Friday's Winners & Losers: UAL
United Airlines operator UAL (UAUA), based in Chicago, was up 8.2% to $6.83. UAL announced it would make major changes in order to cut costs in the current, challenging economic environment, including reducing its work force and charging customers $15 for checking the first bag.
Video-game retailer GameStop (GME) added $1.52, or 3.5%, to $44.44 following the monthly video games sales report from research firm NPD that showed the industry grew 37% in May from a year ago. The U.S. video games industry has generated $6.6 billion this year, so far, and is on track to achieve $21 billion to $23 billion in revenue for 2008, said NPD.
Several chip stocks recovered after taking a beating earlier this week when the Semiconductor Industry Association cut its sales forecast for the year to 4.3% from 7.7% issued in November. AMD (AMD) rose 40 cents, or 5.6%, to $7.54 while rival Intel (INTC) was up 61 cents, or 2.8%, to $22.66.
Micron Technology (MU) rose 31 cents, or 4.22%, to $7.65.One stock not registering a gain, Maxygen (MAXY) slid $1.36, or 28%, to $3.49 after disclosing in an Securities and Exchange Comission filing that the U.S. Patent and Trademark Office granted a patent to Amgen (AMGN) on June 3 that Amgen may contend. It covers Maxygen's MAXY-G34 product candidate for chemotherapy-induced neutropenia, or a low number of the bacteria-destroying white blood cells that defend against infections. Credit Suisse downgraded PDL BioPharma (PDLI) to neutral from outperform. It's shares were trading down 46 cents, or 4.2%, at $10.66. Shares of Origin Agritech (SEED)advanced 11.6% to $6.81. The Beijing, China-based company, which develops and distributes hybrid crop seeds, announced three new corn hybrid seeds and one GM cotton seed for distribution in 2009.
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