Autoliv Sinks After Anti-Trust Investigation

by Anthony John Agnello | July 8, 2011 11:58 am

Here’s what’s hot in the market today: Local.com got a boost thanks to a new partnership with Google; Sony saw unusual activity; Ixia took a massive hit after lowering its Q2 guidance; Markwest Energy dipped on its latest offering; and Autoliv fell on news of an anti-trust investigation.

Ixia (NASDAQ: XXIA[1]) dropped more than 23% to trade under $10 on almost 12- times normal trading. The company creates and operates testing systems for wireless networks. Reuters[2] reported on Thursday that Ixia had lowered its revenue and EPS guidance for the second quarter of 2011. Where the company was expecting around $82 million in revenue for the quarter, it now expects as little as $67 million.

Sony (NYSE: SNE[3]) fell about 1% to near $27 with 1.4 million shares traded.  Bloomberg[4] reported possible low gains for U.S. earnings, singling out Sony as a company negatively impacted by the earthquake in Japan last March.

Local.com (NASDAQ: LOCM[5]) was up 17% with more than 4 million shares of the local Web search service were traded. The company announced a partnership with Google (NASDAQ: GOOG[6]) to provide targeted advertising and search services on certain websites starting in August. Shares were trading just below $4.

Markwest Energy Partners (NYSE: MWE[7]), the natural gas company, fell more than 3% after announcing the pricing on its latest public offering. The company offered 3.5 million common stock shares at $48 today. Shares were trading just above the offering midday.

Autoliv (NYSE: ALV[8]), an automotive safety products and parts provider, fell almost 9% to trade near $72.75. Reuters[9] reported that the company was the subject of an anti-trust investigation in the U.S. and Sweden.

As of this writing, Anthony John Agnello did not own a position in any of the stocks named here. Follow him on Twitter at @ajohnagnello[10] and become a fan of InvestorPlace on Facebook.[11]

Endnotes:

  1. XXIA: http://studio-5.financialcontent.com/investplace/quote?Symbol=XXIA
  2. Reuters: http://www.reuters.com/finance/stocks/XXIA.O/key-developments
  3. SNE: http://studio-5.financialcontent.com/investplace/quote?Symbol=SNE
  4. Bloomberg: http://www.bloomberg.com/news/2011-07-08/corporate-earnings-poised-for-smallest-gain-in-2-years-in-u-s-.html
  5. LOCM: http://studio-5.financialcontent.com/investplace/quote?Symbol=LOCM
  6. GOOG: http://studio-5.financialcontent.com/investplace/quote?Symbol=%20GOOG
  7. MWE: http://studio-5.financialcontent.com/investplace/quote?Symbol=MWE
  8. ALV: http://studio-5.financialcontent.com/investplace/quote?Symbol=%20ALV
  9. Reuters: http://www.reuters.com/finance/stocks/ALV/key-developments
  10. @ajohnagnello: http://twitter.com/#%21/ajohnagnello
  11. InvestorPlace on Facebook.: http://www.facebook.com/pages/InvestorPlace/178906405484848

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