Bank of America, DRIV, SYMC, BDK, MRNA, YONG, RKT, PII Popular Stocks
U.S. stocks traded higher Monday as the Dow Jones Industrial Average rose 43 points to 9908, the Standard & Poor’s 500 increased 7 points to 1079 and the Nasdaq Composite gained 8 points to 2147.
Bank of America Corp. (NYSE:BAC, $17.78, +$0.28, 1.60%) and the U.S. Securities and Exchange Commission agree on one thing in a lawsuit over disclosures regarding billions of dollars in bonuses paid to Merrill Lynch & Co. employees on the eve of the companies’ merger. In a court filing, the Charlotte, N.C., bank asked for a jury trial in the case on Friday, a day after the regulator asked for one. The case is set for trial in March after a federal judge rejected a $33 million settlement in the case last month.
ECommerce provider Digital River (NASDAQ:DRIV, $26.31, -$14.11, -34.91%) slumped after Symantec Corp. (NASDAQ:SYMC, $16.45, -$0.18, -1.08%) said it wouldn’t extend the companies’ agreement through their current contract, which expires June 30. Symantec plans to move all online sales of its Norton antivirus software currently handled by Digital River, except in Japan, to an in-house effort.
The Black & Decker Corp. (NYSE:BDK, $50.45, +$3.21, 6.80%) reported better-than-expected sales and margins for the third quarter, which coupled with a lower-than-anticipated tax, prompted the tool maker to sharply boost its earnings target for the period.
MDRNA Inc. (NASDAQ:MRNA, $1.56, +$0.32, 25.81%) said its technology significantly reduced tumor growth in models of liver and bladder cancer. MDRNA Inc. said it successfully demonstrated delivery of a protein that helps shrink tumors. For liver cancer, MDRNA called the reduction similar to what is achieved with Avastin, the billion-dollar seller from Roche Holding AG (RHHBY).
Chinese plant and animal nutrient company Yongye International Inc. (NASDAQ:YONG, $11.05, +$0.32, +2.98%) said it expects to restate its previously issued financial statements for 2008 and the first two quarters of fiscal 2009. Yongye expects the cumulative effects for the last three quarters of 2008 to be a non-cash gain of about $2.1 million and for the first half of fiscal 2009 a non-cash adjustment of about $5 million.
Bank of America-Merrill Lynch started paperboard and packaging company Rock-Tenn Co. (NYSE:RKT, $48.58, +$2.59, 5.63%) at buy, saying it has been one of the best-run paper and packaging companies in recent years. The firm said Rock-Tenn is inexpensive on a relative basis, adding that more consolidation is likely in the containerboard sector and Rock-Tenn has had a good track record with its last two acquisitions.
Citi upgrades personal watercraft, snowmobile and all-terrain vehicle maker Polaris Industries Inc. (NYSE:PII, $43.77, +$1.45, 3.43%) to buy, saying sales trends through September appear to have improved modestly and higher-margin Ranger products saw slight improvement. Management affirmed guidance last month, so Citi said it’s confident Polaris will be able to achieve estimates.
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