Google, Bank of America, FDO, AMGN, MSHL, MSCS Popular Stocks
U.S. stocks were down Wednesday as the Dow Jones Industrial Average declined 16.7 points to 8147, the S&P 500 fell 8.15 points to 873 and the Nasdaq Composite lost 11.95 points to 1734.
Google Inc. (NASDAQ:GOOG, $403.90, +$7.27, 1.83%) jumped more than $7 till mid-day trade, while yesterday Google’s shares were below to $400. At this present time Technology sector fell 1.62%. Google leads technology rally along with Apple Inc. (NASDAQ:AAPL, $136.21, +$0.81, 0.60%). Google is planning to hit Microsoft Corp. where it hurts by challenging the software giant’s dominance in the world of computer operating systems. The search firm said late Tuesday that it will begin offering its own operating system, called Chrome, in the second half of 2010.
Bank of America Corp. (NYSE:BAC, $11.57, -$0.58, -4.77%), the biggest U.S. bank, promoted two investment bankers to strengthen relationships with its largest corporate clients amid departures following the Merrill Lynch & Co. takeover.
Family Dollar Stores Inc.’s (NYSE:FDO, $30.94, +$3.19, 11.50%) fiscal third-quarter earnings jumped 36% on continued strong sales of basics and staples as the discount retailer boosted its fiscal-year outlook and projected current-quarter results above analysts’ expectations. Dollar Tree Inc. (NASDAQ:DLTR, $43.50, +$2.91, 7.17%) and 99 Cents Only Stores (NYSE:NDN, $13.43, +$0.38, 2.91%) also traded higher.
Amgen, Inc. (NASDAQ:AMGN, $60.03, +$7.80, 14.93%) said a late-stage trial showed its experimental bone drug, denosumab, was superior to Novartis AG’s (NYSE:NVS, $39.76, +$0.17, 0.43%) Zometa in preventing complications related to the spread of cancer to bones. The data from the highly anticipated study, the first of three similar trials, suggests the drug, still awaiting marketing approval, could ultimately add billions of dollars in sales to the Thousand Oaks, Calif., drug maker and give a boost to its stock, which has struggled relative to its peers.
Marshall Edwards Inc. (NASDAQ:MSHL, $1.05, +$0.35, 49.64%) is up 49.6% to $1.05 Researchers at the Malaghan Institute of Medical Research in Wellington, New Zealand discover that Phenoxodiol kills rapidly proliferating T-cells. The Wellington-based Malaghan Institute has shown phenoxodiol may be effective in tackling some diseases where a patient is being attacked by their own immune system.
Simulation software company MSC Software Corp. (NASDAQ:MSCS, $7.47, +$0.72, 10.67%) said it agreed to be acquired by privately held Symphony Technology Group in a deal valued at about $360 million. MSC’s shareholders will get $7.63 a share, a 13% premium to Tuesday’s closing price. MSC shares jumped on news of the deal, which is expected to close near the end of the third quarter.
Other Stocks in Focus
American Axle & Manufacturing Holdings Inc. (AXL, $2.05, -$0.33, -13.87%) continued its recent decline despite receiving an amendment and waiver on its revolving credit facility Tuesday, giving the company until the end of the month to meet terms on the debt. Shares have tumbled on fears the auto parts maker may have to file for bankruptcy.
The recent oil price surge should help DryShips Inc. (DRYS, $5.17, +$0.27, +5.51%) secure contracts for its speculative drillships, which should in turn help the shipper secure financing for two un-financed drillships, Credit Suisse said. The firm upped its stock-investment rating to outperform from underperform and boosted the target price to $8 from $5, saying its rig assets are being ignored by investors. Still, the firm warned DryShips “is not for the faint of heart and concerns remain about future equity issuances.”
NRG Energy Inc. (NRG, $23.10, +$1.02, +4.62%) raised its 2009 earnings guidance, but its stock continued to trade at a discount to Exelon Corp.’s (EXC, $48.72, +$0.97, +2.03%) rejected a $7.16 billion takeover bid, indicating that investors are still unsure if Exelon will make another offer.
Steak N Shake Co. (SNS, $9.11, +$1.00, +12.34%), the restaurant chain known for its steakburgers and milkshakes, said its first-quarter traffic rose 13.4% while same-store sales rose 5%. The promotions helping on those metrics, include the chain offering deals like four meals under $4. The company was also helped by lower commodity costs allowing chains to invest heavily in value to drive traffic.
Websense Inc. (WBSN, $14.51, -$2.29, -13.63%) predicted disappointing revenue for the second quarter, as the company felt the global downturn’s effect on its renewals for Web-filtering customers. Shares fell though Websense’s earnings forecast was in line with the analyst estimate.
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