sank $3.60, or 12.8%, to $24.54 after the company reported third-quarter results. Dell grew its bottom line 27%, but its financial outlook disappointed investors.
The company's U.S. consumer business revenue declined 6% during the quarter, and its revitalization plans failed to impress analysts.
, removed Dell from its "conviction buy" list of preferred companies and replaced it with
, barely a month after adding Dell to the list.
Shares of satellite radio companies
soared after a Wall Street analyst suggested the Department of Justice is set to approve the $13.6 billion acquisition deal between the two.
A Bear Stearns analyst said DOJ approval for the Sirius-XM deal is likely to come in the next few days. Sirius rose 31 cents to $3.83. XM was up $1.86, or 13.5%, to $15.60.
, one of a few small-cap standouts, soared 36.1% to $7.54 on revised earnings. The Acton, Mass.-based maker of digital video systems announced record third-quarter revenue of $49 million for a profit of $3.3 million, or 11 cents a share, vs. a loss of $1.2 million, or 4 cents a share, in the year-ago quarter. A typographical error had led to misrepresentation of revenue and EPS figures, among other data.
stock hit a new 52-week low Friday, sinking as low as 8.3%, after the discount retailer pared back its outlook for the rest of the fiscal year. The company beat third-quarter earnings expectations, but saw declining same-store revenue. The Columbus, Ohio-based company partly blamed the slide on weakness in sales of toys and home products.
As a result, Big Lots lowered its full-year income to between $1.37 and $1.42 a share, after having had views bumped them up twice over as many quarters. The last update had the figure at $1.43 to $1.48. Analysts are calling for $1.45 a share. While the company also set plans to repurchase another $150 million of its shares as soon as it finishes up the current $600 million authorization, shares closed down $1.82, or 8.9%, to $18.67.
On the losing side,
slumped 27.7% to $10.81 after
reported that the U.S. Marine Corps would reduce by nearly 40% purchases of the Lasdon, S.C., company's Mine-Resistant, Ambush-Protected (MRAP) vehicles.
In ratings changes, Lazard analyst Joel Sendek upped his price target for the
( OSIP) to $50 from $43. Also Collins Stewart upgraded the stock to buy from market perform. OSI added $1.10 or 2.4% to $46.63.
Meanwhile Friedman Billings downgraded
( MOGN), a day after the company announced it would consider its strategic alternatives, to market perform from outperform. Also JMP Securities downgraded Indevus Pharmaceuticals to market perform from strong buy. MGI edged down 55 cents, or 1.6%, to $34.55 and Indevus shares descended 19 cents, or 2.5%, to $7.38.