Bank of America, CMI, MSTR, HAR, AOC, WPTE, RGC, MGLN Popular Stocks
U.S. stocks were down Friday as the Dow Jones Industrial Average slid 235 points to 9727, while the S&P 500 lost 28 points to 1039 and the Nasdaq Composite dropped 50 points to 2048.
Bank of America Corp. (NYSE:BAC, $14.88, -$0.85, -5.40%) has settled a case with the Federal Election Commission in which it acknowledged reimbursing several employees for political contributions made over a five-year period. Bank of America and a senior executive in the student banking division agreed to pay fines totaling $16,800 to settle the matter.
Cummins Inc.’s (NYSE:CMI, $42.93, -$2.99, -6.51%) third-quarter earnings fell 59% following last year’s record results as the engine maker struggles in the face of weak North American and European trucking and construction markets. But sales rose sequentially and the company topped expectations.
Shares of MicroStrategy Inc. (NASDAQ:MSTR, $87.12, +$13.68, 18.63%) hit a high not seen since January 2008 Friday as the company’s earnings late Thursday smashed analysts’ estimates. Analysts at Roth Capital Partners called the results a blow-out, saying license fees drove most of the upside.
Harman International Industries Inc (NYSE:HAR, $38.52, +$5.52, 16.73%) is targeting $1 billion in revenue from the global midmarket for infotainment systems in five years, its CEO said. The company, whose brands include Harman Kardon, JBL, Mark Levinson and Infinity, has historically focused on the luxury market.
Aon Corp.’s (NYSE:AOC, $38.78, -$2.41, -5.85%) third-quarter earnings rose 3% on prior-year losses from discontinued operations as the insurance brokerage posted results slightly below expectations.
Shares of WPT Enterprises, Inc. (NASDAQ:WPTE, $1.29, +$0.18, 16.23%) climbed after it announced that it has increased its proposal to the Board of Directors of WPT Enterprises. The revised proposal is to acquire WPT for $36.5 million, consisting of $28.5 million in cash, $5 million in Mandalay Media stock and perpetual revenue participation rights, guaranteed to be at least $3 million.
Regal Entertainment Group (NYSE:RGC, $12.55, +$0.59, 4.93%) swung to a third-quarter loss as attendance sagged and unusual charges took their toll.
Magellan Health Services Inc. (NASDAQ:MGLN, $32.37, +$2.03, 6.69%) reported third-quarter earnings well ahead of analysts’ expectations, although revenue came in below the consensus view. The biopharmaceutical company also increased guidance for the full year to the upper half of its previously disclosed range.
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