Nvidia, AMD, AsiaInfo Rise; Zale Plunges

Mayank Mehta
07 Dec, 2009
New York City

Nvidia Corp and AMD increased after Intel canceled its latest graphic chip. MetroPCS gained on positive comments. AsiaInfo Holdings acquired China based Linkage Technologies for $730 million. Healthcare stocks advanced as the U.S. lawmakers debate the industry reforms.

[R]1:00 PM New York – Nvidia Corp and AMD increased after Intel canceled its latest graphic chip. MetroPCS gained on positive comments. AsiaInfo Holdings acquired China based Linkage Technologies for $730 million. Healthcare stocks advanced as the lawmakers debate the industry reforms.[/R]

Of the stocks in S&P 500 index, 289 increased, 201 declined and 10 were unchanged.

Frontier Communications Corporation led the decliners in the S&P 500 index with a loss of 3.3% followed by losses in KeyCorp of 2.7% and in Regions Financial Corporation of 1.9%, in Apple Inc of 1.7% and in Newmont Mining Corporation of 1.7%.

Nvidia Corporation led gainers in the S&P 500 index with a rise of 11.2% followed by gains in Advanced Micro Devices, Inc 8.1%, in Gannett Co., Inc of 4.1% and in Sprint Nextel Corporation of 3.7%.

Managed healthcare companies increased on the speculation that the prospect of the healthcare reform passage in the Senate is still uncertain. The weekend debate in the U.S. Senate showed that the lawmakers are equally divided.

Other Movers

Apple Inc ((AAPL)) the maker of personal computers and mobile devices fell 1.2% or $2.34 to $191.00.

Advanced Micro Devices, Inc ((AMD)) the global semiconductor company increased 7.8% or 62 cents to $8.48.

AsiaInfo Holdings, Inc ((ASIA)) surged 21% or $5.23 to $30.33 after it agreed to acquire Linkage Technologies International Holdings Limited for $60 million in cash and 26.8 million shares. Linkage shareholders will control 35.8% in the newly merged company and the transaction is expected to be accretive on non-GAAP earnings per share basis in 2010.

Blyth, Inc ((BTH)) fell 11.6% or $4.06 to $30.84 after the home fragrance and decorative accessories maker reported third quarter sales fell 11.6% to $221.6 million from $250.8 million a year ago. Net loss in the quarter was $970,000 or 11 cents per diluted share compared to net loss of $32.9 million or $3.70 per share a year ago.

Frontier Communications Corporation ((FTR)) decreased 0.3% or 2 cents to $8.19.

Gannett Co., Inc ((GCI)) a news and information company increased 3.7% or 39 cents to $10.68.

Integral Systems, Inc ((ISYS)) decreased 2.8% or 26 cents to $9.04 after the satellite systems maker reported fourth quarter revenues fell 16% to $38.9 million from $46.3 million a year ago. Net loss in the quarter was $1.1 million or 6 cents per diluted share compared to net income of $4.9 million or 28 cents per share a year ago.

KeyCorp ((KEY)) the financial company dropped 4.3% or 27 cents to $5.89.

KMG Chemicals, Inc ((KMGB)) decreased 1.5% or 25 cents to $16.40 after the provider of specialty chemicals reported first quarter sales fell 5.4% to $49.4 million from $52.2 million a year ago. Net income in the quarter rose 187.5% to $4.6 million or 41 cents per diluted share compared to net income of $1.6 million or 14 cents per share a year ago.

McDermott International ((MDR)) increased 11% to $22.87 after it said it plans to spin-off its power generating unit from the offshore energy business to meet the new regulatory requirements in the power industry.

MetroPCS Communications Inc ((PCS)) increased 5.2% or 33 cents to $6.93 after its chief executive said at a conference that new discount plans are bringing more customers in the holiday season.

Newmont Mining Corporation ((NEM)) the gold producer fell 0.2% or 11 cents to $51.94.

New York Community Bancorp Inc ((NYB)) gained 8.9% or $1.10 to $13.43 after it agreed to acquire assets of failed AmTrust Bank and issue 60 million shares to pay for the purchase.

Nvidia Corporation ((NVDA)) the graphics chip and systems maker surged 12.6% or $1.81 to $16.07 after Intel canceled its first highly touted graphics chip Larrabee. AMD gained on the news as well.

Regions Financial Corporation ((RF)) declined 2.1% or 12 cents to $5.59.

Sprint Nextel Corporation ((S)) rose 3.2% or 12 cents to $3.81 and it completed acquisition of iPCS, Inc. Under the terms of the transaction, announced in October, company acquired iPCS for approximately $831 million, including the assumption of $405 million of net debt.

Zale Corporation ((ZLC)) plunged 22.4% or $1.10 to $3.86 after an analyst at research boutique Soleil downgraded the stocks and raised concern about the merchandising and marketing plan during the holiday season according to a note on Dow Jones Newswires.