Berkshire, BNI, ADBE, DDR, NNI, KWK, BBEP, WCRX, XOHO Popular Stocks
U.S. stocks traded higher Monday, with the Dow Jones Industrial Average rising 180 points to 10203, the S&P 500 up 21 points to 1090 and the Nasdaq Composite gaining 35 points to 2147.
Berkshire Hathaway Inc. (NYSE:BRK.A, $103,495.00, +$1,095.00, 1.07%; NYSE:BRK.B, $3,450.00, +$25.00, 0.73%), fresh off its agreement to purchase rail giant Burlington Northern Santa Fe Corp. (NYSE:BNI, $97.37, +$0.14, 0.14%), posted a surge in third-quarter earnings, helped by a bounce in stock-index derivative contracts. Berkshire’s earnings continue to rebound from a weak start to the year, when it posted a rare first-quarter loss amid the recession.
Goldman Sachs upgraded Adobe Systems Inc. (NASDAQ:ADBE, $36.49, +$1.84, 5.31%) to buy from hold, citing high hopes for Creative Suite 5. The firm expects an April launch and contends new operating systems released by software giants should help sales and says users typically don’t fall more than one version behind on this software.
Developers Diversified Realty Corp. (NYSE:DDR, $8.64, +$0.73, 9.23%) said Daniel B. Hurwitz will be appointed chief executive, effective Jan. 1, succeeding Scott A. Wolstein, who will stay on as executive chairman.
Nelnet Inc. (NYSE:NNI, $15.41, +$0.80, 5.48%) third-quarter earnings surged 95% amid a $9.7 million gain related to sale of student loans to the government.
Quicksilver Resources Inc. (NYSE:KWK, $13.52, +$0.67, +5.21%) eked out a third-quarter profit as hedging efforts limited the impact from plunging commodity prices. Year-earlier results were hurt by items that included write-downs related to the oil and gas producer’s 40.5% stake in BreitBurn Energy Partners LP (NASDAQ:BBEP, $11.73, +$0.12, 1.04%). Quicksilver has been at odds with BreitBurn over the past year or so about the company’s direction.
Warner Chilcott Ltd.’s (NASDAQ:WCRX, $22.20, -$0.75, -3.29%) third-quarter profit soared on a gain from selling exclusive U.S. product rights to skin treatments while sales of its oral contraceptive products led to revenue growth. But results fell short of analysts’ expectations.
An entity owned by Carl Icahn has withdrawn its bid for the part of XO Holdings Inc. (OTC:XOHO, $0.65, -$0.15, -18.75%) it doesn’t already own, according to a regulatory filing. ACF Industries Holding Corp., which is controlled by Icahn, said in a Securities and Exchange Commission filing that it is terminating the offer of 80 cents a share it made last month, after a special committee of XO never made a counteroffer.
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