insurance and reinsurance coverage to industrial, commercial and professional service firms was downgraded to “market perform” from “outperform” at Sanford Bernstein.

YRC Worldwide Inc ((YRCW)) surged 21.7% or 81 cents to $4.53 after the biggest U.S. trucking services operator was upgrades to “market perform” from “underperform” at Wachovia Capital Markets.