4:30PM New York – Freeport McMoran eliminated dividend and stock fell 20%. Research in Motion gained on 65% rise in revenues. Del Monte Foods rose 18% on revenue rise of 11.5%.
The Bank of Nova Scotia
) gained 0.8% or $0.17 to $26.21 after the Canada based bank said fourth quarter revenues fell 21% to $2,586 million from $3,294 million a year ago. Net income in the quarter fell 67% to $315 million or 28 cents per diluted share compared to net income of $954 million or 95 cents per share a year ago.
Constellation Energy Group Inc
) added 12.8% or $3.23 to $28.38. France based Electricite de France S.A. proposed to acquire 50% interest in nuclear generation and operation business for $4.5 billion and option to acquire non-nuclear energy generation assets valued at $2 billion to EdF.
Del Monte Foods Company
) gained 18% or 95 cents to $6.47 after the producer and distributor of branded food and pet products reported second quarter revenues rose 11.5% to $901.0 million from $808.2 million a year ago. Net income in the quarter rose 95% to $50.4 million or 25 cents per diluted share compared to net income of $25.9 million or 13 cents per share a year ago.
Freeport-McMoran Copper & Gold Inc
) plunged 20.2% or $4.41 to $17.41 after the copper, gold and molybdenum mining company announced larger than expected job cuts. The current cuts are the largest since 2001. The company also eliminated dividend.
General Electric Company
) fell 1% or 18 cents to $17.82 after the company lowered fourth quarter earnings per share outlook between 50 cents and 52 cents from the previous guidance of 50 cents and 56 cents. The company also said it will not cut its dividend that is yielding at current stock price of 8.0%.
General Motors Corporation
) fell 1.5% or 7 cents to $4.78 after the largest U.S. automaker, Ford Motor and Chrysler LLC sought $34 billion from the U.S. Congress. U.S. automakers chief executives are willing to work for $1 salary and United Auto Workers labor union has expressed flexibility to cut healthcare and retirement costs.
Grey Wolf, Inc
) rose 21.3% or 95 cents to $5.40 after Canada based Precision Drilling Trust said that the merger with the company will go ahead as planned. The U.S. provider of contract land drilling for oil and gas shareholders will receive $5 a share and 0.1883 of Precision Drilling Trust for each share of Grey Wolf.
Infineon Technologies AG
) lost 39.9% or 81 cents to $1.22 after Europe’s second-largest chipmaker reported wider-than-expected net loss.
Marvell Technology Group Ltd
) rose 19% or 96 cents to $6.04 after the communication chip maker said third quarter revenues rose 4.3% to $791 million from $758.2 million a year ago. Net income in the quarter was $70.9 million or 11 cents per diluted share compared to net loss of $6.4 million or 1 cent per share a year ago.
OmniVision Technologies, Inc
) dropped 11.5% or 63 cents to $4.83 after the maker of image sensors for camera phones was downgraded by Robert Baird to “underperform” from “neutral” and cut target price to $3 from $7.
Research in Motion Ltd
) gained $1.64 or 4.4% to $38.96 a day after in preliminary estimate for the third quarter ending in November said revenues to be between $2.75 billion and $2.78 billion, lower than its earlier guidance of between $2.95 billion and $3.1 billion. The revenues will still be 65% higher than a year ago quarter. The one third of the difference between the previous and current estimate is related to foreign currency translation and the rest is due to lower handset shipments.
Apple Inc rose 3.7% or $3.43 to $95.90.
) slid 11.1% or $4.88 to $39.04 after oilfield services company said its fiscal-year profit will be below analysts'' expectations. Energy companies are lowering their capital spending after the crude prices have fallen nearly 65% in the last five months. Schlumberger stock has fallen from $111.95 in July.
Strayer Education, Inc
) slid 2.0% or $4.74 to $224.46 after the for-profit provider of university courses was cut to “underweight” from “equal weight” at Morgan Stanley.
Wynn Resorts, Limited
) lost 9.2% or $3.46 to $34.12 after the casino operator in Las Vegas and Macau, China was initiated with “Sell” rating by Citigroup. The stocks has fallen more than 80% from its peak price of $135 in the last one year. Wynn is facing slowing visitation in Las Vegas and falling revenues and tourists in Macau after China curbed travel to the city.
click on symbol for profile