Ford, 3M, duPont Rise; Emulex Drops

Mayank Mehta
27 Apr, 2010
New York City

Tellabs, Inc led gainers in the S&P 500 index with a rise of 9.6%. Valero Energy swings to first quarter loss. 3M posts higher quarterly profit. duPont boosts 2010 guidance as earnings soar. Tyco plans a spin-off of electrical products segment.

[R]12:55 AM New York - Tellabs, Inc led gainers in the S&P 500 index with a rise of 9.6%. Valero Energy swings to first quarter loss. 3M posts higher quarterly profit. duPont boosts 2010 guidance as earnings soar. Tyco plans a spin-off of electrical products segment.[/R]

Of the stocks in S&P 500 index, 107 increased, 392 declined and one was unchanged.

Office Depot, Inc led the decliners in the S&P 500 index with a loss of 10.1% followed by losses in The Estee Lauder Companies Inc of 6.8% and in Masco Corporation of 6.1%, in American International Group, Inc of 5.2% and in Plum Creek Timber Company, Inc of 5.1%.

Tellabs, Inc led gainers in the S&P 500 index with a rise of 9.6% followed by gains in The Western Union Company 6.4%, in Cummins Inc of 5.2% and in Avery Dennison Corporation 5.0%.

Other Movers

3M Company ((MMM)) added 3.2% or $2.85 to $90.29 after the diversified technology company reported first quarter sales rose 24.5% to $6.35 billion from $5.10 billion a year ago. Net income in the quarter rose 79.5% to $930 million or $1.29 per diluted share compared to net income of $518 million or 74 cents per share a year ago.

Alcon, Inc. ((ACL)) rose 0.3% or 50 cents to $157.00 after the eye care products maker said first quarter sales rose 15.4% to $1.72 billion from $1.49 billion a year ago. Net income in the quarter rose 27% to $573 million or $1.89 per diluted share compared to net income of $452 million or $1.51 per share a year ago.

Albemarle Corporation ((ALB)) fell 0.1% or 4 cents to $44.75 after the specialty chemicals maker said first quarter sales rose 19% to $580.3 million from $486.6 million a year ago. Net income in the quarter rose 149% to $63.3 million or 69 cents per diluted share compared to net income of $25.4 million or 28 cents per share a year ago.

Ameriprise Financial, Inc ((AMP)) dropped 1.1% or 54 cents to $48.51 after the mutual fund manager said first quarter sales rose 32% to $2.27 billion from $1.72 billion a year ago. Net income in the quarter rose 64.6% to $214 million or 81 cents per diluted share compared to net income of $130 million or 58 cents per share a year ago.

American International Group, Inc ((AIG)) decreased 4.1% or $1.86 to $42.65 after the insurer was downgraded to “underperform” from “market perform” at Keefe, Bruyette & Woods.

Ametek, Inc ((AME)) added 2.7% or $1.17 to $44.42 after the manufacturer of electronic instruments and electromechanical devices reported first quarter sales rose 1% to $556.7 million from $552.9 million a year ago. Net income in the quarter fell 2% to $57.9 million or 54 cents per diluted share compared to net income of $59.1 million or 55 cents per share a year ago.

Anadigics, Inc. ((ANAD)) fell 0.1% or 1 cent to $5.33 after the provider of semiconductor solutions in the broadband said first quarter sales rose 42.6% to $43.5 million from $30.5 million a year ago. Net loss in the quarter was $5.2 million or 8 cents per diluted share compared to net loss of $22.0 million or 36 cents per share a year ago.

Arch Capital Group Ltd ((ACGL)) added 1.0% or 82 cents to $76.91 after the insurer said first quarter sales rose 12.6% to $844.9 million from $750.4 million a year ago. Net income in the quarter rose 50.4% to $210.5 million or $3.79 per diluted share compared to net income of $139.9 million or $2.24 per share a year ago.

Ashland Inc ((ASH)) fell 0.02% or 1 cent to $62.30 after the specialty chemicals company reported second quarter sales rose 13% to $2.25 billion from $1.99 billion a year ago. Net income in the quarter fell 54% to $22 million or 27 cents per diluted share compared to net income of $48 million or 65 cents per share a year ago.

