RSYS, MEE, CLDA, ETFC, INSU, UA, MCK, AJG Popular Stocks
U.S. stocks traded lower Wednesday, as the Dow Jones Industrial Average fell 101 points to 9781, the S&P 500 lost 19 points to 1044 and the Nasdaq Composite dropped 53 points to 2063.
Radisys (NASDAQ:RSYS, $8.07, +$0.35, 4.53%) reported better than expected third-quarter earnings, which Needham in a note to clients said reflects the continued ramp of its high-margin ATCA products and management’s focus on operating expense reduction and cash flow generation. “We were impressed with the number of design wins during the quarter and continue to view RSYS shares as a niche play on hardware R&D,” the firm added.
Massey Energy’s (NYSE:MEE, $28.40, -$2.91, -9.29%) third-quarter profit fell 68% as both prices and volumes fell, but the coal producer’s earnings topped analyst estimates. However, revenue fell short of expectations.
Biotechnology company Clinical Data Inc. (NASDAQ:CLDA, $15.80, -$3.13, -16.53%) disclosed terms of its planned stock sales, setting the minimum at 2.8 million shares at an 8.9% discount to Tuesday’s closing price.
E Trade Financial Corp.’s (NASDAQ:ETFC, $1.47, -$0.10, -6.37%) third-quarter loss widened on charges related to a vital debt exchange it completed. However, the online broker continued to show signs of improvement in credit trends.
Insituform Technologies Inc. (NASDAQ:INSU, $19.75, +$1.81, 10.09%) forecast fourth-quarter earnings above Wall Street expectations and also projected 2009 earnings above estimates.
Under Armour Inc. (NYSE:UA, $25.51, -$3.76, -12.85%) extended prior-day losses after Needham downgraded the stock to hold following third-quarter earnings. The firm noted the company’s management indicated that 2010 may show considerably slower growth than Under Armour has historically posted. As a result, the firm sees more downside risk for the company.
McKesson Corp.’s (NYSE:MCK, $58.40, -$1.22, -2.05%) fiscal second-quarter profit declined 8% as prior-year gains were shed, but revenue inched up and results topped expectations. The nation’s largest distributor of pharmaceuticals raised its full-year earnings forecast on growth of revenue from the H1N1 flu.
Insurance broker and risk-management firm Arthur J. Gallagher & Co.’s (NYSE:AJG, $22.45, -$1.56, -6.50%) third-quarter profit rose 10%, helped by higher revenue and fees and commissions, but results fell short of Wall Street estimates.
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