SAN FRANCISCO (MarketWatch) -- Shares of the following companies were among those that made notable moves in the U.S. stock market Monday.
Alpharma Inc.'s shares gained 6%. First-quarter net income soared to $163.1 million, or $3.77 a share, from $12 million, or 28 cents a share, a year earlier, boosted by the sale of its Active Pharmaceuticals Ingredients business for $395 million. The company swung to a loss from continuing operations of 90 cents a share from a year-earlier profit of 8 cents a share, due in part to certain accrued research and development expenses.
Shares of Alvarion Ltd., /zigman2/quotes/219769441/composite ALVR -11.69% the Tel Aviv provider of technology to enable WiMax wireless-broadband communications, surged 11%. It reported that its first-quarter net loss was a penny a share, level with that of a year earlier as revenue rose 29%. "Bookings in [the first quarter] were strong and we see demand for WiMax growing," President and Chief Executive Officer Tzvika Friedman said in a statement on Monday.
Bakers Footwear Group Inc. shares rose. It reported that fiscal fourth-quarter net income jumped after a one-time gain, on 11% lower sales and 6.8% lower same-store sales. The St. Louis operator of 249 mall-located shoe stores also said that "despite its strong disagreement, and despite the improvement in the company's fourth-quarter fiscal 2007 results and the rebound in April 2008 month-to-date sales," its auditors expressed doubt about whether it could continue in business.
Discovery Laboratories Inc. shares soared 27%. It received an approvable letter from the Food and Drug Administration May 1 for surfaxin. The company is targeting surfaxin to prevent respiratory distress syndrome in premature infants. The company said its response may be designated as a Class 1 resubmission with a review target of 60 days, rather than six months.
Shares of Elbit Systems Ltd., /zigman2/quotes/204584989/composite ESLT +2.64% the Haifa, Israel, defense contractor, gained. It said its Tadiran Communications subsidiary received a $127 million contract to supply tactical-communications radio equipment and systems to a European customer.
Ericsson /zigman2/quotes/208932705/composite ERIC +2.05% shares were higher. It again fell in Europe on Monday, extending losses from Friday when some analysts questioned whether the telecom-equipment maker could sustain recently fattened profit margins. But analysts at Societe Generale were more positive.
Ford Motor Co. /zigman2/quotes/208911460/composite F -1.66% shares were higher. The Canadian Auto Workers members at locations in Oakville, Windsor, St. Thomas and Bramalea voted 78% on Saturday and Sunday in favor of a new three-year collective agreement, the union said in a statement. Some 8,900 Ford workers are covered by the accord. The union said it will meet with General Motors /zigman2/quotes/205226835/composite GM -1.72% on Monday and the Chrysler subsidiary of the private-equity firm Cerberus on Tuesday to try to adapt this pattern agreement to the other two car makers.
Shares of Hovnanian Enterprises Inc., /zigman2/quotes/203952761/composite HOV +5.00% the Red Bank, N.J., home builder, rose 4.6%. It reported on Monday that fiscal second-quarter home deliveries dropped and estimated it would take $225 million to $275 million of land-related charges for the period. At the same time, the company tripled its estimate of positive cash flow for the fiscal year. See full story.
International Paper /zigman2/quotes/200533549/composite IP -0.82% shares were slightly higher. A boiler exploded on Saturday at a mill in western Mississippi, killing a contract worker and injuring 17 others, media reports said.
Marvel Entertainment Inc.'s shares jumped 7.9%. First-quarter net income decreased 3.4% to $45.2 million from $46.8 million, due in part to the year-ago figure including contributions from the coming release of Spider-Man III. On a per-share basis, earnings were 58 cents, up from 54 cents, as the company had about 8 million fewer shares outstanding in the latest period. On average, analysts polled by Thomson Reuters expected earnings of 43 cents a share.
Shares of Ness Technologies Ltd., the Tel Aviv provider of information-technology services and solutions, rose. It reported first-quarter net income rose 21% on 27% higher revenue. For all of 2008, Ness affirmed its earnings outlook and raised its revenue estimate.
NYSE Euronext shares were higher. The American Stock Exchange would cut about three-quarters of its staff if the planned takeover by the New York Stock Exchange goes through, people familiar with the situation told The Wall Street Journal. Meantime, NYSE Euronext reported that April transaction volume rose 17%.
Reynolds American Inc. shares gained. Standard & Poor's Ratings Services upgraded the corporate credit rating to BBB- from BB+ and affirmed its issue-level ratings on the senior secured bank facilities and senior secured notes at BBB. "The upgrade reflects the continued reduction in debt leverage since the acquisition of Conwood Cos. in May 2006, improved operating performance, and a more favorable litigation environment within the domestic tobacco industry," Kenneth Shea, a credit analyst at S&P, said.
Shares of Retalix Ltd., the Ra'anana, Israel, producer of management systems for supermarkets and distributors, were higher. It said it would partner with /zigman2/quotes/203856914/composite IBM -0.04% to provide software, hardware and services solutions to petroleum and convenience-store retailers.
Sprint Nextel shares gained 8%. The German telecommunications giant Deutsche Telekom /zigman2/quotes/213490072/composite DT -0.08% is examining the possibility of bidding for the unprofitable U.S. mobile provider, Germany's Der Spiegel reported.See full story.