CarMax, Shanda Rise; ConAgra, Darden Fall

Mayank Mehta
24 Jun, 2010
New York City

Sotheby

[R]10:00 AM New York - Sotheby’s led the decliners in the S&P 500 index with a loss of 8.0%. Dell sees 2011 revenue growing 14% to 19%. Bed Bath & Beyond boosts profit 58%. Nike profit increases and sales grow in emerging markets. Paychex fourth-quarter net income rises 2%.[/R]

Sotheby’s led the decliners in the S&P 500 index with a loss of 8.0% followed by losses in Bank of Ireland of 6.8% and in Logitech International S.A of 5.8%, and in Aruba Networks, Inc. of 4.6%.

Shanda Games Limited led gainers in the S&P 500 index with a rise of 5.9% followed by gains in GEROVA Financial Group, Ltd. of 4.2%, in Discover Financial Services of 3.6% and in ORIX Corporation of 2.5%.

Other Movers

Ameron International Corporation ((AMN)) advanced 2.1% or $1.22 to $64.00 after the industrial pipeline maker reported second quarter sales rose 2.6% to $136.5 million from $133.0 million a year ago. Net income in the quarter rose 1% to $9.5 million or $1.03 per diluted share compared to net income of $9.4 million or $1.02 per share a year ago.

Apollo Group, Inc. ((APOL)), the private education provider dropped 1.4% or 65 cents to $45.68.

Bed Bath & Beyond Inc. ((BBBY)) dropped 5.3% or $2.23 to $39.23. The home furnishings retailer said first quarter sales rose 13.6% to $1.92 billion from $1.69 billion a year ago. Net income in the quarter rose 58% to $137.6 million or 52 cents per diluted share compared to net income of $87.2 million or 34 cents per share a year ago.

CarMax, Inc. ((KMX)) rose 0.09% or 2 cents to $21.87 after the used-car dealer was upgraded to “accumulate” from “neutral” at CL King & Associates.

ConAgra Foods, Inc. ((CAG)) fell 0.8% or 19 cents to $24.50 after the maker frozen dinners reported fourth quarter sales fell 5% to $3.06 billion from $3.22 billion a year ago. Net income in the quarter fell 48% to $90.6 million or 20 cents per diluted share compared to net income of $174.7 million or 39 cents per share a year ago.

CKE Restaurants, Inc. ((CKR)) fell 0.2% or 3 cents to $12.46 after the restaurant operator said first quarter revenues fell 2.6% to $435.2 million from $446.8 million a year ago. Net loss in the quarter was $3.1 million or 6 cents per diluted share compared to net income of $14.4 million or 26 cents per share a year ago.

Darden Restaurants, Inc. ((DRI)) fell 0.2% or 10 cents to $41.80 after the restaurateur said fourth quarter sales fell 6% to $1.86 billion from $1.98 billion a year ago. Net income in the quarter fell 6% to $115.6 million or 80 cents per diluted share compared to net income of $123.0 million or 87 cents per share a year ago.

Discover Financial Services ((DFS)) rose 3.4% or 48 cents to $14.49. The credit card issuer reported second quarter net interest income fell 0.03% to $1.15 billion from $1.19 billion a year ago. Net income in the quarter was $258.1 million or 33 cents per diluted share compared to net loss of $132.3 million or 31 cents per share a year ago.

Google Inc. ((GOOG)), the search-engine operator fell 0.07% or 35 cents to $481.70.

Herman Miller, Inc. ((MLHR)) fell 5.9% or $1.15 to $18.21. The office furniture maker said fourth quarter sales rose 0.5% to $321.5 million from $320.0 million a year ago. Net income in the quarter fell 71% to $2.1 million or breakeven per diluted share compared to net income of $7.2 million or 14 cents per share a year ago.

Lennar Corporation ((LEN)) traded unchanged at $14.74 after the homebuilder reported second quarter revenues fell 8.7% to $814.5 million from $891.9 million a year ago. Net income in the quarter was $39.7 million or 21 cents per diluted share compared to net loss of $125.2 million or 76 cents per share a year ago.

McCormick & Company, Incorporated ((MKC)) added 1.1% or 45 cents to $39.62 after the spice maker reported second quarter sales rose 5.4% to $798.3 million from $757.3 million a year ago. Net income in the quarter rose 30.6% to $66.2 million or 49 cents per diluted share compared to net income of $50.7 million or 38 cents per share a year ago.

Nike, Inc. ((NKE)) fell 2.2% or $1.63 to $70.89 after the athletic shoe and clothing maker said fourth quarter revenues rose 8.3% to $5.1 billion from $4.71 billion a year ago. Net income in the quarter rose 53% to $521.9 million or $1.06 per diluted share compared to net income of $341.4 million or 70 cents per share a year ago.

Paychex, Inc. ((PAYX)) dropped 4.2% or $1.17 to $26.25 after the payroll and personnel services provider said fourth quarter revenues was flat at $496.2 million a year ago. Net income in the quarter rose 1.5% to $115.5 million or 32 cents per diluted share compared to net income of $113.8 million or 32 cents per share a year ago.

Pfizer Inc. ((PFE)) fell 1.9% or 29 cents to $14.50 after the drugmaker announced today the suspension of the osteoarthritis clinical program for the investigational compound tanezumab following a request by the U.S. Food and Drug Administration.

Park Electrochemical Corp. ((PKE)) dropped 0.4% or 11 cents to $24.36. The high-technology digital and printed circuit materials maker reported first quarter sales rose 61% to $59.0 million from $36.7 million a year ago. Net income in the quarter rose 219.4% to $9.9 million or 48 cents per diluted share compared to net income of $3.1 million or 15 cents per share a year ago.

Questar Corporation ((STR)) fell 0.2% or 10 cents to $47.31.

Robbins & Myers, Inc. ((RBN)) added 2.2% or 50 cents to $22.77 after the diversified manufacturer reported third quarter sales rose 2.5% to $147.0 million from $143.4 million a year ago. Net income in the quarter fell 20.4% to $8.2 million or 25 cents per diluted share compared to net income of $10.3 million or 31 cents per share a year ago.