24/7 Wall St. » PRGS

24/7 Wall St. Closing Bell (F, GM, TM, EMC, GD, GMCR, POT, TIVO, UNF, PRGS, STZ, MON, FDO, LCAV, REE, NFLX, APKT, LPHI)

Paul Ausick — Wed, 04 Jan 2012 21:04:24 +0000

Markets opened lower today and stayed in negative territory until mid-afternoon. Car makers reported December sales throughout the day, with Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) both showing gains in the morning. Toyota Motor Co. (NYSE: TM) posted lower sales in the afternoon. Developments in Europe did nothing to boost shares today, with a new rights issue coming from Italy’s UniCredit and a requirement for additional reserves against bad loans coming in Spain. Crude oil gained on word that Europe is nearing a decision to stop crude imports from Iran, possibly sparking a confrontation in the Persian Gulf. WTI crude is up 0.25% at $103.22/barrel and Brent crude is up 1.34% at 113.63/barrel. Gold is up about 0.8% at $1,613.20.

The unofficial closing bells put the DJIA up about 21 points to 12,418.57 (0.17%), the NASDAQ fell less than 1 point (-0.01%) to 2,648.36, and the S&P 500 rose 0.02% or less than 1 point to 1,277.31.

There were several analyst upgrades and downgrades today, including EMC Corp. (NYSE: EMC) added to ‘US Focus List’ at Credit Suisse; General Dynamics Corp. (NYSE: GD) raised to ‘overweight’ at JPMorgan; Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) reiterated ‘buy’ with $94 target price at Canaccord Genuity; Potash Corp. of Saskatchewan Inc. (NYSE: POT) started as ‘underperform’ at National Bank; and Tivo Inc. (NASDAQ: TIVO) raised to ‘overweight’ at Evercore Partners.

Earnings reports of note since markets closed yesterday include: Unifirst Corp. (NYSE: UNF) is up more than 3% at $59.83; and Progress Software Corp. (NASDAQ: PRGS) is down more than -11% at $17.55. Tomorrow sees earnings from Constellation Brands Inc. (NYSE: STZ), Monsanto Co. (NYSE: MON), and Family Dollar Stores Inc. (NYSE: FDO) among others.

Other standouts from today include the following stocks:

LCA-Vision Inc. (NASDAQ: LCAV) is up more than 40% at $4.33. The laser vision correction system provider said that it performed more than 14,000 procedures in the fourth quarter, up 30% year-over-year.

Rare Element Resources Ltd. (AMEX: REE) is up more than 27% at $4.53. The rare earths miner announced that its resource at the company’s Bear Lodge project is 38% higher than previously believed.

Netflix Inc. (NASDAQ: NFLX) is up nearly 11% at $80.02. The video distributor reported that it streamed more than 2 billion hours of video in the fourth quarter. More details on this story are available here.

Acme Packet Inc. (NASDAQ: APKT) is down more than -19% at $25.65, after posting a new 52-week low of $25.20 early this morning. The networking company warned on earnings last night. We have more coverage here.

Life Partners Holdings Inc. (NASDAQ: LPHI) is down more than -15% at $5.38. The life insurance company has been accused of accounting fraud by the US Securities and Exchange Commission.

Stay tuned for Thursday. Here are the noteworthy events on the schedule (all times Eastern):

7:30 a.m. – Challenger Gray & Christmas job-cut report
8:15 a.m. – ADP employment report
8:30 a.m. – Weekly initial unemployment benefits claims report
10:00 a.m. – ISM non-manufacturing index
10:30 a.m. – EIA weekly natural gas report
11:00 a.m. – EIA weekly petroleum status report
4:30 a.m. – Federal Reserve balance sheet and money supply reports

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: APKT, EMC, F, FDO, GD, GM, GMCR, LCAV, LPHI, MON, NFLX, POT, PRGS, REE, STZ, TIVO, TM, UNF

Mornings Movers (LCAV, LPHI, APKT, PRGS, TIVO)

Paul Ausick — Wed, 04 Jan 2012 15:57:23 +0000

There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include LCA-Vision Inc. (NASDAQ: LCAV), Life Partners Holdings Inc. (NASDAQ: LPHI), Acme Packet Inc. (NASDAQ: APKT), Progress Software Corp. (NASDAQ: PRGS), and Tivo Inc. (NASDAQ: TIVO).

After the first hour of trading this morning, LCA-Vision is up nearly 26% at $3.88. Volume is already nearly double the daily average. The laser vision correction system provider said that it performed more than 14,000 procedures in the fourth quarter, up 30% year-over-year.

LIfe Partners is down nearly -28% at $4.56. Volume is nearly 6x the daily average. The life insurance company has been accused of accounting fraud by the US Securities and Exchange Commission.

Acme Packet is down more than -20% at $25.42, after posting a new 52-week low of $25.20 earlier. Volume is already more than double the daily average. The networking company warned on earnings last night. We have more coverage here.

