Latest News In Stock Market Investment Research – July 31, 2009

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Textron unit to develop laser weapons

31 Jul 2009 at 8:01am

SAN FRANCISCO (MarketWatch) — Textron Inc. said Friday its Textron Defense Systems unit created a business line to develop laser weapons. “We’re looking over the horizon at the future of weapons systems and directed energy has been identified as an area of interest by the U.S. Department of Defense,” said Mark Catizone, Textron Defense Systems general manager, in a statement. “Directed Energy Laser Weapons is an evolving technology, and with solid state laser technology developing toward more compact systems we believe that practical application will be achieved in the near future.”

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Synaptics shares plunge on weak sales outlook

31 Jul 2009 at 7:31am

SAN FRANCISCO (MarketWatch) — Synaptics Inc. shares plunged $10.43, or almost 30%, to $25.46 Friday after the maker of touchscreen technology products gave a weaker-than-expected first-quarter sales outlook. Synaptics also said Chief Executive Francis Lee would retire and be replaced by Chief Operating Officer Thomas Tiernam, effective immediately. Late Thursday, Synaptics said it expects to report first-quarter sales of $113 million to $119 million, while Wall Street analysts had forecast the company to post revenue of $127.4 million.

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Czech industrial output falls 12.3% in June

31 Jul 2009 at 7:30am

NEW YORK (MarketWatch) — The Czech Republic’s industrial production in June fell by 12.3% compared with the same period a year ago, the Czech Statistical Office reported on Friday. The data showed an improvement from May when output tumbled 22% year-on-year. “Weak external demand, particularly from Western Europe, remains the key factor weighing on the Czech manufacturing sector and the broader economy in general, with exports accounting for around 80% of GDP,” said analysts at RBC Capital Markets. “Today’s data does little to suggest a quick recovery, and we continue to forecast a sharp contraction in GDP of around 4% in 2009 and only modest growth of 1% in 2010.”

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Cash-for-clunkers still operational: White House

31 Jul 2009 at 7:26am

WASHINGTON (MarketWatch) — The program that gives a cash incentive for Americans to trade in old gas-guzzling cars for new models will remains in effect this weekend, White House officials said Friday. “If you were planning on going to buy a car this weekend, using this program, this program continues to run,” Gibbs said at a morning White House briefing. “If you meet the requirements of the program, the certificates will be honored.” The program has proven so popular that the initial $950 million set aside for the plan is running low. The funds were expected to last until November. The Obama administration is working with members of Congress to increase the program’s funding. The House may vote on such an increase later today, lawmakers said.

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U.S. stocks swing between gains, losses after GDP

31 Jul 2009 at 7:20am

NEW YORK (MarketWatch)– U.S. stocks swang between gains and losses in morning trade Friday, as investors digested a not-as-bad-expected 1% drop in second quarter gross domestic production and downwards revision to the previous quarter’s figures. Investors also digested an upbeat reading of manufacturing in the Chicago region. The Dow Jones Industrial Average was up 22 points, or 0.3%, at 9,176, off an earlier high of 9,216 and a low of 9,133. The S&P 500 index was up 0.7 points to 987, while the Nasdaq Composite gained 1.6 points, or 0.1%, to 1,985. The Chicago purchasing managers index rose to 43.4% in July from 39.9% in June, according to a survey of corporate purchasing managers released Friday.

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Energy stocks open lower as crude slips

31 Jul 2009 at 7:05am

SAN FRANCISCO (MarketWatch) — Oil and gas stocks tipped lower at the open Friday as crude prices edged lower and investors locked in some of the previous session’s gains. In early action, the NYSE Arca Oil Index was off 0.5% at 949 points. Chevron Corp. was among the few gainers in the group, up 3 cents a share at $67.73, after reporting a second-quarter profit of 87 cents a share. Analysts had been looking for 93 cents, however. The NYSE Arca Natural Gas Index was off 0.8% at 443 points while the Philadelphia Oil Service Index was down 0.9% at 167 points. Crude oil futures in New York were down 19 cents at $66.75 a barrel.

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Chicago PMI strengthens further in July

31 Jul 2009 at 7:05am

WASHINGTON (MarketWatch) — Manufacturing activity improved for the second straight month in the Chicago region in July. The Chicago purchasing managers index rose to 43.4% in July from 39.9% in June, according to a survey of corporate purchasing managers released Friday. The index has been improving since hitting an all-time low in March. Four of seven sub-components advanced during the month. Readings below 50% indicate overall business contraction. The Chicago PMI is considered a leading indicator to the national Institute for Supply Management manufacturers’ survey to be released on Monday.

