Google, Boston Scientific Drop; Baidu Rises

Mayank Mehta
15 Mar, 2010
New York City

Google Inc declined 4% on a growing speculation that it may shut down its Chinese language search engine. Baidu Inc surged 6%. Boston Scientific dropped 14% after the company recalled certain defibrillators. Consol Energy Inc agreed to acquire coal and energy portfolio of Dominion Resources.

[R]11:55 AM New York – Google Inc declined 4% on a growing speculation that it may shut down its Chinese language search engine. Baidu Inc surged 6%. Boston Scientific dropped 14% after the company recalled certain defibrillators. Consol Energy Inc agreed to acquire coal and energy exploration portfolio assets of Dominion Resources. Pegasystems agreed acquire Chordiant Software.[/R]

Of the stocks in S&P 500 index, 131 increased, 355 declined and 14 were unchanged.

Boston Scientific Corporation led the decliners in the S&P 500 index with a loss of 13.8% followed by losses in Consol Energy Inc of 7.7% and in KLA-Tencor Corporation of 4.9%, in RadioShack Corporation of 3.1% and in Novellus Systems, Inc of 2.9%.

St. Jude Medical, Inc led gainers in the S&P 500 index with a rise of 6.4% followed by gains in American International Group, Inc 4.2%, in Medtronic, Inc of 3.4% and in Legg Mason, Inc 1.9%.

Other Movers

AAON, Inc ((AAON)) dropped 2.8% or 63 cents to $21.07 an air-conditioning and heating equipment maker reported fourth quarter sales fell 10% to $54.2 million from $60.2 million a year ago. Net income in the quarter rose 3% to $6.2 million or 36 cents per diluted share compared to net income of $6.0 million or 35 cents per share a year ago.

Abbott Laboratories ((ABT)) decreased 0.8% or 47 cents to $54.05 after the drug maker today announced positive 30-day results from the first 101 patients enrolled in the second phase of the ABSORB trial. The two-year trial is to widen the narrowed coronary arteries using stent technology.

Amylin Pharmaceuticals, Inc ((AMLN)) surged 10.5% or $2.13 to $22.39 after the biopharmaceutical company and Alkermes, Inc. today announced that the Food and Drug Administration has issued a complete response letter regarding the New Drug Application for Type 2 diabetes drug Byetta. Alkermes soared 9.3% to $13.34.

American Oriental Bioengineering, Inc ((AOB)) fell 6.5% or 30 cents to $4.27 after the pharmaceutical company reported fourth quarter sales rose 4% to $100.0 million from $96.3 million a year ago. Net income in the quarter rose 48% to $11.7 million or 14 cents per diluted share compared to net income of $7.9 million or 10 cents per share a year ago.

Apache Corporation ((APA)) fell 2.7% or $2.88 to $103.97 after the oil and natural-gas producer was downgraded to “equalweight” from “overweight” at Morgan Stanley.

Baidu, Inc ((BIDU)) the Chinese-language Internet search provider increased 4.0% or $22.20 to $572.44 and Google Inc ((GOOG)) decreased 4% to $556.65 after advertisers are recommended to switch from Google search engine in the even the Chinese language search engine is closed.

Boston Scientific Corporation ((BSX)) plunged 14.5% or $1.12 to $6.66 after the marketer of medical devices announced today that it has stopped shipment and is retrieving field inventory of all its implantable cardioverter defibrillators and cardiac resynchronization therapy defibrillators.

Chordiant Software, Inc ((CHRD)) surged 30.7% or $1.17 to $4.98 after the maker of customer-relationship software agreed to be acquired by Pegasystems for $5 a share or at least $150 million.

Consol Energy Inc ((CNX)) fell 8.6% or $4.69 to $49.64 after the coal and natural gas producer announced today that it has entered into a definitive agreement to acquire the Appalachian energy exploration and production business of Dominion Resources, Inc. for $3.475 billion in cash.

Freeport-McMoRan Copper & Gold Inc ((FCX)) dropped 0.5% or 43 cents to $80.12.

