Author: FX_Trdr

In trading on Friday, shipping shares were relative leaders, up on the day by about 2.7%. Leading the group were shares of Dryships (DRYS), up about 10.4% and shares of Frontline Limited (FRO) up about 7.4% on the day.

Drive in restaurant chain Sonic (SONC) announced that it earned $6.1 million, or 11 cents per share, for the most recent fiscal quarter that ended on November 30th, versus $5.5 million, or 9 cents per share, in the same quarter last year. Revenue decreased to $126 million from $128.3 million, in part due to the fact that some drive-ins were re-franchised.

Calavo Growers (CVGW) announced that net income increased by 72 percent in the fiscal fourth quarter, helped by a better than expected avocado harvest. The company earned $6.2 million, or 42 cents per share, up from $3.6 million, or 25 cents per share, in the same period last year.

UnitedHealth (UNH) was downgraded by Deutsche Bank (DB) to hold from buy with a price target of $61 due to increasing price competition. Shares are lower by about four percent.

Biogen Idec (BIIB) was downgraded by Piper Jaffray (PJC) to neutral from overweight, as the share price has been approacing the previously set $168 price target. Shares are lower by about 1.3 percent.

Bank of the Ozarks Incorporated (OZRK) announced its quarterly dividend of 15 cents per share, an increase of about 7% over its prior dividend in October of 14 cents. The dividend is payable January 25, 2013 to shareholders of record as of January 18, 2013.

In trading on Thursday, textiles shares were relative leaders, up on the day by about 1.8%. Leading the group were shares of Quicksilver (ZQK), up about 8.4% and shares of Kingold Jewelry (KGJI) up about 6.8% on the day.

Food packaging manufacturer Landec (LNDC) announced that second quarter profit more than doubled, and restated its first quarter results to account for an undervaluation of $2.9 million for its investment in Windset Holdings. The correction adds $1.8 million, or 7 cents per share, to first quarter earnings, for a total of 17 cents per share.

Dole (DOLE) announced that it has been experiencing lower profit margins in its fruits business, and issued a disappointing 2013 earnings forecast. The company expects expects to report EBITDA of $150 million to $170 million this year.

A strong open on Wall Street on this first trading day of the year, as lawmakers reached an agreement to avert the fiscal cliff. The Institute for Supply Management’s non-manufacturing index increased to 50.7 in December, exceeding economists’ expectations.