MetLife, Expedia Rise; First Solar, Merck Fall

Mayank Mehta
30 Jul, 2010
New York City

Thoratec Corporation led the decliners in the S&P 500 index with a loss of 16.5%. First Solar posts lower profit and lifts outlook. Amgen reports largely flat earnings. Expedia Inc. second quarter profit soars. Chevron net income triples to $5.4 billion.

[R]10:30 AM New York - Thoratec Corporation led the decliners in the S&P 500 index with a loss of 16.5%. First Solar posts lower profit and lifts outlook. Amgen reports largely flat earnings. Expedia Inc. second quarter profit soars. Chevron net income triples to $5.4 billion.[/R]

Thoratec Corporation led the decliners in the S&P 500 index with a loss of 16.5% followed by losses in Acme Packet, Inc. of 16.3% and in MEMC Electronic Materials, Inc. of 12.5%, and in Coinstar, Inc. of 9.2% and in Cavium Networks, Inc. of 8.4%.

Power-One, Inc. led gainers in the S&P 500 index with a rise of 14.9% followed by gains in Alcatel Lucent of 10.0%, in Volcano Corporation of 8.9% and in Warner Chilcott PLC of 6.6% and in Gen-Probe Incorporated of 5.2%.

Other Movers

3PAR Inc. ((PAR)) added 3.5% or 34 cents to $9.97 after the global provider of utility storage said first quarter revenues rose 22% to $54.3 million from $44.5 million a year ago. Net loss in the quarter was $1.84 million or 3 cents per diluted share compared to net loss of $1.8 million or 3 cents per share a year ago.

Actel Corporation ((ACTL)) decreased 1.5% or 21 cents to $14.25 after the supplier of low-power field-programmable gate arrays said second quarter revenues rose 28% to $57.8 million from $45.2 million a year ago. Net income in the quarter was $4.8 million or 18 cents per diluted share compared to net loss of $45.1 million or $1.73 per share a year ago.

Acme Packet, Inc. ((APKT)) plunged 14.6% or $4.74 to $27.65 after the maker of devices to transmit phone calls and video said it expects 2010 earnings of $0.72 to $0.74 per share on revenue of $214.0 million to $218.0 million.

Alcatel Lucent ((ALU)) surged 11.9% or 31 cents to $2.91 after the telecommunications equipment maker said second quarter revenues fell 2.6% to €3.8 billion from €3.9 billion a year ago. Net loss for the quarter was €184 million or €0.08 per diluted share compared to net profit of €14 million or €0.01 per share a year ago.

Amgen Inc. ((AMGN)) declined 0.2% or 12 cents to $53.25 after the biotechnology company said second quarter revenues rose 2% to $3.8 billion from $3.7 billion a year ago. Net income in the quarter fell 5% to $1.2 billion or $1.25 per diluted share compared to net income of $1.3 billion or $1.25 per share a year ago.

Amerigroup Corporation ((AGP)) fell 0.3% or 11 cents to $32.84 after the health insurer reported second quarter revenues rose 11% to $1.44 billion from $1.29 billion a year ago. Net profit for the quarter rose 35% to $67.2 million or $1.31 per diluted share compared to net profit of $49.6 million or 94 cents per share a year ago.

Aon Corporation ((AON)) rose 0.1% or 5 cents to $36.68 after the insurance broker reported second quarter revenues rose 1% to $1.9 billion from $1.88 billion a year ago. Net profit for the quarter rose 3% to $153 million or 54 cents per diluted share compared to net profit of $149 million or 51 cents per share a year ago.

Applied Micro Circuits Corporation ((AMCC)) dropped 6.1% or 72 cents to $10.91 after the provider of semiconductor solutions for the enterprise said first quarter revenues rose 35% to $60.8 million from $45.1 million a year ago. Net income in the quarter fell 52% to $1.4 million or 2 cents per diluted share compared to net income of $2.9 million or 4 cents per share a year ago.

BorgWarner Inc. ((BWA)) rose 0.1% or 5 cents to $42.53 after the supplier of engineered automotive systems and components reported second quarter revenues rose 55% to $1.42 billion from $916.2 million a year ago. Net profit for the quarter was $82.8 million or 68 cents per diluted share compared to net loss of $35.9 million or 31 cents per share a year ago.

Charles River Laboratories International, Inc. ((CRL)) climbed 4.0% or $1.30 to $33.25 after the provider of medical research animals and services announced that it mutually agreed with WuXi PharmaTech (Cayman) Inc. to terminate their previously announced acquisition agreement. The company also announced that its board of directors authorized a new $500 million stock repurchase program.

Chevron Corporation ((CVX)) fell 0.4% or 32 cents to $75.70 after the integrated oil & gas explorer reported second quarter revenues rose 32% to $53.0 billion from $40.2 billion a year ago. Net profit for the quarter rose 209% to $5.41 billion or $2.70 per diluted share compared to net profit of $1.75 billion or 87 cents per share a year ago.

