Nokia, Rambus, Micron Technology, PMI Group, International Paper, Switch & Data Facilities and Equinix Popular Stocks
U.S. stocks were trading moxed Monday at 3:53PM EDT as the Dow Jones Industrial Average rose 14 points to 11218 but the Standard & Poor’s 500 fell 4 points to 1213 and the Nasdaq Composite dropped 5.5 to 2525.
Bernstein Research analyst Pierre Ferragu this morning downgraded Nokia (NYSE:NOK, $12.46, -$0.30, -2.35%) shares to Market Perform from Outperform. Bernstein said, “the Nokia, world’s largest maker of mobile phones is now too dependent on the success of Symbian 3, the delayed revamp of its “smartphone” operating system.”
Rambus Inc (NASDAQ:RMBS, $24.61, -$0.43, -1.72%) boasts a $2.9 billion stock-market value, based largely on bulls’ bet that its $12 billion lawsuit against Micron Technology (NASDAQ:MU, $10.98, -$0.02, -0.18%) and Hynix Semiconductor Inc, Barron’s said in its April 26 edition.
Mortgage insurer PMI Group (NYSE:PMI, $6.41, -$0.22, -3.32%) Sunday reported a wider first quarter loss on lower premiums and a change in the value of some of its debt obligations. First-quarter loss to $157 million, or $1.90 a share, from $115.3 million, or $1.41 a share, during the same quarter a year earlier. Revenue fell 36 percent to $156.6 million from $245.1 million.
International Paper Co. (NYSE:IP, $28.41, -$0.22, -0.77%) said Monday it has agreed to buy a rival’s Asian packaging business of Swedish paper company SCA for $200 million in cash.
Shares of Switch & Data Facilities Co. (NASDAQ:SDXC, $19.68, +$1.98, 11.19%) surged on Monday trading after the data centerit was notified the U.S. Department of Justice had closed its investigation into the merger between Switch & Data Facilities Co. and Equinix Inc. (NASDAQ:EQIX, $103.21, +$7.47, 7.80%), which is now expected to close on April 30.