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UBS, U.S. reach agreement on disclosure case: WSJ

31 Jul 2009 at 6:47am

LONDON (MarketWatch) — Swiss bank UBS has reached an agreement in principle with U.S. authorities over an attempt to get the bank to disclose the details of around 52,000 U.S. clients, according to a Wall Street Journal report. The report said Stuart Gibson, a Justice Department tax division attorney, told Judge Alan Gold of the development on a conference call, but did not provide further details of the settlement. A hearing scheduled for Monday in Miami has been rescheduled for Aug. 7 when more details are likely to be released. The Internal Revenue Service has demanded the identities of the account holders, but UBS and the Swiss government have both said releasing the information would violate Swiss laws.

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U.S. stocks open higher after GDP

31 Jul 2009 at 6:47am

NEW YORK (MarketWatch) — U.S. stocks rose at the open Friday after the government said U.S. gross domestic production fell a not-as-bad-as-expected 1% in the second quarter. The Dow Jones Industrial Average gained 46 points, or 0.5%, to 9,201, with 22 of its 30 components opening higher. Shares of Disney bucked the trend on the Dow, falling 3.5%, after it posted its quarterly results. The S&P 500 index rose 4.6 points, or 0.5%, to 991, while the Nasdaq Composite gained 8 points, or 0.4%, to 1,992.

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Drug stocks inch up; Allergan climbs on earnings

31 Jul 2009 at 6:45am

BOSTON (MarketWatch) — Drug stocks inched higher in early trading Friday as shares of Allergan Inc. gained after it issued a positive second-quarter earnings report. The NYSE Arca Pharmaceutical Index and the NYSE Arca Biotechnology Index were both up marginally at 281.14 and 879.47, respectively. Shares of Botox-maker Allergan were up 3% at $54.14.

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Airline stocks decline slightly

31 Jul 2009 at 6:39am

NEW YORK (MarketWatch) – Airlines stocks were sitting it out early Friday, with most stocks in the benchmark index trading down only slightly. At last check, the NYSE Amex Airline Index slipped 0.3% to 21.03 points with all but two of its 13 components in the red. Shares of AMR , Continental and Delta were down by a few pennies each. JetBlue and Ryanair were each up fractionally.

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Technology stocks edge up as the Nasdaq advances

31 Jul 2009 at 6:37am

SAN FRANCISCO (MarketWatch) – Technology stocks edged up early Friday as the Nasdaq Composite Index stayed on track to close the week in the black. The Nasdaq was up 0.1% at 1,987, while the Morgan Stanley High Tech 35 Index gained 0.5% and the Philadelphia Semiconductor Index rose 0.6%. The Nasdaq is up more than 1% for the week.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Russia’s MTS seeks 51% stake in Comstar: WSJ

31 Jul 2009 at 6:36am

NEW YORK (MarketWatch) — Mobile TeleSystems , Russia’s largest mobile phone operator, is seeking to acquire 51% of Comstar United Telesystems in a transaction valued at about $1.28 billion, the Wall Street Journal reported on Friday, citing an unnamed person familiar with the matter. Russian conglomerate Sistema owns 53% of MTS and 51% of Comstar UTS. When contacted by MarketWatch, representatives from MTS said Friday that they can’t comment on media speculation. In late May, MTS disclosed that it had applied for regulatory approval to acquire up to 100% of Comstar UTS.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Allergan posts higher second-quarter profit

31 Jul 2009 at 6:13am

NEW YORK (MarketWatch) — Allergan Inc. said Friday that its second-quarter earnings rose to $176.1 million, or 58 cents a share, from $143.4 million, or 47 cents a share, in the year-earlier period. Excluding various items, Allergan would have posted adjusted earnings of 75 cents a share compared to the year-earlier 63 cents. Analysts polled by FactSet were expecting earnings of 67 cents a share, on average. Revenue for the quarter slipped to $1.13 billion from $1.17 billion. The Irvine, Calif.-based health-care company projected adjusted earnings of 67 cents to 69 cents a share for the third quarter and $2.71 to $2.75 a share for the full year. According to FactSet, Wall Street is expecting per-share earnings of 72 cents for the third quarter and $2.70 for the full year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


PSEG turns to operating profit of 63 cents a share

31 Jul 2009 at 6:05am

NEW YORK (MarketWatch) — Public Service Enterprise Group said Friday that its second-quarter earnings from continuing operations were $311 million, or 61 cents a share, compared to a loss from continuing operations of $166 million, or 32 cents a share, last year. Operating earnings were 63 cents a share. Analysts polled by FactSet Research estimated, on average, earnings per share of 62 cents. For 2009, the Newark, N.J. electric utility sees operating earnings per share of $3.00 to $3.25.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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July 31 2009 07:58 am | Stock Market News

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