Suntech Power Holdings Co Ltd (ADR) (NYSE:STP) plunged
15.29% to $1.33. The Company is conducting an investigation into a security
interest Suntech received in connection with its investment in Global Solar
Fund S.C.A., Sicar. Suntech suspects that the collateral related to the
security interest may not have existed and the Company may have been a victim
of fraud.
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Mercury General Corporation (NYSE:MCY) decreased 4.92% to
$38.81. The Company posted second quarter loss of $5.3 million or 10 cents per
share versus profit of $57.3 million or $1.04 per share in the prior year
period. Operating income was 19 cents compared to 76 cents. Revenue decreased
8.3% to $647.7 million. However, analysts projected earnings of 66 cents on revenue
of $681 million. Net premiums written
increased 2.7% to $653.6 million. The board declared a quarterly dividend of 61
cents per share.
McDermott International (NYSE:MDR) went up 0.60% to $11.83
on a traded volume of 2.04 million shares. The Company said that one of its
subsidiaries has been awarded a contract by the Discovery system for offshore
facilities in the Gulf of Mexico. The value of this contract is included in
McDermott's second quarter 2012 backlog.
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The Coca-Cola Company (NYSE:KO) is up 0.82% to $80.66 on a
traded volume of 2.78 million shares. The board of directors has declared a
regular quarterly dividend of $0.255 per common share. The dividend is payable
on October 1, 2012.
The Company announced that the Ahmet Bozer will be appointed
as President of Coca-Cola International. Steve Cahillane will be appointed
President of Coca-Cola Americas. In addition, the Company also announced a new
operating structure for businesses effective January 1, 2013.
Mercadolibre Inc (NASDAQ:MELI) declined 9.97% to $68.15 on a
traded volume of 1.40 million shares. The stock opened at $70.07. The Company
will release second fiscal quarter results on August 2nd, 2012.
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