U.S. stocks are trading mixed Friday on 21th May, 2010 at 3:41PM EDT as the Standard & Poor’s 500 rose 0.21% to 1074, the Nasdaq Composite jumped 0.11% to 2206 but the Dow Jones Industrial Average fell 0.17% to 10051
Wells Fargo & Co. (NYSE:WFC, $29.39, +$0.70, 2.44%) bailout warrants sold for $849 million in the latest move to recoup costs for taxpayers from the $700 billion financial bailout. The U.S. Department of the Treasury announced that it has commenced a secondary public offering of 110.26 million warrants at a price of $7.70 per warrant to purchase the common stock of Wells Fargo & Co., AP reported.
Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB, $20.28, -$3.28, -13.92%), a casual dining restaurant chain focused on serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, reported first-quarter results that failed to impress. Red Robin Gourmet reported first-quarter net income of $4.9 million, or 32 cents per share, compared with $3.8 million, or 25 cents per share and revenue rose 1.7% to to $275.51 million from $270.81 million in the same quarter a year earlier.
Detroit-based technology-management software maker Compuware Corp. (NASDAQ:CPWR, $7.90, +$0.63, 8.67%) on Thursday reported a fall in profit for the fourth quarter, hurt by a decline in Software license, and Professional services fees. Compuware reported fourth-quarter net income of $37.4 million, or 16 cents per share, compared to $48.4 million, or 20 cents per share and revenues fell 9.2 percent to $230 million, from $253.35 million in the same quarter a year earlier.
Focus Media Holding Limited (NASDAQ:FMCN, $15.97, +$0.87, 5.76%) is China’s leading multi- platform digital media company, on Thursday posted better-than-expected quarterly results, helped by a surge in revenue from LCD display network and Internet advertising. Non-GAAP net income attributable to Focus Media was US$23.2 million compared to US$18.6 million prior year. Focus Media Holding expects adjusted earnings of $35.5 million to $37.5 million. Net revenue increased 19% to $124.9 million.
Frontline Ltd. (NYSE:FRO, $30.02, +$0.91, 3.13%) is a shipping company, on Friday reported its first-quarter earnings rose 4.4 percent. Frontline reported first-quarter net income of $79.69 million, or $1.02 per share, compared with $76.62 million, or 98 cents per share and revenue fell 7 percent to $331.82 million from $356.60 million in the same quarter a year earlier.
Illinois-based Abbott Laboratories (NYSE:ABT, $46.38, -$0.10, -0.22%) has agreed to buy Piramal Healthcare Ltd.’s branded generic-medicine unit in India for $3.72 billion. Abbott will make an upfront payment of $2.12 billion for the business and then pay a further $400 million every year for the next four years.