Late Market Roundup (V, ADS, XOM, FUL)
US stocks have narrowed their gains after the downward movement of consumer stocks. Shares of Visa Inc. (NYSE: V) declined more than 4% after Sanford Bernstein downgraded the company. The Dow Jones Industrial Average was up by 100 points in the morning, but is now up by about 34 points.
The board of Alliance Data Systems Corp (NYSE: ADS) has authorized the buyback plan of about $400 million in common shares. The repurchase program will last until the end of 2011. This program will be replacing the existing buyback plan, which expired at the end of 2010. Shares of ADS are up about 2.8%.
US Energy stocks gained along with the wider market. However, shares of Exxon Mobil (NYSE: XOM) moved down after Deutsche Bank downgraded the company from “buy” to “hold.” The NYSE Arca Oil Index (XOI) rose about 0.38%, while the NYSE Arca Natural Gas Index (XNG) moved up about 0.46%. The Philadelphia Oil Service Index (OSX) gained about 0.90%.
HB Fuller Co (NYSE: FUL) is scheduled to report its FQ3 results late Monday. The Wall Street is expecting the company to post a y/y decline in the earnings on higher sales. Shares of FUL gained about 2.4%. However, FUL's shares have dipped about 7% this year.
Read more from Benzinga's Markets.
