Ambac Financial Group, Inc. (NYSE: ABK) is down on two bits of news. The Wisconsin insurance commissioner filed a petition and plans rehabilitation for segregated account of Ambac Assurance; more importantly, there are headlines that it may seek bankruptcy protection (has been reported before). Shares are down 22% at $0.62 on 3.4 million shares as of 9:06 AM EST.
Best Buy Co. Inc. (NYSE: BBY) is trading higher after beating earnings as net income rose to $779 million, or $1.82 EPS vs. $1.35 EPS a year ago and versus $1.78 EPS expected. Sales rose 12% to $16.6 billion and comparable sales rose by 7%. Shares are up 7.75% at $44.37 within striking distance of the $45.55 high of the last 52-weeks and we have seen 2.6 million shares as of 9:08 AM EST.
China Automotive Systems (NASDAQ: CAAS) beat earnings with Q4 EPS of $0.21 vs $0.17 estimates and Revenue was up over 100% to $83.8 million versus $63.6 million expected. Shares at 9:06 are up 8.5% at $24.07 on 116,000 shares versus 1.2 million average shares per day and versus a 52-week range of $3.22 to $27.17.
Citigroup Inc. (NYSE: C) is very active one news that it may be closer to having Uncle Sam off its neck. The government reportedly has a time fram for selling its remaining stake to avoid accusations that sales are based on insider info. At 9:05 AM EST we have shares up over 3% at $4.28 on 36 million shares.
Electro-Optical Sciences, Inc. (NASDAQ: MELA) received additional questions from the FDA over the pre-market approval application of the MelaFind device for early melanoma detection. The FDA has said that its application is not currently approvable and the FDA has now extended the review by up to 180 days. Shares are down 25% at $6.83 on 52,000 shares as of 9:05.
Genzyme Corporation (NASDAQ: GENZ) is down again after yesterday’s FDA action on the Allston plant as shares this morning were Cut to Underweight at JPMorgan. SHares are down 2.9% at $53.70 on 48,000 shares as of 9″04 AM EST.
Lululemon Athletica Inc. (NASDAQ: LULU) is continuing a run and at 52-week highs after the yoga-inspired retailer said that its profit and outlook were both above expectations. Shares are up 9% at $38.94 on 73,000 shares and a new 52-week high above $36.89 (9:04 AM).
NIVS IntelliMedia Technology Group, Inc. (AMEX: NIV) is a Chines electronics company that designs, manufactures and sells intelligent audio and visual products, and it is up on earnings. Fiscal year 2009 net income of $23.5 million or $0.59 per diluted share on sales of $185.2 million; up from a year ago of $13.0 million net income or $0.41 EPS on sales of $143.6 million. At 9:02 AM EST we have shares up 19% at $3.60 on 101,000 shares versus 241K on average and 52-week range of $2.03 to $4.58.
Salix Pharmaceuticals (NASDAQ: SLXP) was awarded FDA approval for Xifaxan 550mg tablets for the risk reduction of overt hepatic encephalopathy recurrence in patients aged 18 and higher. At 9:03 shares are up 8.3% at $36.30 on 350,000 shares. Average volume is 1.4 million, but this is a new 52-week high above $34.38.
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JON C. OGG
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