Here’s what’s hot in the market today: Bristol Myers Squibs gets good news in clinical trials with Pfizer while Red Hat and Bed Bath & Beyond find strength in quarterly earnings while TreeHouse Foods has problems with pricing.
TreeHouse Foods (NYSE: THS) fell more than 8% to trade below $54 on more than six times normal volume. The prepared foods manufacturer lowered guidance for fiscal year 2011 EPS to around $3.00. TreeHouse has been slow to increase prices though its costs (shipping, packaging, etc.) have gone up.
Bed Bath & Beyond (NASDAQL BBBY) rose more than 4% to trade near $56 midday. The company reported quarterly net earnings per diluted share of 72-cents, an increase of around 38% over the 52-cents from the same period in 2010.
Red Hat (NYSE: RHT) was up almost 4% to top $45 after reporting earnings for its quarter that ended May 31st. The open source software company saw revenues of $265 million, a year-on-year increase of 27%. Nearly 6 million shares of the stock were exchanged by midday. The average volume is below 2 million.
Bristol Myers Squibb (NYSE: BMY) was up more than 5% with more than 23 million shares traded. The pharmaceutical company announced positive clinical trial results for Eliquis, a heart arrhythmia treatment developed alongside Pfizer (NYSE: PFE). Shares were trading just above $29.
American Capital Agency (NASDAQ: AGNC), the real estate investment trust, announced yesterday it would offer more than 43 million shares of common. AGNC today was down less than 1% to just under $29 with more than 32 million shares traded.
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 and become a fan of InvestorPlace on Facebook.
