Coca-Cola, IBM Fall; Coach, P&G Rise

Mayank Mehta
20 Apr, 2010
New York City

IBM net rises 13% in first quarter but services revenues declined. Marshall & Ilsley loss widens. J&J reports higher first-quarter profit. Coach, Inc third quarter net surged 37%. Coca-Cola first quarter net rose 19% on 5% increase in sales.

[R]12:30 PM New York - IBM net rises 13% in first quarter but services revenues declined. Marshall & Ilsley loss widens. J&J reports higher first-quarter profit. Coach, Inc third quarter net surged 37%. Coca-Cola first quarter net rose 19% on 5% increase in sales.[/R]

Of the stocks in S&P 500 index, 433 increased, 63 declined and 4 were unchanged.

AK Steel Holding Corporation led the decliners in the S&P 500 index with a loss of 4.6% followed by losses in Northern Trust Corporation of 4.3% and in State Street Corporation of 4.0%, in International Business Machines Corporation of 2.7% and in Supervalu Inc of 2.0%.

Harley-Davidson, Inc led gainers in the S&P 500 index with a rise of 9.4% followed by gains in The Interpublic Group of Companies, Inc 9.1%, in Amphenol Corporation of 6.8% and in Snap-on Incorporated 6.7%.

Other Movers

Allegiant Travel Company ((ALGT)) fell 0.02% or 1 cent to $56.16 after the travel company said first quarter revenues rose 19.4% to $169.6 million from $142.1 million a year ago. Net income in the quarter fell 20% to $22.6 million or $1.12 per diluted share compared to net income of $28.2 million or $1.37 per share a year ago.

Array BioPharma Inc ((ARRY)) surged 39.0% or $1.18 to $4.20 after the drug research company announced that it has entered into an agreement with Novartis for the worldwide development of the small-molecule MEK inhibitors ARRY-162, currently in a Phase 1 cancer trial, its back-up, ARRY-300, and other MEK inhibitors.

BancFirst Corporation ((BANF)) dropped 0.02% or 1 cents to $44.62 after the bank said first quarter net interest income rose 6.6% to $33.9 million from $31.8 million a year ago. Net income in the quarter rose 31% to $9.3 million or 60 cents per diluted share compared to net income of $7.1 million or 46 cents per share a year ago.

The Bank of New York Mellon Corporation ((BK)) fell 0.9% or 30 cents to $31.80 after the bank reported first quarter revenues rose 20% to $2.57 billion from $2.14 billion a year ago. Net income in the quarter rose 73.6% to $559 million or 46 cents per diluted share compared to net income of $322 million or 28 cents per share a year ago.

Brown & Brown, Inc ((BRO)) rose 1.6% or 31 cents to $18.90 after the insurance agency said first quarter revenues fell 4.3% to $252.3 million from $263.6 million a year ago. Net income in the quarter fell 8% to $44.1 million or 31 cents per diluted share compared to net income of $48.0 million or 34 cents per share a year ago.

Citigroup Inc ((C)) added 1.6% or 8 cents to $4.97.

CKE Restaurants, Inc. ((CKR)) gained 6.5% or 79 cents to $12.78 after the operator of the Carl’s Jr. and Hardee’s fast food chains said it received $12.55 a share acquisition offer from Thomas H. Lee Partners LP.

The Coca-Cola Company ((KO)) dropped 1.3% or 73 cents to $54.59 after the drink maker reported first quarter sales rose 5% to $7.53 billion from $7.17 billion a year ago. Net income in the quarter rose 19% to $1.61 billion or 69 cents per diluted share compared to net income of $1.35 billion or 58 cents per share a year ago.

Crane Co ((CR) rose 0.5% or 18 cents to $36.44 after the manufacturer of engineered industrial products said first quarter sales fell 4.5% to $530.3 million from $555.1 million a year ago. Net income in the quarter rose 42.4% to $33.2 million or 56 cents per diluted share compared to net income of $23.3 million or 40 cents per share a year ago.

Brinker International, Inc ((EAT)) dropped 2.9% or 60 cents to $19.73 after the restaurant operator reported third quarter sales fell 8% to $713.4 million from $774.1 million a year ago. Net income in the quarter rose 14% to $40.0 million or 39 cents per diluted share compared to net income of $35.0 million or 34 cents per share a year ago.

Coach, Inc ((COH)) added 1.4% or 62 cents to $42.50 after the luxury handbag maker reported third quarter sales rose 12% to $830.7 million from $739.9 million a year ago. Net income in the quarter rose 37% to $157.6 million or 50 cents per diluted share compared to net income of $114.9 million or 36 cents per share a year ago.

Eaton Corporation ((ETN)) rose 1.3% or $1.08 to $80.23 after the power management company reported first quarter sales rose 10.7% to $3.1 billion from $2.8 billion a year ago. Net income in the quarter was $155 million or 91 cents per diluted share compared to net loss of $50 million or 30 cents per share a year ago.

FalconStor Software, Inc ((FALC)) plunged 11% or 36 cents to $2.90 after the maker of data-protection software estimated first quarter revenue to be in the range of $16.8 million to $17.1 million.