BE Aerospace, Inc ((BEAV)) rose 0.2% or 8 cents to $31.20 after the supplier of aircraft interior products reported first quarter sales fell 11.5% to $463.5 million from $523.7 million a year ago. Net income in the quarter fell 11% to $33.8 million or 34 cents per diluted share compared to net income of $37.9 million or 38 cents per share a year ago.

BP p.l.c. ((BP)) fell 1.8% or $1.04 to $56.91 an oil and gas company said first quarter revenues rose 54.5% to $73.1 billion to $47.3 billion a year ago. Net income for the quarter rose 135% to $6.1 billion or 31.99 cents per diluted share compared to net income of $2.6 billion or 13.54 cents per share a year ago.

Canadian National Railway Corporation ((CNI)) rose 0.8% or 51 cents to $63.41 after the freight carrier said first quarter revenues rose 6% to $1.97 billion from $1.86 billion a year ago. Net income in the quarter rose 20.5% to $511 million or $1.08 per diluted share compared to net income of $424 million or 90 cents per share a year ago.

Coca-Cola Enterprises Inc ((CCE)) fell 0.02% or 1 cent to $28.14 after the bottler of Coca-Cola products reported first quarter sales fell 1.5% to $4.97 billion from $5.05 billion a year ago. Net income in the quarter rose 74% to $106 million or 21 cents per diluted share compared to net income of $61 million or 13 cents per share a year ago.

Choice Hotels International, Inc ((CHH)) rose 0.1% or 7 cents to $38.94 after the hotel franchisor said first quarter revenues fell 6% to $107.4 million from $114.2 million a year ago. Net income in the quarter fell 3% to $15.8 million or 26 cents per diluted share compared to net income of $16.3 million or 27 cents per share a year ago.

Diebold, Incorporated ((DBD)) was unchanged at $34.21 after the provider of integrated self-service delivery and security systems and services reported first quarter sales fell 6% to $619.0 million from $657.3 million a year ago. Net income in the quarter was $23.9 million or 36 cents per diluted share compared to net income of $1.6 million or 2 cents per share a year ago.

Emulex Corporation ((ELX)) dropped 7.6% or $1.04 to $12.62 after the chipmaker said fourth quarter estimated total net revenues in the range of between $100 and $103 million.

E. I. du Pont de Nemours and Company ((DD)) rose 2.2% or 90 cents to $41.85 after the chemical maker reported first quarter sales rose 23.4% to $8.48 billion from $6.87 billion a year ago. Net income in the quarter rose 132% to $1.13 billion or $1.24 per diluted share compared to net income of $488 million or 54 cents per share a year ago.

F.N.B. Corporation ((FNB)) slipped 2.2% or 21 cents to $9.29 after the finance company said first quarter net interest income rose 6.7% to $68.4 million from $64.1 million a year ago. Net income in the quarter rose 12% to $16.0 million or 14 cents per diluted share compared to net income of $14.3 million or 16 cents per share a year ago.

Ford Motor Company ((F)) fell 0.7% or 11 cents to $14.35 after the automaker reported first quarter revenues rose 15% to $28.1 billion from $24.4 billion a year ago. Net income in the quarter was $2.1 billion or 50 cents per diluted share compared to net loss of $1.4 billion or 60 cents per share a year ago.

FPL Group, Inc ((FPL)) was unchanged at $51.06 after the wind and solar power producer reported first quarter sales fell 2.2% to $3.62 billion from $3.71 billion a year ago. Net income in the quarter rose 53% to $556 million or $1.36 per diluted share compared to net income of $364 million or 90 cents per share a year ago.

Hexcel Corporation ((HXL)) rose 1.3% or 19 cents to $14.83 after the maker of structural materials said first quarter sales fell 14.4% to $263.0 million from $307.3 million a year ago. Net income in the quarter fell 32.5% to $15.8 million or 16 cents per diluted share compared to net income of $23.4 million or 24 cents per share a year ago.

