US HOT STOCKS: Loews Corp Active In Late Trading

25th Jun 2010 21:57

U.S. stocks closed mixed Friday as the Dow Jones Industrial Average fell 9 points to 10144, but the S&P 500 rose 3 points to 1077 and the Nasdaq Composite climbed 6 points to 2223. Among the companies whose shares are actively trading in the after-hours session is Loews Corp. (L). Fitch Ratings lifted its outlook on Loews to positive, citing the improved credit profiles at the holding company and its operating subsidiaries since the height of the credit crisis. Shares climbed 54 cents to $33.89 in after-hours trading. Regular-Session Movers Oracle Corp. (ORCL, $22.66, +$0.44, +1.98%) fiscal fourth-quarter profit climbed 25% as the business-software giant benefited from new revenue from its Sun Microsystems Inc. acquisition, as well as strong demand for software licenses. Research In Motion Ltd. (RIMM, $52.23, -$6.35, -10.84%), maker of the Blackberry smartphone, shipped a record 11.2 million devices in the fiscal first quarter and reported per-share earnings that beat analysts' estimates. But revenue fell short of expectations. BP PLC's (BP, $27.02, -$1.72, -5.98%) American depositary shares slid as a Nomura analyst suggested the company needs to sell stock to assure counterparties that it has the financial health to withstand the growing cost of cleaning up the Gulf of Mexico oil spill. BP said Friday the cost of cleaning up the spill had grown to $2.35 billion. Shares of bank stocks climbed after Congress reached a deal on financial sector legislation, putting to rest months of uncertainty about what new rules the U.S. would craft for the industry. J.P. Morgan Chase & Co. (JPM, $39.44, +$1.41, +3.71%), Goldman Sachs Group Inc. (GS, $139.66, +$4.68, +3.47%), Morgan Stanley (MS, $25.01, +$0.75, +3.09%) and Bank of America Corp. (BAC, $15.42, +$0.40, +2.66%) all traded higher. Among the other stocks posting gains tied to the new rules were regional banks, like U.S. Bancorp (USB, $23.36, +$0.75, +3.32%). Exchanges, including IntercontinentalExchange Inc. (ICE, $118.36, +$3.84, +3.35%) and ratings firm Moody's Corp. (MCO, $22.01, +$1.41, +6.84%) also rose. Accenture PLC's (ACN, $40.55, +$3.00, +7.99%) fiscal third-quarter profit rose 11% on strong growth in its products and financial services segments. The consulting and outsourcing company's results topped expectations. KB Home's (KBH, $11.12, -$1.10, -9.00%) fiscal second-quarter loss narrowed significantly following prior-year charges and the first increase in deliveries in more than three years, but orders declined 23% in the wake of the expiration of a federal tax credit for buyers. Tibco Software Inc.'s (TIBX, $12.56, +$1.22, +10.76%) fiscal second-quarter profit jumped 27% on higher revenue, helping the business-software company post better-than-expected results. The provider of real-time infrastructure software for the Internet and enterprise networks had benefited from stronger margins over the past several quarters, although the metric fell to 9.4% from 9.8% in the latest quarter on restructuring costs. AeroVironment Inc.'s (AVAV, $21.43, -$1.83, -7.87%) fiscal fourth-quarter earnings more than doubled as the aircraft manufacturer's success in growing sales and improving margins vaulted results above analysts' expectations. But the company predicted revenue for the just-begun fiscal year mostly below analysts' projections. Billionaire investor Ron Burkle has amassed a 6% stake in American Apparel Inc. (APP, $1.95, +$0.18, +10.17%), the cash-strapped clothing retailer, according to a securities filing Thursday. Meanwhile, the retailer said it was able to revise its borrowing agreement to avoid violating its terms. The move gives the company "sufficient headroom to operate its business efficiently," KeyBanc says. "In our opinion, the company was being managed for debt compliance." A.O. Smith Corp. (AOS, $48.57, +$1.15, +2.43%), which makes electric motors and water heaters, lowered its full-year profit projection by 15 cents to account for the costs of cleaning up flood damage at a Tennessee plant. But Thursday A.O. Smith said the plant was now up and running faster than expected. By shifting some production to other North American facilities, the company expects residential water heater backlogs to return to their normal lead times early next month. Analysts agree Thursday's Senate hearing on federal spending at for-profit colleges didn't unearth any shocking trade secrets but said the sector could still see volatility as the government continues its current kick of scrutiny. Apollo Group Inc. (APOL, $43.75, -$2.22, -4.83%), Education Management Corp. (EDMC, $15.84, -$0.52, -3.18%) and ITT Educational Services Inc. (ESI, $86.94, -$3.30, -3.66%) all traded lower. Celgene Corp. (CELG, $56.07, +$1.28, +2.34%) said Japan's health ministry approved its Revlimid treatment for plasma-cell cancer patients who have received at least one prior therapy. William Blair raised its stock-investment rating on Computer Programs & Systems Inc. (CPSI, $39.77, +$2.41, +6.45%), which furnishes information technology systems and services to health care providers, to outperform from market perform. The firm noted the company's recent stock decline and said it is encouraged that recent systems bookings have solidly exceeded systems revenue in recent quarters. Biotechnology company Corcept Therapeutics Inc. (CORT, $3.25, -$0.28, -7.93%) announced plans to sell 5 million shares at a 15% discount to Thursday's closing price, to raise $15 million. (MORE TO FOLLOW) Dow Jones Newswires June 25, 2010 16:57 ET (20:57 GMT)