Bank of America, JCP, YGE, AGO, DIS, ZAGG, SSRX, WCRX Popular Stocks
U.S. stocks traded higher Friday as the Dow Jones Industrial Average rose 91 points to 10288, the S&P 500 jumped 8 points to 1095 and the Nasdaq Composite climbed 18 point to 2167.
Bank of America (NYSE:BAC, $16.07, +$0.01, 0.06%) is trying to find a new CEO before Lewis steps down on Dec. 31 after criticism by investors and regulators tied to the takeover of Merrill Lynch & Co. The Charlotte, North Carolina-based company has said it may name a successor by Nov. 26.
J.C. Penney Co.’s (NYSE:JCP, $31.66, +$2.27, 7.72%) fiscal third-quarter earnings fell 78% as pension costs and weaker sales again weighed on the bottom line. And the retailer offered a holiday season projection similar to recent department stores’ outlooks that leave plenty of room to miss analysts’ expectations.
Yingli Green Energy Holding Co. Ltd.’s (NYSE:YGE, $13.46, +$1.43, 11.89%) third-quarter earnings fell 18% amid a smaller foreign-exchange gains and low prices for solar-energy products. But shipments and revenue hit record levels for the Chinese maker of photovoltaic products and it projected 2009 shipments and margins at the high end of its forecast.
Moody’s Investors Service on Thursday cut the financial strength rating on Assured Guaranty Ltd.’s (NYSE:AGO, $20.80, +$2.70, 14.92%) bond insurance unit to Aa3 from Aa2 and said another downgrade is possible, while the bond insurer responded by pledging to keep its ratings from dropping more.
Walt Disney (NYSE:DIS, $30.34, +$1.29, 4.44%) said strength in its cable networks drove fiscal fourth-quarter profits 18% higher, while its key theme parks division showed signs of improvement. The results were better-than-expected.
Zagg Inc. (NASDAQ:ZAGG, $4.97, -$0.63, -11.25%), a maker of protective coverings for smartphones, reported weaker-than-expected earnings and revenue amid sharply lower margins.
3SBio Inc. (NASDAQ:SSRX, $11.14, +$0.25, 2.30%) reported better-than-expected third-quarter results. The biotechnology company also provided 2009 revenue guidance of $43 million to $45 million, hitting the consensus estimate of $45 million.
Some Warner Chilcott PLC (NASDAQ:WCRX, $22.72, -$0.20, -0.87%) institutional shareholders and management plan to sell 20 million shares in the specialty pharmaceutical company in a secondary offering. The institutional holders include funds affiliated with Bain Capital LLC, DLJ Merchant Banking, JPMorgan Chase & Co. and Thomas H. Lee Co.
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