2:30 PM New York – U.S. stocks gained for the second day on a rise in financial stocks and a fall in crude oil prices.
Dow Jones Industrial Average gained 53.98 or 0.6% to 11,451.71 and S&P 500 rose 5.40 or 0.50% to 1,268.50.
Align Technology Incorporated the maker of Invisalign dental braces reported that 2008 profit will be below 33 cent a share. The counter fell by 18% to $9.20. Align Technology (ALGN
) in the last one year traded as high as $29.30 in October 2007 and as low as $9.02 in April 2008. Based on the yesterday’s closing price the company has a market cap of $692.89 billion.
Corning Inc fell 4% after its sales forecast for the year came in below consensus estimate of analysts. Corning (GLW
) in the last one year traded between $27.77 and $19.80. For the second quarter sales rose 19% to $1.69 billion and earnings jumped to $2.01 a share or $3.2 billion from $489 million or 30 cents a share. Excluding special items in the quarter earnings were 49 cents a share. In the third quarter sales are estimated between $1.65 billion and $1.72 billion and earnings excluding special items between 48 cents and 51 cents a share.
Cummins Incorporated rose 8% to $71.25 after the maker of heavy-duty truck engines said second quarter profits rose 37% as demand increased domestically and international demand for generators. Cummins Incorporated (CMI
) in the last one year traded as high as $75.09 in June 2008 and as low as $38.11 in January 2008. Based on the yesterday’s closing price the company has a market cap of $15.12 billion.
Fannie Mae one of the largest U.S. providers of mortgage lending rose by 4.3% to $12.10 after the President Bush signed into law the latest housing bill to bail out Fannie Mae and Freddie Mac and help troubled lenders.
Fannie Mae (FNM
) in the last one year traded as high as $70.57 in October 2007 and as low as $6.68 in July 2008. Based on the yesterday’s closing price the company has a market cap of $12.05 billion.
Of the stocks in S&P 500 index, 151 increased 345 declined and 4 remained unchanged.
CB Richard Ellis led the decliners in the S&P 500 index with a loss of 14.96% or $2.79 to $15.86 followed by losses in Wyeth of 14.43% or $6.51 to $38.60, in Tyco Electronics of 12.54% or $4.46 to $31.11, in Electronic Arts of 9.51% or $4.51 to $42.89 and in Meredith Corporation of 7.53% or $2.09 to $25.70.
Jones Apparel led the gainers in the S&P 500 index with a rise of 17.04% or $2.54 to $17.45 followed by increases in Interpublic Group of 14.59% or $1.16 to $9.11, in Avon Products of 14.48% or $5.44 to $43.01, in Cummins Incorporated of 13.07% or $8.63 to $74.65 and in MBIA Incorporated of 12.40% or $0.61 to $5.53.
Dow Gainers & Losers
Of the 30 stocks in Dow Jones Industrial Average 26 stocks gained and 4 declined.
Johnson and Johnson led the decliners in the Dow Jones Industrial Average with a loss of 0.48% or $0.33 to $68.15 followed by losses in Verizon Communication of 0.38% or $0.13 to $34.00, in Boeing Company of 0.32% or $0.20 to $63.01 and in Exxon Mobil Corporation of 0.16% or $0.13 to $80.77.
America International Group led the gainers in the Dow Jones Industrial Average index with a rise of 5.53% or $1.43 to $27.28 followed by increases in Citigroup of 5.37% or $0.99 to $19.44, in Bank of America of 5.15% or $1.66 to $33.88, in General Motors of 4.71% or $0.56 to $12.46 and in JPMorgan Chase of 2.33% or $0.95 to $41.70.
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