Market Movers: Travelers, RIMM, and MEMC Electronic in the Spotlight
Travelers Insurance (NYSE:TRV) was down as low as $58.75 a share today. However, the insurer has begun to recover, now selling at $59.41 a share, but still down 2.73% for the day. The company expects share buybacks in the second quarter under $250 million, as opposed to $1.4 billion in share buybacks from the same quarter last year. Weather-related catastrophes this spring cost the company over $1 billion in insurance payouts this spring.
Research In Motion Ltd. (NASDAQ:RIMM) shares dropped 1.94% after Morgan Stanley (NYSE:MS) said the maker of the BlackBerry smartphone is likely to have to cut the numbers for its earnings forecast in 2012.
MEMC Electronic Materials Inc. (NYSE:WFR) shares fell to $8.52 midday after closing at $9.08 yesterday. Shares are beginning to recover, up $8.84 a share but still down 2.64% from yesterday’s close. Stifel Nicolaus (NYSE:SF) analyst Jeff Osborne cut his rating of the solar industry chip maker to Hold from Buy today, citing waning interest in the solar chip market.
JPMorgan (NYSE:JPM) says U.S. consumer demand for tire replacements declined by 3% in May. Goodyear Tire & Rubber Co. (NYSE:GT) shares fell 5.98% today, Cooper Tire & Rubber Co. (NYSE:CTB) fell 6.04%.
One of the few companies coming out in the green today was Fusion-io Inc. (NYSE:FIO), whose shares skyrocketed 7.11% today after the company went public. Stock is currently at $24.10 a share.
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