Ciena, Rambus Fall; Cigna Rises

Mayank Mehta
23 Nov, 2009
New York City

Zions Bancorporation led gainers in the S&P 500 index with a rise of 12.0%. Ciena Corp dropped 9% after it acquired optical network from Nortel. AnnTaylor Stores gained on an analyst upgrade. Mercado Libre surged 8%.

[R]11:00 AM New York – Zions Bancorporation led gainers in the S&P 500 index with a rise of 12.0%. Ciena Corp dropped 9% after it acquired optical network from Nortel. AnnTaylor Stores gained on an analyst upgrade. Mercado Libre surged 8%.[/R]

Of the stocks in S&P 500 index, 491 increased, 8 declined and one was unchanged.

Cephalon, Inc led the decliners in the S&P 500 index with a loss of 8.1% followed by losses in Ciena Corporation of 5.3%, in The Hershey Company of 0.3%, in Apollo Group, Inc of 0.1% and in Sun Microsystems, Inc of 0.1%.

Zions Bancorporation led gainers in the S&P 500 index with a rise of 12.0% followed by gains in Cigna Corporation 7.0%, in Nabors Industries Limited of 4.7% and in WellPoint, Inc of 4.6%.

Other Movers

351job, Inc ((JOBS)) increased 7.0% or $1.17 to $17.83 after the provider of integrated human resource services reported third quarter revenues rose 5% to Rmb 219.6 million from Rmb 209.0 million a year ago. Net income in the quarter rose 27% to Rmb 35.9 million or Rmb 1.29 per ADS compared to net income of Rmb 28.3 million or Rmb 1.00 per ADS a year ago.

AnnTaylor Stores Corporation ((ANN)) gained 4.4% or 61 cents to $14.23 after the women’s fashion retailer was upgraded to “overweight” from “market-weight” at Thomas Weisel Partners Group Inc.

BJ Services Company ((BJS)) rose 0.6% or 12 cents to $18.82 after the provider of pressure pumping and oilfield services reported fourth quarter revenues fell 42% to $878.2 million from $1.51 billion a year ago. Net loss in the quarter was $9.9 million or 3 cents per diluted share compared to net income of $168.1 million or 57 cents per share a year ago.

Campbell Soup Company ((CPB)) rose 2.9% or $1.00 to $35.12 after the canned-food maker reported first quarter sales fell 2% to $2.20 billion from $2.25 billion a year ago. Net income in the quarter rose 17% to $304 million or 87 cents per diluted share compared to net income of $260 million or 70 cents per share a year ago.

Cephalon, Inc ((CEPH)) decreased 8.4% or $5.01 to $54.60 a biopharmaceutical company today announced results from a Phase IIb/III clinical trial for the treatment for pediatric eosinophilic esophagitis. The study was designed to evaluate improvement in the co-primary endpoints of changes in esophageal eosinophil levels and clinical symptoms.

Ciena Corporation ((CIEN)) fell 7.2% or 92 cents to $12.25 after the network specialist, today announced that it has been selected as the successful bidder in the auction of substantially all of the optical networking and carrier Ethernet assets of Nortel’s Metro Ethernet Networks business. Company has agreed to pay $530 million in cash and issue $239 million in aggregate principal amount of 6% Senior Convertible notes due 2017 for a total consideration of $769 million for the assets.

Cigna Corporation ((CI)) a health insurance provider increased 6.7% or $2.03 to $32.06.

Deere & Company ((DE)) increased 3.9% or $2.00 to $52.82 after the maker of agricultural equipment was upgraded to “overweight” from “equal-weight” at Morgan Stanley.

The Hershey Company ((HSY)) the manufacturer of chocolate and sugar confectionery products advanced 0.1% or 6 cents to $36.93.

Jefferies Group, Inc ((JEF)) dropped 3.9% or $1.06 to $25.51 after the global investment bank was downgraded to “sell” from “neutral” at Goldman Sachs Group Inc.

Mercado Libre, Inc ((MELI)) surged 8% or $3.60 to $48.90.

Nabors Industries Limited ((NBR)) the global land drilling contractor climbed 4.9% or $1.00 to $20.83.

Rambus Inc ((RMBS)) declined 7.3% to $16.78.

Tyson Foods, Inc ((TSN)) added 1.7% or 23 cents to $13.30 after the meat producer reported fourth quarter sales increased 0.1% to $7.21 billion from $7.20 billion a year ago. Net loss in the quarter was $455 million or $1.22 per diluted share compared to net income of $48 million or 13 cents per share a year ago.

United Parcel Service, Inc ((UPS)) rose 1.9% or $1.09 to $58.60 after the package-delivery company increased rates for ground and air package services by 4.9%.

The Valspar Corporation ((VAL)) declined 2.0% or 55 cents to $27.09 after the manufacturer, and distributor of coating and paints reported fourth quarter sales fell 16% to $776.6 million from $923.2 million a year ago. Net income in the quarter rose 40% to $49.9 million or 49 cents per diluted share compared to net income of $35.6 million or 35 cents per share a year ago.

Zions Bancorporation ((ZION)) surged 14.2% or $1.79 to $14.34 today commenced an offer to exchange its 5.6 million preferred shares into shares of the company''s common stock with an aggregate liquidation preference of approximately $140 million.