Apple, Arena Resources Rise; Tesoro Declines

Mayank Mehta
05 Apr, 2010
New York City

Apple Inc traded higher after it sold 300,000 iPads on the first day of launch. Arena Resources soared after it agreed to a buyout at $40 a share from SandRidge Energy. Tesoro Corp dropped 6% after a refinery blast.

[R]1:10 PM New York – Apple Inc traded higher after it sold 300,000 iPads on the first day of launch. Arena Resources soared after it agreed to a buyout at $40 a share from SanRidge Energy. Tesoro Corp dropped 6% after a refinery blast.[/R]

Of the stocks in S&P 500 index, 417 increased, 76 declined and 7 were unchanged.

Tesoro Corporation led the decliners in the S&P 500 index with a loss of 6.4% followed by losses in Forest Laboratories, Inc of 2.2% and in Monster Worldwide, Inc of 1.8%, in Entergy Corporation of 1.8% and in Mead Johnson Nutrition Company of 1.1%.

The Washington Post Company led gainers in the S&P 500 index with a rise of 6.7% followed by gains in Harley-Davidson, Inc 5.6%, in Denbury Resources Inc of 3.5% and in Cummins Inc 3.3%.

Other Movers

Apple Inc ((AAPL)) increased 0.5% or $1.17 to $237.14 after the company today said it sold over 300,000 iPads in the US as of midnight Saturday, April 3. These sales included deliveries of pre-ordered iPads to customers, deliveries to channel partners and sales at Apple retail stores.

Arena Resources, Inc ((ARD)) surged 9.6% or $3.29 to $37.55 after the company and SandRidge Energy, Inc. jointly announced that they have entered into a merger agreement under which Arena shareholders will receive stock and cash consideration valued at $40 per share of Arena common stock based on SandRidge''s April 1 closing price.

Exelon Corporation ((EXC)) rose 0.02% or 1 cent to $44.28 after the utility owner said Pennsylvania Public Utility Commission approval to increase electric and natural gas delivery rates beginning January 1, 2011.

InterMune, Inc ((ITMN)) the maker of a lung disease treatment added 1.6% or 75 cents to $46.53.

Keryx Biopharmaceuticals, Inc ((KERX)) surged 27.7% or 77 cents to $3.50 after the company today announced that the U.S. Food and Drug Administration has granted fast track designation for KRX-0401 (perifosine), the oral anti-cancer agent that inhibits Akt activation in the phosphoinositide 3-kinase (PI3K) pathway, for the treatment of advanced colorectal cancer.

Merck & Co., Inc ((MRK)) the drugmaker dropped 0.4% or 15 cents to $37.55.

Reliance Steel & Aluminum Co ((RS)) the metal-warehousing company gained 7% or $3.59 to $54.56.

Southwest Airlines Co ((LUV)) fell 0.61% or 8 cents to $13.13 after media reports this week that WestJet apparently intends to enter into a codeshare agreement with Delta Air Lines that may lead to breakup of code share with the discount carrier.

Spectrum Pharmaceuticals, Inc. ((SPPI)) fell 0.6% or 3 cents to $4.54 after the biopharmaceutical company reported fourth quarter revenues rose 7.5% to $8.6 million from $8.0 million a year ago. Net income in the quarter was $10.2 million or 20 cents per diluted share compared to net loss of $8.9 million or 28 cents per share a year ago.

Sunesis Pharmaceuticals, Inc ((SNSS)) dropped 4.4% or 4 cents to $0.90 after the maker of the leukemia drug voreloxin that it received a letter, dated March 31 from the NASDAQ Stock Market that it does not comply with the minimum $1.00 per share requirement for continued listing.

Tesoro Corporation ((TSO)) dropped 5.3% or 77 cents to $13.62 an independent petroleum refiners a fire occurred at the Tesoro Anacortes refinery in Washington. The incident was on a small section of the refinery following routine maintenance that killed five people.

Verizon Communications Inc ((VZ)) the phone company rose 0.6% or 19 cents to $31.47.

The Washington Post Company ((WPO)) the diversified education and media company added 2.3% or $10.34 to $455.08.