Legg Mason (NYSE: LM) on Wednesday jumped $3.94, or 30%, to $16.92, after it reported it swung to a fiscal second-quarter net loss. The money manager's results were pulled down by charges to support its money-market funds. Excluding charges, the results beat analysts' expectations and Today LM also gained an upgrade from Jefferies to Buy. Legg Mason continued its upward drive today as shares soared another 20% or $3.44 to $20.36 by 11:25 am.
First Solar (NASDAQ: FSLR) shares jumped 19.3%, or $22.39, to $138.14 by 11:20 am. The company posted third-quarter profit and revenue that more than doubled from last year due to strong demand. Not only did the solar energy company to beat Wall Street's expectations by a wide margin on both bottom and top line, it also boosted full-year expectations, and issued inline FY09 outlook. But that wasn't the end of the good news as First Solar has announced only the day before it is entering the U.S. residential market. Several analysts reiterated their Buy raring on the stock, while Soleil and Merriman both upgraded to Buy.
Hartford Financial Services Group Inc. (NYSE: HIG) fell the most in the Standard & Poor's 500 Index, tumbling 40%, or $8.09, to $11.77 by 11:48 am. The insurer Wednesday reported it has slipped to a loss -- the first quarter in five years -- due to decline in ongoing operations under Property and Casualty insurance segments. HIG also slashed outlook and guidance. Merrill Lynch downgraded HIG to Neutral.
Market movers: LM jumps 20%, FSLR soars 19%, HIG plummets 40%
Posted Oct 30th 2008 11:55AM by Melly Alazraki
Filed under: Major movement, Earnings reports, Analyst upgrades and downgrades
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