Infosys Falls; MBIA, Alcoa, CSX Rise

Mayank Mehta
13 Jul, 2010
New York City

CommVault Systems, Inc. led the decliners in the S&P 500 index with a loss of 26.5%. Plains All American boosts payout by 4%. Dr Pepper Snapple plans to buy back $1 billion in stock. Fastenal posts higher second-quarter profit.

[R]11:00 AM New York - CommVault Systems, Inc. led the decliners in the S&P 500 index with a loss of 26.5%. Plains All American boosts payout by 4%. Dr Pepper Snapple plans to buy back $1 billion in stock. Fastenal posts higher second-quarter profit.[/R]

CommVault Systems, Inc. led the decliners in the S&P 500 index with a loss of 26.5% followed by losses in Amedisys, Inc. of 17.9% and in Apple Inc. of 2.6%, and in Transocean Ltd. of 2.6%.

Vivus, Inc. led gainers in the S&P 500 index with a rise of 16.5% followed by gains in MBIA Inc. of 9.6%, in Ivanhoe Mines Ltd. of 7.9% and in Bank of Ireland of 5.8% and in Federal-Mogul Corporation of 5.5%.

Other Movers

Alcoa Inc. ((AA)) added 3.5% or 38 cents to $11.25 after the aluminum producer said second quarter sales rose 22.4% to $5.19 billion from $4.24 billion a year ago. Net income in the quarter was $136.0 million or 13 cents per diluted share compared to net loss of $454.0 million or 47 cents per share a year ago.

Amedisys, Inc. ((AMED)) plunged 13.6% or $4.81 to $30.21 after the provider of health-care services was downgraded to “sector perform” from “outperform” at RBC Capital.

Audiovox Corporation ((VOXX)) decreased 2.1% or 15 cents to $7.00 after the consumer electronics maker said first quarter sales rose 9% to $130.3 million from $119.8 million a year ago. Net income in the quarter rose 132.6% to $1.1 million or 5 cents per diluted share compared to net income of $473,000 or 2 cents per share a year ago.

Bank of the Ozarks, Inc. ((OZRK)) rose 1.5% or 57 cents to $37.05 after the bank said second quarter net interest income fell 2% to $29.7 million from $30.3 million a year ago. Net income in the quarter rose 14.7% to $10.9 million or 64 cents per diluted share compared to net income of $9.5 million or 56 cents per share a year ago.

Chevron Corporation ((CVX)) added 0.5% or 40 cents to $72.25 after the energy producer reported in its interim update that earnings for the second quarter 2010 are expected to be higher than in the first quarter.

CommVault Systems, Inc. ((CVLT)) plunged 24.8% or $5.84 to $17.63 after the provider of data management software applications expects to report revenue of approximately $66.3 million for the first quarter. This would represent an increase of 10% over the first fiscal quarter of 2010 and a decrease of 10% compared with revenue in the fourth fiscal quarter of 2010.

CSX Corporation ((CSX)) rose 0.3% or 20 cents to $52.66 after the freight-transportation company announced second quarter earnings from continuing operations of $414 million or $1.07 per share versus $282 million or $0.71 per share in the same period last year.

Fastenal Company ((FAST)) fell 3.6% or $1.94 to $50.68 after the seller of industrial and construction supplies reported second quarter sales rose 20.3% to $571.2 million from $474.9 million a year ago. Net income in the quarter rose 59% to $69.2 million or 47 cents per diluted share compared to net income of $43.5 million or 29 cents per share a year ago.

Hi-Tech Pharmacal Co., Inc. ((HITK)) dropped 3.4% or 79 cents to $21.82 after the over-the-counter and nutritional products maker reported fourth quarter sales rose 5.7% to $40.5 million from $38.3 million a year ago. Net income in the quarter rose 27.5% to $6.5 million or 50 cents per diluted share compared to net income of $5.1 million or 45 cents per share a year ago.

Infosys Technologies Limited ((INFY)) fell 3.5% or $2.24 to $60.78 after the software services exporter reported first quarter revenues rose 21.4% to $1.36 billion from $1.12 billion a year ago. Net income in the quarter rose 4% to $326.0 million or 57 cents per diluted share compared to net income of $313.0 million or 55 cents per share a year ago.

L-1 Identity Solutions, Inc. ((ID)) declined 5.7% or 43 cents to $7.08 after the maker of biometric security technology expects first half revenues to be below previously provided expectations and will be in the range of $310.0 to $315.0 million.

MBIA Inc. ((MBI)) gained 7.3% or 47 cents to $6.90 after the Fairholme Capital Management LLC held a stake equal to 11.1% of the bond insurer as of June 30, according to a regulatory filing.

Novellus Systems, Inc. ((NVLS)) advanced 2.0% or 54 cents to $27.25 after the equipment maker for producing computer chips said second quarter sales rose 169.6% to $321.4 million from $119.2 million a year ago. Net income in the quarter was $63.3 million or 66 cents per diluted share compared to net loss of $50.0 million or 52 cents per share a year ago.

Pfizer Inc. ((PFE)) rose 0.7% or 7 cents to $15.00 after the drugmaker and other drug companies must face a price-fixing suit claiming they conspired to keep cheaper medicines from Canada out of the U.S. market, according to Bloomberg report.