Sector Snap: Asset managers fluctuate (AP) and Dolby shares up after strong 4Q profit (AP)

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City of Industry, CA --(www.USEquityNews.com)-- 11/09/2008 - US Market industry alert provided by U.S. Equity News. DES MOINES, Iowa (AP) -- Shares of asset management firms fluctuated Friday as the market rebounded after two days of heavy losses but an analyst warned that the fourth quarter will prove challenging for many firms.


The sector was led by Invesco Ltd., which was trading 4.5 percent higher at $13.59. Shares have traded between $10.20 and $32.25 in the past year. Brookfield Asset Management Inc. was up 67 cents, or 3.9 percent, to $17.79.Goldman, Sachs & Co. analyst Marc Irizarry said Friday in an investor note that the third quarter was one of the toughest for asset managers, with median earnings per share down 26 percent year-over-year and assets under management falling 12 percent from the second quarter. The fourth quarter appears to be challenging as well.He said balance sheets appear healthy overall but consolidation lurks around the corner."Upside appears limited and we expect the stocks to remain under pressure," he wrote in a note to clients. [Read the full article]

NEW YORK (AP) -- Dolby Laboratories Inc. stock rose Friday after the audio technology company posted earnings above Wall Street expectations and forecast growing revenue.Shares rose $2.98, or 11 percent, to $31.20. The stock has traded from $26.28 to $53.63 in the past year.

Kaufman Bros. analyst Barbara Coffey maintained a "Buy" rating on the stock and told clients in a note that Dolby's shares are "one of the safest ways to play the consumer holiday season without being exposed to individual retailers or specific consumer electronic devices."Ingrid Chung, of Goldman Sachs, also maintained a "Buy" rating on the company, noting Dolby "has historically been very conservative in its outlook."Dolby said Thursday its earnings rose 10 percent in the fourth quarter, which beat average analyst expectations, according to Thomson Reuters.The company said it expects revenue of $660 million to $720 million. Analysts are expecting $708 million. [Read the full article]

Among the sector activity stories for Friday, Nov. 7, from AP Financial News:NEW YORK (AP) -- Airlines stocks fell Friday as oil prices inched higher, amid positive broader markets.MILWAUKEE (AP) -- A JPMorgan analyst cut earnings estimates for the nation's meat makers on Friday, saying in a note prices will be kept down due to weak demand and export difficulties due to the expanding credit crisis. [Read the full article]

Among the stock activity stories for Friday, Nov. 7, from AP Financial News:NEW YORK (AP) -- Shares of Qualcomm Inc., the world's largest designer of cell phone chips, moved higher Friday despite a weak outlook for the wireless market.
NEW YORK (AP) -- Shares of Genworth Financial Inc. tumbled Friday afternoon, a day after the insurance company reported a third-quarter loss, withdrew its financial outlook and suspended its quarterly dividend and share repurchase program.

SUNNYVALE, Calif. (AP) -- Shares of Accuray Inc. plummeted Friday a day after the medical radiation equipment maker said it would delay reporting its latest earnings to investigate potential mishandling of inventory.NEW YORK (AP) -- Shares of OSI Pharmaceuticals Inc. jumped Friday after the biotechnology company and its partner Genentech Inc. said their drug Tarceva met its main goal in a study designed to stem the spread of lung cancer.NEW YORK (AP) -- Shares of ZymoGenetics Inc. [Read the full article]

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