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From Dividend.com | Health care products maker Abbott Laboratories saw its rating cut on Monday by analysts at Goldman Sachs. The firm lowered its rating on ABT to “Neutral” from “Buy,” but maintained its $69 price target on the stock. That target represents a more than 48% upside to Abbott’s Friday closing price of $46.53.
Get the full story: dividend.com.
Barrons | Saying that Tellabs is unlikely to pickup business from AT&T on its latest high-speed wireless Internet network, Barclays has cut its share price forecast for the telecommunications equipment maker. That has sent Tellabs stock plunging nearly 11.5 percent, to $6.97, in Friday afternoon NASDAQ trading.
See the full story: barrons.com
Associated Press | A monthly report on unemployment that fell far short of expectations
sent stocks and interest rates sharply lower Friday. The Dow Jones
industrial average was down 300 points with a little more than an hour left inn trading.
From Bloomberg News | Shares in US Airways and UAL rose Wednesday after a strong showing in monthly unit revenue by Continental Airlines. UAL stock was up 11 percent in afternoon trading, and that helped lift the Bloomberg U.S. Airlines Index of 12 carriers to a five-week high.
Read the full story: bloomberg.com
From Traders Huddle | Shares of Ulta Salon, Cosmetics and
Fragrance Inc. are down 7.23 percent on the Nasdaq Wednesday, a day
before the retailer is scheduled to release its quarterly earnings.
Analysts are forecasting a profit of 19 cents a share on $315.18 million
in revenue.
Read the full story: tradershuddle.com
From Bloomberg | Shares of US Airways Group Inc. and United Airlines parent UAL Corp. were higher on Wednesday after Continental Airlines beat analysts’ estimates for monthly unit revenue. The Bloomberg U.S. Airlines Index of 12 carriers climbed as much as 4.2 percent to its highest intraday value since April 26.
Get the full story: businessweek.com.
Associated Press | Major U.S. indexes are set to resume their
slide due to fresh concerns about the health of Europe’s economic
recovery. Stocks fell late Friday ahead of the long holiday weekend
after Fitch Ratings cut its view on Spain’s debt. A slowdown in
manufacturing in China is also worrying investors.
The Dow Jones industrial average fell 122 points Friday. Dow futures are down another 114 points early Monday.
From MarketWatch | Real estate investment trusts posted huge gains during Thursday’s rally after the volatile sector fell sharply during the recent correction on global growth worries. CB Richard Ellis Group Inc. and Host Hotels & Resorts Inc. both rose 8.7% to lead the financial stocks in the S&P 500 Index.
Get the full story: marketwatch.com.
Reuters | Apple Inc. shot past Microsoft Corp. as the world’s
biggest tech company as measured by market value on Wednesday, the
latest milestone in the resurgence of the maker of the iPhone, which
nearly went out of business in the 1990s.
Apple’s shares rose 1 percent on Nasdaq on Wednesday, pushing its market
value up to $225.1 billion and ahead of Microsoft’s $222.7 billion,
according to Reuters data. Apple shares were up 1 percent above $247 in
late afternoon trading. Microsoft shares were down 2.2 percent to
$25.50.
By Mary Ellen Podmolik | Accretive Health, Inc. announced Wednesday the closing of of its 11.5 million-share initial public offering at a price of $12 a share.
The Chicago-based provider of healthcare revenue cycle management services said it sold about 7.7 million shares and shareholders sold an additional 3.8 million shares of common stock, including the underwriters’ option to buy additional shares that was fully exercised.
Associated Press | Financial stocks traded mostly lower Monday as the entire market
struggled to stay in positive territory. Economic uncertainty in Europe and concerns over regulatory reform
contributed to volatile trading for many banks and asset managers.
Gainers included CME Group Inc., which rose $11.74, or 3.7 percent, to
$330.25 and Citigroup Inc., which rose 12 cents or 3.2 percent to $3.87.
CME Group Inc. maintained its “Buy” rating and the analysts said they
expect a 19 percent growth from current share price levels for the
company, which is likely to benefit from regulatory reform. The company
is a leading electronic trading clearing house and Goldman Sachs
analysts said the company is likely to benefit from more transparency
and other aspects of proposed regulations.
By Mary Ellen Podmolik
| Shares of AAR Corp. fell more than 17 percent on heavy trading volume to
close at $18.26 a share on the New York Stock Exchange Tuesday,
following the company’s announcement late Monday that its fiscal
fourth-quarter earnings would fall short of expectations.
Fourth-quarter sales should be $355 million to $365 million, with
diluted earnings of at most 30 cents per share, the Wood Dale-based
company said after the market closed Monday. Analysts surveyed by
Bloomberg had estimated per-share quarterly earnings of 41 cents.
The aircraft leasing and maintenance company attributed the lower
performance to a slower-than-expected recovery in demand for its
after-market products for the commercial aviation industry and one-time
costs associated with an acquisition.
Associated Press | Shares of Pactiv Corp. fell Tuesday as reports surfaced that the maker of Hefty trash bags is not close to a buyout deal.
Shares have soared in recent weeks on reports that several companies, including investment firm Apollo Global Management, wanted to make a bid. The stock jumped 35 percent from $22.10 on May 6 to peak at a 52-week high of $29.88 on May 19.
Dow Jones Newswires | U.S. stocks tumbled broadly Tuesday as
continued concerns over the health of European banks and heightened
tensions on the Korean peninsula prompted investors to flock toward the
safety of the dollar and U.S. Treasurys.
Gold, considered a geopolitical safe-haven, also climbed as investors
shunned risky assets on mounting concerns that the economic turmoil will
stunt global demand.
Reuters | Sara Lee Corp’s planned sale of its body care business to Unilever Plc/NV is being held up by further European Commission review and the company is delaying some share buybacks.
The $1.3 billion asset sale is now expected to close in the fourth quarter, Unilever said, citing the expected move to Phase 2 of the approval process. Sara Lee shares were down 2.3 percent Tuesday morning.
Neither company said what exactly the European Commission is studying more closely. But Unilever is already the world’s biggest deodorant maker and would be adding to its strength in that sector with Sara Lee’s Sanex brand.
