Google, Bank of America and GE Decline

123jump.com Staff
16 Apr, 2010
New York City

Google quarterly sales increased 23% and net surged 41%. Advanced Micro Devices, Inc quarter profit rose 33%. Christopher & Banks Corp comparable same-store sales decreased 4%. Genuine Parts earnings per share rose 13%. General Electric profit declined nearly a third.

[R]11:30 AM New York – Google quarterly sales increased 23% and net surged 41%. Advanced Micro Devices, Inc quarter profit rose 33%. Christopher & Banks Corp comparable same-store sales decreased 4%. Genuine Parts earnings per share rose 13%. General Electric profit declined nearly a third.[/R]

Of the stocks in S&P 500 index, 178 increased, 312 declined and 10 were unchanged.

First Horizon National Corporation led the decliners in the S&P 500 index with a loss of 5.5% followed by losses in Google Inc of 5.1% and in Advanced Micro Devices, Inc of 4.3%, in Nvidia Corporation of 3.7% and in SunTrust Banks, Inc of 3.0%.

Boston Scientific Corporation led gainers in the S&P 500 index with a rise of 4.3% followed by gains in Gannett Co., Inc 3.7%, in Mattel, Inc of 3.2% and in GameStop Corp 2.5%.

Other Movers

Advanced Micro Devices, Inc ((AMD)) decreased 4.8% or 49 cents to $9.67 after the microprocessor maker said first quarter sales rose 33% to $1.57 billion from $1.18 billion a year ago. Net income in the quarter was $257 million or 35 cents per diluted share compared to net loss of $416 million or 66 cents per share a year ago.

AptarGroup, Inc ((ATR)) advanced 1.3% or 57 cents to $42.35 after the cosmetics and perfume-dispenser maker said first quarter sales rose 17% to $505.5 million from $431.8 million a year ago. Net income in the quarter rose 46% to $39.0 million or 56 cents per diluted share compared to net income of $26.7 million or 38 cents per share a year ago.

Bank of America Corporation ((BAC)) decreased 0.10% or 1 cent to $19.47 after the bank reported first quarter revenue fell 10.6% to $32.0 billion from $35.8 billion a year ago. Net income in the quarter rose 0.7% to $2.83 billion or 28 cents per diluted share compared to net income of $2.81 billion or 44 cents per share a year ago.

Bank Mutual Corporation ((BKMU)) climbed 3.1% or 22 cents to $7.29 after the finance company said first quarter net interest income fell 26% to $14.1 million from $19.1 million a year ago. Net income in the quarter fell 71% to $2.1 million or 5 cents per diluted share compared to net income of $7.2 million or 15 cents per share a year ago.

Boston Scientific Corporation ((BSX)) gained 6.4% or 46 cents to $7.60 after the maker of heart devices announced that it has received U.S. Food and Drug Administration clearance for the two validated manufacturing changes affecting all of its cardiac resynchronization therapy defibrillators and implantable cardioverter defibrillators will immediately resume distribution.

Christopher & Banks Corporation ((CBK)) gained 5.1% or 53 cents to $10.77 after the clothing retailer said fourth quarter sales fell 2% to $102.0 million from $104.0 million a year ago. Net loss in the quarter was $6.4 million or 18 cents per diluted share compared to net loss of $28.8 million or 82 cents per share a year ago.

Cubist Pharmaceuticals, Inc ((CBST)) declined 3.4% or 83 cents to $23.00 after the biopharmaceutical company said first quarter revenues rose 19% to $144.1 million from $121.1 million a year ago. Net income in the quarter rose 161.5% to $20.4 million or 34 cents per diluted share compared to net income of $7.8 million or 13 cents per share a year ago.

Gannett Co. Inc ((GCI)) added 3.6% or 66 cents to $18.80 after the newspaper publisher reported first quarter sales fell 4.3% to $1.32 billion from $1.38 billion a year ago. Net income in the quarter rose 51.4% to $117.2 million or 49 cents per diluted share compared to net income of $77.4 million or 34 cents per share a year ago.

General Electric Company ((GE)) dropped 1.0% or 21 cents to $19.30 after the technology, media and financial services conglomerate reported first quarter revenues fell 4.7% to $36.6 billion from $38.4 billion a year ago. Net income in the quarter fell 32% to $1.87 billion or 17 cents per diluted share compared to net income of $2.75 billion or 26 cents per share a year ago.