ICU Medical, Inc ((ICUI)) decreased 2.8% or $1.00 to $34.00 after the medical device maker said first quarter revenues rose 18.6% to $64.4 million from $54.3 million a year ago. Net income in the quarter fell 39.4% to $4.3 million or 30 cents per diluted share compared to net income of $7.1 million or 47 cents per share a year ago.

International Business Machines Corporation ((IBM)) declined 1.7% or $2.26 to $129.97 an information technology company said first quarter revenues rose 5.5% to $22.9 billion from $21.7 billion a year ago. Net income in the quarter rose 13% to $2.6 billion or $1.97 per diluted share compared to net income of $2.3 billion or $1.70 per share a year ago.

Jefferies Group, Inc ((JEF)) slipped 6.4% or $1.79 to $25.80 after the investment banking firm reported first quarter sales rose 70.5% to $583.2 million from $342.0 million a year ago. Net income in the quarter rose 93.5% to $74.1 million or 36 cents per diluted share compared to net income of $38.3 million or 19 cents per share a year ago.

Johnson & Johnson ((JNJ)) fell 0.1% or 9 cents to $65.94 after the maker of health care products reported first quarter sales rose 4% to $15.6 billion from $15.0 billion a year ago. Net income in the quarter rose 29% to $4.53 billion or $1.62 per diluted share compared to net income of $3.51 billion or $1.26 per share a year ago.

Koninklijke Philips Electronics N.V. ((PHG)) climbed 2.1% or 71 cents to $33.53 after the lighting maker and consumer electronics producer said first quarter sales rose 12% to €5.68 billion from €5.08 billion a year ago. Net income in the quarter was €200 million or €0.22 per diluted share compared to net loss of €59 million or €0.06 per share a year ago.

Lincare Holdings Inc. ((LNCR)) fell 0.4% or 20 cents to $47.00 after the provider of oxygen and other respiratory therapy services said first quarter revenues rose 10.3% to $410.0 million from $371.7 million a year ago. Net income in the quarter rose 67.7% to $43.6 million or 67 cents per diluted share compared to net income of $26.0 million or 36 cents per share a year ago.

Marshall & Ilsley Corporation ((MI)) gained 7.0% or 61 cents to $9.02 after the bank reported first quarter net interest income rose 0.1% to $409.1 million from $408.8 million a year ago. Net loss in the quarter was $140.5 million or 27 cents per diluted share compared to net loss of $116.9 million or 44 cents per share a year ago.

Packaging Corporation of America ((PKG)) slipped 2.7% or 68 cents to $24.00 after the producer of containerboard and corrugated products said first quarter sales rose 7.4% to $550.7 million from $512.4 million a year ago. Net income in the quarter fell 25% to $19.2 million or 19 cents per diluted share compared to net income of $25.7 million or 25 cents per share a year ago.

The Procter & Gamble Company ((PG)) rose 0.3% or 19 cents to $63.41 after the consumer products maker increased its quarterly dividend 9.5% to 48.18 cents a share from 44 cents a share.

RLI Corp ((RLI)) fell 1.0% or 63 cents to $58.86 after the specialty insurer said first quarter revenues rose 27% to $139.3 million from $109.9 million a year ago. Net income in the quarter was $24.2 million or $1.13 per diluted share compared to net loss of $1.8 million or 8 cents per share a year ago.

Steel Dynamics, Inc ((STLD)) added 2.9% or 52 cents to $18.04 after the steelmaker said first quarter sales rose 91.5% to $1.56 billion from $814.7 million a year ago. Net income in the quarter was $65.0 million or 29 cents per diluted share compared to net loss of $87.9 million or 48 cents per share a year ago.

Supervalu Inc ((SVU)) rose 0.5% or 10 cents to $17.23 after the grocery chain reported fourth quarter fiscal 2010 net sales of $9.2 billion and net earnings of $97 million or 46 cents diluted per share.

Werner Enterprises, Inc ((WERN)) dropped 2.7% or 66 cents to $23.20 after the transportation and logistics company said first quarter sales rose 8% to $425.1 million from $394.5 million a year ago. Net income in the quarter rose 56.5% to $10.8 million or 15 cents per diluted share compared to net income of $6.9 million or 10 cents per share a year ago.

Weatherford International Ltd ((WFT)) added 4.1% or 67 cents to $16.94 after the oil services company reported first quarter sales rose 3.5% to $2.34 billion from $2.26 billion a year ago. Net loss in the quarter was $40 million or 5 cents per diluted share compared to net income of $164.8 million or 23 cents per share a year ago.

Wolverine World Wide, Inc ((WWW)) slipped 3.9% or $1.24 to $30.03 after the shoemaker reported first quarter sales rose 11.6% to $284.9 million from $255.3 million a year ago. Net income in the quarter rose 162% to $27.5 million or 54 cents per diluted share compared to net income of $10.5 million or 21 cents per share a year ago.

Zions Bancorporation ((ZION)) rose 1.4% or 37 cents to $25.80 after the finance company said first quarter net interest income fell 4% to $455.3 million from $474.8 million a year ago. Net loss in the quarter was $86.5 million or 57 cents per diluted share compared to net loss of $852.3 million or $7.47 per share a year ago.