Thursday, July 26, 2012

Stocks Gain On Euro Optimism -ABB, IOC, AEM, FTE, MRVL NOK

U.S. stocks are posting solid gain in Thursday’s session helped by d after European Central Bank President Mario Draghi pledged to preserve the euro. The 17- nation currency strengthened against the dollar by the most in almost a month. Following are notable movers by midday session:-

ABB Ltd (ADR) (NYSE:ABB) went up 6.75% to $16.92. The Company reported second quarter EPS of $0.29, below the analyst estimate of $0.37. Revenue for the quarter was $9.7 billion versus the consensus estimate of $10.29 billion.

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InterOil Corporation (USA) (NYSE:IOC) jumped up 9.58% to $82.70. Royal Dutch Shell PLC is in talks with InterOil Corp that could lead to the Anglo-Dutch energy giant buying into the U.S. firm's Papua New Guinea exploration license areas. Papua New Guinea-focused InterOil holds three prospecting licenses offshore the south-east Asian island nation.

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Agnico-Eagle Mines Limited (USA) (NYSE:AEM) increased 7.91% to $42.02. The Company reported second quarter profit of $43.3 million or 25 cents per share compared to $68.8 million or 41 cents per diluted share in the previous year period. Revenue was $459.5 million compared to $433.6 in the prior year period. The Company increased its production guidance for 2012 to 975,000 ounces of gold. Scotia Capital increased the rating on the stock from sector perform to outperform rating in a research note.

France Telecom SA (ADR) (NYSE:FTE) increased 7.90% to $13.39. Chief Executive Stephane Richard of he Company said that there is no plan for a merger with Deutsche Telekom AG.  

Marvell Technology Group Ltd (NASDAQ:MRVL) is up 3.26% to $11.24 on a traded volume of 9.33 million shares. Marvell and Wilocity announced a new partnership to bring tri-band Wi-Fi solutions enabled with 802.11ad to market. Marvell has chosen Wilocity to accelerate Marvell's deployment of WiGig-compliant wireless platforms for computing, networking infrastructure and consumer electronics. JMP Securities upgraded the rating on the stock from a market perform rating to an outperform rating.

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Nokia Corporation (ADR) (NYSE:NOK) moved up 5.43% to $1.94. Nokia Oyj has ended development of code-named Meltemi. Meltemi is the mid-range software.

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