Citigroup, BAX, PETM, OXGN, VXGN, APH, AVGO, SCHW Popular Stocks
U.S. stocks were mixed Thursday, with the Dow Jones Industrial Average rose 0.01% to 10017. The S&P 500 slipped 0.01% to 1092, and the Nasdaq Composite index declined 0.30 to 2166.
Citigroup (NYSE:C, $4.67, -$0.33, -6.60%) swung to a narrow profit in the third quarter on an $851 million gain from its securities-exchange efforts in the quarter that left the U.S. government owning a one-third stake in the company. The bottom line wasn’t as bad as analysts feared though the far-flung bank saw more credit losses and a build in loan loss reserve.
Baxter International Inc. (NYSE:BAX, $54.35, -$2.65, -4.65%) posted a 12% rise in third-quarter profit as margins rose despite flat revenue. Earnings beat expectations, and the medical-products maker boosted its full-year outlook while also giving an upbeat fourth-quarter sales forecast. But sales came in below analysts’ views.
PetSmart Inc. (NASDAQ:PETM, $25.28, +$1.84, 7.85%) projected earnings above its previously downbeat expectations, saying expenses will be lower than thought and product margin rates will be higher than anticipated.
Biopharmaceutical firm Oxigene Inc. (NASDAQ:OXGN, $1.39, -$0.03, -2.11%) agreed to acquire peer VaxGen Inc. (OTC:VXGN, $0.70, +$0.00, +0.00%) for about $22 million in stock, joining the wave of consolidation in the pharmaceuticals sector.
Despite posting better-than-expected profits and sales for its third quarter, shares of Amphenol Corp. (NYSE:APH, $41.15, -$0.14, -0.34%) slipped Thursday as analysts said the guidance looked conservative for some in the market and a growing pile of cash was attracting questions.
Singapore semiconductor Avago Technologies Ltd. (NASDAQ:AVGO, $17.37, +$0.51, 3.02%) raised its fiscal fourth-quarter revenue outlook, saying sales would jump by double-digits sequentially amid higher wired-infrastructure sales.
Discount broker Charles Schwab Corp. (NASDAQ:SCHW, $18.21, -$1.07, -5.55%) posted a 34% drop in third-quarter profit as low interest rates and depressed stock prices continue to cut into asset-management fees. Revenue was slightly below Wall Street’s expectations.
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