Las Vegas Sands, Wynn, East West Banc Rise

Mayank Mehta
09 Nov, 2009
New York City

RadioShack Corporation led gainers in the S&P 500 index with a rise of 12.9% after it began the selling of iPhone at select stores. Las Vegas Sands advanced after it arranged bank commitment of $1.45 billion for Macau casino. Wynn Resorts gained on $4 special dividend. East West Bank surged 51%.

[R]2:00 PM New York – RadioShack Corporation led gainers in the S&P 500 index with a rise of 12.9% after it began the selling of iPhones at select stores. Las Vegas Sands advanced after it arranged bank commitment of $1.45 billion for Macau casino. Wynn Resorts gained on $4 special dividend. East West Bank surged 51% on an FDIC assisted acquisition.[/R]

Of the stocks in S&P 500 index, 463 increased, 33 declined and 4 were unchanged.

Lexmark International, Inc led the decliners in the S&P 500 index with a loss of 4.1% followed by losses in VeriSign, Inc of 3.4%, in Tesoro Corporation of 2.8%, in Windstream Corporation of 2.1% and in Apollo Group, Inc of 2.0%.

RadioShack Corporation led gainers in the S&P 500 index with a rise of 12.9% followed by gains in Abercrombie & Fitch Co 7.1%, in Wynn Resorts, Limited of 7.0% and in Micron Technology, Inc of 5.2%.

Other Movers

Altria Group, Inc ((MO)) the cigarettes maker gained 1.2% or 24 cents to $18.78.

ArcelorMittal ((MT)) added 4.7% or $1.68 to $36.77 after the steelmaker was upgraded to “buy” from “neutral” at MF Global Ltd.

ATA Inc ((ATAI)) closed unchanged at $6.48 after the provider of computer-based testing services reported second quarter revenues fell 19.5%.

Ariad Pharmaceuticals, Inc ((ARIA)) surged 10.0% or 22 cents to $2.39 after the drug maker was upgraded to “overweight” from “neutral” by JPMorgan Chase & Co.

AVI BioPharma, Inc ((AVII)) declined 2.7% or 4 cents to $1.40 after it reported third quarter revenues rose 21% to $6.3 million from $5.2 million a year ago. Net loss in the quarter was $8.1 million or 8 cents per diluted share compared to net loss of $6.0 million or 8 cents per share a year ago.

Builders FirstSource, Inc ((BLDR)) the supplier and manufacturer of structural and related building products for residential new construction climbed 3.2% or 13 cents to $4.19.

Cadbury plc ((CBY)) added 0.5% or 27 cents to $50.77 after the confectionery company rejected the unsolicited offer by Kraft Foods Inc. of 300 pence and 0.2589 Kraft shares per Cadbury share, implying a value for each Cadbury share of 717 pence (based on the closing price of $26.78 for a Kraft.

Cardinal Health, Inc ((CAH)) the drug distributor rose 1.2% or 36 cents to $29.86.

Chindex International, Inc ((CHDX)) plunged 21% or $3.41 to $12.80 after the provider of healthcare services reported second quarter revenues flat at $38.1 million from $38.1 million a year ago. Net income in the quarter fell 37.6% to $538,000 or 3 cents per diluted share compared to net income of $862,000 or 5 cents per share a year ago.

DISH Network Corporation ((DISH)) added 6.0% or $1.15 to $20.30 after the satellite TV provider reported third quarter revenues fell 1.7% to $2.89 billion from $2.94 billion a year ago. Net income in the quarter fell 12.4% to $80.6 million or 18 cents per diluted share compared to net income of $92 million or 20 cents per share a year ago.

Dynex Capital, Inc ((DX)) added 2.5% or 20 cents to $8.12 after the finance company reported third quarter net interest income rose 136% to $6.6 million from $2.8 million a year ago. Net income in the quarter rose 150% to $5 million or 34 cents per diluted share compared to net income of $2 million or 17 cents per share a year ago.

East West Bancorp ((EWBC)) surged 50.3% or $4.35 to $13 after it agreed to acquire San Francisco based failed lender United Commercial Bank in FDIC assisted transaction. Prior to the acquisition East West Bank had $19 billion in assets that will increase by $11 billion after the acquisition.

