Market Sentiment Shifts Amid Earnings and Guidance Updates

Investors and analysts reacted to the latest earnings and guidance updates from various companies, driving market sentiment and stock price movements. The day's key events included Georgia-Pacific's improved packaging business volume, Tracinda's tender offer for General Motors shares, and positive outlook from Raymond James analyst Paul Puryear on Corporate Office Properties.

Key Takeaways:

• Georgia-Pacific's COO Lee Thomas reported improved volume in its packaging business, indicating potential price increases on boxes.
• Tracinda's tender offer for General Motors shares had a mixed impact on auto parts suppliers, with Delphi and Visteon experiencing significant gains.
• Raymond James analyst Paul Puryear upgraded Corporate Office Properties to outperform, citing valuation and growth prospects, with shares gaining 1.6% to $26.66.
• Time Warner's cable unit added 152,000 telephone subscribers in 1Q, with Prudential Equity Group expecting the phone business to turn positive in the second half of the year.
• Stillwater Mining reported a surprise 1Q loss of a penny a share, with analysts expressing concern about planned capital spending.
• Lehman Brothers analyst David Harris upgraded Cousins Properties to equalweight, citing growth prospects and development in the Sunbelt area.
• RBC Capital Markets upgraded Bank of Montreal and National Bank of Canada, expecting a downswing in the commodity cycle and attractive dividend yields.
• Northwest Airlines' top executives received restricted stock worth $1.7M, as the airline seeks concessions from its rank-and-file to turn around its fortunes.

Statistics:

• Georgia-Pacific's packaging business volume improved over the last two weeks.
• Tracinda's tender offer for General Motors shares was worth $35.23 per share.
• Delphi's stock price gained 10.5% on the news.
• Corporate Office Properties traded at a 16% premium to its net asset value.
• Time Warner's cable unit added 152,000 telephone subscribers in 1Q, at a rate of 11,700 a week.
• Stillwater Mining reported a 1Q loss of a penny a share.
• RBC Capital Markets raised its outlook on the Canadian banking sector, citing a positive risk-reward profile for the next 6-9 months.
• Bank of Montreal traded at a lower valuation, with a strong wealth management business.

Sources:

• Dow Jones Commodities News via Comtex
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