Advanced Micro Surges; Harman Intl Falls

Mayank Mehta
24 Aug, 2009
New York City

Stocks in New York traded higher as resource linked stocks edged up. Higher oil and base metal prices lifted stocks in the sector. Harman International fell on media speculation. The Good Year Tire & Rubber led the decliners in S&P 500 index and Advanced Micro Devices led the gainers.

[R]2:00 PM New York – Stocks in New York traded higher as resource linked stocks edged up. Higher oil and base metal prices lifted stocks in the sector. Harman International fell on media speculation. The Good Year Tire & Rubber led the decliners in S&P 500 index and Advanced Micro Devices led the gainers.[/R]

U.S. stocks edged higher as oil, natural gas and agriculture commodities gain.

S&P Movers

Of the stocks in S&P 500 index, 226 increased, 266 decreased an 8 were unchanged.

Goodyear Tire led the decliners with a loss of 5.2% followed by losses in Harman International of 4%, in Ford Motor Company of 3.9%, in Huntington Bancorp of 3.2% and in E*Trade Financial of 2.9%.

Advanced Micro Devices led gainers with a surge of 9% followed by gains in SLM Corp of 5.5%, in AIG of 4%, in XL Capital Ltd of 4%, in Moody’s Corp of 3.2%, in Hartford Financial Services of 3.1% and in Valero Energy of 3%.

Other Gainers & Losers

Advanced Micro Devices ((AMD)) surged 9% to $4.03 after Citigroup raised the rating to “buy” from “hold.”

Charlotte Russ Holding ((CHIC)) surged 26% to $17.36 after it agreed to be acquired for $17.50 or $380 million by private equity fund manager Advent International Corp.

Dell Inc ((DELL)) increased 2.8% to $14.89 after analysts recommendation and expectations of higher global PC sales.

Fannie Mae ((FNM)) surged 54 cents or 44.2% to $1.73 and Freddie Mac increased 48 cents or 28% to $2.21.

Commodities linked stocks increased in the morning. Freport-McMoran Copper & Gold increased 2.7% to $66.78 and BHP Billiton added 2.9% to $64.89.

Exxon Mobil ((XOM)) increased Corporation increased 2.4% to $71.57 and Conoco Phillips increased 2.2% to $45.20.

Hartford Financial Services ((HIG)) increased 3.8% to $21.34.

Valero Energy ((VLO)) surged 4.5% to $19.32 and Tesoro Corp increased 2.2% to $13.74.

Warner Chilcott Plc ((WCRX)) surged 28% to $20.48 after the company agreed to pay $3.1 billion in cash for global pharmaceutical business of Procter & Gamble & Company. The portfolio of drugs includes ulcerative colitis treatment drug, osteoporosis and prescription products in development and production facilities in Germany and Puerto Rico.