Sprint Nextel and Suntech Power Surge

123jump.com Staff
16 Nov, 2009
New York City

Sprint Nextel Corporation led gainers in the S&P 500 index with a rise of 10.3%. American Dairy, Inc swings to profit in third quarter and cuts fiscal year 2009 revenue view. Suntech Power surged on an analyst upgrade. Sprint soars 11% after it repaid $1 billion in debt.

[R]1:00 PM New York – Sprint Nextel Corporation led gainers in the S&P 500 index with a rise of 10.3%. American Dairy, Inc swings to profit in third quarter and cuts fiscal year 2009 revenue view. Suntech Power surged on an analyst upgrade. Sprint soars 11% after it repaid $1 billion in debt.[/R]

Of the stocks in S&P 500 index, 487 increased, 13 declined and 0 were unchanged.

Harman International Industries, Incorporated led the decliners in the S&P 500 index with a loss of 1.2% followed by losses in Consolidated Edison, Inc of 0.9%, in AutoZone, Inc of 0.7%, in The Walt Disney Company of 0.6% and in The Gap, Inc of 0.5%.

Sprint Nextel Corporation led gainers in the S&P 500 index with a rise of 10.3% followed by gains in Apollo Group, Inc 6.7%, in AK Steel Holding Corporation of 5.9% and in Titanium Metals Corporation of 5.9%.

Other Movers

Alkermes, Inc ((ALKS)) added 2.9% or 23 cents to $8.14 after the developer of an inhaled insulin today announced positive preliminary results from a phase 3 clinical trial of naltrexone.

American Dairy, Inc ((ADY)) plunged 25.2% or $8.28 to $24.15 after the producer and distributor of milk powder and related dairy products reported third quarter sales rose 94% to $72.1 million from $37.2 million a year ago. Net income in the quarter was $11.1 million or 52 cents per diluted share compared to net loss of $20.2 million or $1.19 per share a year ago.

Arcadia Resources, Inc ((KAD)) closed unchanged at $0.66 after the provider of home care, medical staffing and pharmacy services reported second quarter revenues fell 4% to $25.6 million from $26.7 million a year ago. Net loss in the quarter was $4.1 million or 3 cents per diluted share compared to net loss of $3.2 million or 2 cents per share a year ago.

Barnes & Noble, Inc ((BKS)) the bookstore chain climbed 1.8% or 36 cents to $20.41.

Citigroup Inc ((C)) added 4.2% or 17 cents to $4.22 after the global diversified financial services today announced that it has reached an agreement to tender all of its shares of BELLSYSTEM24, Inc., owned through Citigroup Capital Partners Japan Ltd., in a tender offer to be launched in Japan by an acquisition corporation owned by investment funds advised by Bain Capital Partners LLC.

Exxon Mobil Corporation ((XOM)) rose 2.9% or $2.11 to $74.58 as the crude oil futures rebounded.

Gilat Satellite Networks Ltd ((GILT)) fell 0.4% or 2 cents to $4.65 after the provider of satellite networking technology, solutions and services reported third quarter revenues fell 16.4% to $54.6 million from $65.3 million a year ago. Net income in the quarter was $2.5 million or 6 cents per diluted share compared to net loss of $546,000 or 1 cent per share a year ago.

KHD Humboldt Wedag International Ltd ((KHD)) surged 11.0% or $1.07 to $10.77 an industrial company reported third quarter revenues fell 23.5% to $148.2 million from $193.6 million a year ago. Net income in the quarter fell 75.6% to $7.5 million or 25 cents per diluted share compared to net income of $30.8 million or $1.01 per share a year ago.

Lowe’s Companies, Inc ((LOW)) declined 2.1% or 47 cents to $21.38 after the home improvement retailer reported third quarter sales fell 2.7% to $11.4 billion from $11.7 billion a year ago. Net income in the quarter fell 30% to $344 million or 23 cents per diluted share compared to net income of $488 million or 33 cents per share a year ago.

Perfect World Co., Ltd ((PWRD)) decreased 2.9% or $1.38 to $44.97 an online game developer and operator reported third quarter revenues rose 54.5% to Rmb 590 million from Rmb 381.8 million a year ago. Net income in the quarter rose 45% to Rmb 288.3 million or Rmb 5.50 per ADS compared to net income of Rmb 198.8 million or Rmb 3.34 per ADS a year ago.

ReneSola Ltd ((SOL)) added 4.9% or 20 cents to $4.25 after the manufacturer of solar wafers reported third quarter revenues fell 34.7% to $140.9 million from $215.8 million a year ago. Net loss in the quarter was $10.2 million or 7 cents per diluted share compared to net income of $32.4 million or 23 cents per share a year ago.

Sprint Nextel Corporation ((S)) surged 11.0% or 34 cents to $3.44 after it repays $1 billion balance of its $4.5 billion in credit line. The debt repayment was prompted after the rating agency S&P said that it may lower its debt rating of ‘BB.’

Suntech Power Holdings Co., Ltd ((STP)) surged 10.2% or $1.47 to $15.21 after the maker of polysilicon solar-power modules was upgraded to “neutral” from “underweight” at HSBC.

TIBCO Software Inc ((TIBX)) the software company fell 2.7% or 26 cents to $9.12.

United Rentals, Inc ((URI)) advanced 7.4% or 66 cents to $9.58 after the construction-equipment rental company was upgraded to “outperform” from “market perform” at Oppenheimer & Co.

United States Steel Corporation ((X)) an integrated steel producer increased 4.9% or $1.97 to $41.45.