Bank of America, BZH, TYC, JASO, PCLN, EXPE, HEW, AVNR Popular Stocks
U.S. stocks traded lower Tuesday as the Dow Jones Industrial Average fell 13 points to 10214, the S&P 500 declined 3 points to 1090 and the Nasdaq Composite decreased 7 points to 2147.
Bank of America (NYSE:BAC, $15.90, +$0.13, 0.82%) have reduced lending as a response to stricter underwriting standards for consumer loans and a lower demand for loans from businesses.
Beazer Homes (NYSE:BZH, $5.15, +$0.46, +9.81%) swung to a profit for its fiscal fourth quarter on a gain from repaying debt early as the home builder’s orders rose and margins improved. The results were stronger than expected.
Tyco International Ltd. (NYSE:TYC, $34.37, -$1.02, -2.88%) reported that fourth quarter net income plunged to $205 million or $0.43 per share from $434 million or $0.91 per share in the prior year.
JA Solar Holdings Co. (NASDAQ:JASO, $4.18, +$0.06, 1.46%) swung to the black in the third quarter amid a prior-year investment write-down as shipments hit a record and the Chinese solar-cell maker sees brighter prospects. Earnings and revenue were both better than expected.
Priceline.com’s (NASDAQ:PCLN, $202.58, +$28.85, 16.61%) third-quarter earnings nearly quadrupled on a tax-related gain while bookings rose by one-third and results trumped the company’s already optimistic expectations. The online travel-booking company also projected fourth-quarter earnings above expectations. Fellow travel site operator, Expedia Inc. (NASDAQ:EXPE, $24.55, +$0.52, 2.16%) also rose.
Hewitt Associates Inc.’s (NYSE:HEW, $39.85, +$1.60, 4.18%) fiscal fourth-quarter profit more than doubled, helped by cost-cutting and the absence of year-ago charges. The human-resources services provider, whose results beat expectations, also set stronger-than-expected targets for the new fiscal year.
Avanir Pharmaceuticals Inc. (NASDAQ:AVNR, $1.91, +$0.05, 2.69%) said the new low-dose version of neurological disorder pill Zenvia reduced the frequency and severity of uncontrollable emotional outbursts in patients with multiple sclerosis over a six-month treatment period. The therapeutic developer said it expects to file for approval from the Food and Drug Administration early in the second quarter of 2010.
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