Court Ruling After The Close: 3 Stocks Affected

Stocks rallied off their lows but still recorded a
losing session on Tuesday. A larger-than-expected fall in existing
home sales sent the averages down early in the day.
The National Association of Realtors said existing home sales fell 2.6%
in July. (click
here for the full story) In addition, higher crude prices pressured stocks.

After the close, Ivax
(
IVX |
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PowerRating), Alopharma
(
ALO |
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PowerRating) and
Teva
(
TEVA |
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PowerRating) said a court ruled in its favor on a patent infringement
case. (Get
the full story here)  Applebees
(
APPB |
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PowerRating) said August comps
were below expectations.

Sanderson Farms
(
SAFM |
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Chart |
News |
PowerRating) missed by 0.05. (full
story)

Williams Sonoma
(
WSM |
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Chart |
News |
PowerRating) beat by a penny and reaffirmed guidance. (read
the full story)

Pier One Imports
(
PIR |
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PowerRating) guided lower for Q2 and now sees a loss of
-0.12 – 0.14 vs. a -0.06 consensus. (full
story)

Strong sectors
were:    Utilities

(
UTY |
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PowerRating)
+0.70%     Networking

(
NWX |
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News |
PowerRating)
+0.54%         

Weak sectors
were:   Chemicals 

(
CEX |
Quote |
Chart |
News |
PowerRating) -1.40%       Drugs 

(
DRG |
Quote |
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News |
PowerRating) -0.90%        

Amylin Pharmaceuticals
(
AMLN |
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News |
PowerRating), Eli Lilly
(
LLY |
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News |
PowerRating) and
Alkermes
(
ALKS |
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Chart |
News |
PowerRating) said a Phase II study of their Byetta diabetes
injection was favorable. Bear Stearns upgraded Amylin to outperform from market
perform. AMLN rose 27% in today’s trading.

Prudential upgraded Lucent
(
LU |
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PowerRating) to overweight from underweight.

CarMax
(
KMX |
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PowerRating) (news)
guided higher and now sees 0.37 in Q2.

Taser
(
TASR |
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News |
PowerRating) is in focus after the Canadian Police Research
Center said the use of conducted energy devices (CEDs)–such as those
manufactured by Taser–are a substantial benefit to law enforcement and that no
causal relationship exists between the use of CEDs and death. (full
story)

Google
(
GOOG |
Quote |
Chart |
News |
PowerRating) will roll out instant messaging–including voice
chat–as early as Wednesday, the L.A. Times reports. (Read
what Dave Goodboy says about Google)

Brice Wightman