GE, ATVI, EOG, GRT, MGA, MSO, TWX Popular Stocks
U.S. stocks traded mixed Friday as the Dow Jones Industrial Average fell 2 points to 10004 but the S&P 500 gained 0.11 points to 1067 and the Nasdaq Composite increased 4 points to 2109.
Shares of General Electric (NYSE:GE, $15.35, +$0.92, 6.38%) got a boost as a couple of upgrades to outperform and news of progress in the NBC Universal deal pleased investors. Late Thursday, Bernstein analyst Steven E. Winoker raised his rating on the conglomerate from market-perform, and early Friday, Oppenheimer analyst Christopher Glynn lifted his rating from perform. “We believe the risk GE Capital poses is reduced, 2010 earnings achievability is high, and there is more upside across the company into 2011,” Winoker noted.
Activision Blizzard Inc. (NASDAQ:ATVI, $11.27, +$0.40, 3.67%) swung to a third-quarter profit despite a small revenue decline as the video game publisher trimmed costs and boosted market share and topped its expectations. Though it backed its guidance for the year, the company offered slightly disappointing guidance for the current quarter.
EOG Resources Inc. (NYSE:EOG, $89.71, +$1.68, 1.91%) barely stayed in the black in the third quarter amid slumping commodity prices. But the oil and natural-gas producer raised its 2009 production growth target to 6% from 5.5% and predicted 13% production growth in 2010.
Glimcher Realty Trust (NYSE:GRT, $2.82, +$0.23, 8.88%) and private equity firm Blackstone Group formed a venture to manage two Glimcher malls in Oregon and Florida and to acquire other shopping centers. A Blackstone unit will own about 60% of the venture. Glimcher, a real estate investment trust, is expected to receive about $60 million in net proceeds, which will be used to pay down its credit facility.
Magna International Inc.’s (NYSE:MGA, $49.99, +$5.79, 13.10%) third-quarter revenue declined largely as a result of significant declines in vehicle production in North America and Europe, but the company swung to a profit in the latest quarter. Results for the quarter beat expectations.
AOL Inc. named former Martha Stewart Living Omnimedia Inc. (MSO, $5.14, -$0.15, -2.84%) Chief Executive Susan Lyne to its board of directors as the company continues to put its leadership together ahead of the online company’s upcoming spinoff from Time Warner Inc. (NYSE:TWX, $30.78, -$0.35, -1.12%).
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