WYNN, ANF, BZH, AWK, S, CLWR, PDE, NTG Popular Stocks
U.S. stocks traded higher Monday, with the Dow Jones Industrial Average rising 181 points to 10204, the S&P 500 up 20 points to 1089 and the Nasdaq Composite gaining 35 points to 2148.
Wynn Resorts (NASDAQ:WYNN, $63.17, +$3.44, 5.76%) unveiled a special dividend of $4 a share and plans to pay a quarterly dividend starting next year. The special dividend is expected to cost the casino operator about $492 million. Wynn predicted a dividend for the first quarter of next year of 20 cents a share.
Abercrombie & Fitch Co. (NYSE:ANF, $37.49, +$2.49, 7.10%) rose as Goldman Sachs and Credit Suisse both cited the retailer’s accelerating international expansion in upgrading shares. Goldman also sees improving sales trends at U.S. stores, aided by “a more vocal value message,” after Abercrombie had held back from discounting, and benefits from increased tourist traffic.
Beazer Homes USA Inc. (NYSE:BZH, $4.51, +$0.04, 0.89%) announced that it’ll build and market 462 home sites in six Atlanta-area developments. The collaboration with residential investor Hearthstone is a vote of confidence for the company as it works to wrap up several years of legal issues.
American Water Works Co.’s (NYSE:AWK, $20.26, +$0.70, 3.58%) third-quarter profit rose 3.9% as the company was helped by higher rates despite sliding volume. Still, the results missed analysts’ expectations, with President and Chief Executive Don Correll noting they “were impacted by one of the wetter summers experienced by much of the country.”
Sprint Nextel Corp. (NYSE:S, $3.14, +$0.29, 10.18%) and its partners are preparing to pump at least $1.5 billion more into Clearwire Corp. (NASDAQ:CLWR, $6.82, +$0.32, +4.92%), said two people familiar with the matter, adding yet more aid to a wireless-broadband company that has struggled to build out its next-generation network. Sprint needs Clearwire to succeed in its 4G strategy.
Pride International Inc. (NYSE:PDE, $32.02, +$1.66, 5.47%) was raised to buy from hold by Jesup & Lamont, which said the oil-services company should be viewed in a new light since it has finished restructuring and indicated it has hit its trough.
Natco Group Inc.’s (NYSE:NTG, $48.11, +$1.83, 3.95%) third-quarter profit rose 49% as margins jumped and revenue in its biggest division nearly doubled, helping to offset declines in other segments.
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