LVS, CNXT, CEC, AXL, BEC, CBEH, GERN Popular Stocks
U.S. stocks were down Friday as the Dow Jones Industrial Average slid 239 points to 9723, while the S&P 500 lost 29 points to 1037 and the Nasdaq Composite dropped 51 points to 2047.
Las Vegas Sands (NYSE:LVS, $14.90, +$0.14, 0.92%) reported a sharply wider third-quarter loss as the heavily indebted casino operator took a write-down on credits the company could have used to offset future income taxes. But the company reported a surprise profit excluding items. Las Vegas Sands also received Hong Kong regulatory approval for the planned $2 billion initial public offering of its Macau assets.
Semiconductor products maker Conexant Systems Inc. (NASDAQ:CNXT, $2.74, +$0.30, 12.30%) reported fiscal fourth-quarter earnings that easily topped Street estimates.
CEC Entertainment Inc.’s (NYSE:CEC, $29.41, +$4.08, 16.11%) third-quarter profit rose 28% as the parent of the Chuck E. Cheese chain shook off worries about the H1N1 influenza and the economy to top Wall Street expectations. The company offered a similarly promising 2009 outlook.
American Axle & Manufacturing Holdings Inc. (NYSE:AXL, $5.97, -$0.62, -9.41%) swung to its first quarterly profit in two years, as a pension-related gain in the latest quarter masked lower sales. But revenue for the auto supplier fell short of analysts’ expectations.
Beckman Coulter Inc.’s (NYSE:BEC, $64.55, -$2.51, -3.74%) third-quarter earnings tumbled 94% as restructuring and acquisition costs masked higher sales and margins. Earnings excluding the charges, along with revenue, edged out analysts’ expectations, and the company boosted its forecast for the year.
China Integrated Energy Inc. (NASDAQ:CBEH, $5.83, -$0.42, -6.72%) priced its offering of five million shares at an 8% discount to its closing price Thursday.
Geron Corp. (NASDAQ:GERN, $6.02, +$0.25, 4.33%) gained after the biopharmaceutical company reported a third-quarter loss that wasn’t as wide as analysts had been expecting. However revenue came in below expectations.
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