Bond insurers were headlining again today after Financial Guarantee Insurance
FGIC's move came a day after Moody's
Also falling, Vision-Sciences (VSCI) announced that it reached an agreement with Pentax, resolving pending disputes and dismissing all related legal proceedings over pricing, volume and delivery schedules for items supplied by Pentax. It's also delaying of the filing and release of its third-quarter earnings, and release of its results for the first nine months of fiscal 2008, due to the recent resignation of the company's newly-hired controller.
Shares were trading down 77 cents, or 19.6%, at $3.16.Elsewhere, American Medical Systems (AMMD) suffered a downgrade Friday but was trading up $1.61, or 12.2%, at $14.81. On Thursday post-close the company reported a fourth-quarter loss after a profit in the year-ago period but beat analyst expectations on an adjusted basis excluding legal and technology licensing charges. American Medical expects to earn between 84 cents and 99 cents a share on an adjusted basis, on revenue of between $500 million and $520 million for 2008, while analysts polled by Thomson Financial were looking for 69 cents a share on $522.8 million. RBC Capital downgraded the stock to sector perform from outperform on Friday. Mortgage lender Countrywide (CFC) saw some mixed trading after announcing a 7.47% January delinquency rate as a ratio of unpaid principal balance, and a 1.48% foreclosure rate on that same basis, up from December's respective figures of 7.2% and 1.44%. That also represents a shared surge from year-earlier percentages of 4.32% for delinquencies and 0.77% for foreclosures. Shares of the Calabasas, Calif., company were losing 2.4% at $21.14. Also losing ground, Ultralife Batteries (ULBI - Get Report) shares dropped 16.9% to $14.04 after forecasting a fourth-quarter operating loss of about $2.5 million on revenue of $36.5 million. The Newark, N.Y.-based company had previously guided for a profit in the range of $2.7 million to $3.5 million on $41 million to $44 million in revenue. Analysts polled by Thomson Financial are looking for an operating profit of $3 million. Cognex (CGNX - Get Report) managed to rise on the down day. Shares rocketed 26.3% to $19.43 on last night's fourth-quarter earnings. The Natick, Mass., maker of vision systems for manufacturing-process automation, or machines that can see what they're doing, posted income of $11.1 million, or a quarter a share, vs. $9.5 million, or 21 cents a share, in 2006. The Street was expecting 20 cents a share. Needham & Co. upgraded the stock to strong buy from buy.