Gap, U.S. Air, UAL Rise; Forest Labs Drops

Mayank Mehta
08 Apr, 2010
New York City

Retailers reported higher than expected increase in same store sales in March. Gap same sales soared 11% and Target sales surged 10%. Abercrombie & Fitch sales increased 5%. U.S. Airways soared 18% on the merger talks with UAL Ltd, the parent of United Airlines.

[R]11:20 AM New York – Retailers reported higher than expected increase in same store sales in March. Gap same sales soared 11% and Target sales surged 10%. Abercrombie & Fitch sales increased 5%. U.S. Airways soared 18% on the merger talks with UAL Ltd, the parent of United Airlines.[/R]

Of the stocks in S&P 500 index, 51 increased, 447 declined and 2 were unchanged.

Forest Laboratories, Inc led the decliners in the S&P 500 index with a loss of 10.9% followed by losses in Titanium Metals Corporation of 4.9% and in KeyCorp of 4.6%, in QLogic Corporation of 3.9% and in MEMC Electronic Materials, Inc of 3.9%.

The Gap, Inc led gainers in the S&P 500 index with a rise of 4.2% followed by gains in Ross Stores, Inc 3.1%, in Target Corporation of 1.9% and in BMC Software, Inc 1.8%.

Other Movers

Abercrombie & Fitch Co ((ANF)) fell 4.8% or $2.30 to $45.24 after the teen-apparel retailer today reported March comparable store sales increased 5%.

Allscripts-Misys Healthcare Solutions, Inc ((MDRX)) added 2.9% or 60 cents to $20.75 after the provider of clinical software, service said third quarter sales rose 12% to $179.9 million from $160.7 million a year ago. Net income in the quarter rose 39% to $18.5 million or 12 cents per diluted share compared to net income of $13.3 million or 9 cents per share a year ago.

Apogee Enterprises, Inc ((APOG)) plunged 12.4% or $2.07 to $14.50 after the provider of value-added glass solutions said fourth quarter sales fell 26.3% to $148.6 million from $201.7 million a year ago. Net income in the quarter fell 96% to $473,000 or 2 cents per diluted share compared to net income of $11.0 million or 40 cents per share a year ago.

Bed Bath & Beyond Inc ((BBBY)) gained 4.2% or $1.90 to $16.57 after the home-goods superstore said fourth quarter sales rose 16.7% to $2.24 billion from $1.92 billion a year ago. Net income in the quarter rose 60% to $226.0 million or 86 cents per diluted share compared to net income of $141.4 million or 55 cents per share a year ago.

Chase Corporation ((CCF)) fell 1.7% or 24 cents to $13.74 after the manufacturer of tapes, laminates, sealants and coatings said second quarter revenues rose 36.5% to $31.4 million from $23.0 million a year ago. Net income in the quarter rose 252.4% to $1.6 million or 18 cents per diluted share compared to net income of $454,000 or 5 cents per share a year ago.

Compellent Technologies, Inc ((CML)) plunged 15.4% or $2.72 to $14.84 after the storage area network producer expects to report revenue for the first quarter in a range of approximately $31.5 to $32.0 million.

Dolan Media Company ((DM)) increased 4.4% or 46 cents to $10.83 after the business-information company will be added to the S&P SmallCap 600 index replacing NewMarket on April 12.

eBay Inc ((EBAY)) fell 1.7% or 42 cents to $26.43 after the online marketplace was downgraded to “hold” from “buy” at Kaufman Bros.

Forest Laboratories, Inc ((FRX)) plunged 9.0% or $2.95 to $29.51 after the drugmaker failed to win backing to sell a new lung treatment.

Gap Inc ((GPS)) gained 3.3% to $24.64 after March same store sales increased 11% compared to a decline of 8% in the month a year ago. Total net sales increased 12% to $1.45 billion from a year ago month. Gap North America increased 11% compared to a decline of 14% in the month a year ago.

Griffin Land & Nurseries, Inc ((GRIF)) rose 0.07% or 2 cents to $29.02 after the real estate and a landscape nursery company reported first quarter sales rose 4.3% to $4.8 million from $4.6 million a year ago. Net loss in the quarter was $1.84 million or 36 cents per diluted share compared to net loss of $1.82 million or 36 cents per share a year ago.

The Great Atlantic & Pacific Tea Company, Inc ((GAP)) rose 0.1% or 1 cent to $8.51 after the operator of clothing stores reports March comparable store sales increased 3.0%.

Hot Topic, Inc ((HOTT)) surged 20.2% or $1.43 to $8.49 after the clothing retailer said March comparable store sales down 7.5%.

Houston American Energy Corp ((HUSA)) the energy company rose 7.8% or $1.14 to $15.65.

International Speedway Corporation ((ISCA)) decreased 2.3% or 61 cents to $25.76 after the race track owner reported first quarter revenues rose 9.3% to $166.1 million from $152.0 million a year ago. Net income in the quarter fell 1.2% to $25.1 million or 52 cents per diluted share compared to net income of $25.4 million or 53 cents per share a year ago.

