BKS, BGP, YGE, AMLN, LCC, BWS, GCO, TCB Popular Stocks
U.S. stocks were Mixed Tuesday as the Dow Jones Industrial Average slipped 10 points to 10441 and the Nasdaq Composite dropped 7 points to 2169 but the S&P 500 rose 1.32 points to 1108.
Barnes & Noble’s (NYSE:BKS, $21.89, -$1.63, -6.93%) fiscal second-quarter loss widened on charges related to the recent acquisition of the company’s college book store sibling, as sales rose. The company also slashed its earnings forecast for the year and warned that, because of “overwhelming” demand, it would have to ramp up production for its not-yet-released e-reader, which will mean higher costs. Meanwhile, Borders Group Inc. (NYSE:BGP, $1.76, -$0.25, -12.44%) also declined as it continues to deal with weaker sales.
Broadpoint AmTech cut its stock-investment rating on Yingli Green Energy Holding Co. (NYSE:YGE, $13.05, -$0.81, -5.84%) to neutral from buy, citing a lack of near-term, company-specific catalysts for the China-based maker of photovoltaic products.
Barclays Capital said it sees several catalysts warranting an upgrade of Amylin Pharmaceuticals Inc. (NASDAQ:AMLN, $13.34, +$0.87, 6.98%) to overweight from equalweight, including recent progress with diabetes drug Byetta and obesity products. The firm also sees a $2.5 billion opportunity from exenatide LAR from patients previously initiating Byetta and believes regulatory risk may be less than reflected in the current share price.
US Airways Group Inc. (NYSE:LCC, $3.26, +$0.16, 5.16%) plans to defer 54 new aircraft scheduled for delivery between next year and 2012, until at least 2013, and arranged new aircraft financing, the latest in a series of recent moves to increase its liquidity.
Brown Shoe Co. (NYSE:BWS, $10.61, -$0.76, -6.68%) fiscal third-quarter earnings rose 57% on fewer charges as sales declines stabilized and margins rose. But the footwear retailer reined in its sales expectations for the holiday season, sending shares down. Hat and footwear retailer Genesco Inc. (NYSE:GCO, $26.35, -$2.19, -7.67%) also declined after issuing a weak forecast for the fourth quarter.
Stifel Nicolaus raised its rating on TCF Financial Corp. (NYSE:TCB, $13.06, +$0.40, 3.12%) to buy, saying it has long admired the company from a fundamental and management perspective. “To us, the infrequent occasions during which TCF’s fundamentals and its valuation diverge represent opportunities to acquire a top quality banking franchise at little or no premium,” the firm said.
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