Bank of America, OCLS, AEO, KCI, HRBN, FACT, ABT, RMIX Popular Stocks
U.S. stocks trading higher Wednesday. The Dow Jones Industrial Average rising 15 points to 10579, the S&P 500 increasing 6.6 points to 1147 and the Nasdaq Composite climbing 18 points to 2359.
Bank of America (NYSE:BAC, $17.15, +$0.35, 2.08%) customers will soon be unable to spend more than they have in the accounts linked to their debit cards. It’s a step that may become a common move ahead of new regulations limiting overdraft fees.
Oculus Innovative Sciences Inc (NASDAQ:OCLS, $3.03, +$1.22, 67.40%) said its Microcyn Skin and Wound HydroGel was approved by U.S. health regulators.
American Eagle Outfitters Inc. (NYSE:AEO, $18.15, +$1.00, 5.83%), the young-adult apparel retailer, rose in U.S. trading after forecasting first-quarter profit above analysts’ estimates and posting a gain in fourth-quarter earnings. Net income rose to $59.3 million, or 28 cents a share, in the quarter ended Jan. 30, from $32.7 million, or 16 cents, a year earlier, American Eagle said. Profit excluding some items was 33 cents a share, meeting analysts’ estimates.
A federal jury decided in favor of Kinetic Concepts Inc (NYSE:KCI, $49.79, +$6.48, 14.96%) in a patent dispute with British orthopedic device maker Smith & Nephew, Kinetic said Wednesday.
Harbin Electric (NASDAQ:HRBN, $25.57, +$3.56, 16.17%) said Wednesday its fourth-quarter profit and sales tripled with help from an acquisition of another Chinese electric-motor maker. Fourth quarter net income attributable to controlling interest of Harbin Electric’s surged to $18.31 million or $0.59 per share from $6.04 million or $0.27 per share in the same quarter last year.
Facet Biotech (NASDAQ:FACT, $26.99, +$10.78, 66.50%) agreed to be acquired by Abbott Laboratories (NYSE:ABT, $55.15, +$0.35, 0.64%) for $722 million, including $272 million of Facet’s cash and securities. Abbott is paying $27 per share for Facet, a 67 percent premium over the stock’s closing price yesterday.
U.S. Concrete Inc. (NASDAQ:RMIX, $0.422, -$0.159, -27.39%) on Wednesday reported a narrower fourth-quarter net loss. For the fourth quarter, net loss attributable to shareholders was $16.73 million or $0.46 per share as compared with a loss of $132.19 million or $3.63 per share in the prior-year period. On an adjusted basis, net loss for the year-ago quarter was $12.38 million or $0.34 per share.