Apple, TJX Gain; H&R Block Falls

Mayank Mehta
08 Jul, 2010
New York City

H&R Block, Inc. led the decliners in the S&P 500 index. Limited Brands June same-store sales rise 6%. Apple Inc. opens launches retail chain in Shanghai. Sun Bancorp announces $100 million equity investment. Retailer TJX ups forecast as June same-store sales rise.

[R]11:00 AM New York - H&R Block, Inc. led the decliners in the S&P 500 index. Limited Brands June same-store sales rise 6%. Apple Inc. opens launches retail chain in Shanghai. Sun Bancorp announces $100 million equity investment. Retailer TJX ups forecast as June same-store sales rise.[/R]

H&R Block, Inc. led the decliners in the S&P 500 index with a loss of 7.5% followed by losses in Telefonos de Mexico, S.A.B. de C.V of 6.4% and in CNinsure Inc. of 4.1%, and in Madison Square Garden, Inc. of 3.6% and in FTI Consulting, Inc. of 25.7%.

J. C. Penney Company, Inc. led gainers in the S&P 500 index with a rise of 11.1% followed by gains in Abercrombie & Fitch Co. of 8.8%, in Onyx Pharmaceuticals, Inc. of 6.2% and in Tractor Supply Company of 6.2% and in Bank of Ireland of 5.0%.

Other Movers

Apple Inc. ((AAPL)) rose 1.5% or $3.93 to $262.60 after the maker of the iPhone 4 said the first sale of phones will begin in Shanghai from July 10.

A. Schulman, Inc. ((SHLM)) dropped 0.1% or 2 cents to $18.63 after the supplier of plastic compounds and resins reported third quarter sales rose 41% to $420.3 million from $297.6 million a year ago. Net income in the quarter rose 248.6% to $25.8 million or 91 cents per diluted share compared to net income of $7.4 million or 29 cents per share a year ago.

Chesapeake Energy Corporation ((CHK)) rose 1.0% or 22 cents to $21.64 after the oil and natural gas producer is eager to develop shale-gas in China, Chief Financial Officer Marcus Rowland said at a media briefing in Beijing today.

Citigroup Inc. ((C)) advanced 1.2% or 5 cents to $3.95 after the lender agreed to sell about $900 million of private-equity investments to Lexington Partners Inc., in a plan announced last year to shrink the U.S. bank’s assets, people with knowledge of the matter said, according to Bloomberg report.

The Greenbrier Companies, Inc. ((GBX)) surged 9.7% or $1.05 to $11.84 after the railroad equipment supplier reported third quarter revenues fell 13.5% to $211.5 million from $244.4 million a year ago. Net income in the quarter was $4.6 million or 23 cents per diluted share compared to net loss of $51.1 million or $3.04 per share a year ago.

H&R Block, Inc. ((HRB)) fell 3.8% or 59 cents to $14.90 after the company announced its board of directors has appointed Alan M. Bennett as President and Chief Executive Officer, effective immediately.

International Speedway Corporation ((ISCA)) fell 2.0% or 51 cents to $24.50 after the race-track owner reported second quarter revenues rose 7% to $152.4 million from $142.2 million a year ago. Net loss in the quarter was $31.7 million or 65 cents per diluted share compared to net income of $10.3 million or 21 cents per share a year ago.

Sun Bancorp, Inc. ((SNBC)) surged 29.3% or $1.06 to $4.67 after the company today announced the signing of investment agreements with private equity funds affiliated with WL Ross & Co. LLC. The bank''s founding Brown family shareholders and others will invest $100 million in common stock and newly authorized convertible preferred stock.

Symantec Corporation ((SYMC)) fell 1.5% or 22 cents to $14.24 after the maker of computer-security software said Gregory Hughes, president of the company’s enterprise product group resigned on June 30.

Tractor Supply Company ((TSCO)) added 4.8% or $3.12 to $66.88 after the operator of 948 farm- equipment stores said net sales for the second quarter 2010 increased 12.6% to $1.07 billion from $946.5 million a year ago. Same-store sales increased 6.1% compared with a same-store sales decrease of 2.7% a year ago.

WD-40 Company ((WDFC)) rose 0.2% or 10 cents to $34.00 after the household lubricants and cleaning products maker said third quarter sales rose 20% to $82.6 million from $68.8 million a year ago. Net income in the quarter rose 32% to $9.1 million or 54 cents per diluted share compared to net income of $6.9 million or 41 cents per share a year ago.

WellCare Health Plans, Inc. ((WCG)) rose 1.0% or 23 cents to $23.15 after the health insurer announced today that the United States District Court for the Middle District of Florida today approved a partial settlement and granted a motion enabling the company to pursue claims against its former top executives, Todd Farha, Paul Behrens and Thad Bereday. In addition, the Court dismissed all claims against current and former directors.

Wells Fargo & Company ((WFC)) rose 6.0% or $1.51 to $26.66 after the bank said 3,800 employees will lose their jobs as the company shutters its Wells Fargo Financial subsidiary.

Xcel Energy Inc. ((XEL)) fell 0.7% or 15 cents to $21.22 after the owner of utilities estimated $1.55 to $1.65 earnings per share for 2010.