(By Salman - iStockAnalyst Writer)US Stocks advanced Wednesday in thin trade as investors cheered upbeat unemployment and spending data.
Below we highlight few stocks that re making notable moves in Wednesday's session.
Halliburton Co. (NYSE:
HAL): Late on Tuesday, the world's second-largest oilfield services company warned that reduced activity by major Mexican customer Petroleos Mexicanos — Pemex — will hurt its fourth-quarter profit by 2 cents per share. Analysts, on average, currently expect the company to report earnings of 28 cents a share. The Houston Texas-based company said that state-owned oil company Pemex decided to reduce activity in the Burgos field and others in Veracruz and southern Mexico because of low natural gas prices and other constraints. Last week, Pemex said that its crude production dropped 7.1 percent in the first 10 months of this year amid declining reserves. Shares of the company fell over 2% in mid-day trade on Wednesday.
Coldwater Creek Inc. (NASDAQ:
CWTR): The women's apparel retailer posted a wider third-quarter net loss of $34 million, or 37 cents a share, compared with a loss of $1.3 million, or 1 cent a share, in the prior-year quarter. On an adjusted basis, the company posted a loss of 4 cents a share. Quarterly revenue jumped 17 percent to $266.7 million, while same-store sales surged 14.4%.. Analysts, on average, had expected the company to lose 3 cents a share, before special items, on revenue of $232.2 million. The company said that markdowns and aggressive promotional activity would continue to hurt product margins and operating performance in the fourth quarter. Shares of the retailer plunged over 14% in afternoon trade on Wednesday.
Incyte Corp (NASDAQ:
INCY): Shares of the company rallied 9% on Wednesday after the drugmaker announced that it has reached a licensing deal with Swiss drugmaker Novartis AG (NVS.N), which will pay Incyte $150 million up front for access to therapies to treat patients with life-threatening blood disorders and cancers. Novartis and Incyte will jointly develop and market INCB18424, which is currently in late stage testing as a treatment for the bone marrow disease myelofibrosis. Incyte will have the U.S. rights to the drug. Novartis will have full worldwide rights to INCB28060, an experimental cancer drug that is about to go into human testing.
Benihana Inc.(NASDAQ:
BNHNA): The Japanese restaurant chain said Tuesday that it swung to a loss in the second quarter, and it withdrew its previous forecast for 2010 profit. The company posted net loss of $1.1 million, or 7 cents per share, in the quarter that ended Oct. 11. That compares with a profit of $1.7 million, or 11 cents per share, in the year-ago quarter. Revenue slipped to $69.3 million from $70 million. Consensus expectations were for the company to report earnings of 5 cents per share. The operator of the nation's largest chain of sushi and Japanese-theme restaurants also withdrew its forecast for annual profit as consumers spend less on eating out. Previously, it had said it would earn 40 cents to 45 cents per share in fiscal 2010. Shares sank over 32% on Wednesday.
J. Crew Group Inc., (NYSE:
JCG): The seller of clothes, shoes and accessories, late Tuesday reported third quarter results that exceeded Wall Street estimates. Net income more than doubled to $43.9 million, or 67 cents per share, from $19 million, or 30 cents per share, in the comparable quarter last year. Revenue surged 14 percent to $414.1 million from $363.1 million. Analysts, on average, had forecast earnings of 59 cents per share on revenue of $408 million. Sales at stores open at least a year, a key measure of retailer's performance, rose 8 percent. Gross margin grew to 48.4 percent of revenue from 41.6 percent a year ago. Looking ahead to the fourth quarter, J. Crew said that it anticipates earnings in the range of 37 cents to 42 cents per share, while analysts expect 41 cents per share. J. Crew shares were up 8% in afternoon trade.
Disclosure: Author doesn't own any of the stocks discussed here.
