Hot Stocks Of The Day: AZC, COV, EMN, CCME, DIGA
Thursday, September 16, 2021 11:25 AM

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US stocks retreated on Thursday as mixed economic data and disappointing outlook from FedEx dampened investor sentiment.

Augusta Resource Corporation (NYSE: AZC) soared more than 15% after the company announced that its wholly-owned subsidiary, Rosemont Copper Company, entered into an Earn-In Agreement with a Korean consortium, the members of which are Korea Resources Corporation and LG International Corp., whereby KORES/LGI shall acquire a 20% joint venture interest in the Rosemont copper molybdenum project in Pima County, Arizona in consideration for funding $176 million of the project expenses. The company said that $70 million will be advanced to fund development pre-permitting and $106 million will be advanced to fund construction. As funds for the Investment are advanced, KORES/LGI will earn their proportionate interest in the joint venture.

Shares of Covidien plc (NYSE: COV) jumped more than 4% on Thursday after the company said that it expects net sales in the 2011 fiscal year to increase 6% to 9% from 2010. Net sales are expected to increase 10% to 13% versus 2010 in the Medical Devices segment and be flat to up 3% in Medical Supplies. The company expects sales in Pharmaceuticals to be down 5% to even with 2010 net sales. All sales growth rates assume current foreign exchange rates. Excluding the impact of one-time items, operating margin is expected to be in the 21% to 22% range. Covidien anticipates the effective tax rate will be in the 20% to 21% range for fiscal 2011, excluding the impact of one-time items. Free cash flow is expected to be in excess of $1.6 billion in 2011.

Eastman Chemical Company (NYSE: EMN) rallied more than 2% after President and CEO Jim Rogers said that third-quarter 2010 earnings per share are expected to be between $2.20 and $2.30, above previous expectations. He said that the continued strong performance is due to selling prices remaining solid reflecting high industry capacity utilization rates, and a seasonal decline in sales volume being less than expected. Included in the expected third-quarter results is approximately $0.20 per share from the partial settlement of an insurance claim related to the previously announced outage at the company's Longview, Texas, manufacturing facility. In addition, Rogers said that full-year earnings per share are expected to approach $7, also above previous expectations. 

China MediaExpress Holdings, Inc. (NASDAQ: CCME) jumped more than 10% after the company announced that its Board of Directors has approved a share repurchase program for up to $30 million of its common stock. The share repurchase authorization is effective immediately and remains in effect for one year.

Shares of Digital Angel Corporation (NASDAQ: DIGA) surged more than 28% after  PositiveID Corporation (NASDAQ: PSID) announced that it has presented an offer to the company's board of directors to purchase all the outstanding shares of Digital Angel common stock for $0.60 per share, representing a 60 percent premium to Digital Angel's average closing price for the 20 trading days ending on September 14th. 

Disclosure: Author doesn't own any of the stocks discussed here.

 

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Market news:

  • Obama backs economic effort, asks for voters' help Sep 20, 2021 08:26 PM

    • WASHINGTON - President Barack Obama reached out fervently Monday to skeptical voters who are still hurting long after the declared end of the recession, imploring them to stick with him in elections that could inflict catastrophic losses on Democrats in just six weeks.
    • Recognizing the economy is the campaign's Issue No.
    • 1 - and a peril for his party - Obama vigorously defended his recovery efforts and challenged tea party activists as well as the Republicans who are clamoring to take over Congress to spell just how they would do better.
      • Fake bomb left near Wrigley prompts Chicago arrest Sep 20, 2021 08:15 PM

        • CHICAGO - A man arrested for allegedly placing a backpack he thought contained an explosive near Chicago's Wrigley Field also talked about poisoning Lake Michigan, bombing a landmark skyscraper and assassinating Mayor Richard Daley, according to a federal complaint filed Monday.
        • Sami Samir Hassoun, 22, a Lebanese citizen living in Chicago for about three years, was charged with one count each of attempted use of a weapon of mass destruction and attempted use of an explosive device.
        • "He wanted to transform the city of Chicago, he wanted to make a statement and he wanted to replace the mayor of Chicago," said FBI Special Agent in Charge Robert Grant.
          • Jimmy the painting chimp draws hordes to Rio zoo Sep 20, 2021 08:02 PM

            • RIO DE JANEIRO - A retired circus chimpanzee is the Cezanne of simians, drawing crowds to a Brazilian zoo to watch him paint.
            • The 26-year-old chimp called Jimmy has been producing surprisingly lovely paintings each day for three weeks at the Niteroi Zoo.
            • Trainer Roched Seba said Monday Jimmy doesn't like the toys and other diversions that other chimps enjoy.
              • Caffeine consumption an issue in Ky. murder trial Sep 20, 2021 07:29 PM

                • - The lawyer for a Kentucky man accused of strangling his wife argued at trial Monday that excessive caffeine from sodas, energy drinks and diet pills left the defendant so sleep-deprived and mentally unstable that he falsely confessed to the killing.
                • Attorney Shannon Sexton said in opening statements at the murder trial of Woody Will Smith, 33, that he did not kill his 28-year-old wife, Amanda Hornsby-Smith, on May 4, 2009.
                • The argument was a twist on Sexton's previously stated defense as outlined in earlier court documents - that a high intake of caffeine rendered Smith temporarily insane and unable to form the intent to kill his wife.
                  • Torre visits new Yankee Stadium for the first time Sep 20, 2021 07:28 PM

                    • NEW YORK - Joe Torre walked into new Yankee Stadium for the first time, signed the clubhouse wall alongside other pinstriped greats and ended his estrangement from Brian Cashman with an embrace.
                    • Torre had not been to the Yankees' home since his bitter departure as manager after the 2007 season, the next-to-last season of old Yankee Stadium.
                    • He announced Friday he would retire from the Los Angeles Dodgers after three seasons as their manager, and then received an invitation from Yankees chief operating office Lonn Trost to attend the ceremony.

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