Progress Software is down more than -11% at $17.57. Volume has already surpassed the daily average. The enterprise software company reported weak quarterly earnings after markets closed yesterday.

Tivo is up nearly 9% at $9.69. Volume is already about 50% higher than the daily average. The digital video recorder maker has reached a settlement with AT&T Inc. (NYSE: T) under which AT&T will pay Tivo at least $215 million to license Tivo technology.

Paul Ausick

Filed under: HI/LOW, Market Open, The Day Tagged: APKT, LCAV, LPHI, PRGS, TIVO

24/7 Wall St. Closing Bell (AAPL, GGP, UA, PLD, AKAM, WSM, PRGS, OSH, AVEO, KIOR, ASM, AONE, ARL)

Paul Ausick — Tue, 03 Jan 2012 21:09:36 +0000

US stock markets rallied on the first morning of trading in the new year. Index futures were up sharply and trading zoomed past the mark to rise more than 2%. Strong manufacturing data from Asia gave US markets a nice boost, as did a better-than-expected report on the ISM index and a rise in US construction spending. The S&P 500 could not overcome a technical barrier, causing the market to move mostly sideways in the afternoon. Crude oil rose steeply on a weaker dollar and on the better economic news. WTI crude is up more than 4% at $103.00/barrel and Brent crude is up 4.76% at $112.14. Gold is also stronger today, up about 2.5%, at $1,605.80.

The unofficial closing bells put the DJIA up nearly 180 points to 12.397.46 (1.47%), the NASDAQ rose more than 43 points (1.67%) to 2,648.72, and the S&P 500 rose 1.55% or more than 19 points to 1,277.05.

There were several analyst upgrades and downgrades today, including Apple Inc. (NASDAQ: AAPL) had its target price lowered to $513 at Morgan Keegan; General Growth Properties Inc. (NYSE: GGP) cut from ‘outperform’ to ‘neutral’ at Credit Suisse; Under Armour Inc. (NYSE: UA) raised to ‘outperform’ with a target price of $90 at Baird; Prologis Inc. (NYSE: PLD) started as ‘outperform’ at Wells Fargo; Akamai Technologies Inc. (NASDAQ: AKAM) cut from ‘buy’ to ‘neutral’ at Janney Capital Markets; and Williams-Sonoma Inc. (NYSE: WSM) cut to ‘sell’ at Janney.

There were no earnings reports of note scheduled today. Progress Software Corp. (NASDAQ: PRGS) is scheduled to report earnings at 4:30 p.m. today.

Orchard Supply Hardware Stores Corp. (NASDAQ: OSH) completed an IPO today. Shares were initially priced at $25 and rose as high as $60 during the day before settling to $27.05, up more than 8% with less than half an hour of trading time left.

Other standouts from today include the following stocks:

Aveo Pharmaceuticals Inc. (NASDAQ: AVEO) is down more than -19% at $13.90. The pharmaceutical maker reported that its liver cancer drug performed better than a competitor in late-stage trials, but investors were expecting a larger improvement.

Kior Corp. (NASDAQ: KIOR) is down more than -10% at $9.12. The alternative fuel maker had no news, but is likely getting bashed on the expiration of US ethanol subsidies.

Avino Silver & Gold Mines Ltd. (AMEX: ASM) is up nearly 17% at $1.66. The junior miner is riding the coattails of an overall upsurge in materials stocks today, which have been leading the markets higher all day.

A123 Systems Inc. (NASDAQ: AONE) is up more than 24% at $2.00. The battery maker is a partner with Satcon Technology Corp. (NASDAQ: SATC) in a demonstration project on micro-grid energy storage for the US Department of Defense.

American Realty Investors Inc. (NYSE: ARL) is up more than 12% at $2.10. The real estate investment company has no news, but continues to rise on upbeat news about the housing market.

Stay tuned for Wednesday. Automakers are scheduled to release sales data throughout the day. US seasonally adjusted annual sales are expected to remain at 13.6 million cars and light trucks. Here are the noteworthy events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
10:00 a.m. – Factory orders report for November (consensus estimate for gain of 2%)
11:30 a.m. – 4-week Treasury bill auction

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: AAPL, AKAM, AONE, ARL, ASM, AVEO, GGP, KIOR, OSH, PLD, PRGS, UA, WSM

52-Week High Club (GOOG, JBL, PRGS)

247wallst — Tue, 22 Dec 2009 21:07:14 +0000

Google Inc. (NASDAQ: GOOG) rose close to 0.5% to a yearly high of $601.50, carried by the momentum of the market.

Jabil Circuit Inc. (NYSE: JBL) rose over 14% to a yearly high of $17.13 after the electronics manufacturer announced a first quarter profit of $0.32 per share, beating analyst estimates.

Progress Software Corporation (NASDAQ: PRGS) rose over 10% to a yearly high of $28.50 after the business software developer announced earnings of $0.61 per share, beating analyst estimates.

