Market Wrap-Up for November 25, 2009
QAD Inc. (QADI), China BAK Battery, Inc. (CBAK), and Ener1, Inc. (HEV) are three featured story stocks as the market ended the day on a higher note.
Featured Story Stocks
- QAD Inc. (QADI) – Shares of the enterprise software provider rose sharply higher after it announced strong third quarter results for fiscal 2010. The company earned $4.8 million, or $0.15 per fully diluted shares, on revenues of $56.2 million. Meanwhile, gross margins increased to 60% from 54% as operating expenses were reduced to 50% of revenues. Going forward, the company expects to earn $57 million in the fourth quarter.
- China BAK Battery, Inc. (CBAK) – Shares of the Chinese battery manufacturer rose sharply higher after Indie Research issued a report highlighting the company as a potential play on China’s environmental protection spending that is supposed to more than double through 2015. According to Bloomberg, the world’s largest producer of greenhouse gases could spend as much as $454 billion on such initiatives.
- Ener1, Inc. (HEV) – Shares of the rechargeable lithium-ion battery maker rose sharply higher after it announced that it would enter into the utility-scale energy-storage market, supplying batteries for a new federal smart-grid program. The company will build batteries for five one-megawatt power systems that will be used by Portland General to help manage peak demand and smooth variations in power from renewable sources.
Market Summary
U.S. markets ended the day on a higher note as a lower U.S. dollar and positive employment data helped fuel bulls. The Dow Jones Industrial Average closed up 30.69 points, or 0.29%, at 10,464.40, the Nasdaq closed up 6.87 points, or 0.32%, at 2,176.05, and the S&P 500 closed up 4.98 points, or 0.45%, at 1,110.63 during the session.
Commodities also ended the day largely higher due to the declining U.S. dollar. Light crude oil closed up $1.94 at $77.96 per barrel on the Nymex, while unleaded gas moved up $0.06 to $2.00 per gallon. Meanwhile, metals also moved higher, led by gold, which rose $20.60 to $1,188 per ounce. Silver, platinum and copper were also higher on the session.
Foreign markets in the Americas also closed higher amid strength in the U.S. Canada’s TSE 300 closed up 97.27 points, or 0.84%, at 11,636.90, while Brazil’s Bovespa moved up 600.08 points, or 0.89%, to 67,917.08 along with other Central American markets.
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