Up and Down: Vanda, Foundation Coal, Integral Systems, MCG
A roundup of some of last week's top movers, a little later than usual. Local stocks fell 1.8 percent last week, as the S&P 500 fell 3.1 percent.
*Vanda Pharmaceuticals (VNDA) shares gained 29 percent last week, closing at $6.30. Shares of the Rockville company have been climbing since hitting their 52-week low of $2.70 on March 27, though they're still substantially lower than their 52-week high of $21.71, hit June 22, 2007. Shares are up 100 percent in the past three months.
*Shares of Foundation Coal (FCL) of Linthicum Heights rose 13 percent last week, closing at $83.35. They're up 70 percent in the past three months and 112 percent in the past year. Demand for coal is high, and on Wednesday Stifel Nicolaus analyst Paul Forward predicted prices would be driven up by dwindling supplies in the United States. He didn't mention Foundation Coal by name, but he did mention Massey Energy of Richmond (MEE), whose shares gained 9 percent last week, to $89.36. Shares of Massey are up 169 percent in the past three months and 232 percent in the past year. Forward raised his price target on Massey to $123 from $73.
*Liquidity Services (LQDT) of the District was another big gainer of last week, with shares climbing 10 percent, to $12.23. The company's shares jumped 8.2 percent on Wednesday, the day the company announced that it won a Defense Department contract, and continued the rise on Thursday and Friday.
*Shares of Integral Systems (ISYS) hit a 52-week high of $41.30 last week and closed up 6 percent for the week, at $40.32. On Monday, the satellite systems company said it would move from Prince George's to Howard County; Tuesday a Dougherty & Co. analyst intitated coverage, rating the company "buy"; and Wednesday it announced a new contract with Lockheed Martin Commercial Space Systems. Shares are up 71 percent in the past year.
*Shares of Coventry Health Care (CVH) fell 26 percent last week, closing at $31.05. They fell 22 percent on Thursday a day after the Bethesda company reduced its 2008 earnings forecast and announced a hiring freeze. Shares hit their 52-week low of $30.10 Thursday as well. Coventry's forecast helped drag down shares of its rivals, too.
*XM Satellite Radio Holdings (XMSR) shares fell 24 percent last week, closing at $8.30. The District-based company, which has been trying to merge with rival Sirius Satellite Radio for 16 months now, hit its 52-week low of $7.95 on Thursday, when Goldman Sachs analyst Mark Wienkes released a negative report on the companies' futures. Shares of XM had gained 4 percent Monday, when news was released that the Federal Communications Commission chairman supports the merger.
*CarMax (KMX) of Richmond also had a bad week, with shares down 13 percent, closing Friday at $15.52. The company Wednesday reported that first-quarter profit fell 55 percent as people opted for smaller cars and the company's inventory of trucks and SUVs grew. "The weak economy, the dramatic increase in the price of gas, food and the resulting decrease in consumer sentiment have all combined to create a challenging marketplace which continues to negatively impact our financial results," CEO Thomas J. Folliard told analysts.
*Shares of MCG Capital (MCGC) hit a new 52-week low of $4.21 on Friday after falling 11 percent for the week. The Arlington-based private-equity firm is on the top of our list of three-month losers, with shares down 56 percent in that period.
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Posted by: barbara rupar | June 30, 2008 7:08 PM
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