Lawson Software, Inc ((LWSN)) slipped 0.8% or 6 cents to $6.90 after the business software company said third quarter sales rose 7% to $186.2 million from $173.8 million a year ago. Net income in the quarter fell 71% to $1.8 million or 1 cent per diluted share compared to net income of $6.2 million or 4 cents per share a year ago.

Mistras Group, Inc ((MG)) added 1.4% or 14 cents to $10.16 after the provider of technology-enabled asset protection solutions said third quarter revenues rose 37% to $64.4 million from $47.0 million a year ago. Net income in the quarter was $765,000 or 3 cents per diluted share compared to net loss of $804,000 or 4 cents per share a year ago.

MSCI Inc ((MXB)) slipped 2.3% or 89 cents to $36.42 after the investment analysis and market index company reported first quarter revenues rose 15% to $121.7 million from $106.0 million a year ago. Net income in the quarter rose 64.6% to $27.5 million or 26 cents per diluted share compared to net income of $16.7 million or 16 cents per share a year ago.

Navistar International Corporation ((NAV)) rose 3.0% or $1.44 to $48.50 after the maker of commercial and military vehicles today announced that the company raised its guidance of earnings for its 2010 fiscal year ending Oct. 31. For fiscal year 2010, net income attributable to is expected to be in the range of $198 million, or $2.75 per diluted share, and $234 million, or $3.25 per diluted share primarily related to increased military orders.

The Pep Boys-Manny, Moe & Jack ((PBY)) increased 3.4% or 36 cents to $10.87 an auto parts retailer said fourth quarter revenues fell 2.7% to $452.9 million from $465.5 million a year ago. Net income in the quarter was $2.3 million or 4 cents per diluted share compared to net loss of $33.3 million or 63 cents per share a year ago.

PriceSmart, Inc ((PSMT)) fell 0.1% or 5 cents to $23.91 after the warehouse club operator reported second quarter revenues rose 9.3% to $366.1 million from $334.8 million a year ago. Net income in the quarter rose 8% to $13.7 million or 46 cents per diluted share compared to net income of $12.7 million or 43 cents per share a year ago.

RPM International Inc ((RPM)) dropped 3.4% or 76 cents to $21.20 after the manufacturer of chemical product reported third quarter sales rose 5% to $666.6 million from $635.4 million a year ago. Net loss in the quarter was $9.4 million or 7 cents per diluted share compared to net loss of $31.0 million or 24 cents per share a year ago.

Ruby Tuesday, Inc ((RT)) climbed 3.4% or 39 cents to $11.64 an operator of dining restaurants said third quarter revenues fell 3.2% to $307.3 million from $317.5 million a year ago. Net income in the quarter rose 271% to $17.8 million or 28 cents per diluted share compared to net income of $4.8 million or 9 cents per share a year ago.

Schnitzer Steel Industries, Inc ((SCHN)) rose 0.06% or 3 cents to $54.45 after the recycler of ferrous and nonferrous metals said second quarter sales rose 39% to $564.3 million from $406.7 million a year ago. Net income in the quarter was $17.5 million or 62 cents per diluted share compared to net loss of $7 million or 25 cents per share a year ago.

The Shaw Group Inc ((SHAW)) dropped 0.1% or 5 cents to $35.47 after the construction, engineering and environmental company said second quarter sales fell 3% to $1.62 billion from $1.67 billion a year ago. Net income in the quarter rose 75.5% to $63.7 million or 74 cents per diluted share compared to net income of $36.3 million or 43 cents per share a year ago.

Standard Microsystems Corporation ((SMSC)) gained 6.0% or $1.45 to $25.60 after the chip maker said fourth quarter revenues rose 62% to $83.0 million from $51.2 million a year ago. Net income in the quarter was $946,000 or 4 cents per diluted share compared to net loss of $71.6 million or $3.27 per share a year ago.

Target Corporation ((TGT)) added 2.3% or $1.28 to $55.28 after the discount chain reported March comparable-store sales soared 10.3%.

US Airways Group, Inc ((LCC)) surged 17.3% or $1.18 to $8.00 after the airline and United Airlines are reported to be in merger talks.

WD-40 Company ((WDFC)) increased 7.6% or $2.55 to $36.02 after the maker of multi-purpose maintenance products said second quarter sales rose 30.4% to $80.6 million from $61.8 million a year ago. Net income in the quarter rose 161% to $10.7 million or 64 cents per diluted share compared to net income of $4.1 million or 25 cents per share a year ago.

Zep Inc. ((ZEP)) rose 0.7% or 17 cents to $23.30 after the maker of chemical products said second quarter sales rose 11% to $127.4 million from $114.6 million a year ago. Net income in the quarter was $738,000 or 3 cents per diluted share compared to net loss of $942,000 or 4 cents per share a year ago.