IGT, GOK, RAIL, JDSU, BX, LEN, MTH POpular Stocks
U.S. stocks traded mixed Friday as the Dow Jones Industrial Average fell 7 points to 9999, the S&P 500 droped 0.34 points to 1066 but the Nasdaq Composite increased 3 points to 2108.
International Game Technology (NYSE:IGT, $20.10, +$1.54, 8.30%) said it has been “encouraged by modest upticks in spending by many of our casino operator customers,” and posted a better than expected fiscal fourth quarter. The maker of gambling machines for casinos put its fiscal 2010 guidance slightly below expectations, but analysts said excluding a charge the guidance would beat.
Geokinetics Inc.’s (AMEX:GOK, $12.69, -$5.36, -29.70%) shares fell a day after the provider of seismic data services to the petroleum and mining industries reported a wider-than-expected third-quarter loss amid further deteriorating of demand in its North American markets.
FreightCar America Inc.’s (NASDAQ:RAIL, $21.47, -$4.13, -16.13%) third-quarter profit tumbled a bigger-than-expected 89% as the maker of railcars that carry coal and commodities didn’t see a single order for a new railcar during the quarter.
JDS Uniphase Corp.’s (NASDAQ:JDSU, $6.49, +$0.41, 6.84%) fiscal first-quarter loss, its seventh in a row, widened on a steep drop in revenue and slower sales in its communications test and measurement segment. But the maker of broadband products and fiber-optic equipment still easily topped Wall Street estimates.
Blackstone Group LP (NYSE:BX, $14.70, +$0.83, 5.98%) posted a narrower third-quarter loss, as the hedge-fund and private-equity giant reported better depreciation of its private-equity portfolio and stabilization of real-estate investments. Despite the better results, Blackstone still had lower management and advisory fees, a result of not being able to immediately recapture so-called “high-water marks” in its hedge funds.
Lennar Corp. (NYSE:LEN, $14.18, +$0.67, 4.96%) and Meritage Homes Corp. (NYSE:MTH, $19.82, +$1.03, 5.48%) led the homebuilding sector higher following upgrades from Credit Suisse. Lennar was raised to outperform, with Credit Suisse citing improving gross margins, strong cost controls and reduced joint-venture exposure. Meritage was upped to neutral, as the firm said it has limited future impairments and better valuation.
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