The S&P 500 (NYSEARCA:SPY) is up today by 0.43% and stands at 1,217. Here are three stocks outpacing the crowd.
Novellus (NASDAQ:NVLS): Lam Research’s (NASDAQ:LRCX) prospective purchase of Novellus advances some of the companies’ rivals, as investors show optimism that the merger of the third and fourth largest U.S. chip equipment manufacturers will encourage even more consolidation in the afflicted industry. NVLS shares recently traded at $41.47, up $6.77, or 19.51%. They have traded in a 52-week range of $25.95 to $41.82. Volume today was 22,521,527 shares versus a 3-month average volume of 1,740,440 shares. The company’s trailing P/E is 11.85, while trailing earnings are $3.50 per share.
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FedEx (NYSE:FDX) projects FQ3 EPS to be $1.25-$1.45 vs. consensus of $1.31, and reasserts its estimate of $6.25-$6.75 for FY12. The company announces a deal to buy 27 Boeing (NYSE:BA) 767s as part of efforts to modernize its fleet, while holding off taking delivery of 11 777Fs “to better balance … capacity to demand.” FDX shares recently traded at $82.80, up $5.51, or 7.13%. They have traded in a 52-week range of $64.07 to $98.66. Volume today was 5,903,536 shares versus a 3-month average volume of 2,906,980 shares. The company’s trailing P/E is 17.14, while trailing earnings are $4.83 per share.
Covidien (NYSE:COV) announces plans to turn its pharmaceutical business into a standalone public company. The pharma unit presently generates $2B in sales, but will bring in around $9.6B in sales after the split. COV shares recently traded at $43.76, up $1.6, or 3.8%. They have traded in a 52-week range of $41.35 to $57.65. Volume today was 3,760,673 shares versus a 3-month average volume of 3,875,540 shares. The company’s trailing P/E is 11.64, while trailing earnings are $3.76 per share.
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