Garrett W. McIntyre

Posted in Software, Technology Companies Tagged: GOOG, Google, JBL, PRGS

Top Analyst Upgrades & Downgrades (BKD, SNH, AMZN, AAUK, CENX, EBAY, PRGS)

247wallst — Fri, 19 Dec 2008 07:27:03 +0000

These are some of the top pre-market analyst upgrades and downgrades we have seen from Wall Street this Friday morning with more than two hours until the market opens:

Brookdale Senior Living (NYSE: BKD) Started as Outperform at Oppenheimer.
Senior Housing (NYSE: SNH) Started as Outperform at Baird.
Amazon.com (NASDAQ: AMZN) Cut to Market Perform at Bernstein.
Anglo American (NASDAQ: AAUK) Cut to neutral at UBS.
Century Aluminum (NASDAQ: CENX) Cut to Market Perform at FBR.
eBay (NASDAQ: EBAY) Cut to Market Perform at Bernstein.
Progress Software (NASDAQ: PRGS) Cut to Hold at Needham.

Jon C. Ogg
December 19, 2008

Posted in Analyst Calls Tagged: AAUK, AMZN, BKD, CENX, EBAY, PRGS, SNH

Progress Acquires IONA Technologies (PRGS, IONA)

247wallst — Wed, 25 Jun 2008 08:35:06 +0000

Progress Software Corporation (NASDAQ: PRGS) and IONA Technologies plc (NASDAQ: IONA) are going to see active trading today. Progress is acquiring IONA in a cash buyout of $162 million and approximately $106 million net of cash and marketable securities reported on March 31, 2008. This will bring a cash buyout price of $4.05 per share for IONA holders.

The offer price per share is approximately 16% over the average price for IONA shares over the six months prior to the offer period announced by IONA on February 8, 2008. Unfortunately, the 52-week trading range is $2.01 to $6.28.

IONA Technologies’ board of directors unanimously approved the merger and each IONA Technologies director has entered into an agreement to vote in favor of the transaction. The merger is subject to regulatory approval in the US and in Ireland and is also subject to IONA shareholder approval. Once approved, the merger is expected to close in Q3-2008.

Progress Software is a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications. IONA Tech is an established supplier of software integration technology. The companies have both signed a definitive agreement to further the merger. IONA is based in Dublin, Ireland, so it looks like we have yet another cross-border tech and IT merger.

IONA shares are trading up 9.4% at $3.94 in pre-market trading.

Jon C. Ogg
June 25, 2008

Pre-Market Stock News (June 19, 2007)

247wallst — Tue, 19 Jun 2007 07:11:13 +0000

(ALTH) Allos Therapeutics trading down 20% after its Phase III study of Efaproxyn failed to meet primary endpoint of improvement in overall survival.
(BAY) Bayer raised guidance on Schering integration.
(BMY) Bristol-Myers: FDA Grants Priority Review for Bristol-Myers Squibb’s Investigational Oncology Treatment Ixabepilone.
(BTU) Peabody Energy was named Cramer’s favorite pick in the coal sector.
(CLRK) Color Kinetics trading up 11% at $33.00+ on $34 buyout from Philips Electronics.
(CPKI) California Pizza Kitchen trades ex-split today to reflect a 3-2 stock Split.
(CUB) Cubic received a $468 million contract to give mission support to Army readiness training center.
(DAL) Delta is considering a 125 Boeing order for Dreamliners.
(DJ) Dow Jones may get a bid from billionaire Ron Burkle.
(EXPE) Expedia buying back $3.5 Billion in stock.
(FDS) FactSet $0.52 EPS vs $0.51 estimate.
(GE) GE buying controlling stake in natural gas pipeline Regency for $603 million.
(INO) Inovio Biomedical’s selective electrochemical tumor ablation therapy demonstrated safety, tolerability, and complete responses in breast cancer study.
(LNET) LodgeNet noted positively by Cramer on Mad Money.
(MRO) Marathon Oil trades ex-split today to reflect a 2-1 stock split.
(PRGS) Progress Software $0.45 EPS vs $0.41e.
(STR) Questar trades ex-split to reflect a 2-1 stock split.
(SGMO) Sangamo BioScience reached milestones in agriculture collaboration with Dow AgroSciences.
(SIRI) SIRIUS signed Volkswagen as standard equipment on all Touareg, New Beetle, New Beetle Convertible, GTI, and GLI sales for the 2008 models.
(TASR) TASER announced foreign order for 1,375 devices.
(TSN) Tyson making product announcementthis morning.
(YHOO) Yahoo! trading up 8% after Semel stepped down as CEO and co-founder Jerry Yang came back as CEO; Semel remaining non-executive Chairman.
(ZGEN) ZymoGenetics entered a global collaboration pact with Bayer for development and commercialization of recombinant human thrombin.

Jon C. Ogg
June 19, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.