Nvidia, AMD, Schwab and Chiquita Rise

Mayank Mehta
16 Dec, 2009
New York City

Nvidia Corporation led gainers in the S&P 500 index after the Federal Trade Commission sued Intel for monopolistic behavior. Adobe Systems reported a loss in the fourth quarter. Citigroup is set to price its $22 billion public offering and was sued by Abu Dhabi.

[R]1:00 PM New York – Nvidia Corporation led gainers in the S&P 500 index after the Federal Trade Commission sued Intel for monopolistic behavior. Adobe Systems reported a loss in the fourth quarter. Citigroup is set to price its $22 billion public offering and was sued by Abu Dhabi to annul its contract to purchase stocks that may lead to $7.5 billion loss.[/R]

Of the stocks in S&P 500 index, 415 increased, 78 declined and 7 were unchanged.

Constellation Brands, Inc led the decliners in the S&P 500 index with a loss of 3.9% followed by losses in ENSCO International Incorporated of 2.7% and in Dynegy Inc of 2.6%, in Citigroup Inc of 2.5% and in Sprint Nextel Corporation of 1.2%.

Nvidia Corporation led gainers in the S&P 500 index with a rise of 5.5% followed by gains in Adobe Systems Incorporated 4.2%, in The Charles Schwab Corporation of 3.4% and in Darden Restaurants, Inc of 3.2%.

Other Movers

Aar Corp ((AIR)) added 4.6% or 97 cents to $22.00 after the provider of parts and maintenance services to the aviation industry said second quarter sales fell 7% to $328.7 million from $353.6 million a year ago. Net income in the quarter rose 28% to $13.3 million or 34 cents per diluted share compared to net income of $10.4 million or 27 cents per share a year ago.

Adobe Systems Incorporated ((ADBE)) advanced 1.6% or 58 cents to $36.36 after the design software maker said fourth quarter revenues fell 17.3% to $757.3 million from $915.3 million a year ago. Net loss in the quarter was $32.0 million or 6 cents per diluted share compared to net income of $245.9 million or 46 cents per share a year ago.

Borders Group, Inc ((BGP)) added 1.6% or 2 cents to $1.25 and the unprofitable chain of bookstores formed a strategic investment and commercial partnership with Kobo, Inc., a global eReading service that is the newly named spin-off of Toronto-based Indigo Books & Music Inc.

The Boston Beer Company, Inc ((SAM)) climbed 4.2% or $1.77 to $44.36 after the maker of Samuel Adams lager projected 2009 earnings per diluted share of between $2.05 and $2.35 compared to previous estimate between $1.75 and $2.05.

Carnival Corporation ((CCL)) increased 2.0% or 70 cents to $34.58 after the cruise-line operator was upgraded to “overweight” from “neutral” by JPMorgan Chase & Co.

The Charles Schwab Corporation ((SCHW)) increased 3.9% or 69 cents to $18.04 after Deutsche Bank said in a research note that the broker has handled the financial crisis well and is likely to benefit as the investment climate recovers.

Chiquita Brands ((CQB)) increased 4.9% to $19.08 and Dole Food Co. ((DOLE)) added 2% to $12.23 after the Obama administration and EU regulators signed a preliminary agreement to review and restructure tariffs on banana imports.

Citigroup Inc ((C)) fell 2.8% or 10 cents to $3.47 and the troubled lender said that Abu Dhabi Investment Agency has filed a lawsuit to prevent it from purchasing the stock at $34 a share that could generate a loss of $7.5 billion for the sovereign fund. Legal experts believe that the ADIA has slim chance of convincing court. Citi is also expected to price $22 billion of stocks today in a public offering that includes the sale of shares that are held by the U.S. Treasury.

EZchip Semiconductor Ltd ((EZCH)) dropped 7.2% or 90 cents to $11.71 after the maker of network processors said that it commenced a public offering of 3,863,050 of its ordinary shares. Of such shares, 712,618 ordinary shares are being offered by company and 3,150,432 ordinary shares are being offered by funds affiliated with Goldman, Sachs & Co. and JK&B Capital.

Hurray! Holding Co., Ltd ((HRAY)) climbed 4.9% or 21 cents to $4.40 an online distributor of music and music-related products said third quarter revenues fell 49% to $6.9 million from $13.5 million a year ago. Net loss in the quarter was $5.1 million or 23 cents per diluted share compared to net loss of $9.2 million or 42 cents per share a year ago.

Joy Global Inc ((JOYG)) increased 2.2% or $1.22 to $55.37 after the maker of mining equipment reported fourth quarter sales fell 6.5% to $963.5 million from $1.03 billion a year ago. Net income in the quarter rose 5% to $124.0 million or $1.20 per diluted share compared to net income of $118.0 million or $1.11 per share a year ago.

Mizuho Financial Group, Inc ((MFG)) surged 16.2% or 57 cents to $4.07.

Nvidia Corp ((NVDA)) increased $1.02 or 6.5% after the Federal Trade Commission sued Intel and alleged that the chipmaker giant has used its market leadership to thwart competition and shut down smaller competitors. Lattice Semiconductor surged 7.2% to $2.85 and AMD added 4.9%.

Royal Caribbean Cruises Ltd ((RCL)) advanced 4.8% or $1.26 to $27.19 after the cruise operator was upgraded to “overweight” from “neutral” at JPMorgan Chase & Co.

Roper Industries, Inc ((ROP)) the maker of radio-frequency tags and automatic meter readers gained 3.5% or $1.88 to $55.16.