IRE, GAP, IVZ, MS, NARA, PKG, PHM, LEN, MTH Popular Stocks
U.S. stocks were lower Tuesday, with the Dow Jones Industrial Average declining 0.50% to 10041, the S&P 500 falling 0.62% to 1091 and the Nasdaq Composite decreasing 0.59% to 2163.
Nomura upgraded its stock investment rating on Bank of Ireland (NYSE:IRE, $16.52, +$0.60, 3.77%) to buy from neutral. In a note to clients, the firm said the bank reported that its National Asset Management Agency-related loans are of significantly better quality than the Irish average. Nomura added the company’s shares are among the most geared to available-for-sale write-backs in the sector.
Great Atlantic & Pacific Tea Co.’s (NYSE:GAP, $9.72, -$1.65, -14.51%) fiscal second-quarter loss widened amid a prior-year gain while joblessness, price competition and deflation made business hard for the supermarket operator. The company, whose results were weaker than expected, also said President and Chief Executive Eric Claus is leaving the company, effective immediately. Chairman Christian Haub is set to serve in his place temporarily.
Invesco Ltd.’s (NYSE:IVZ, $23.35, +$0.23, 0.99%) third-quarter profit fell 20% on declines in revenue and assets under management while inflows slowed from earlier this year amid a slump in cash to money-market funds. Earnings were in line with expectations, though revenue was stronger than expected. Morgan Stanley (NYSE:MS, $32.64, -$0.47, -1.42%) also confirmed it will sell its retail asset-management business, including the Van Kampen fund unit, to Invesco for stock and cash valued at $1.5 billion.
Nara Bancorp Inc.’s (NASDAQ:NARA, $7.98, -$0.99, -11.04%) announced a $70 million common-stock offering. The company said it intends to use the proceeds for general corporate purposes, which includes funding working-capital requirements and supporting growth of Nara’s banking business.
Packaging Corp. of America’s (NYSE:PKG, $20.84, -$0.82, -3.79%) third-quarter profit surged 91% as an alternative-fuel-mix tax credit offset lower revenue. The paper-products company also predicted fourth-quarter per-share earnings of about 13 cents. Analysts polled by Thomson Reuters had projected 17 cents a share.
Home builders traded lower as the September housing starts increased less than expected. Pulte Homes Inc. (NYSE:PHM, $10.07, -$0.54, -5.09%), Lennar Corp. (NYSE:LEN, $13.98, -$0.41, -2.85%) and Meritage Homes Corp. (NYSE:MTH, $19.65, -$0.73, -3.58%) were among the largest decliners.
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