Hawk Corporation ((HWK)) closed unchanged at $14.61 after the supplier of friction products for industrial applications reported third quarter sales fell 41.4% to $43.5 million from $74.2 million a year ago. Net income in the quarter fell 63% to $3.8 million or 45 cents per diluted share compared to net income of $10.3 million or $1.09 per share a year ago.

Houston Wire & Cable Company ((HWCC)) advanced 2.2% or 26 cents to $12.23 after the distributor of specialty wire and cable reported third quarter sales fell 35.7% to $63.6 million from $98.9 million a year ago. Net income in the quarter fell 66.7% to $2.2 million or 13 cents per diluted share compared to net income of $6.6 million or 37 cents per share a year ago.

Las Vegas Sands Corp ((LVS)) increased 8.2% or $1.27 to $16.63 after it said that the bank commitment of $1.45 billion have been arranged to restarted Macau, China based casino project.

PMFG, Inc ((PMFG)) slipped 0.5% or 7 cents to $13.87 after the provider of custom-engineered systems and products reported first quarter revenues fell 28.3% to $31.3 million from $43.7 million a year ago. Net loss in the quarter was $2.1 million or 16 cents per diluted share compared to net loss of $0.7 million or 5 cents per share a year ago.

RadioShack Corporation ((RSH)) surged 15.1% or $2.68 to $20.43 after the electronics retailer said that it will introduce Apple''s iPhone 3G in a limited number of company-owned stores in the Dallas-Fort Worth and New York City metropolitan areas beginning later this month.

Rambus Inc ((RMBS)) increased 9.2% to $18.14 on no news.

Sempra Energy ((SRE)) rose 0.4% or 22 cents to $50.97 after the energy service company reported third quarter revenues fell 31.2% to $1.85 billion from $2.69 billion a year ago. Net income in the quarter rose 3% to $317 million or $1.27 per diluted share compared to net income of $308 million or $1.24 per share a year ago.

Sun Microsystems, Inc ((JAVA)) the server-computer maker rose 1.3% or 11 cents to $8.21.

Targacept, Inc ((TRGT)) the drug maker added 7.3% or $1.48 to $21.59.

Tetra Technologies, Inc ((TTI)) rose 4.4% or 43 cents to $10.06 an oil and gas services, and production company reported third quarter revenues rose 2% to $254 million from $249.1 million a year ago. Net income in the quarter rose 94% to $22.7 million or 30 cents per diluted share compared to net income of $11.7 million or 15 cents per share a year ago.

Tesoro Corporation ((TSO)) dropped 3.0% or 43 cents to $13.54 after the oil refiner reported third quarter revenues fell 45.4% to $4.74 billion from $8.68 billion a year ago. Net income in the quarter fell 87.3% to $33 million or 24 cents per diluted share compared to net income of $259 million or $1.86 per share a year ago.

Trex Company, Inc ((TWP)) rose 2.1% or 37 cents to $17.67 after the decking and railing maker reported third quarter sales fell 27.5% to $61.9 million from $85.4 million a year ago. Net loss in the quarter was $22.5 million or $1.49 per diluted share compared to net income of $5.2 million or 34 cents per share a year ago.

VeriSign, Inc ((VRSN)) declined 3.3% or 77 cents to $22.46 after the Internet infrastructure provider was downgraded to “sell” from “neutral” by Goldman Sachs Group Inc.

Windstream Corporation ((WIN)) fell 3.8% or 40 cents to $9.88 after the rural telecom carrier said third quarter net income decreased 24% to $80 million or 18 cents diluted per share.

Wynn Resorts Ltd increased $3.63 or 6% to $63.38 after it declared a special dividend of $4 a share and indicated the resumption of regular dividend as of next year.

Xoma Ltd ((XOMA)) increased 3.6% or 2 cents to $0.79 after the biopharmaceutical company reported third quarter revenues rose 247% to $27.4 million from $7.9 million a year ago. Net income in the quarter was $1.5 million or 1 cent per diluted share compared to net loss of $20.4 million or 15 cents per share a year ago.