Best Buy, FactSet Drop; Starlim, JA Solar Surge

Mayank Mehta
15 Dec, 2009
New York City

Best Buy dropped 7% after quarterly results. FactSet Research Systems dropped as much as 10% after it estimated earnings that missed analysts

[R]1:00 PM New York – Best Buy dropped 7% after quarterly results. FactSet Research Systems dropped as much as 10% after it estimated earnings that missed analysts’ estimates. Starlim Technologies surged after Abbott Laboratories offered $123 million for the company.[/R]

Of the stocks in S&P 500 index, 113 increased, 381 declined and 6 were unchanged.

Best Buy Co., Inc led the decliners in the S&P 500 index with a loss of 6.5% followed by losses in Host Hotels & Resorts, Inc of 5.1% and in SunTrust Banks, Inc of 3.1%, in J. C. Penney Company, Inc of 2.8% and in Marshall & Ilsley Corporation of 2.6%.

Weyerhaeuser Company led gainers in the S&P 500 index with a rise of 6.2% followed by gains in MetroPCS Communications, Inc 4.8%, in News Corporation of 2.6% and in Qwest Communications International Inc of 2.4%.

Other Movers

Allied Irish Banks, p.l.c ((AIB)) the retail and commercial bank in Ireland plunged 10.3% or 41 cents to $3.56 after Moody’s Investor Services reiterated negative comments on the Irish banks.

Array BioPharma Inc ((ARRY)) surged 28.0% or 63 cents to $2.89 after the drug research and Amgen Inc entered into an agreement granting Amgen exclusive worldwide rights to Array's small-molecule glucokinase activator program, including ARRY-403, currently being tested in a Phase 1 clinical trial in patients with Type 2 diabetes.

Best Buy Co., Inc ((BBY)) declined 6.7% or $3.04 to $42.36 after the electronics retailer reported third quarter revenues rose 4.5% to $12.02 billion from $11.5 billion a year ago. Net income in the quarter rose 337% to $227 million or 53 cents per diluted share compared to net income of $52 million or 13 cents per share a year ago.

CBS Corporation ((CBS)) dropped 1.1% or 16 cents to $13.89 after the owner of the most-watched U.S. television network was downgraded to “neutral” from “buy” at UBS AG.

Conseco, Inc ((CNO)) fell 1.2% or 6 cents to $4.88 after the life insurer said that it has commenced an underwritten public offering of 45 million shares of its common stock with 4.5 million shares overallotment for underwriters.

Elan Corporation ((ELN)) dropped 2.5% or 17 cents to $6.53 after the neuroscience-based biotechnology company said Transition Therapeutics, Inc. today notified clinical investigators of modifications to the Phase II study AD201 and open label extension study AD251 for ELND005, a compound being developed for the potential treatment of Alzheimer's disease. The AD201 study is evaluating three dose levels of ELND005 compared to placebo in 353 patients.

FactSet Research Systems Inc ((FDS)) fell 4.7% or $3.61 to $72.45 after the financial-information provider reported first quarter revenues fell 0.3% to $155.2 million from $155.6 million a year ago. Net income in the quarter rose 1.4% to $36.1 million or 74 cents per diluted share compared to net income of $35.6 million or 73 cents per share a year ago.

The company estimated fiscal second quarter 2010 earnings between $154 million and $158 million and earnings per share between 73 cents and 75 cents. 123jump.com survey of analysts suggested earnings between $157 million and $159 million in the period.

JA Solar Holdings Co., Ltd ((JASO)) surged 11% to $5.90 after the company said 2010 shipment to increase by 60% and raised fourth quarter earnings outlook to exceed its earlier guidance.

Mariner Energy, Inc ((ME)) declined 2.9% to $12.96 and the company agreed to acquire from the bankruptcy court the assets of Edge Petroleum Corporation for $215 million.

Qwest Communications International Inc ((Q)) increased 4.1% or 17 cents to $4.25 after the local phone provider was upgraded to “buy” from “neutral” by analysts at UBS AG.

Starwood Hotels & Resorts Worldwide, Inc ((HOT)) increased 2.6% or 94 cents to $36.57 after the lodging company was upgraded to “buy” from “underperform” at Bank of America Corp.’s Merrill Lynch Global Research.

Starlims Technologies Limited ((LIMS)) surged 46% or $4.34 to $13.84 after the company agreed to acquired by Abbott for $123 million in cash or $14 a share.

VeriFone Holdings, Inc ((PAY)) decreased 2.0% or 30 cents to $14.64 after the maker of electronic-payment systems said fourth quarter revenues fell 11% to $217.8 million from $244.7 million a year ago. Net income in the quarter was $3.7 million or 4 cents per diluted share compared to net loss of $366.6 million or $4.35 per share a year ago.

Weyerhaeuser Company ((WY)) the lumber producer added 5.8% or $2.47 to $44.98.

Wells Fargo & Company ((WFC)) rose 2.8% or 72 cents to $26.21 after the bank said it plans to raise $10.4 billion and redeem $25 billion of preferred stocks issued to the U.S. Treasury.