HNT, CAR, TNL, NOK, FMS, RCL, KND, COL, OSK Popular Stocks
U.S. stocks traded mixed Tuesday as the Dow Jones Industrial Average fell 23 points to 9766 but the S&P 500 rose 2 points to 1045 and the Nasdaq Composite jumped 6 points to 2055.
Health Net Inc. (NYSE:HNT, $15.96, +$0.73, 4.79%) swung to a third-quarter loss on charges related to its restructuring efforts and the sale of the company’s Northeast division. But excluding those items, earnings topped analysts’ estimates. However, the company sees 2009 earnings at the low end of its prior view because of expected health-care cost pressures from the H1N1 virus and expansion of Cobra membership.
Avis Budget Group Inc. (NYSE:CAR, $9.28, +$0.83, 9.82%) swung to a third-quarter profit as the car-rental company benefited from improved prices and shed a $1.3 billion write-down that weighed down the bottom line a year ago. The earnings beat analysts’ estimates.
Longbow Research cut its rating on Technitrol Inc. (TNL, $6.37, -$1.46, -18.61%) to neutral after the company reported third-quarter results late Monday. Excluding items, the company posted a loss when analysts had expected a profit. Longbow said it made the rating cut on valuation and concerns over top-customer risk, as the company said in its release that a significant handset antenna customer plans to switch orders from multiple vendors to a single-sourced model. Longbow believes that customer is Nokia Corp. (NYSE:NOK, $12.70, -$0.05, -0.38%).
Dialysis care provider Fresenius Medical Care AG (NYSE:FMS, $50.36, +$1.89, 3.90%) Tuesday lifted its outlook for the year, after third-quarter profit rose 9% on increased revenue per treatment and better cost management.
Royal Caribbean Cruises Ltd.’s (NYSE:RCL, $19.69, -$0.98, -4.72%) third-quarter earnings fell 44%, as pricing remained soft amid a prolonged travel industry slump. The cruise operator also projected a loss for the current quarter a bit wider than analysts were expecting.
Kindred Healthcare Inc. (NYSE:KND, $14.85, -$0.49, -3.19%) swung to a third-quarter profit on increased revenue, and earnings far exceeded its forecast. However, the hospital operator’s 2010 forecast fell below Wall Street’s expectations.
Rockwell Collins Inc.’s (NYSE:COL, $48.88, -$1.90, -3.74%) fiscal fourth-quarter earnings fell 26% on restructuring charges in the last quarter as the company reported continued weakness in its commercial-systems business.
Oshkosh Corp.’s (NYSE:OSK, $35.13, +$3.30, 10.37%) profit nearly tripled in its fiscal fourth quarter on a divestiture gain as the specialty-vehicle maker saw strong demand for defense products offset weakness in access-equipment sales. Results topped analysts’ expectations.
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