Shares of Genzyme Surging On Possible Merger Talks
Jul 23, 2010 Company News, Mergers & Acquisition
Shares of biotech company Genzyme (GENZ) are rallying $10.50 to $64.67, on word that the company was approached by Sanofi-Aventis (SNY). Genzyme shares at 1:36 pm, are currently the best performing stock in the S&P 500 index on a percentage basis.
Tags: genzyme, merger, sanofi aventis
Apple Blows Past Estimates
Jul 21, 2010 Company News, Earnings, Stock to watch
Apple (AAPL) announced bettered than expected second quarter results after the bell yesterday, sending the shares up $9.09 in pre-market trading today.
Apple reported that in the period, it had revenue of $15.7 billion, compared to revenue of $9.73 billion in the year ago second quarter period. Profit came in at $3.25 billion or $3.51 on a per share basis, compared to quarterly profit of $1.83 billion or $2.01 per share in Q2 2009. Analysts had been forecasting revenue of $14.7 billion and earnings per share of $3.11.
For the current quarter, the company is forecasting revenue of $18 billion, against analysts’ forecasts of $17 billion and earnings of $3.44 per share, against analysts’ forecasts of $3.83.
In the period, Apple sold 8.4 million iPhones, up 61 percent from last year, 3.3 million iPads, 1.7 milion of the company’s latest iPhone, which just went on the market towards the end of the quarter and 3.47 million Macs, a 33% increase and 9.41 million iPods, which was an eight percent decline in unit sales.
Apple shares are up $9.37 or 3.72% on the news in pre-market trading this morning.
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Intel Reports Best Ever Quarterly Earnings Results
Jul 13, 2010 Company News, Earnings, Stock to watch
Technology bellwether Intel (INTC) today reported 2010 second quarter earnings results that handily beat analysts’ estimates. According to the company, this was its best quarter ever. For the period, the company reported that revenues rose 34% to $10.765 billion, from $8.024 billion in the year ago period.
Operating income rose from a loss of $12 million in Q2 2009, to $3.98 billion, while net income rose to $2.88 billion, from a loss of $398 million Q2 2009. Results from the second quarter of 2009, were affected by a $1.06 billion fine that was levied on the company by the European Union.
The company’s gross margin, which is closely followed by analysts, rose to 67%, from 51% a year ago. Intel had previously announced that it expects to realize margins of 64%, plus or minus 2%.
On a per share basis, the company earned $0.51, compared to the $0.43 analysts had been forecasting, on revenues of $10.25 billion. The company had also provided its own revenue guidance of $10.2 billion, plus or minus $400 million.
Intel’s stock rose as much as $1.72 or 8.1% in after hours trading on the news.
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SAP Buying Sybase For $5.8 Billion
May 12, 2010 Company News, Mergers & Acquisition
German business software maker SAP (SAP) is buying Sybase (SY) for $65 a share or a total of $5.8 billion. In late day trading during the regular session, shares of Sybase started rallying, ending the day at $56.14, up $14.57 or 35.05% on rumors that the company is a takeover candidate. The stock is up another $8.36 to $64.50 in after hours trading.
IBM Leading Dow Rally With 4% Gain
May 12, 2010 Company News, Stock to watch
Shares of IBM (IBM) are up $5.09 to $131.98, helping to boost the Dow to a 132.63 points gain in late trading. The company announced this morning that it will be spending $20 billion on acquisitions over the next five years.
Tags: ibm, Technical Analysis
AIG Stock Rallying
May 7, 2010 Company News, Stock to watch
Shares of troubled insurer AIG (AIG) are a standout today, after the company this morning reported a 2010 Q1 profit of $1.4 billion, compared to a $4.35 billion loss in the same period a year ago.
At 2:03 PM, the stock is up $3.10 to $39.
Tags: aig
Interactive Data To Be Acquired For $3.4 Billion
May 4, 2010 Company News, Mergers & Acquisition
Interactive Data Corporation (IDC), which provides financial market information, announced today that it had entered into an agreement to be acquired by two private equity funds, Warburg Pincus and Silverlake, for $33.86 per share or $3.4 billion in an all cash transaction.
Back on January 15, the company announced that its board was conducting a preliminary review of strategic alternatives for the company. The news sent the stock from a close of $25.47 the day prior, to a close of $29.07 on the 15th.
The $33.86 per share price represents a 32.9% premium over the closing price on January 14. IDC expects that the deal will close in the third quarter.
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Tags: acquisition, IDC, interactive data corporation, merger
Dendreon Extends Gains On Provenge Approval
Apr 30, 2010 Company News, Stock to watch
Biotech company Dendreon (DNDN) saw its shares rally a second day, even though the stock market had a big down day, with the three major indices falling between 1.42 and 2.02%.
Dendreon’s stock rose $3.88 to $54.06, a gain of 7.73%. Yesterday, the shares rose $10.56, on news that the FDA was approving the company’s Provenge drug, which was developed for the treatment of prostate cancer.
Tags: dendreon
Dendreon Shares Pop On Provenge Approval
Apr 30, 2010 Company News, Stock to watch
Shares of Dendreon (DNDN), a biotechnology company focused on developing cancer treatments, got a nice pop on Thursday, on news that the Food and Drug Administration approved Provenge, the company’s autologous cellular immunotherapy for the treatment of asymptomatic or minimally symptomatic metastatic, castrate-resistant (hormone-refractory) prostate cancer (CRPC).
According to Dendreon, “PROVENGE is designed to induce an immune response against prostatic acid phosphatase (PAP), an antigen expressed in most prostate cancers, and is the first in a new therapeutic class known as autologous cellular immunotherapies.”
The shares were halted at about 12:35 PM on pending news and at that point, were up about $5 on the day to $45.50. The stock started trading again at 3:30 PM and hit a high of $53.51, but ended the session at $50.18, up $10.56 for a gain of 26.65% on the day.
Dendreon has risen from about $4.25 at the end of March 2009 on the possible approval of Provenge by the FDA.
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Buffalo Wild Wings’ Crushed On Same Store Sales
Apr 28, 2010 Company News, Earnings
Shares of Buffalo Wild Wings (BWLD) sold off today, after the company released its latest earnings news, which were better than expected, but the company also announced that same store sales for April fell.
The stock dropped $8.71 to close at $42.30, a loss of 17.06% in regular session trading.
Yesterday after the bell, the company reported that for the first quarter of 2010, it earned $10.8 million or $0.58 per share, which was a penny ahead of the consensus estimate of $0.57.
Revenue for the period was $152.3 million against forecasts of $154.4 million.
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Tags: buffalo wild wings, Earnings
