Bank of America, Citigroup, Micron Fall

Mayank Mehta
29 Jun, 2010
New York City

Smithfield Foods, Inc. led gainers in the S&P 500 index with a rise of 7.8%. Worthington Industries swings to quarterly profit. Micron Technology reports $939 million profit.

[R]11:00 AM New York - Smithfield Foods, Inc. led gainers in the S&P 500 index with a rise of 7.8%. Worthington Industries swings to quarterly profit. Micron Technology reports $939 million profit.[/R]

Citigroup Inc. led the decliners in the S&P 500 index with a loss of 3.5% followed by losses in Ford Motor Company of 5.0% and in Stoneridge, Inc. of 5.8%, and in Micron Technology, Inc. of 10.8% and in Bank of America Corporation of 1.9%.

Smithfield Foods, Inc. led gainers in the S&P 500 index with a rise of 7.8% followed by gains in Gerova Financial Group, Ltd. of 2.4%, in Opko Health Inc. of 2.1% and in Worthington Industries, Inc of 1.9%.

Other Movers

Aaron's Inc. ((AAN)) plunged 10.0% or $1.94 to $17.31 after the furniture manufacturer and retailer is reducing its earnings guidance for the second quarter to a range of 29 cents to 33 cents per diluted share from the previous guidance of 37 cents to 41 cents per diluted share, and for the year to $1.36 per diluted share to $1.48 per diluted share from the previous guidance of $1.48 per diluted share to $1.60 per diluted share.

Barnes & Noble, Inc. ((BKS)) fell 3.1% or 51 cents to $15.90. The electronic reader and e-books seller said fourth quarter sales rose 18% to $1.32 billion from $1.12 billion a year ago. Net loss in the quarter was $32.0 million or 58 cents per diluted share compared to net loss of $2.7 million or 5 cents per share a year ago.

Bank of America Corporation ((BAC)) fell 1.7% or 26 cents to $14.98 after the bank, along with the two other largest U.S. debit-card issuers Wells Fargo & Co. and JPMorgan Chase & Co. may lose $1.38 billion in annual revenue from the proposed cap on credit card swipe fees being considered by the U.S. Congress, Moody’s Investors Service said in a report today.

Caterpillar Inc. ((CAT)) fell 4.8% or $3.15 to $61.25 and the maker of construction equipment today is announcing plans to expand its manufacturing presence in Brazil to further position the company to meet growing customer demand across Latin America.

ConAgra Foods, Inc. ((CAG)) rose 0.3% or 8 cents to $24.00 after the packaged-food company announced today that it has completed the acquisition of the assets of American Pie, LLC.

General Mills, Inc. ((GIS)) rose 0.9% or 35 cents to $37.75 after the maker of cereals declared an increase in the quarterly dividend rate to 28 cents per share, payable Aug. 2, 2010, to shareholders of record July 12, 2010.

Micron Technology, Inc. ((MU)) fell 6.0% or 61 cents to $9.41. The memory chip maker said third quarter sales rose 106.3% to $2.29 billion from $1.11 billion a year ago. Net income in the quarter was $939.0 million or 92 cents per diluted share compared to net loss of $301.0 million or 37 cents per share a year ago.

Smithfield Foods, Inc. ((SFD)) added 5.8% or 87 cents to $15.75 after the JBS SA may hold talks to buy U.S. pork processor Smithfield, Sao Paulo-based newspaper Valor Economico reported.

Sprint Nextel Corporation ((S)) decreased 2.2% or 10 cents to $4.36 after the Subsidiary Virgin Mobil USA Inc. introduced the Novatel Wireless MiFi 2200 Intelligent Mobile device and said it cut the price of its Ovation MC760 device 20% to $79.99, according to Bloomberg report.

Standard Microsystems Corporation ((SMSC)) gained 5.8% or $1.36 to $24.70 after the chipmaker said first quarter sales rose 55.5% to $97.2 million from $62.5 million a year ago. Net income in the quarter was to $627,000 or 3 cents per diluted share compared to net loss of $9.2 million or 42 cents per share a year ago.

Worthington Industries, Inc. ((WOR)) rose 0.08% or 1 cent to $13.09 after the metals manufacturing company reported fourth quarter sales rose 33% to $626.4 million from $471.6 million a year ago. Net income in the quarter was $33.1 million or 42 cents per diluted share compared to net loss of $13.7 million or 17 cents per share a year ago.

Zep Inc. ((ZEP)) rose 0.9% or 16 cents to $17.35 after the sanitizers and cleaners maker said third quarter sales rose 24.4% to $153.0 million from $123.0 million a year ago. Net income in the quarter fell 3.7% to $5.2 million or 23 cents per diluted share compared to net income of $5.4 million or 25 cents per share a year ago.