Houston Wire & Cable Company ((HWCC)) rose 3.0% or 38 cents to $12.83 after the distributor of specialty wire and cable reported fourth quarter sales fell 15.6% to $63.5 million from $75.3 million a year ago. Net income in the quarter fell 29.6% to $1.9 million or 11 cents per diluted share compared to net income of $2.7 million or 15 cents per share a year ago.

Inspire Pharmaceuticals, Inc ((ISPH)) fell 5.8% or 41 cents to $6.64 after the company announced today the results from two Phase 2 clinical trials were not statistically significant with drug AZASITE for the treatment of blepharitis. Inspire will conduct additional clinical work to continue pursuing a potential indication for treatment of anterior and posterior forms of blepharitis.

Jinpan International Limited ((JST)) decreased 7.5% or $1.99 to $22.52 after the manufacturer and distributor of cast resin transformers reported fourth quarter sales fell 7.1% to $41.7 million from $44.9 million a year ago. Net income in the quarter rose 1.2% to $6.25 million or 32 cents per diluted share compared to net income of $6.17 million or 29 cents per share a year ago.

Lennox International Inc ((LII)) declined 1.3% or 63 cents to $44.37 after the maker of heating and cooling equipment the board of directors of company voted to increase the quarterly cash dividend 7%, from $0.14 per share of common stock to $0.15 per share of common stock. The dividend is payable on April 15, 2010 to stockholders of record as of March 26.

Lowe’s Companies, Inc ((LOW)) the home-improvement retailer rose 0.5% or 13 cents to $25.08.

Medtronic, Inc ((MDT)) increased 3.1% or $1.31 to $45.25 after Boston Scientific recalled its line of defibrillator. The medical device maker also announced results from CONNECT trial showed certain level of improvements for cardiac resynchronization.

MGM Mirage ((MGM)) fell 1.4% or 17 cents to $11.63 after the casino operator today announced that it has entered into a settlement agreement with the New Jersey Division of Gaming Enforcement under which it will sell its 50% ownership interest in the Borgata Hotel Casino & Spa and related leased land in Atlantic City.

MTN Group Limited ((MTN)) the Africa’s largest mobile-phone operator closed unchanged at $16.14.

NIKE, Inc ((NKE)) the athletic-shoe maker rose 0.1% or 10 cents to $70.00.

Dr Pepper Snapple Group, Inc ((DPS)) the soda maker rose 0.6% or 23 cents to $35.20.

PepsiCo, Inc ((PEP)) climbed 1.2% or 79 cents to $65.89 after the soft-drink maker announced today that its Board of Directors approved a plan to increase cash returns to shareholders by raising the company's annual dividend and its share repurchase authorization amount. The board of directors authorized the repurchase of up to $15 billion of company’s common stock through June 2013.

Phillips-Van Heusen Corporation ((PVH)) increased 5.9% or $2.86 to $50.60 after apparel maker agreed to buy clothing company Tommy Hilfiger for about $3 billion from Apax Partners to add to its portfolio of Calvin Klein and Izod brands.

Schawk, Inc ((SGK)) fell 0.2% or 4 cents to $15.84 after the provider of brand point management services reported fourth quarter sales rose 12% to $121.9 million from $108.9 million a year ago. Net income in the quarter was $3.7 million or 15 cents per diluted share compared to net loss of $58.6 million or $2.27 per share a year ago.

Sirius XM Radio Inc ((SIRI)) added 2.8% or 2 cents to $0.93 after the satellite radio broadcaster priced an offering of $800 million of Senior Notes due 2015.

Sterling Construction Company, Inc ((STRL)) plunged 11.0% or $2.33 to $18.82 after the heavy civil construction company reported fourth quarter revenues fell 34.4% to $71.7 million from $109.3 million a year ago. Net income in the quarter fell 80% to $762,000 or 3 cents per diluted share compared to net income of $3.8 million or 28 cents per share a year ago.

Wal-Mart Stores, Inc ((WMT)) rose 0.9% or 50 cents to $54.40 after the retailer was upgraded to “buy” from “hold” at Citigroup Inc.