Friday, November 6th, 2009
Market Wrap-Up for November 6, 2009
Ocean Power Technologies, Inc. (OPTT), ExlService Holdings, Inc. (EXLS), and Sonic Solutions (SNIC) are three featured stocks as the marketed ended the week higher.
Featured Story Stocks
- Ocean Power Technologies, Inc. [[OPTT]] – Shares of the alternative energy company moved higher after it won a $66.5 million award from the Australian Federal Government. The award is one of four renewable energy projects approved by the government after considering over 30 applications, and the company represents the only wave energy venture that won an award.
- ExlService Holdings, Inc. [[EXLS]] – Shares of the business solutions provider rose sharply higher after reporting a profit in the third quarter. The company earned $4 million, or 14 cents per share, on revenues that grew 3% to $48.2 million. The results exceeded Wall Street expectations of $44.5 million in revenues. Meanwhile, the company also raised its full-year forecast to $178-180 million.
- Sonic Solutions [[SNIC]] – Shares of the digital media company rose higher after the company announced a net loss of $0.2 million, or $0.01 per share, on revenues that moved marginally lower to $26.1 million. The company noted that it was at the cusp of a major transformation in the way in which movies are delivered, and remains optimistic about the role of digital distribution going further.
Market Summary
U.S. markets closed the session and the week on a mixed note. The Dow Jones ended up nearly 18 points to close the week over 10,000; the S&P 500 moved up 2.67 points to close the week at 1,069; and the Nasdaq closed up 6.28 points at 2,111.60 at the end of the session. Energy stocks and utilities were among the weakest performers, while airlines were among the biggest gainers.
The U.S. dollar ended the day mixed against various currencies and world markets looked past unemployment data in the states. Commodities also moved lower on the session, hurting many energy and commodity stocks. Crude oil moved down $2.19 to close at $77.42 per barrel during today’s session. Meanwhile, gold prices extended their rally to close at $1,096 per ounce.
Overseas, European and North American markets ended the week higher. Britain’s FTSE ended 0.33% higher; France’s CAC moved down 0.04%, and Germany’s DAXX moved up 0.13%. Meanwhile, Canada’s TSE moved up 0.5% along with most Latin American economies.
Written by David Breen
