Ryder System sinks S. Florida stocks; Wall Street makes modest gains
The market for July 23
DELRAY BEACH — South Florida stocks ended Wednesday down as Ryder System plummeted. Wall Street, meanwhile, posted modest gains on the day.
The Dow Jones industrial average gained 29.88 points to 11,632.38; the Nasdaq composite index gained 21.92 to 2,325.88; the S&P 500 gained 5.19 to 1,282.19.
South Florida stocks fell $4.01, or 0.52 percent, to $768.18 even though 21 of the 30 stocks made gains on the day.
Ryder System was the culprit, dropping $7.51, or 10 percent, to $67.58. Also, FPL Group fell $1.98 to $63.76; Ultimate Software fell 91 cents to $33.23.
Watsco gained 77 cents to $51.27; Royal Caribbean gained 73 cents to $27.47; Perry Ellis International gained 68 cents to $23.75.
Palm Beach stocks, meanwhile, gained 69 cents, or 0.25 percent, to $279.94. GEO Group gained 56 cents to $24.01; Florida Public Utilities gained 28 cents to $11.88; Airspan Networks gained 5 cents to 54 cents; Dycom fell 47 cents to $16.08; Bluegreen fell 10 cents to $11.94; Hollywood Media fell 3 cents to $2.34.
Bloomberg’s South Florida index fell 0.72 point to 127.94; the Florida fell 0.11 to 104.52.
Oil dropped $4.22 to $124.20 a barrel; gasoline fell 12.4 cents a gallon.
B/E wins $140 million contract
WELLINGTON — B/E Aerospace Inc. said Wednesday that it has been selected by a major global airline to outfit their new-buy wide-body aircraft with premium class seating. The award is initially valued at more than $140 million. The name of the airline was not announced.
"The outlook for new wide-body aircraft is strong with 1,100 deliveries expected from 2008 through 2011. This award reinforces our leading position in this important growth segment of the market,” B/E CEO Amin J. Khoury said.
Perry Ellis gets Gotcha deal
MIAMI — Perry Ellis International said Tuesday that it has entered into a licensing agreement with TV Mania and Must International Trading to design, manufacture and distribute casual, snow and surf apparel for men, women, and children under the Gotcha® brand.
Perry Ellis Chairman and CEO George Feldenkreis said “We are very excited about this agreement with TV Mania and Must International Trading. Their knowledge of both the European market and the surf lifestyle make them the ideal partner to re-launch Gotcha in Europe. We look forward to an outstanding partnership.”
The line will be available throughout the European Union, as well as in Switzerland, Turkey and Norway. The product will be sold at various European department stores and specialized apparel chains, beginning with the spring 2009 collection.
Cross Country buys MDA holdings
BOCA RATON — Cross Country Healthcare Inc. has signed an agreement to buy privately-held MDA Holdings Inc. and its subsidiaries for $112.3 million in cash. The price could go higher, depending on how the company performs this year and next.
The Cross Country expects the deal to close by the end of the third quarter. It also expects the deal to add about 2 cents a share to its earnings for 2008.
To pay for the deal, Cross Country entered into a $200 million financing arrangement with Wachovia Capital Markets and Banc of America Securities.
MDA, based in Norcross, Ga., provides physician and health care staffing services throughout the country. MDA is employee-owned, and in 2007, had revenue of $158.0 million and gross profit of $13.3 million.
Cruise stocks boost South Florida; Wall street gains as oil falls
The market for July 22
DELRAY BEACH — South Florida stocks jumped Tuesday, enjoying one of the portfolio’s best days ever.
The broader market posted decent gains as well.
The Dow Jones industrial average gained 135.16 to 11,602.50; the Nasdaq composite index gained 24.43 to 2,303.96; the S&P 500 gained 17 points to 1,277.
South Florida stocks surged $31.59, or 4.27 percent, to $772.19. Only three of the 30 stocks lost ground on the day.
Carnival Corp. gained $4.31 to $39.73; Ryder System gained $4.15 to $75.09; Royal Caribbean gained $4.04 to $26.74.
The day’s three losers: Republic Services, down 49 cents to $32.39; BankUnited, down 10 cents to $1.78; BankAtlantic gained 9 cents to $1.80.
