Today’s midday gainers are American Railcar Industries, Inc. (NASDAQ:ARII), Trinity Industries Inc (NYSE:TRN) and Avis Budget Group Inc.(NASDAQ:CAR). The losers: Yandex NV (NASDAQ:YNDX), J.C. Penney Company, Inc. (NYSE:JCP) and Oil States International, Inc. (NYSE:OIS).
Railcar Companies Surge
Up +13.89%, American Railcar Industries, Inc. (NASDAQ:ARII) has had a solid start to the day. Yesterday, the manufacturer reported record 2013 revenues of $750.6 million, up from $711.7 million in 2012. Gross margin also improved from 20.8% to 23.8%. This is great news for Carl Icahn, who has 1.78% of his fund allocated in ARII.
Voss Capital is betting on a housing market boom
The Voss Value Fund was up 4.09% net for the second quarter, while the Voss Value Offshore Fund was up 3.93%. The Russell 2000 returned 25.42%, the Russell 2000 Value returned 18.24%, and the S&P 500 gained 20.54%. In July, the funds did much better with a return of 15.25% for the Voss Value Fund Read More
Trinity Industries Inc (NYSE:TRN), another railcar manufacturer, surged +9.53% following the announcement of full-year results including a +15% increase in revenue. Orders were also up, and the company repurchased more than 600,000 shares of its common stock. David Tepper holds a 0.82% position in Trinity.
Also starting the day strong is Avis Budget Group Inc. (NASDAQ:CAR), the stock price of which increased +8.15%. The company topped its Q4 2013 EPS expectations by $0.03 on revenue of $1.85 billion. Avis is part of George Soros’ extensive portfolio.
Yandex slips and the struggle continues for JCP
Today’s biggest loser midday is Yandex NV (NASDAQ:YNDX), down -7.91%. Although results won’t come out for a few more hours, expectations for the Russian internet company aren’t high. Though it boasts a 67% market share in Russia, it’s being hurt by increasing Android penetration rates in the country as such devices come with Google as the default search engine. Yandex is a minor Chase Coleman pick.
Following Yandex is troubled retailer J.C. Penney Company, Inc. (NYSE:JCP), which fell -4.17%. While results won’t be out until next week, investors are already dumping the stock, and its share price has declined -37.43% this year alone. Soros is hurting on this one.
Last on today’s list of midday losers is Oil States International, Inc. (NYSE:OIS), which declined -3.5%. It posted disappointing quarterly results today, including quarter vs. quarter revenue declines and a slight increase in full-year revenues to $2.7 billion. The tide might soon be turning for OIS with the spin-off of its accommodation business in the summer of 2014. David Einhorn, Richard Chilton and Ray Dalio are holders of this stock.