Jacobs Engineering Group Inc. ((JEC)) fell 0.2% or 10 cents to $48.57 after the technical services provider said second quarter sales fell 13% to $2.59 billion from $2.98 billion a year ago. Net income in the quarter fell 29% to $77.5 million or 62 cents per diluted share compared to net income of $109.3 million or 88 cents per share a year ago.

The McGraw-Hill Companies, Inc ((MHP)) was unchanged at $33.88 after the information services provider reported first quarter sales rose 3.5% to $1.19 billion from $1.15 billion a year ago. Net income in the quarter rose 64% to $103.4 million or 33 cents a diluted share compared to net income of $63.0 million or 20 cents per share a year ago.

Plum Creek Timber Company, Inc. ((PCL)) rose 0.01% or 1 cent to $43.53 after the landowners, timber processors and homebuilder said first quarter revenues fell 32.6% to $317 million from $470 million a year ago. Net income in the quarter fell 44.6% to $87 million or 54 cents per diluted share compared to net income of $157 million or 95 cents per share a year ago.

Pentair, Inc ((PNR)) fell 3.1% or $1.24 to $37.70 an industrial manufacturing company reported first quarter sales rose 11.5% to $707.0 million from $633.8 million a year ago. Net income in the quarter rose 104% to $35.3 million or 36 cents per diluted share compared to net income of $17.3 million or 18 cents per share a year ago.

Reinsurance Group of America, Inc ((RGA)) fell 0.1% or 10 cents to $55.82 after the life reinsurer said first quarter net premiums rose 21% to $1.63 billion from $1.35 billion a year ago. Net income in the quarter rose 425% to $122.4 million or $1.64 per diluted share compared to net income of $23.3 million or 32 cents per share a year ago.

Rent-A-Center, Inc. ((RCII)) added 2.6% or 69 cent to $26.40 after the rent-to-own operator said first quarter revenues fell 1.3% to $718.4 million from $728.2 million a year ago. Net income in the quarter rose 13.4% to $51.5 million or 77 cents per diluted share compared to net income of $45.4 million or 68 cents per share a year ago.

SolarWinds, Inc ((SWI)) plunged 10.2% or $2.46 to $21.47 after the maker of network-management software hit its forecast for first quarter profit and stood firm by its full year projection.

Solutia Inc ((SOA)) gained 6.0% or $1.06 to $18.57 after the chemical maker increased adjusted EBITDA guidance for the year to a range of $480 million to $500 million, cash from continuing operations less capital spending to a range of $150 million to $175 million and full year adjusted earnings per share from continuing operations between $1.40 and $1.50.

Stanley Black & Decker, Inc ((SWK)) added 3.2% or $2.07 to $65.40 after the tool maker reported first quarter sales rose 38% to $1.26 billion from $913 million a year ago. Net loss in the quarter was $108.6 million or $1.09 per diluted share compared to net income of $37.7 million or 47 cents per share a year ago.

Tyco International Ltd ((TYC)) fell 0.9% or 38 cents to $40.03 after the diversified manufacturer reported second quarter revenues rose 0.5% to $4.17 billion from $4.15 billion a year ago. Net income in the quarter was $310 million or 65 cents per diluted share compared to net loss of $2.57 billion or $5.42 per share a year ago.

Valero Energy Corporation ((VLO)) fell 0.3% or 6 cents to $20.07 an oil refiner reported first quarter revenues rose 47.4% to $19.6 billion from $13.3 billion a year ago. Net loss in the quarter was $113 million or 20 cents per diluted share compared to net income of $309 million or 59 cents per share a year ago.

Veeco Instruments Inc ((VECO)) rose 4.5% or $2.34 to $53.39 after the maker of gear for chipmakers and data storage said second quarter 2010 revenue is currently forecasted between $220 and $240 million and earnings per share between $1.02 and $1.20 on a GAAP basis and 78 cents to 90 cents on a non-GAAP basis.

Zoran Corporation ((ZRAN)) decreased 6.6% or 73 cents to $10.30 after the maker of software and chips for digital audio and video products said is currently expecting second quarter 2010 revenues to range between $90 million and $94 million and gross margins between 51% and 52%.