AMMD, PRU, GDP, PCS, LEAP, TRMA, KG, DTV, ONNN Popular Stocks
U.S. stocks climbed Thursday as the Dow Jones Industrial Average increased 1913 points to 9993, the S&P 500 rose 18 points to 1064 and the Nasdaq Composite gained 45 points to 2101.
American Medical Systems Holdings Inc.’s (NASDAQ:AMMD, $17.35, +$1.90, +12.30%) third-quarter earnings smashed expectations as the health products and services company’s revenue grew more than seven times. The results included a $17.5 million gain on the sale of its Ovion technology and a $5.6 million gain on a note exchange. The results beat its expectations.
Prudential Financial Inc.’s (NYSE:PRU, $44.50, -$2.06, -4.42%) financial-services business swung to a third-quarter profit after last year was hurt by more than $1 billion of investment losses. The company also boosted its 2009 earnings forecast by 40 cents. Still, some analysts called the guidance tepid and cautioned against using the fourth-quarter view as a run rate for 2010.
Goodrich Petroleum Corp. (NYSE:GDP, $24.78, -$1.63, -6.17%) swung to a much wider-than-expected loss in the third quarter as lower prices pummeled results.
MetroPCS Communications Inc. (NYSE:PCS, $5.97, -$0.65, -9.82%) posted a 64% increase in its third-quarter profit, but saw the number of new customers slide amid intensifying competitive pressure on the pre-paid end of the wireless industry. Chairman and CEO Roger Linquist said he was disappointed with the wireless provider’s customer growth, and blamed competitive forces and high unemployment for the shortfall. Rival Leap Wireless International Inc. (NASDAQ:LEAP, $12.92, -$1.01, -7.25%) also fell.
Trico Marine Services Inc.’s (NASDAQ:TRMA, $6.40, +$0.19, 3.06%) third-quarter per-share earnings rose to 36 cents from 22 cents in the prior quarter as revenue increased 5.6% sequentially. The provider of marine support services to the oil and gas industry didn’t give prior-year figures in its earnings release. Chairman and Chief Executive Joseph Compofelice said the results reflected strong performance by its subsea services divisions, which have positioned the company for future growth in emerging subsea markets.
King Pharmaceuticals Inc.’s (NYSE:KG, $10.79, +$0.60, 5.89%) third-quarter profit slid 48% amid charges and a 34% jump in selling costs, but core results beat expectations as cost-cutting efforts and benefits from last year’s Alpharma acquisition started to take hold.
DirecTV Group Inc.’s (NASDAQ:DTV, $28.61, +$1.77, 6.61%) third-quarter profit grew 0.8% as higher revenue outpaced higher costs, although U.S. subscriber growth slumped. Earnings missed expectations, although revenue growth was higher than expected.
ON Semiconductor Corp.’s (NASDAQ:ONNN, $7.22, +$0.39, 5.78%) third-quarter profit fell 41% on lower revenue and margins, but results beat expectations and the company forecast fourth-quarter revenue above analysts’ views.
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