Home Business Market News: Time Warner, ConAgra, GTAT, Paychex, Clearwire

Market News: Time Warner, ConAgra, GTAT, Paychex, Clearwire

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Market News

market news

Stocks that were active in U.S. trading on Thursday include Time Warner Cable Inc. (NYSE:TWC), ConAgra Foods Inc. (NYSE:CAG), GT Advanced Technologies Inc. (NASDAQ:GTAT), Paychex Inc. (NASDAQ:PAYX) and Clearwire Corporation (NASDAQ:CLWR).

Market Levels

  • U.S.: Dow Jones: 15,039.31 (+0.87%), S&P 500: 1,613.90 (+0.66%), Nasdaq: 3,402.80 (+0.79%)
  • World Markets: Shanghai: 1,950.01 (-0.08%), Nikkei 225: 13,213.55 (+2.96%), Hang Seng Index: 20,440.08 (+0.50%), TSEC: 7,883.90 (+1.27%), FTSE 100: 6,243.40 (+1.26%), EURO STOXX 50: 2,619.86 (+0.66%), BSE Sensex: 18,875.95 (+1.75%)
  • Metals: Gold: $1,200.90 (-0.88%), Silver: $18.50 (-0.18%), Platinum: $1,315.30 (-0.74%)
  • Currency: EUR/USD: 1.3047 (+0.34%), USD/JPY: 98.39 (+0.53%), GBP/USD: 1.5261 (-0.33%), USD/CAD: 1.0480 (-0.07%), USD/CNY: 6.1490 (+0.03%), AUD/USD: 0.9278 (+0.16%)
  • 10 year U.S. Treasury: 2.47% (-0.02), 30 year U.S. Treasury: 3.53% (-0.01)

Market & Economy Update

Federal Reserve officials are trying to stem the increase in interest rates that have threatened to hamper the U.S. economic recovery. Markets witnessed high volatility after Ben Bernanke’s comments last week. The Labor Department said today that jobless claims declined by 9,000 last week to 346,000. Upbeat data and the Federal Reserve’s soothing words pushed the stocks higher. The Dow Jones Industrial Average jumped 125.41 points to 15,035.55, the S&P 500 Index surged 11.15 points to 1,614.47, while Nasdaq rose 28.70 points to 3,404.89.

Stocks In Focus

Time Warner Cable Inc (NYSE:TWC)

Time Warner Cable’s shares surged after reports that billionaire John Malone is planning to acquire the company. Charter Communications, which is 27 percent owned by Malone’s Liberty Media, is exploring various scenarios to win over Time Warner investors. Time Warner has no interest in a deal, and it doesn’t believe that Charter and Liberty can come up with an attractive offer. However, Time Warner Cable shares soared 4.42 percent to end the session at $108.22.

ConAgra Foods, Inc. (NYSE:CAG)

ConAgra reported better than expected fourth quarter earnings. Quarterly earnings rose 17.6 percent to 60 cents a share, beating the consensus estimate by a cent. Sales rose 33.7 percent to $4,593.5 million, slightly below the consensus estimate of $4,629.0 million. Shares jumped 5.07 percent to end the trading session at $35.04.

GT Advanced Technologies Inc (NASDAQ:GTAT)

The solar and electronics products make received an upgrade from Canaccord Genuity. The equity research firm changed its rating on the stock from hold to buy. Canaccord Genuity said that the investor sentiment and economics in the company’s solar business are improving. Shares jumped 13.85 percent to $4.11.

Paychex, Inc. (NASDAQ:PAYX)

The payroll processor reported a flat fourth quarter earnings of 34 cents a share, 3 cents below the consensus estimate. Paychex issued a pessimistic full year guidance, expecting revenues to increase 8-9 percent to $615 million to $620 million. Shares plunged 3.66 percent to $36.60 at the end of the trading session.

Clearwire Corporation (NASDAQ:CLWR)

Clearwire shares plunged after Dish Network withdrew its bid for the company. Dish’s move came after its rival Sprint Nextel won the approval of Clearwire shareholders. Dish had proposed to pay $4.40 while Sprint Nextel was paying $5 a share. Clearwire shares ended the session 1.96 percent lower to $4.98.

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