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Wednesday, July 08, 2009
Market Winners & Losers: Amgen, Genworth Financial
By Michael Goldstein
FOXBusiness
After spending most of the afternoon in the red, the markets rallied late in the afternoon to end mixed but nearly unchanged on Wednesday. The Dow gained 0.2% while the Nasdaq eeked out a slight gain, ending the day up 0.1%. The S&P 500 ended down slightly losing 0.2%.
Here are some of Wednesday’s winners and losers:
Winners
Amgen Inc. (AMGN)
Shares of this biotechnology company surged after the release of data from the first of three head-to-head trials indicated
that the experimental drug Denosumab was superior to competitors in preventing the spread of cancer to bones. The stock jumped
13.4%, gaining $7.01 to close at $59.50.
Family Dollar Stores Inc. (FDO)
Discount retailer Family Dollar Stores shares were up 12.4% after the company released better-than-expected earnings for the
third quarter. Revenue was up 36% from the same period last year and the company issued positive guidance for the current
quarter and full fiscal year. Shares gained $3.43 to close at $31.18.
Whole Foods Market Inc. (WFMI)
Natural and organic supermarket operator Whole Foods Market shares were up Wednesday after analysts at Pali Capital said that
the recent sell off of the stock had been overdone. Citing the potential upside in earnings, Pali analysts said this may be
a good time to be in the stock. Shares were up $1.38, gaining 8% to close at $18.72.
Tenet Healthcare Corp. (THC)
Tenet Healthcare shares continued their two day rally along with much of the hospital industry Wednesday. Analysts cited the
recent news of the deal reached with White House and the hospital industry over potential health care reform as one of the
drivers. Shares gained 6.6%, or 19 cents, closing at $3.05.
Peabody Energy Corp. (BTU)
Shares of this coal mining company were up after Goldman Sachs upgraded the stock to ‘Buy’ from ‘Neutral’. Goldman analysts
cited the general rise in the coal markets due to increased steel demand and Chinese imports. Peabody is believed to be well-situated
to benefit because its Australian operations give it increased exposure to the Asian markets. Shares were up $1.16 gaining
4.2% to close at $28.53.
Losers
Genworth Financial Inc. (GNW)
Genworth Financial shares were lower Wednesday following much of the insurance sector. The company also recently announced
of the closure of a 44.7M share IPO of their Canadian mortgage subsidiary. Negative pressure drove the stock down 74 cents
or 12.2% to close at $5.32.
Intercontinental Exchange (ICE)
The Intercontinental Exchange continued its slide Wednesday following Tuesday’s announcement by the U.S. Commodity Futures
Trading Commission of the proposed trading limits on oil and other commodities. Investors are concerned with the impact to
earnings and the possibility of additional government regulation. The stock was down 13%, losing $12.83 to close at $85.20.
CIT Group Inc. (CIT)
Shares of specialty finance company CIT were down Tuesday after Fitch downgraded the company’s long term issuer default rating.
The lower Fitch rating reflects the likelihood that the company requires or is likely to require external support. Shares
were down 11.1%, losing 22 cents to close at $1.76.
CME Group Inc. (CME)
Following news that the U.S. Commodity Futures Trading Commission plans to implement trading limits on oil and other commodities,
futures exchange CME Group shares continued to move downward Wednesday, losing $6.15, or 17.3%, to close at $263.90.
Lincoln National Corp. (LNC)
Following the general trend of insurers on negative sentiment going into earnings season, Lincoln National shares were down
5.9% Wednesday, losing 94 cents to close at $15.04.
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