Monday, June 4, 2012

Stocks Slid On Factory Order Data (BA, GU, IMGN, NTAP, SMBL)

U.S. stocks once again as U.S. factory orders showed a surprise drop, adding to souring sentiment about domestic growth following the prior session’s sharp shortfall in jobs growth.The Dow Jones Industrial Average was down 67.17 (-0.55%) to 12,051.40, and the Standard & Poor's 500-stock index lost 9.41 (-0.74%) at 1,268.63. The Nasdaq Composite declined 15.13 (-0.55%) at 2,732.35.Orders for goods produced in U.S. factories decreased 0.6% in April, the Commerce Department said Monday. Economists polled by MarketWatch had expected a rise of 0.1%.
The Boeing Company (NYSE:BA) is up 0.27% to $67.43. Stifel Nicolaus increased the rating on the stock from hold to buy with a price target of $80.  Stifel Nicolaus noted the company’s place in the aerospace cycle remains strong with its new flagship 787 Dreamliner seeing solid demand.Boeing's Phantom Eye unmanned airborne system completed its first autonomous flight June 1 at NASA's Dryden Flight Research Center at Edwards Air Force Base.

Gushan Environmental Energy Ltd (ADR) (NYSE:GU) is one of the top percentage gainer and surged up 50.54% to $1.37 in the early trading hours. Gushan Environmental Energy Ltd has entered into a merger agreement with Trillion Energy Holdings Ltd. Trillion Energy Holdings is owned by Jianqiu Yu. According to the terms of agreement, Gushan will become a wholly owned subsidiary of Trillion Energy Holdings. Each ordinary share of Gushan issued and outstanding immediately prior to the effective time of the Merger will be cancelled in exchange for the right to receive $0.162 in cash without interest.

ImmunoGen Inc (NASDAQ:IMGN) increased 0.22% to $13.92. The Company announced the presentation of new clinical data for the investigational compound, SAR3419 at the American Society of Clinical Oncology annual meeting. This is taking place in Chicago.

NetApp Inc (NASDAQ:NTAP) jumped 0.99% to $29.73 on a traded volume of 3.94 million shares. The Company expects revenue to be in the range of $1.40 billion to $1.50 billion for the first quarter of 2013. GAAP earnings per share will be approximately $0.10 to $0.15 per share and non-GAAP earnings per share will be approximately $0.34 to $0.39 per share for the first quarter 2013.

Smart Balance Inc (NASDAQ:SMBL) moved up 9.23% to $6.63. Smart Balance Inc will pay $125 million in cash to acquire Udi's Healthy Foods LLC. This purchase will strengthen its position in the growing gluten-free foods market. The Company expects the deal to close sometime next month.

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