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U.S. stocks traded lower Tuesday as the Dow Jones Industrial Average fell 0.54% to 9736, the S&P 500 declined 0.08% to 1042 and the Nasdaq Composite decreased 0.09% to 2047.
Royal Bank of Scotland Group PLC (NYSE:RBS, $11.95, -$0.70, -5.53%) said it will spin off its insurance arm and sell RBS branches in England and Wales as part of a European Union-agreed restructuring plan that includes the U.K. government raising its stake in the bank to 84% through a GBP25.5 billion capital injection.
IntercontinentalExchange Inc.’s (NYSE:ICE, $100.16, -$2.67, -2.60%) third-quarter profit rose a higher-than-expected 17% as demand for the company’s derivatives-trading services continued to grow. The exchange operator also said daily volume for its futures markets rose 1% in October from a year earlier, and 2009 volume through October was up 11% from the prior year.
Polo Ralph Lauren Corp.’s (NYSE:RL, $78.50, +$1.79, 2.33%) fiscal second-quarter profit rose a higher-than-expected 10% as the company capitalized on a lower tax rate. But revenue declined. The company also said that because of better-than-expected revenue performance in the first half of the fiscal year, it sees full-year revenue down by the mid-single digits on a percentage basis, not the high-single-digit fall previously projected.
Maguire Properties Inc.’s (NYSE:MPG, $1.98, +$0.25, 14.83%) third-quarter loss narrowed as the Southern California office building owner posted fewer charges and slightly higher revenue.
Alpha Natural Resources Inc. (NYSE:ANR, $36.26, +$1.97, 5.75%) swung to a third-quarter loss as it took charges related to its July acquisition of rival Foundation Coal Holdings Inc. But the largest U.S. supplier of metallurgical coal also increased its 2010 shipment target for the product by 1 million tons to a range of 10 million to 12 million.
Church & Dwight Co.’s (NYSE:CHD, $57.19, -$1.12, -1.92%) third-quarter earnings climbed 20%, allowing the maker of Arm & Hammer products, Brillo scouring pads and Trojan condoms to again raise its 2009 earnings outlook.
Energizer Holdings Inc.’s (NYSE:ENR, $54.12, -$6.13, -10.17%) fiscal fourth-quarter profit fell 66% on restructuring costs while the battery maker continues to deal with weak consumer spending. While profit fell short of analysts’ expectations, Chief Executive Ward Klein said he expects the company to return to “double-digit” earnings growth in the new fiscal year.
Simmons First National Corp. (NASDAQ:SFNC, $27.29, -$1.38, -4.81%) is offering $65 million in common stock, the proceeds of which the Arkansas bank-holding company said would go to general corporate purposes and possibly FDIC-assisted acquisitions.
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