Stocks in Motion: Converium
Updated from 11:34 a.m. EDT
Shares of
Tenneco Automotive
(TEN) - Get Tenneco Inc. Class A Report
were among the
NYSE's
big winners Tuesday after the company reported better-than-expected second-quarter earnings and sales, and said it expects to perform well during the second half of the year.
The Lake Forest, Ill.-based auto-parts maker reported pro forma earnings of 70 cents a share on sales of $1.11 billion. Analysts polled by Thomson First Call had expected it to earn 54 cents a share on sales of $1.05 billion. Looking ahead, the company said that it is "cautiously optimistic" that its improving performance will continue during the second half of the year, despite "market uncertainties." Shares of Tenneco Automotive traded up $1.88, or 15.2%, to $14.23.
Radio Shack
(RSH)
rose after the company exceeded second-quarter earnings expectations and raised third-quarter guidance.
Second-quarter earnings of 42 cents a share easily beat the 39 cents analysts had expected. Sales, meanwhile, came in at $1.05 billion, in line with expectations. Looking ahead, Radio Shack expects to earn 38 cents to 40 cents a share during the third quarter. Analysts were expecting it to earn 37 cents a share. Shares of Radio Shack traded up $1.94, or 7.2%, to $29.02.
Shares of
Converium
(CHR)
got ripped after the reinsurer warned that second-quarter earnings would fall short of expectations. The company said its results would be negatively affected by a reserve strengthening of $400 million in connection with casualty losses related to underwriting the years of 1997-2001. Shares of Converium traded down $11.12, or 44.4%, to $13.90.
TheStreet Recommends
Ceridian
(CEN) - Get Center Coast Brookfield MLP & Energy Infrastructure Fund Report
fell after it postponed the release of its second-quarter earnings, which were due out today. "A concern was raised internally very recently regarding capitalization and expensing of certain costs in our U.S. Human Resource Solutions business," the company said. The company, which initiated the review, notified the
Securities and Exchange Commission
about the situation and is cooperating with the commission's request for additional information. Shares of Ceridian traded down $2.13, or 10.5%, to $18.21.
Shares of
Lucent
(LU)
rose after the company was selected by
Verizon
(VZ) - Get Verizon Communications Inc. Report
to provide increased capacity of its ultralong-haul optical network. Under a three-year agreement, Verizon will be the first service provide in the U.S. to deploy Lucent's LambdaXtreme long-distance network. Verizon plans to deploy the system some time this summer. Shares of Lucent traded up 16 cents, or 4.9%, to $3.40.
NYSE volume leaders included Lucent;
Corning
(GLW) - Get Corning Inc Report
, up $1.42 to $12.69;
Boston Scientific
(BSX) - Get Boston Scientific Corporation Report
, down $1.45 to $34.70;
Motorola
(MOT)
, up 65 cents to $16.09; and
Ford
(F) - Get Ford Motor Company Report
, down 38 cents to $14.60.
Nasdaq
volume leaders included
Microsoft
(MSFT) - Get Microsoft Corporation Report
, up 37 cents to $28.32;
Sun Microsystems
(SUNW) - Get Sunworks, Inc. Report
, up 17 cents to $4.11;
Intel
(INTC) - Get Intel Corporation Report
, up 33 cents to $23.24;
Sirius Satellite Radio
(SIRI) - Get Sirius XM Holdings, Inc. Report
, up 30 cents to $2.61;
Oracle
(ORCL) - Get Oracle Corporation Report
, up 17 cents to $10.50; and
Cisco
(CSCO) - Get Cisco Systems, Inc. Report
, up 52 cents to $21.88.