Palm Beach County stocks gained $12.47, or 4.67 percent, to $279.25. Bluegreen, which Monday agreed to a $15 a share deal to sell itself to a competitor, gained $5.60 to $12.04.
Bankrate gained $1.97 to $30.22; Verichip gained 12 cents to $11.60; QEP fell a dime to $6.49; Sun American Bank gained 5 cents to $2.52; Airspan Networks fell a penny to 49 cents.
Bloomberg’s South Florida index gained 6.22 points to 128.66; the Florida gained 3.24 to 104.63.
Oil helped fuel helped stoke buyers by dropping $3.52 to $128.30 a barrel; gasoline dropped 7.21 cents to $3.145 a gallon.
Oil prices surge, help stifle stocks; FPU leads Palm Beach issues
The market for July 21
DELRAY BEACH — Stocks posted slight losses Monday as oil prices reversed direction and climbed above $131 a barrel.
The Dow Jones industrial average fell 29.53 to 11,467; the Nasdaq composite index fell 3,25 to 2,279.53; the S&P 500 fell 0.68 point to 1,260.
South Florida stocks fell $3.05, or 0.41 percent, to $740.76 even though 16 of the 30 stocks posted gains.
Ultimate Software fell $2.05 to $34.05; Royal Caribbean fell $1.41 to $22.70; Carnival Corp. fell $1.22 to $35.42.
Watsco gained 82 cents to $48.79; Heico gained 75 cents to $34.15; Republic Services gained 43 cents to $32.88.
Palm Beach stocks fell 73 cents, or 0.27 percent, to $266.78.
Florida Public Utilities fell 52 cents to $11.48; B/E Aerospace fell 37 cents to $25.88; QEP Corp. dropped 31 cents to $6.59. Dycom gained 26 cents to $15.67; Bluegreen gained 17 cents to $6.44; Metropolitan Health Networks gained 14 cents to $1.95.
Bloomberg’s South Florida index fell 0.39 point to 122.44; the Florida fell 0.23 point to 101.39.
Oil gained $2.16 to $131.04 a barrel; gasoline gained 4.62 cents to $3.171 a gallon.
Watsco, Bankrate lead South Florida; Wall Street ends week mixed
The market for July 18
DELRAY BEACH — Stock finished the week on a mixed note Friday.
The Dow Jones industrial average gained 49.91 to 11,496.57; the Nasdaq fell 29.52 to 2,282.78; the S&P 500 gained 0.36 point to 1,260.68.
South Florida stocks managed to squeeze into the black, finishing up 42 cents, or 0.06 percent to $743.81. Twelve of the 30 stocks managed gains on the day.
Watsco led the group, gaining $1.77 to $47.97; Bankrate gained $1.63 to $28.20; FPL Group gained 80 cents to $65.21.
On the Dark Side, Pediatrix lost 97 cents to $49.96; Burger King fell 74 cents to $27.54; Perry Ellis International fell 53 cents to $21.57.
Palm Beach County stocks gained $3.60, or 1.36 percent, to $267.51.
SBA Communications gained 63 cents to $34.92; Florida Public Utilities gained 17 cents to $12; Ocwen gained 13 cents to $5.16; Bluegreen gained 12 cents to $6.27.
The Bloombergs were mixed: South Florida fell 0.03 to 122.83, while the Florida gained 0.08 point to 101.62.
Oil continued to fall, dropping 60 cents to $128.69 a barrel; gasoline was basically flat at $3.1635.
B/E leads South Florida surge
DELRAY BEACH — Oil fell, Wednesday, Wells Fargo beat expectations and stocks surged like they haven’t done in weeks.
The Dow Jones industrial average gained 276.74 points to 11,239.28; The Nasdaq composite index gained 69.14 to 2,284.85; the S&P 500 gained 30.45 to 1,245.36.
South Florida stocks did even better, picking up $29.67, or 4.28 percent, to $723. Only one of the 30 stocks — FPL Group — declined on the day. The power utility dropped 63 cents to $66.19.
B/E Aerospace gained $4.10 to $26.01, and Ryder System gained $3.68 to $67.84. But the most impressive gains on the day were posted by bank stocks: BankUnited gained 45 cents, more than 104 percent, to 88 cents, and BankAtlantic gained 25 cents to $1.20.
