S&P 500 Hits an All-Time Record and Deutsche Telekom AG May Raise Bid for MetroPC
NEW YORK, April 11, 2013 /PRNewswire/ --
Boosted by technology and financial shares, stocks climbed higher on Wednesday with the S&P 500 climbing to a new all-time intra-day high in midday trading. The index hit 1,585, breaking its high of 1,576 that was set in October 2007 before the financial crisis. Deutsche Telekom, the parent company of T-Mobile USA is considering raising its bid on MetroPCS Communications Inc. This is a deal that would merge the fourth- and fifth-largest cellphone carriers in the U.S.
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Barrick Gold Corporation (NYSE: ABX) - Shares of ABX hit a new 52-week low on Wednesday of $24.26 after news revealed that a court in Chile suspended work at one of Barrick's mining projects, citing environmental concerns. The stock closed down roughly 8% yesterday.
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Suntech Power Holdings Co. Ltd. (NYSE: STP) - Suntech Power Holdings broke out on Wednesday after the Company said in a statement that judicial authorities in Switzerland had granted the moratorium to allow the unit, Suntech Power International Ltd, to restructure its debt. Shares hit as high as $0.75 in intra-day trading and closed up nearly 20%.
ADTRAN Inc. (Nasdaq: ADTN) - Shares of Adtra wear up nearly 15% in midday trading Wednesday. The Company reported fiscal Q1 profit and revenue that was above Wall Street's expectations. Volume traded yesterday was more than three times higher than average. Shares closed up nearly 14%.
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Health Management Associates Inc. (NYSE: HMA) - Health Management Associates Inc. was one of the biggest decliners on the NYSE yesterday. Shares closed down about 16% after the Company revealed that it cut its outlook for 2013. Management now sees full-year operating EPS of $86-$0.95 on revenue of $6.8 billion-$7 billion compared to a prior view of $0.86-$1.01 and $7 billion-$7.2 billion, respectively.
Titan Machinery, Inc. (Nasdaq: TITN) - TITN shares closed down about 14% on Wednesday after the Company announced fourth quarter earnings below analyst estimates. Q4 earnings fell 13% to 73 cents, missing analyst estimates by 19 cents. The stock traded nearly 7 million shares, significantly above average.
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