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Market Update : 
Humana, Hi-Shear, Anadarko Advance
Author: Mayank Mehta
Last Update: 12:00 PM ET September 16 2009

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11:00AM New York – Healthcare insurers increased after US lawmakers proposed healthcare bill without the public option. Anadarko Petroleum increased after it made a discovery of natural gas field off the coast of Sierra Leone. Omniture, Inc surged on merger agreement with Adobe. Hi-Shear Technologies soars 58%.

Of the stocks in S&P 500 index, 296 increased, 194 declined and 10 were unchanged.

Adobe Systems Incorporated led the decliners in the S&P 500 index with a loss of 5.5% followed by losses in Coventry Health Care, Inc of 5.2%, in Verizon Communications Inc of 2.9%, in ITT Corporation of 2.6% and in Pactiv Corporation of 2.3%.

Anadarko Petroleum Corporation led gainers in the S&P 500 index with a rise of 6.0% followed by gains in Fortune Brands, Inc 5.9%, in Genworth Financial, Inc of 5.2% and in Office Depot, Inc of 4.7%.

Health insurance providers increased after Democratic leadership proposed healthcare reform bill that did not include the public option provision. United Health Group increased 2.1% to $30.60, WellPoint, Inc added 3.7% to $54.22 and Humana Inc advanced 3% to $39.33.

Other Movers

Adobe Systems Incorporated (ADBE) decreased 4.1% or $1.48 to $34.14 after the diversified software company said third quarter revenues fell 21.4% to $697.5 million from $887.3 million a year ago. Net income in the quarter fell 29% to $136 million or 26 cents per diluted share compared to net income of $191.6 million or 35 cents per share a year ago. Separately, the company offered to acquire Omniture, Inc for $21.50 a share or $1.8 billion.

AGCO Corporation (AGCO) plunged 11.1% or $3.65 to $28.91 after the maker of farm equipment announced today that it has updated its outlook for 2009 net sales and adjusted earnings per share. The Company now expects net sales to decline 23% to 25% as compared to 2008 and lowered 2009 adjusted earnings per share to range from $1.30 to $1.50.

Anadarko Petroleum Corporation (APC) increased 8.4% or $4.99 to $64.19 after the company with its partners Tullow Oil and Repsol discovered natural gas field off the coast of Sierra Leone and Woodside Petroleum. The oil reservoir stretches to Ghana and across Ivory Coast and Liberia.

Coventry Health Care, Inc (CVH) the diversified national managed healthcare company fell 3.7% or 87 cents to $22.18.

Fortune Brands, Inc (FO) the wine and alcohol distributor added 7.2% or $3.01 to $44.68 today reaffirmed its full-year 2009 targets for both earnings and free cash flow. The company statement noted, “We’ll achieve our full-year earnings target for diluted earnings per share before charges/gains to be in the range of $2.00 to $2.30.” The company also estimates free cash flow in the range of $400 million after dividends and net capital expenditures.

Garmin Ltd (GRMN) rose 0.2% or 9 cents to $36.91 after the navigation devices maker was upgraded to “hold” from “sell” at Deutsche Bank AG.

Hi-Shear Technology Corporation (HSR) surged 58.1% or $6.91 to $18.79 after the defense and space program contractor agreed to be acquired by Chemring Group Plc for $132 million in cash.

Omniture, Inc (OMTR) surged 25.4% or $4.40 to $21.73 after the Web analytics software developer agreed to be acquired by Adobe Systems for $1.8 billion or $21.50 a share.

PPG Industries, Inc (PPG) rose 1.2% or 75 cents to $60.16 after the paint maker was upgraded to “neutral” from “sell” at UBS AG.

Rambus Inc (RMBS) added 1.8% or 34 cents to $18.37 after the high end chip designer revised its third quarter guidance to a range of $27 million and $28 million from the previous estimate between $22 million and $25 million.

Rogers Corp (ROG) increased 6.8% to $28.88 after it lifted its third quarter sales between $74 million and $77 million and earnings between 22 cents and 28 cents a share from previous revenues estimate of $68 million and $73 million and earnings per share between 5 cents and 15 cents.

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Sources: Data collected by and from company press releases, filings and corporate websites.
Market data: BATS Exchange. Inc.

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