CNN/Money  
CNNMoney.com
graphic
Markets & Stocks
graphic
Stock to watch Tuesday
Focus shifts to updated 3Q GDP; Novellus stock rises after company raises orders forecast.
November 24, 2003: 6:22 PM EST

NEW YORK (CNN/Money) - Investors will look for ways to maintain a pre-holiday rally on Tuesday after stocks finished sharply higher on Monday, shaking off two straight weeks of declines.

The week's most-anticipated report would most likely be Tuesday's revised GDP growth for the third quarter, expected to climb to a revised annual growth rate 7.6 percent from an initial reading of 7.2 percent growth, according to Briefing.com.

In after-hours trading, Novellus Systems (NVLS: Research, Estimates), a maker of equipment used to produce microchips, rose after the company boosted its forecast for fourth-quarter orders and said profit would be at the high end of its previous guidance.

In a scheduled mid-quarter update, Novellus Chairman and Chief Executive Richard Hill said the company expected orders, an indicator of future revenue, to rise 25 percent to $275 million from third-quarter levels of $220 million. Previously, the company forecasted growth of 5 percent to 10 percent.

Hill also said the company now expected to earn 6 cents a share in the quarter on revenue of $220 million, at the high end of its earlier target.

Shares of Novellus, which had risen to more than $44 on Instinet, were at $43.99 in after-hours trading. They closed at $43.54 on the Nasdaq.

Shares of Amylin Pharmaceuticals (AMLN: Research, Estimates) rose in after-hours trading on news the experimental diabetes drug it developed with Eli Lilly and Co. (LLY: Research, Estimates) was successful in its final late-stage trial.

YOUR E-MAIL ALERTS
Follow the news that matters to you. Create your own alert to be notified on topics you're interested in.

Or, visit Popular Alerts for suggestions.

The companies said the effectiveness was similar to that seen in two earlier big studies.

Amylin stock rose to $26.17 on the Instinet electronic brokerage system from its close of $25.10 on the Nasdaq. Shares of Lilly had not traded on Instinet.

The Dow Jones industrial average closed Monday's trading up 119.26 points, or 1.24 percent, at 9,747.79, while the Nasdaq Composite index was up 53.26 points, or 2.81 percent, at 1,947.14. The Standard & Poor's 500 index gained 16.8 points, or 1.62 percent, to 1,052.08.

Stock markets closed lower last week for the second time in a row, and Monday's rally wiped out all of last week's declines for the Nasdaq and S&P 500.  Top of page


-- from staff and wire reports




  More on MARKETS
Stocks struggle higher
Bonds fall, pulling yields off 7-week lows
Oil steadies at $60
  TODAY'S TOP STORIES
Does the economy need more?
Stocks struggle higher
Good luck cashing those California IOUs




graphic graphic
© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy
Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.