Casey's, Atlas Energy, Blyth Surge

Mayank Mehta
09 Apr, 2010
New York City

Casey

[R]12:20 PM New York – Casey’s General Stores, Inc soared 23% after its board rejected all cash offer that valued the company at $1.9 billion. Blyth Inc surged as much as 45% after the candle maker estimated higher annual earnings. Atlas Energy jumped 17% after it formed joint venture with India based Reliance Industries.[/R]

Of the stocks in S&P 500 index, 319 increased, 172 declined and 9 were unchanged.

Constellation Brands, Inc led the decliners in the S&P 500 index with a loss of 3.8% followed by losses in Monster Worldwide, Inc of 3.4% and in Alcoa Inc of 2.8%, in Eastman Kodak Company of 2.0% and in Pepco Holdings, Inc of 1.8%.

Range Resources Corporation led gainers in the S&P 500 index with a rise of 4.4% followed by gains in Cabot Oil & Gas Corporation 3.8%, in SLM Corporation of 3.5% and in Cliffs Natural Resources Inc 2.4%.

Other Movers

Alcoa Inc ((AA)) fell 1.4% or 22 cents to $14.66 after aluminum producer was downgraded to “neutral” from “overweight” at JPMorgan Chase & Co.

Atlas Energy Inc ((ATLS)) soared 17% to $37.33 after it agreed to sell 40% interest in key Marcellus Shale region with 300,000 acres to India based Reliance Industries for $340 million and $1.36 billion for the drilling costs of 75% of Atlas’ capital cost over the next seven and half year development program.

Blyth, Inc ((BTH)) surged 45.2% or $14.62 to $46.10 after the candle and gift accessories maker reported fourth quarter sales rose 3% to $322.4 million from $313.4 million a year ago. Net income in the quarter rose 137% to $31.8 million or $3.57 per diluted share compared to net income of $13.4 million or $1.49 per share a year ago.

Casey’s General Stores, Inc ((CASY)) surged 23.5% or $7.41 to $39 after Canada based Alimentation Couche-Tard Inc proposed to acquire the convenience retailer for $36 a share in cash.

Central European Distribution Corporation ((CEDC)) fell 0.8% or 32 cents to $35.67 after the polish vodka producer announced that it has signed a binding agreement for the sale of 100% of its distribution business in Poland to Eurocash SA for 400 million zloty or $138 million in cash and free of debt.

Constellation Brands, Inc ((STZ)) decreased 4.7% or 80 cents to $16.05 after the producer and marketer of beverage alcohol reported fourth quarter sales fell 7.5% to $893.0 million from $964.9 million a year ago. Net loss in the quarter was $51 million or 23 cents per diluted share compared to net loss of $406.8 million or $1.88 per share a year ago.

J. C. Penney Company, Inc ((JCP)) gained 3.2% or $1.02 to $32.00 after the department-store chain added to its “conviction buy” list at Goldman Sachs.

Joe''s Jeans Inc ((JOEZ)) plunged 11.0% or 38 cents to $3.07 after the clothing company said first quarter sales rose 40.6% to $23.2 million from $16.5 million a year ago. Net income in the quarter fell 13% to $694,000 or 1 cent per diluted share compared to net income of $800,000 or 1 cent per share a year ago.

McKesson Corporation ((MCK)) dropped 0.6% or 43 cents to $66.17 after the pharmaceutical distributor announced that it has signed a definitive agreement to sell its McKesson Asia Pacific business to Medibank Private Ltd., the largest private health services and insurer in Australia.

Palm, Inc ((PALM)) the provider of mobile products surged 10.9% or 51 cents to $5.16.

Penford Corporation ((PENX)) decreased 8.1% or 91 cents to $10.33 after the manufacturer and marketer of specialty natural-based ingredient systems said second quarter sales fell 2.5% to $62.3 million from $63.9 million a year ago. Net income in the quarter was $11.2 million or 99 cents per diluted share compared to net loss of $22.2 million or $1.99 per share a year ago.

Richardson Electronics, Ltd ((RELL)) surged 10.4% or 98 cents to $10.36 after the wireless products and video display equipment distributor said third quarter sales rose 10% to $121.3 million from $110.3 million a year ago. Net income in the quarter was $4.5 million or 25 cents per diluted share compared to net loss of $11.4 million or 65 cents per share a year ago.

Shaw Communications Inc ((SJR)) fell 0.6% or 13 cents to $19.45 after the communications company reported second quarter revenues rose 10.7% to $929.1 million from $839.1 million a year ago. Net income in the quarter fell 11.4% to $138.7 million or 32 cents per diluted share compared to net income of $156.6 million or 36 cents per share a year ago.

Wynn Resorts, Limited ((WYNN)) slipped 0.1% or 13 cents to $86.10 after the casino company announced that Development Associates, LLC, and certain other of its wholly owned subsidiaries have terminated all agreements and negotiations with respect to a potential investment in the Foxwoods Casino project in Philadelphia, PA.