Investor's Business Daily, August 2nd, 2007
After a choppy day, the NYSE composite ended Thursday with a 0.5% gain, thanks to a late-day surge.
The small-cap S&P 600 led with a 1% jump, while the S&P 500 rose 0.4%. The Dow closed with a 0.8% gain. NYSE volume fell slightly.
Dolby Laboratories DLB gapped up, surging 4.52, or 14%, to 38. The stock darted from below its 50-day moving average as volume soared to quadruple its normal level.
The maker of sound technologies said late Wednesday that fiscal third-quarter earnings leapt 53%, beating Thomson Financial's consensus estimate, as revenue grew 28%. Dolby benefited from its diversification of revenue across newer markets.
Nokia NOK also gapped up, shooting up 2.49, or 9%, to a six-year high of 30.90 on triple its usual turnover. The Finnish maker of cell phones said Thursday that second-quarter earnings sprang up 48%, beating forecasts. Strong growth in emerging markets helped.
Oil and gas field services firm Oceaneering International OII leapt 4.58, or 8%, to an all-time high of 60.86 on 21/2 times normal trade. It reported strong Q2 earnings and sales growth late Wednesday and raised its 2007 profit guidance.
Boston Beer SAM racked up 2.26 to 43.32, bouncing off its 50-day line on heavy trade. The maker of beer under the Samuel Adams brand and other drinks said Thursday that it will buy distiller Diageo's DEO Pennsylvania brewery for $55 million.
On the downside, Barnes Group B sank 1.52 to 29.28, falling further below its 50-day line, although it trimmed much of its loss. The parts maker for the transportation and telecom markets said Q2 EPS beat estimates, citing lower tax rates.
