This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tuesday's Late Winners & Losers

Stocks trended downward after the bell Tuesday, and Chevron (CVX - Get Report) was among the decliners.

The oil and gas company lost ground after predicting that its third-quarter bottom line will come in "significantly below" the $5.4 billion profit it recorded in the second quarter. The San Ramon, Calif., company blames some of this on one-time items, as well as a "sharp decline in refined-product margins for the downstream business." Shares were down $1.85, or 2%, to $90.95.

Also slipping on soft guidance was International Paper (IP - Get Report), which said its third-quarter income won't meet the 63-cent per-share analyst consensus, according to Thomson Financial. The Memphis, Tenn.-based paper and packaging company did reaffirm, however, that it expects earnings per share to rise sequentially from last quarter's 52 cents. Shares were off 2.7% to $36.06.

Sallie Mae (SLM - Get Report) retreated as well, on word the J.C. Flowers-led group's revised takeout bid for the student lender had expired. In announcing this, the buyer group called Sallie's just-announced retaliatory lawsuit regarding the amended offer "meritless."

The group, which also includes Bank of America (BAC - Get Report) and JPMorgan Chase (JPM - Get Report), argued that the College Cost Reduction and Access Act, which will cut education-lending subsidies and was signed into law last month, is a "material adverse effect" as defined under the merger agreement. The group said that Sallie's claim to the contrary is a "misreading of the contract."

Sallie shares were flat at $48.50 in recent extended trading. BofA added a penny to $52.58, and JPMorgan was flat at $47.57.

Aluminum maker Alcoa (AA - Get Report), meanwhile, reported a 3.2% rise in third-quarter continuing-operations income to 64 cents a share, or $558 million. Analysts were looking for 65 cents a share, excluding special items. In addition, the Pittsburgh-based company said it will now buy back as much as 25% of its outstanding shares, up from the prior 10% authorization. Shares were recently up 8 cents to $39.80.

Elsewhere, Canada-based Angiotech Pharmaceuticals (ANPI) jumped 9.5% on positive results from a pivotal trial on its anti-infective 5-Fluorouacil-coated Central Venous Catheter. The study achieved the primary efficacy endpoint and demonstrated an "excellent safety profile," the company said. Shares gained 63 cents to $7.30 in light trading.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AA $9.52 2.10%
BAC $15.93 0.50%
CVX $78.00 -0.08%
IP $42.32 0.81%
JPM $62.74 0.27%

Markets

Chart of I:DJI
DOW 16,391.37 +39.99 0.24%
S&P 500 1,954.44 +5.58 0.29%
NASDAQ 4,746.2410 -3.7380 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs