Stocks Slump on Budget Talk Worries
In corporate news, Knight Capital Group (KCG) shares extended the prior session's gains as it popped by 5.3% following a report from The Wall Street Journal that the firm may sell its market-making business, the company's most profitable unit. The Journal reported that Knight had been approached by at least two competitors about buying the business.
Corning (GLW) shares popped 6.9%. The glass manufacturer announced expectations of stronger-than-forecast fourth-quarter LCD glass volume and full-year sales of Corning Gorilla Glass approaching $1 billion, amid stronger-than-expected retail demand for LCD televisions and other consumer electronics devices in North America and China.
Ralcorp on Tuesday also revealed better-than-expected fourth-quarter earnings of 92 cents a share; analysts, on average, were expecting earnings of 87 cents a share. Revenue came in at $1.07 billion, compared with expectations of $1.1 billion. ConAgra shares tacked on 4.7%.Shares of Green Mountain Coffee Roasters (GMCR) were soaring more than 20% in extended trades after the company trounced Wall Street's expectations for its fourth-quarter results, reporting a non-GAAP profit of 64 cents a share with net sales rising 33% year-over-year to $946.7 million, well ahead of the consensus view for earnings of 48 cents a share on revenue of $902.7 milion. The board of Las Vegas Sands (LVS) declared a special dividend of $2.75 a share after Monday's closing bell. Shares jumped 5.3%. Dollar General (DG), the discount retailer, will join the S&P 500, replacing Cooper Industries (CBE), which is being acquired by Eaton (ETN). Dollar General shares finished up 0.41%. Equity Residential (EQR) and AvalonBay Communities (AVB) agreed Monday to jointly purchase the assets of Archstone Enterprise LP, mainly a portfolio of apartment properties, from Lehman Brothers. Equity Residential shares gained 1.5% and AvalonBay shares rose 2.6%. Yelp (YELP) shares bumped up 6.6% after being upgraded to buy from hold at Cantor. Acadia Pharmaceuticals (ACAD) shares soared 136.1% after the company announced that its experimental antipsychotic treatment exhibited solid progress in a phase 3 trial in treating patients afflicted with Parkinson's disease psychosis. -- Written by Andrea Tse and Joe Deaux in New York.
>To contact the writer of this article, click here: Andrea Tse. Follow @Commodity_Bull
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV