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Stocks Making News on 05/16/2011

May 16, 2011

stock market newsLowe’s Sinks on Poor Results

Lowe’s reported fiscal first-quarter profit of $0.34 a share on revenue of $12.19 billion. Analysts had expected $0.36 and $12.52 billion. Management of the home-improvement chain blamed rainy weather. Full year guidance was also for earnings of $1.56 to $1.64, below the $1.70 consensus number. LOW falls 4 percent in the pre-market.

NDAQ, ICE Drops Bid for NYSE

The takeover of NYSE Euronext has been torpedoed by the antitrust regulators. Nasdaq OMX and IntercontinentalExchange said they withdrew their offer after the Justice Department wouldn’t accept the deal. NYX falls 10 percent in pre-market trading.

CNinsure Receives Takeover Offer

The Chinese insurance broker says it received a buyout offer valuing the company at $19 a share. CISG pops 31 percent before the opening bell.

J.C. Penney Beats Forecast, Ups Guidance

J.C. Penney reported fiscal first-quarter profit of $0.28, beating the $0.24 estimate. Management also raised guidance amid strong demand for its exclusive merchandise. JCP climbs 6 percent in the pre-market.

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