HSNI, IACI, GBX, BRCD, BID, OSG, FRO, TK Popular Stocks
U.S. stocks were lower Thursday as the Dow Jones Industrial Average fell 63 points to 10228, the Standard & Poor’s 500 declined 8 points to 1091 and the Nasdaq Composite slid 10 points to 2157.
HSN Inc.’s (NASDAQ:HSNI, $16.56, +$1.03, 6.67%) third-quarter earnings soared on year-earlier charges related to its spinoff from IAC/InteractiveCorp. (NASDAQ:IACI, $19.70, -$0.02, -0.10%) while sales fell, as the home shopping network’s cost cutting again helped the bottom line and pushed results above analysts’ expectations.
Greenbrier Cos.’ (NYSE:GBX, $9.85, +$0.10, 1.03%) fiscal fourth-quarter earnings fell 9.5% as a tax gain and higher margins muted the impacts from a 50% slump in railcar deliveries.
Brocade Communications Systems Inc.’s (NASDAQ:BRCD, $8.06, -$1.19, -12.86%) shares may take a hit in the near term after Hewlett-Packard announced its acquisition of 3Com, but the company should be able to remain competitive, analysts said, adding that it isn’t likely to be acquired soon.
In a gear-changing sign that the art market is shaking off the recession, Sotheby’s (NYSE:BID, $18.44, +$0.88, 5.01%) auctioned off $134.4 million worth of post-war and contemporary art Wednesday night at its Manhattan salesroom, including a smoky sheet of dollar bills by Andy Warhol that sold for $43.7 million. The sale total surpassed the auction house’s own goal of $67.9 million to $97.7 million and outperformed its $125 million sale of contemporary art last November.
Oil tanker operators climbed on a report an important refueling port in the United Arab Emirates would be banning single-hull vessels starting Jan. 1. That would likely make single-hull vessels impractical, which would reduce the oversupply of vessels in the industry and help tankers raise rates. Overseas Shipholding Group Inc. (NYSE:OSG, $40.69, +$2.42, 6.32%), Frontline Ltd. (NYSE:FRO, $25.55, +$1.37, 5.67%) and Teekay Corp. (NYSE:TK, $23.31, +$0.81, 3.60%) all rose.
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