(By Mayur Pahilajani - iStockAnalyst Writer)
Some stocks are made new lows as shares on Wall Street inched up as the investors traded cautiously and awaited outcome of bailout plan in House on Friday. Metal industry including steel producing companies has faced challenges on slumping economic growth and weakening credit market condition. Weak demands for automobile industry and declining metal prices have slashed their stock values. In fact, the market analysts on Wall Street are expecting the firms to cut down on their production over the next quarter. It is also applicable to other sectors
Weatherford International Ltd. (NYSE: WFT):
Weatherford International opened lower on Friday as overall market traded higher in pre-market trading. It hit a day's low of $18.85 as it inched down to its 52-week low of $18.32. Shares of the Houston, Texas-based company started to rise after the bell and were trading up by 7.77 percent or $1.44 to $19.97 at 9:53am ET on the New York Stock Exchange. It is a leading manufacturer and provider of equipment and services used in drilling, completion, and production of oil and natural gas wells. Early this week, the stock was upgraded by Zacks' analysts to "buy" from "hold".
Mosaic Co (NYSE: MOS):
Shares of Mosaic had plunged yesterday on reports that its first quarter net income was lower-than-expected. The fertilizer maker reported earned $1.18 billion, or $2.65 per share in the period ending Aug. 31, compared with profit of $305.5 million, or 69 cents per share, during the same period a year earlier. The company said its revenue for the quarter more than doubled to $4.32 billion from $2 billion during the same period a year ago. The market analysts had expected the firm to post net income of $2.94 a share, while projected the revenue of $4.11 billion. At 10:03am ET, the firm was trading higher by $3.25 or 8.20 percent at $42.90, after hitting a low of $40.95 on Friday.
General Growth Properties, Inc (NYSE: GGP):
Shares of General Growth Properties surged on Friday's early trading session after hitting a low of $10.31. Early Friday, Wachovia Corp. (WB) upgraded the stock to "outperform" citing gains will lower the potential risk. The brokerage firm expects the company to sell its shares and subsidiaries to raise capital and stabilize its balance sheet. The Chicago-based shopping mall operator is a self-administered and self-managed real estate investment trust. On Thursday, the stock had plunged to 48 percent to $7.03, which is a 12-year low on rising concerns among investors.
