New York Times Falls, Hot Topic Shares Gain: U.S. After-Hours
New York Times Co. declined in extended U.S. trading after Maurice ``Hank'' Greenberg, former chief executive officer of American International Group Inc., said he had no current plans to attempt a takeover.
Shares of New York Times lost 91 cents, or 3.7 percent, to $23.85 at 5:53 p.m. New York time. They had advanced 7.5 percent in regular trading on speculation Greenberg would try to take over the company.
``Mr. Greenberg owns a total of less than 100,000 shares of New York Times stock,'' his spokesman, Mark Corallo, said in an interview after the market closed. ``He has no present intention of significantly increasing his holdings.''
Hot Topic Inc. (HOTT) gained $1.43, or 11 percent, to $14.33. The seller of clothes and accessories to teenagers forecast more earnings this quarter than analysts anticipated.
Profit in the fourth quarter ending Feb. 3 will be as much as 38 cents a share, Hot Topic said. Analysts expect 33 cents, the average estimate in a survey by Thomson Financial, which doesn't disclose the parameters of its figures to Bloomberg News.
Durect Corp. (DRRX) surged $1.66, or 44 percent, to $5.46. The company will receive as much as $202 million from Nycomed if Durect's experimental treatment for post-surgical pain, Posidur, is approved and reaches certain sales milestones.
December futures on the Standard & Poor's 500 Index were unchanged at 1402.20, while Nasdaq-100 Index futures added 1 to 1796.75. The Nasdaq-100 After-Hours Indicator, which tracks stocks in the Nasdaq-100 that are traded between 4 p.m. and 6:30 p.m., added 0.69 to 1793.46.
In regular trading, U.S. stocks had their biggest gain in three weeks after the economy expanded at a faster rate last quarter than first reported without stoking inflation.
The Standard & Poor's 500 Index climbed 12.76, or 0.9 percent, to 1399.48. The Dow Jones Industrial Average added 90.28, or 0.7 percent, to 12,226.73. For both measures, it was the largest rally since Nov. 6. The Nasdaq Composite Index advanced 19.62, or 0.8 percent, at 2432.23.
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