What’s Moving These Shares March 7th?
The Dow Jones (NYSE:DIA) is lower over 100 points to 12,065, the S&P 500 (NYSE:SPY) is down to 1307 and the Nasdaq (NASDAQ:QQQQ) is lower at 2,735 on the 44th trading day of 2011, and here is a group of stocks making moves on our radar and the reasons why:
1) Seagate Technology (NASDAQ:STX): Seagate Technology PLC designs, manufactures, and markets rigid disc drives for enterprise, personal computer, and consumer electronics applications. Shares are up over 8% to $13.45 per share today. Over 34 million shares have traded hands already relative to the average 11 million pageviews. Data storage companies are receiving a big lift on the news that Western Digital (NYSE:WDC) is purchasing Hitachi Global Technologies for $4.3 billion in cash and stock.
2) JDS Uniphase Corporation (NASDAQ:JDSU): JDS Uniphase Corporation provides communications test & measurement solutions and optical products for telecommunications service providers, cable operators, and network equipment manufacturers. Shares are down over 8% to $25.11 per share on over 18 million shares trading hands today. The optical networking sector is down big today following a negative quarterly report out of Ciena (NASDAQ:CIEN).
3) Ciena Corporation (NASDAQ:CIEN): Ciena Corporation develops and markets communications network platforms and software, and offers professional services. Shares are down over 11% to $25.37 per share. Over 17.5 million have traded hands today relative to an average of 6.5 million shares trader per today. The company lost $79.1 million, or $.84 cents per share, in the period ended Jan. 31. That compares with a year-earlier loss of $53.3 million, or $.58 cents per share. Revenue more than doubled to $433.3 million from $175.9 million. That’s higher than the $422.5 million analysts had forecast.
4) Western Digital Corp (NYSE:WDC): Western Digital Corporation designs and manufactures hard drives for desktop computers and home entertainment applications. Shares are up over 10% to $33.22 per share. Over 18 million shares have traded hands relative to the daily average of 5 million shares. Western Digital (NYSE:WDC) is purchasing Hitachi Global Technologies. Western Digital said that the deal includes $3.5 billion in cash, plus 25 million of its common shares.
5) Clearwire Corporation (NASDAQ:CLWR): Clearwire Corporation provides wireless broadband services. The Company operates a wireless network in the United States as well as other countries. Shares are down 8.5% to $5.08 per share. Over 5 million shares have traded hands today. Analyst Avian initiated positive coverage on the stock today. Analyst firm Pacific Crest thinks Sprint (NYSE:S) probably will go its own route in building a 4G network, and will use Clearwire (NASDAQ:CLWR) as just an additional, not primary, partner.
6) Petroleo Brasileiro SA (NYSE:PBR): Petroleo Brasileiro S.A. – Petrobras explores for and produces oil and natural gas. The Company refines, markets, and supplies oil products. Petrobras operates oil tankers, distribution pipelines, marine, river and lake terminals, thermal power plants, fertilizer plants, and petrochemical units. Shares are up just under 1% to $41.58 per share. 20 million shares have traded hands today. Reuters reports the Brazilian energy giant is not planning to raise fuel prices for domestic consumers.
7) Apple Inc (NASDAQ:AAPL): Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. Shares are down almost 2% to $353.95 per share. Over 14 million shares have traded hands today. Rumor has it that Apple is going to drop the idea of a glass back for the iPhone 5 for an aluminum back. See: iPad2: The Most Stunning Pictures from Apple’s Event>>
8) Sprint Nextel (NYSE:S): Sprint Nextel Corporation offers a range of wireless and wireline communications services to consumer, business, and government customers. Shares are up over 2.88% to $4.47 per share. Over 50 million shares are trading hands today. Pacific Crest raised his rating on the stock to Outperform from Sector Perform, with a $7 price target, saying the company’s network overhaul will save $1 billion to $1.5 billion annually.
9) James River Coal Company (NASDAQ:JRCC): James River Coal Company, through subsidiaries, mines coal. The Company’s subsidiaries operate in Kentucky. Shares are up over 12% to $22.77 per share today. Over 4 million shares have trading hands today. The coal company reported fourth-quarter net income of $25.9 million, or $.93 cents per share, compared with a net loss of $3.2 million, or $.12 cents per share in the prior year period. The company’s results were below Wall Street’s expectations.
10) Urban Outfitters (NASDAQ:URBN): Urban Outfitters, Inc. operates retail stores and direct response, including a catalog and Web sites. The Company’s Urban Outfitters and Anthropologie retail concepts sell fashion apparel, accessories, and household and gift merchandise. Shares are down over 1% to $38.01 per share today. Over 3 million shares have traded hands today. The retailer is expected to release earnings after the bell today. Analysts on Wall Street are expecting $.52 per share on $674.92 million in revenue. With the Spring and Summer approaching and wedding season gearing up, will investors cheer optimism for this hip retailer after-the-bell?