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Market Update : 
AIG, Apollo, Citigroup, SunPower Rise
Author: Mayank Mehta
123jump.com
Last Update: 11:25 AM ET March 29 2010


 
11:15 AM New York – Southwestern Energy Company led gainers in the S&P 500 index. AIG completes the sale of PineBridge Investments for $500 million. Bell Microproducts agrees to be acquired by Avnet. CKX Inc confirms sale discussions. Ford reaches agreement to sell Volvo to China based Geely.

Of the stocks in S&P 500 index, 423 increased, 68 declined and 9 were unchanged.

Windstream Corporation led the decliners in the S&P 500 index with a loss of 2.4% followed by losses in RadioShack Corporation of 1.6% and in Molson Coors Brewing Company of 1.6%, in Ford Motor Company of 1.5% and in AvalonBay Communities, Inc of 1.5%.

Southwestern Energy Company led gainers in the S&P 500 index with a rise of 5.7% followed by gains in CB Richard Ellis Group, Inc 5.0%, in International Flavors & Fragrances Inc of 4.6% and in Nabors Industries Ltd 3.5%.

Other Movers

American International Group, Inc (AIG) added 1.7% or 60 cents to $34.85 after the bailed-out insurer today closed the sale of a portion of its asset management business PineBridge Investments to Pacific Century Group, the Asia-based private investment firm.

Apollo Group, Inc (APOL) advanced 5.5% or $3.42 to $64.70 after the education provider reported second quarter revenues rose 23% to $1.07 billion from $869.5 million a year ago. Net income in the quarter fell 26% to $92.6 million or 60 cents per diluted share compared to net income of $125.3 million or 77 cents per share a year ago.

Bell Microproducts Inc (BELM) surged 28.2% or $1.52 to $6.90 after the distributor of semiconductors and disk drives entered into an agreement to be acquired by Avnet, Inc. in an all cash merger for $7.00 a share.

Cal-Maine Foods, Inc (CALM) climbed 4.0% or $1.50 to $38.76 an egg producer and distributor reported third quarter sales rose 0.4% to $271.2 million from $270.0 million a year ago. Net income in the quarter rose 12% to $34.5 million or $1.45 per diluted share compared to net income of $30.8 million or $1.29 per share a year ago.

China Valves Technology, Inc (CWT) closed unchanged at $36.81 after the manufacturer and supplier of metal valves reported fourth quarter revenues rose 25% to $25.4 million from $20.3 million a year ago. Net income in the quarter was $16.4 million or 52 cents per diluted share compared to net loss of $12.3 million or 43 cents per share a year ago.

CKX, Inc (CKXE) increased 4.0% or 24 cents to $6.20 after the owner of the “American Idol” brand Elvis Pressley and Graceland resort confirmed today that it is engaged in discussions regarding a possible transaction involving the sale of the company. JPMorgan Chase controlled private equity group is looking to pay $6 a share.

Ford Motor Company (F) dropped 1.0% or 15 cents to $13.71 after the automaker today announced it has entered into a definitive agreement to sell Volvo Car Corporation and related assets to Zhejiang Geely Holding Group Company Limited.

Generac Holdings Inc (GNRC) fell 1.1% or 17 cents to $14.58 after the designer and manufacturer of back-up power generation products reported fourth quarter sales fell 11% to $154.0 million from $172.6 million a year ago. Net loss in the quarter was $18.4 million compared to net loss of $540.1 million a year ago.

Inovio Biomedical Corporation (INO) traded unchanged at $1.35 after the biomedical company reported fourth quarter revenues rose 695% to $2.6 million from $327,000 a year ago. Net loss in the quarter was $7.3 million or 7 cents per diluted share compared to net loss of $3.6 million or 8 cents per share a year ago.

inVentiv Health Inc (VTIV) surged 9.6% or $1.94 to $22.00 after the provider of marketing services to drug companies announced today that is has been approached by financial investors regarding a possible acquisition of the company.

ITT Corporation (ITT) the maker of military gear and water- related products rose 2.2% or $1.17 to $53.91.

Kid Brands, Inc. (KID) soared 9.0% or 60 cents to $7.20 an infant products maker reported fourth quarter sales rose 22% to $67.6 million from $55.5 million a year ago. Net income in the quarter was $13.2 million or 61 cents per diluted share compared to net loss of $109.6 million or $5.14 per share a year ago.

Marsh & McLennan Companies, Inc (MMC) the insurance broker rose 0.4% or 11 cents to $24.69.

Neogen Corporation (NEOG) rose 3.0% or 78 cents to $26.11 after the maker of food and animal safety products reported third quarter revenues rose 21.5% to $33.8 million from $27.8 million a year ago. Net income in the quarter rose 39.3% to $3.9 million or 17 cents per diluted share compared to net income of $2.8 million or 12 cents per share a year ago.

Southwestern Energy Company (SWN) increased 4.2% or $1.61 to $39.32 after the natural gas and crude oil producer was raised to “buy” from “neutral” at Goldman Sachs Group Inc.

SunPower Corporation (SPWRA) rose 0.8% or 16 cents to $18.38 after the supplier of solar modules today completed its acquisition of SunRay Renewable Energy, a leading European solar power plant developer with presence in Europe and the Middle East.




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