CRL, VICR, KFT, TRW, RDN, TPGI Popular Stocks
U.S. stocks traded higher Wednesday as the Dow Jones Industrial Average gained 65 points to 9837, the S&P 500 rose 5 points to 1050 and the Nasdaq Composite climbed 5 points to 2062.
Charles River Laboratories International Inc.’s (NYSE:CRL, $34.23, -$2.87, -7.74%) third-quarter profit fell 18% as the provider of research products and services posted lower sales volume. The company also cut its full-year outlook.
Vicor Corp. (NASDAQ:VICR, $7.76, +$0.98, 14.45%) reported third-quarter results that beat the expectations of the one analyst that provided estimates for the quarter. The power components and power systems company said that while revenue declined sequentially for the quarter, Vicor was profitable and generated cash for the period.
Kraft Foods Inc.’s (NYSE:KFT, $26.67, -$0.87, -3.16%) third-quarter profit declined a less-than-expected 40% as the food giant’s 2008 profit was helped by the sale of its cereal business. But revenue fell on currency impacts, and lower costs again helped boost margins. Sales fell short of analysts’ expectations.
TRW Automotive Holdings Corp. (NYSE:TRW, $18.26, +$1.28, 7.54%) swung to a third-quarter profit as cost cuts overcame continued output declines. The results handily topped expectations for the auto parts supplier.
Radian Group Inc. (NYSE:RDN, $6.32, +$0.40, 6.76%) swung to a third-quarter loss amid charges and delinquencies, but cut its expectations for claims in 2009 again, this time paring the figure to $940 million from $1.1 billion as the mortgage insurer said signs of hope had sprouted in August.
Thomas Properties Group Inc. (NASDAQ:TPGI, $2.35, +$0.19, +8.80%), a real-estate owner and developer, postponed its plans to offer 22 million shares of stock, calling the market conditions unfavorable and adding the board doesn’t consider the current stock price “to be reflective of its inherent value.”
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