On the upside
Genco Shipping & Trading (NYSE: GNK) announced plans to conserve cash by cancelling its dividend, a stock buyback plan and an order for a vessel in order to reduce capacity.Prospects for Illumina (Nasdaq: ILMN) brightened after the genetic test maker posted 4th quarter profits that beat expectations. Analysts promptly upgraded the stock.
Bally Technologies (NYSE: BYI) reported higher 2nd quarter profits that beat estimates due to reduced costs and increased slot machine rentals.
On the downside
Kraft Foods (NYSE: KFT) reported higher revenues and lower 4th quarter earnings due to restructuring costs. Both the top and bottom line numbers missed targets.The Walt Disney Company (NYSE: DIS) posted disappointed 4th quarter profits late yesterday. Studio revenue plunged 26% from year-ago levels as DVD sales slowed.
Shares of Time Warner (NYSE: TWX) edged lower after the publisher and entertainment company took $24.2 billion in write-downs.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 457.
