Monday, July 30, 2012

Suntech Power Holdings Slumps 15% (STP, MCY, MDR, KO, MELI)

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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