NEW YORK (CNN/Money) -
With many sectors sliding and war fears raging, investors poured money into gold stocks Tuesday afternoon, including Glamis Gold and Ashanti Goldfields.
Shares of CVS rose after the pharmacy chain reported better-than-expected results that grew from a year earlier and offered a strong forecast for the current quarter.
But on the downside, shares of insurer Argonaut Group tumbled after it said it is delaying the release of its fourth-quarter and 2002 earnings.
Tuesday's winners
Kinross Gold (KGC: up $0.70 to $7.68, Research, Estimates); Glamis Gold (GLG: up $0.73 to $12.76, Research, Estimates); Ashanti Goldfields (ASL: up $0.35 to $6.46, Research, Estimates). The price of gold and gold stocks rallied amid a selloff in the rest of the equity market and fears about a war with Iraq, as investors made a safe-haven play into the commodity.
CVS (CVS: up $1.21 to $24.55, Research, Estimates). The pharmacy chain retailer reported a fourth-quarter profit of 49 cents per share, more than twice what it earned a year earlier and 2 cents better than expected, due to strong sales. The company also forecast first-quarter earnings above estimates.
Legato Systems (LGTO: up $0.56 to $5.76, Research, Estimates). The data storage software maker reported a fourth-quarter profit of a penny a share, when analysts were expecting a loss of a penny a share, due to cost-cutting and smaller charges taken against its earnings.
aaiPharma (AAII: up $1.63 to $18.85, Research, Estimates). The biotech company raised its 2003 estimates after U.S. regulators approved two stronger versions of its drug for preventing the rejection of transplanted kidneys. The company also declared a 3-for-2 stock split for shareholders of record on Feb. 19.
Identix (IDNX: up $0.49 to $4.59, Research, Estimates). Shares of the maker of fingerprint and facial recognition technology rallied after the company announced it had received a purchase order from the Department of Defense -- a 5.4 million user license for the company's fingerprint recognition technology. The terms of the deal were not disclosed.
Tuesday's losers
Argonaut Group (AGII: down $3.76 to $11.89, Research, Estimates). Shares of the insurer lost 26 percent after it said it is delaying the release of its fourth-quarter and 2002 earnings so it can review its asbestos and environmental liabilities.
Hologic (HOLX: down $1.79 to $7.95, Research, Estimates). Shares of the maker of diagnostics systems for women's health fell 18 percent after the company said it ended a distribution deal with its largest distributor and will continue to sell its products directly, a more costly process it began in November. The news overshadowed the company's improved quarterly results.
Genzyme (GENZ: down $2.43 to $30.77, Research, Estimates). The biotech firm warned earnings for its first quarter and for 2003 will likely miss current estimates due to the high costs associated with developing and marketing new drugs.
Oxford Health Plans (OHP: down $2.73 to $31.45, Research, Estimates). Salomon Smith Barney downgraded and cut its 2003 estimates on the regional managed health care company after it reported lower quarterly profit -- due to a litigation charge -- that nonetheless topped analysts estimates. Looking forward, Oxford forecast 2003 earnings of between $4 and $4.10 per share, when analysts expect a profit of $4.04 per share.
American International Group (AIG: down $4.93 to $50.40, Research, Estimates). Shares of the insurer plunged in early trade after it said late Monday it will need to take a $1.8 billion charge in the third-quarter to cover higher-than-expected claims by U.S. businesses.
IMS Health (RX: down $0.81 to $16.67, Research, Estimates). Morgan Stanley downgraded shares of the provider of health information to the drug industry to "underweight" from "equal-weight." IMS' shareholders have been given the choice to swap IMS stock for IMS-owned shares of the company's former Cognizant Technology Solutions (CTSH: Research, Estimates) software services unit. Morgan thinks IMS stock will be weaker after the transaction is completed.
Myriad Genetics (MYGN: down $0.84 to $11.57, Research, Estimates). Shares of the drug and medical equipment developer gave back early gains and turned negative, possibly due to the company's worse-than-expected quarterly loss, announced Tuesday. The company announced Tuesday it had discovered a gene linked to depression and that it would team up with Abbott Laboratories (ABT: Research, Estimates) to develop a drug to target that gene; the announcement spurred company shares up 9 percent before they reversed course.
-- from staff and wire reports
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