Palm Beach Stocks gained $6.85, or 2.66 percent, to $263.84. Sun American Bank, based in Boca Raton, fell 19 cents to $2.50; Florida Public Utilities fell 8 cents to $11.77; HearUSA fell a penny to $1.49; QEP gained 55 cents to $6.80; Office Depot gained 28 cents to $6.03; Quantum Group gained 15 cents to $1.40.
Bloomberg’s South Florida gained 4.86 points to 119.54; the Florida gained 3.50 to 100.35.
The Labor Department said consumer prices climbed 1.1 percent in June; the so-called core rate, which excludes energy and food, grew by 0.3 percent. The National Association of Home Builders confidence index fell to a reading of 16, an all-time low.
Oil fell $4.24 to $134.50 a barrel; gasoline fell 11.08 cents to $3.274 a gallon.
Stocks end mostly down as oil falls; Dycom posts gain in S. Fla.
The market for July 15
DELRAY BEACH — Oil plunged Tuesday, but it didn’t do much for stocks.
The Dow Jones industrial average fell 92.65 to 10.962.54; the Nadaq composite index gained 2.84 to 2,215.71; the S&P 500 fell 13.89 to 1,214.91.
South Florida stocks fell $3.82, or 0.55 percent, to $693.33, as 16 of the 30 stocks posted losses on the day.
Watsco fell $2.34 to $41.30; Republic Services fell $1.39 to $30.37; Ryder fell 72 cents to $64.16. Dycom gained $1.47 to $14.69; SBA Communications gained 45 cents to $34.80; Burger King gained 41 cents to $26.61.
Palm Beach stocks fell 89 cents, or 0.35 percent, to $257.04.
Sun American Bank gained a dime to $2.69; Hollywood Media gained 2 cents to $2.37; Office Depot fell 58 cents to $5.75; ; Bluegreen fell 23 cents to $6.10; Quantum Group fell 20 cents to $1.25.
Bloomberg’s South Florida index fell 0.32 point to 114.68; the Florida index fell 0.68 point to 96.85.
The Labor Department reported that wholesale prices rose 1.8 percent in June; excluding energy and food, the wholesale prices gained 0.2 percent. The Commerce Department reported that retail sales grew 0.1 percent in June, less than expected.
Fed Chairman Ben Bernanke said the economy is increasingly caught in a squeeze between growth and inflation.
Oil fell $6.49 a barrel to $138.69; gasoline dropped 17.82 cents to $3.3795 a gallon.
Financials bring down Wall Street; Repubic Services boosts S. Fla.
The market for July 14
DELRAY BEACH — The feds rode to the rescue of Freddie and Fannie, but it wasn’t enough to keep Wall Street in the black for the
day.
The Dow Jones industrial average fell 45.35 to 11,055.19; the Nasdaq composite index fell $26.21 to 2,212.87; the S&P 500 fell 11.19 to 1,228.30.
South Florida stocks fell $2.99, or 0.43 percent, to $697.15, the first time the portfolio closed under $700. Only 9 of the 30 stocks posted gains on the day.
Waste Management’s unsolicited $34-a-share offer for Republic Services softened the hit the portfolio otherwise would have taken. Republic gained $3.86 to $31.76; Burger King gained 45 cents to $26.28; Watsco gained 41 cents to $43.64.
Citrix System fell $1.21 to $26.75; Ryder fell 93 cents to $64.88; Perry Ellis International fell 72 cents to $20.06.
The portfolio’s financial stocks plummeted: BankAtlantic fell 30 cents to 90 cents; BankUnited fell 11 cents to 66 cents; Ocwen fell 21 cents to $4.69.
Palm Beach stocks fell $2.46, or 0.94, to $259.38. Office Depot fell 51 cents to $6.33; BlueGreen fell 18 cents to $6.33; Metropolitan Health Networks fell 11 cents to $1.74; HearUSA fell a dime to $1.50; QEP gained 31 cents to $6.02; Quantum Group gained 5 cents to $1.45; Airspan Networks gained 2 cents to 53 cents.
Bloomberg’s South Florida index fell 1.23 points to 115.13; the Florida dropped 0.80 point to 97.53.
Oil did little, down 2 cents to $145.06 a barrel; gasoline fell 0.72 cent to $3.556.
Debra Targett, AG Edwards
Scott Sullivan, Smith Barney
