Delphi dropped 34 cents, or 3.9%, to 8.30. The auto-components maker plans to cut about 4.6% of its work force, or 8,500 jobs, and lowered its fourth-quarter financial outlook.
Banc of America Securities said it expects home builders earnings to increase 16% in 2005 and 13% in 2006 despite an expected slowdown in the housing market. Hovnanian Enterprises jumped 4.25, or 10%, to 46.35, and D.R. Horton rose 1.48, or 3.9%, to 39.29, after the investment firm initiated
coverage of the stocks with «buy» ratings.
Beazer Homes USA climbed 8.19, or 6.2%, to 140.70. The home builder proposed a three-for-1 stock split and an increase of its annual cash dividend.
Shares of media and technology company Gemstar-TV Guide International (Nasdaq) advanced 44 cents, or 8.2%, to 5.84. The company named Rich Battista chief executive to replace Jeff Shell, who resigned. Smith Barney upgraded the stock to buy from hold, citing its belief in the likelihood Gemstar will be sold to either News Corp. or Liberty Media within the next year.
Game maker Activision (Nasdaq) gained 1.09, or 6.5%, to 17.75, after saying October and November console and handheld sales rose 27% from a year earlier, citing data from research firm NPD Funworld.
By Cynthia Schreiber, Dow Jones Newswires; 201-938-2408; [email protected]
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