Closing Bell: Mr. Fed's recession; PAY, PKTR, BBY

Posted Apr 2nd 2008 4:30PM by Douglas McIntyre
Filed under: After the Bell, Best Buy (BBY), VeriFone Holdings (PAY), Trina Solar ADS (TSL)

No one much liked Mr. Bernanke's comments, which were read as saying the U.S. is on its way into a recession. Results from Best Buy NYSE: BBY) were better than expected, but the Fed news overshadowed it.

The Dow dropped 50.41 points to 12,603.95. The Nasdq sold off 1.35 to 2,361.40. The S&P gave back 2.78 to 1,367.4.

Notable today:

VeriFone Holdings Inc. (NYSE: PAY) was hit after overstated profits led to the resignation of CFO, Barry Zwarenstein, and removed CEO, Douglas Bergeron, from his place as Chairman today. The income was overstated by $36.9 million, much higher than the estimated $29.6 million in overstated income.

Constant Contact, Inc. (NASDAQ: CTCT) soared today after Intuit Marketing Tools Center chose Constant's email marketing service as one of its tools. Intuit's center provides marketing tools to small growing business.

Packeteer Inc. (NASDAQ: PKTR) was up today after rejecting a hostile takeover bid from hedge fund Elliott Associates. Elliott reaffirmed its intent to acquire the network application delivery systems company for $5.50 per share and sent a merger agreement for its consideration yesterday in response to the rejection and poison pill.

Trina Solar Ltd. (NYSE: TSL) entered into a definitive 8-year agreement with GCL Silicon Technology Holdings for silicon supplies at a predetermined price. The agreement will hedge the Chinese solar-power company from increasing spot prices of silicon due to the growing solar energy industry.

infoUSA Inc. (NASDAQ: IUSA) was down today on no recent development. On Monday the company announced the debut of infoUK next month.

LoJack Corp. (NASDAQ: LOJN) dropped today after it lowered its guidance due to its expectation that car sales will decrease. The company provides technology for tracking stolen, mobile items such as vehicles.

Good night and good luck

Douglas A. McIntyre is an editor at 247wallst.com.

Tags: BBY, CTCT, inthenews, IUSA, LOJN, PAY, PKTR, TSL