AIG, Rambus, China Medical Fall

123jump.com Staff
01 Sep, 2009
New York City

American International Group led the decliners in the S&P 500 index with a loss of 8.8%. Benihana Inc first quarter net plunges. China Medical Technologies first quarter net fell 96%. SINA Corp second quarter net income falls. Rambus declined after California Court delayed the anti-trust case trial.

[R]12:40 PM New York – American International Group, Inc led the decliners in the S&P 500 index with a loss of 8.8%. Benihana Inc first quarter net plunges. China Medical Technologies, Inc first quarter net fell 96%. SINA Corp second quarter net income falls. Rambus declined after California Court delayed the anti-trust case trial.[/R]

Of the stocks in S&P 500 index, 262 increased, 231 declined and 7 were unchanged.

American International Group, Inc led the decliners in the S&P 500 index with a loss of 8.8% followed by losses in E*TRADE Financial Corporation of 4.5%, in Health Care REIT, Inc of 3.4%, in Robert Half International Inc of 2.5% and in Aetna Inc of 2.4%.

Eastman Kodak Company led gainers in the S&P 500 index with a rise of 6.7% followed by gains in Textron Inc 6.3%, in Coach, Inc of 4.3% and in Massey Energy Company of 4.1%.

Other Movers

American International Group, Inc ((AIG)) fell 5.4% or $2.48 to $42.85 after Sanford C. Bernstein & Company analyst lowered the stock rating and urged investors to sell the stock.

America’s Car-Mart, Inc ((CRMT)) rose 9.7% or $2.00 to $22.60 an auto retailer and financer reported first quarter revenues rose 11% to $83.8 million from $75.7 million a year ago. Net income for the quarter rose 32% to $7.0 million or 60 cents per diluted share compared to net income of $5.3 million or 45 cents per share a year ago.

Benihana Inc ((BNHNA)) decreased 2.0% or 15 cents to $7.08 after the chain of Japanese theme and sushi restaurants said first quarter sales rose 1.6% to $96.0 million from $94.5 million a year ago. Net income in the quarter fell 59% to $759,000 or 5 cents per diluted share compared to net income of $1.86 million or 12 cents per share a year ago.

China Medical Technologies, Inc ((CMED)) fell 11.4% or $1.76 to $13.63 after the medical device company reported first quarter revenues rose 29% to Rmb 209 million from Rmb 162.1 million a year ago. Net income for the quarter fell 96% to Rmb 2.9 million compared to net income of Rmb 80.3 million a year ago.

Eastman Kodak Company added 9.3% or 50 cents to $5.82.

E*Trade Financial Corporation ((ETFC)) slipped 6.2% or 11 cents to $1.65 after the largest investor Citadel shelved plans to sell 120 million shares.

eBay Inc ((EBAY)) climbed 1.4% or 33 cents to $22.44 after the company sold 65% stake in Skype for $1.9 billion to a group of investors. eBay bought Skype for a total cost of $3 billion in 2005.

Massey Energy Company ((MEE)) added 2.4% or 68 cents to $27.76 after the coal producer was upgraded to “buy” from “neutral” at UBS AG.

Motorola, Inc ((MOT)) rose 2.6% or 18 cents to $7.36 after the mobile phone maker was upgraded to “outperform” from “neutral” at Credit Suisse Group AG.

Novavax, Inc ((NVAX)) rose 14.9% or 90 cents to $6.94 after the vaccine maker announces positive results for second phase II clinical trial trivalent seasonal influenza VLP vaccine candidate.

Rambus Inc ((RMBS)) decreased 14.6% to $16.31 after California Superior Court Judge Kramer allowed the delay of the trial between the company and DRAM manufacturer. The stock had been rising ahead of the trial which has been delayed for more than nine months.

SINA Corporation ((SINA)) declined 1.1% or 34 cents to $30.00 after the operator of Chinese internet portal said second quarter sales fell 1% to $90.3 million from $91.3 million a year ago. Net income in the quarter fell 41% to $13.3 million or 23 cents per diluted share compared to net income of $22.5 million or 37 cents per share a year ago.

Verizon Communications Inc ((VZ)) fell 1.0% or 32 cents to $30.72 after the telecom operator was downgraded to “hold” from “buy” at Auriga USA.