ACE, Google Gain; Best Buy Declines

Mayank Mehta
09 Jul, 2010
New York City

Discovery Communications Inc. led the decliners in the S&P 500 index with a loss of 9.4%. Big 5 Sporting Goods cuts view and shares fall 8%.

[R]11:00 AM New York - Discovery Communications Inc. led the decliners in the S&P 500 index with a loss of 9.4%. Big 5 Sporting Goods cuts view and shares fall 8%.[/R]

Discovery Communications Inc. led the decliners in the S&P 500 index with a loss of 9.4% followed by losses in Myriad Genetics, Inc. of 5.0% and in Allied Irish Banks, Plc of 4.1%, and in Portugal Telecom SGPS SA of 4.0% and in Valhi, Inc. of 3.9%.

ACE Limited led gainers in the S&P 500 index with a rise of 5.9% followed by gains in Woori Finance Holdings Co., Ltd. of 3.9%, in KB Financial Group Inc. of 3.7% and in Janus Capital Group Inc. of 3.4% and in Google Inc. of 3.2%.

Other Movers

ACE Limited ((ACE)) added 4.8% or $2.53 to $54.75 after the company is scheduled to be added to the S&P 500 Index replacing Millipore Corp. as of July 15.

Airgas, Inc. ((ARG)) rose 0.7% or 49 cents to $64.36 after the company said that its board of directors will review the revised offer of $63.50 a share from Air Products & Chemicals, Inc.

Best Buy Co., Inc. ((BBY)) fell 2.0% or 69 cents to $33.71 after the consumer-electronics retailer was downgraded to “hold” from “buy” at Jefferies & Co.

Chase Corporation ((CCF)) rose 2.1% or 25 cents to $11.90 after the manufacturer of sealants and coatings said third quarter revenues rose 58% to $39.6 million from $25.1 million a year ago. Net income in the quarter rose 410.4% to $4.4 million or 48 cents per diluted share compared to net income of $862,000 or 10 cents per share a year ago.

Google Inc. ((GOOG)) rose 2.8% or $12.95 to $469.51 after the most popular Web search engine operator announced that China’s authorities have renewed its Internet-search service which would help the company to continue its service in the country.

Conceptus, Inc. ((CPTS)) plunged 24.1% or $3.81 to $11.98 after the maker of a female-sterilization method slashed its second-quarter and full-year 2010 financial guidance. The company expects GAAP earnings per share loss in the range of 2 cents to 1 cent.

Lawson Software, Inc. ((LWSN)) fell 3.5% or 27 cents to $7.35. The software maker said fourth quarter revenues rose 6% to $197.0 million from $186.2 million a year ago. Net income in the quarter fell 70% to $2.6 million or 2 cents per diluted share compared to net income of $8.6 million or 5 cents per share a year ago.

ScanSource, Inc. ((SCSC)) gained 8.4% or $2.13 to $27.23 after the maker of bar-code scanners announced late Thursday that sales results for its quarter ended June 30, 2010 are expected to be in the range of $573 million to $583 million, compared to $441 million for the same period one year ago.

Visa Inc. ((V)) rose 1.6% or $1.27 to $76.35 after the payments network was added to Goldman Sachs Group Inc.’s recommended list.