Market Wrap-Up for November 17, 2009
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Atmel Corporation (ATML), VIVUS, Inc. (VVUS), and Spreadtrum Communications, Inc. (SPRD) are three featured story stocks as the markets ended the day mixed.
Featured Story Stocks
- Atmel Corporation (ATML) – Shares of the integrated circuit manufacturer rose sharply higher after settling its Microchip Offer Shareholder Litigation and launched two new products. Atmel TwinAVR provides unmatched security and performance on a single chip for smart card applications, while its low-cost RFID provides increased flexibility, shorter lead time, and faster time-to-market.
- VIVUS, Inc. (VVUS) – Shares of the therapeutic pharmaceutical company rose sharply higher after it announced that it will release the results from the avanafil REVIVE (TA-301) Phase III clinical trial on November 18th prior to market open. The announcement will be followed by a webcast and conference call at 8:30AM Eastern Time. Investors are bullish on the prospects for the trials and sent shares higher.
- Spreadtrum Communications, Inc. (SPRD) – Shares of the semiconductor company dropped after reporting third quarter results. Total revenues increased 137% to $38.4 million as net income came in at $0.6 million compared to a net loss of $13.1 million during the second quarter and $31.3 million in the comparable quarter. During the quarter, the company saw increased customer demand and improved margins.
Market Summary
U.S. markets ended mixed after brokerages raised their outlook for many companies after disappointing holiday spending outlooks from Target and Home Depot. The Dow Jones dropped 41 points, or 0.39%, to 10,357, the Nasdaq jumped 5.25 points, or 0.29%, to 1,808.75, and the S&P 500 dropped 0.20 points, or 0.02%, to 1,107.20.
Commodities also ended the day mixed, despite a sharp rebound in the U.S. dollar early in the session. Light crude moved up $0.24 to $79.14 per barrel, while unleaded gas moved up $0.02 to $2.00 per gallon. Meanwhile, gold remained roughly even at $1,139.20 per ounce with platinum being the top mover, gaining $17.90 to $1,462.5 per ounce.
Overseas market ended the day largely lower. In Europe, Britain’s FTSE 100 moved down 36.74 points, or 0.68%, to 5,345.93, Germany’s DAX dropped 26.39 points, or 0.45%, to 5,778,43, and France’s CAC dropped 34.1 points, or 0.88%, to 3,829.06. In Canada, the TSE 300 rose 117.74 points, or 1.02%, to 11,630 while the TSX 60 rose 7.71 points, or 1.13%, to 692.28.
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