Genuine Parts Company ((GPC)) fell 1.1% or 53 cents to $44.89 after the distributor of automotive replacement parts reported first quarter sales rose 8.3% to $2.6 billion from $2.4 billion a year ago. Net income in the quarter rose 13% to $100.6 million or 63 cents per diluted share compared to net income of $89.2 million or 56 cents per share a year ago.

Google Inc ((GOOG)) declined 4.1% or $24.64 to $570.66 after the Internet search engine operator said first quarter revenues rose 23% to $6.78 billion from $5.51 billion a year ago. Net income in the quarter rose 41% to $2 billion or $6.06 per diluted share compared to net income of $1.42 billion or $4.49 per share a year ago.

Independent Bank Corp ((INDB)) rose 1.4% or 37 cents to $25.59 after the bank said first quarter net interest income rose 34% to $40.2 million from $30.0 million a year ago. Net income in the quarter rose 77% to $9.2 million or 44 cents per diluted share compared to net income of $5.2 million or 32 cents per share a year ago.

Intuitive Surgical, Inc ((ISRG)) fell 2.0% or $8.01 to $380.00 after the manufacturer of surgical systems said first quarter revenues rose 74.4% to $328.6 million from $188.4 million a year ago. Net income in the quarter rose 203.5% to $85.3 million or $2.12 per diluted share compared to net income of $28.1 million or 72 cents per share a year ago.

Knoll, Inc ((KNL)) rose 0.7% or 9 cents to $12.58 after the office furniture maker reported first quarter sales fell 17.5% to $175.3 million from $212.6 million a year ago. Net income in the quarter fell 77% to $2.2 million or 5 cents per diluted share compared to net income of $9.5 million or 21 cents per share a year ago.

Krispy Kreme Doughnuts, Inc ((KKD)) slipped 7.0% or 35 cents to $4.61 after the doughnut maker said fourth quarter revenues fell 5.6% to $86.8 million from $92.0 million a year ago. Net income in the quarter was $520,000 or 1 cent per diluted share compared to net loss of $303,000 or break even per share a year ago.

Lions Gate Entertainment Corp ((LGF)) increased 8.1% or 52 cents to $6.89 after the company announced that it has received a revised unsolicited tender offer from the Icahn Group to acquire up to all of company’s common shares for $7 per share in cash.

Mattel, Inc ((MAT)) gained 4.0% or 95 cents to $24.70 after the toy maker reported first quarter sales rose 12% to $880.1 million from $785.6 million a year ago. Net income in the quarter was $24.8 million or 7 cents per diluted share compared to net loss of $51 million or 14 cents per share a year ago.

NPS Pharmaceuticals, Inc ((NPSP)) dropped 7.5% or 47 cents to $5.75 after the biopharmaceutical company announced that it intends to offer 7.5 million shares of its common stock in an underwritten public offering.

People’s United Financial, Inc ((PBCT)) fell 0.9% or 15 cents to $16.50 after the finance company said first quarter net interest income rose 12% to $159.6 million from $142.8 million a year ago. Net income in the quarter fell 44% to $13.6 million or 4 cents per diluted share compared to net income of $24.2 million or 7 cents per share a year ago.

The Royal Bank of Scotland Group plc ((RBS)) increased 7.0% or $1.00 to $15.29 after Bank of America Merrill Lynch published an upbeat analyst report suggesting a return to profit as early as this year.

Silicon Motion Technology Corporation ((SIMO)) rose 4.8% or 30 cents to $6.50 after the company expects first quarter revenues to sequentially increase 15% to 16%.

Supervalu Inc ((SVU)) rose 0.9% or 17 cents to $17.33 after the grocery chain was upgraded new “short-term buy” at UBS AG.

Valmont Industries, Inc ((VMI)) dropped 2.8% or $2.44 to $84.00 after the maker of lighting poles and support structures said first quarter sales fell 19% to $367.4 million from $455.2 million a year ago. Net income in the quarter fell 54% to $16.5 million or 62 cents per diluted share compared to net income of $35.9 million or $1.37 per share a year ago.