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NYSE Stocks In The News.(A)
Byline: Jonah Keri
Spinnaker Exploration rallied 220% from its September 1999 initial public offering to its peak of 48 in April of this year. The stock fell into a base as crude oil prices kept sinking. It's bounced back above its 50- and 200-day moving averages as it carves the right side of its base. Spinnaker lies 15% off its high.
Some analysts are bullish on fall commodity prices, expecting a rebound as demand rises for the winter heating season. That could boost Spinnaker, an exploration and production company with major holdings in the Gulf of Mexico.
Sales growth has hit triple digits in each of the last seven quarters. But last quarter was the first time in five quarters the firm didn't see sequential revenue growth. Analysts polled by First Call say profit growth will slow to 42% next quarter, then turn negative ...
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