Baker Hughes Declines; Novell, Kroger Rise

Mayank Mehta
28 May, 2010
New York City

Baker Hughes Incorporated led the decliners in the S&P 500 index with a loss of 6.6%. Ener1 agrees to joint venture with Wanxiang. Guess profit up 55%. J. Crew posts higher profit. Novell reports 28% profit gain.

[R]11:00 AM New York - Baker Hughes Incorporated led the decliners in the S&P 500 index with a loss of 6.6%. Ener1 agrees to joint venture with Wanxiang. Guess profit up 55%. J. Crew posts higher profit. Novell reports 28% profit gain.[/R]

Of the stocks in S&P 500 index, 89 increased, 405 declined and 6 were unchanged.

Baker Hughes Incorporated led the decliners in the S&P 500 index with a loss of 6.6% followed by losses in Halliburton Company of 5.2% and in Diamond Offshore Drilling, Inc. of 4.8%, in Schlumberger Limited of 4.5% and in Smith International, Inc. of 4.2%.

Nabors Industries Ltd. led gainers in the S&P 500 index with a rise of 2.3% followed by gains in CF Industries Holdings, Inc. of 1.8%, in Apple Inc. of 1.6% and in The Kroger Co. of 1.2%.

Other Movers

AMERIGROUP Corporation ((AGP)) rose 0.6% or 23 cents to $35.58 after the managed-care company was upgraded to “buy” from “hold” at Deutsche Bank AG.

Blue Coat Systems, Inc. ((BCSI)) plunged 16.9% or $4.89 to $23.95. The security hardware and software maker said fourth quarter revenues rose 16.7% to $132.6 million from $113.6 million a year ago. Net income in the quarter was $23.6 million or 49 cents per diluted share compared to net loss of $3.5 million or 9 cents per share a year ago.

Ener1, Inc. ((HEV)) surged 15.0% or 48 cents to $3.68 after the maker of lithium-ion batteries for electric cars announced its parent company signed a binding letter of intent for a new joint venture with the electric vehicle division of Wanxiang, the largest ''tier one'' auto parts producer in China.

Eaton Corporation ((ETN)) fell 0.1% or 7 cents to $70.42 after the maker of engine valves and transmissions was upgraded to “neutral” from “sell” at UBS AG.

Diamond Foods, Inc. ((DMND)) added 4.3% or $1.70 to $41.10 after the nuts and snacks seller said third quarter sales rose 25% to $138.7 million from $111.0 million a year ago. Net loss in the quarter was $4.3 million or 22 cents per diluted share compared to net income of $2.7 million or 16 cents per share a year ago.

Esterline Technologies Corporation ((ESL)) climbed 6.3% or $3.25 to $54.60 after the aerospace and defense parts supplier said second quarter sales rose 8% to $387.6 million from $359.5 million a year ago. Net income in the quarter rose 15% to $29.6 million or 98 cents per diluted share compared to net income of $25.7 million or 86 cents per share a year ago.

Guess?, Inc. ((GES)) declined 7.2% or $2.77 to $35.40. The wholesaler and retailer said first quarter revenues rose 22% to $539.3 million from $441.2 million a year ago. Net income in the quarter rose 54.8% to $50.3 million or 54 cents per diluted share compared to net income of $32.5 million or 35 cents per share a year ago.

J.Crew Group, Inc. ((JCG)) rose 0.7% or 34 cents to $44.20 after the catalog retailer said first quarter revenues rose 19.7% to $413.9 million from $345.8 million a year ago. Net income in the quarter rose 119% to $44.7 million or 68 cents per diluted share compared to net income of $20.4 million or 32 cents per share a year ago.

JA Solar Holdings Co., Ltd. ((JASO)) dropped 4.2% or 22 cents to $4.93 after the Chinese maker of solar cells and modules was downgraded to “equal weight” from “overweight” at Barclays Capital Inc.

Mentor Graphics Corporation ((MENT)) added 7.4% or 67 cents to $9.7. The software maker reported first quarter revenues fell 7% to $180.6 million from $193.8 million a year ago. Net loss in the quarter was $23.0 million or 22 cents per diluted share compared to net loss of $13.0 million or 14 cents per share a year ago.

Monsanto Company ((MON)) rose 0.3% or 15 cents to $50.41 after the seed producer was downgraded to “neutral” from “buy” at Bank of America Corp.

Novell, Inc. ((NOVL)) fell 0.5% or 3 cents to $5.87 after the networking software maker said second quarter revenues fell 5.4% to $204.0 million from $215.6 million a year ago. Net income in the quarter rose 28% to $20.0 million or 6 cents per diluted share compared to net income of $15.6 million or 5 cents per share a year ago.

OmniVision Technologies, Inc. ((OVTI)) increased 9.3% or $1.71 to $18.93 after the semiconductor image sensor devices maker said fourth quarter revenues rose 76.4% to $157.2 million from $89.1 million a year ago. Net income in the quarter was $3.5 million or 7 cents per diluted share compared to net loss of $20.1 million or 40 cents per share a year ago.

Quality Systems, Inc. ((QSII)) fell 4.7% or $2.88 to $57.85. The medical records and billing software company reported fourth quarter revenues rose 19.3% to $78.5 million from $65.8 million a year ago. Net income in the quarter rose 15% to $13.1 million or 45 cents per diluted share compared to net income of $11.4 million or 40 cents per share a year ago.