Coherent, Inc. ((COHR)) advanced 4.8% or $1.82 to $39.10 after the provider of photonics based solutions said third quarter revenues rose 69% to $166.7 million from $98.5 million a year ago. Net income in the quarter was $14.4 million or 57 cents per diluted share compared to net loss of $7.0 million or 29 cents per share a year ago.

Coinstar, Inc. ((CSTR)) decreased 7.4% or $3.60 to $44.49 after the owner of Redbox movie-rental kiosks beat expectations with actual earnings of 39 cents above the consensus estimate. Company also issued earnings guidance for next quarter that is in line with current analyst expectations.

Coventry Health Care, Inc. ((CVH)) dropped 0.1% or 2 cents to $18.83 after the diversified national managed healthcare company reported second quarter revenues fell 17% to $2.9 billion from $3.5 billion a year ago. Net profit for the quarter fell 95% to $1.0 million or 1 cent per diluted share compared to net profit of $18.4 million or 12 cents per share a year ago.

Dolby Laboratories, Inc. ((DLB)) rose 1.3% or 86 cents to $66.70 after the audio technology licensor said third quarter revenues rose 34% to $230.3 million from $171.2 million a year ago. Net income in the quarter rose 24% to $63.5 million or 55 cents per diluted share compared to net income of $51.1 million or 44 cents per share a year ago.

DTE Energy Company ((DTE)) fell 0.3% or 16 cents to $48.00 after the energy company said second quarter revenues rose 6% to $1.8 billion from $1.7 billion a year ago. Net income in the quarter rose 4% to $86 million or 51 cents per diluted share compared to net income of $83 million or 51 cents per share a year ago.

Dynamic Materials Corporation ((BOOM)) added 0.4% or 7 cents to $16.55 after the provider of explosion-welded clad metal plates said second quarter revenues rose 1% to $38.3 million from $37.8 million a year ago. Net income in the quarter rose 100% to $3.04 million or 23 cents per diluted share compared to net income of $1.52 million or 12 cents per share a year ago.

Epicor Software Corporation ((EPIC)) declined 1.3% or 11 cents to $7.94 after the business software maker said second quarter revenues rose 9% to $109.2 million from $100.4 million a year ago. Net loss in the quarter was $1 million or 2 cents per diluted share compared to net loss of $6.7 million or 11 cents per share a year ago.

Expedia, Inc. ((EXPE)) rose 2.9% or 63 cents to $21.70 after the online travel company said second quarter revenues rose 8% to $834 million from $769.8 million a year ago. Net income in the quarter rose 179% to $114.3 million or 40 cents per diluted share compared to net income of $40.9 million or 14 cents per share a year ago.

First Solar, Inc. ((FSLR)) fell 3.8% or $5.27 to $130.23 after the solar panel maker said second quarter revenues rose 12% to $587.9 million from $525.9 million a year ago. Net income in the quarter fell 12% to $159 million or $1.84 per diluted share compared to net income of $180.6 million or $2.11 per share a year ago.

Helmerich & Payne, Inc. ((HP)) rose 0.6% or 27 cents to $40.71 after the oil and gas drilling explorer said third quarter revenues rose 26% to $483.4 million from $384.4 million a year ago. Net loss in the quarter was $36.7 million or 34 cents per diluted share compared to net income of $53 million or 50 cents per share a year ago.

Ingram Micro Inc. ((IM)) decreased 0.6% or 11 cents to $16.06 after the technology distributor said second quarter revenues rose 24% to $8.2 billion from $6.6 billion a year ago. Net income in the quarter rose 168% to $67.7 million or 41 cents per diluted share compared to net income of $25.3 million or 15 cents per share a year ago.

ITT Corporation ((ITT)) declined 3.8% or $1.92 to $48.00 after the global engineering and manufacturing company maker reported second quarter sales rose 0.7% to $2.74 billion from $2.72 billion a year ago. Net profit for the quarter rose 18.4% to $238 million or $1.28 per diluted share compared to net profit of $201 million or $1.10 per share a year ago.

McKesson Corporation ((MCK)) added 0.02% or 1 cent to $63.89 after the pharmaceutical wholesaler reported first quarter sales rose 3% to $27.5 billion from $26.7 billion a year ago. Net profit for the quarter rose 3.5% to $298 million or $1.10 per diluted share compared to net profit of $288 million or $1.06 per share a year ago.

MetLife, Inc. ((MET)) rose 3.2% or $1.30 to $41.50 after the life insurance company said second quarter revenues rose 71% to $14.2 billion from $8.3 billion a year ago. Net income in the quarter was $1.53 billion or $1.84 per diluted share compared to net loss of $1.43 billion or $1.74 per share a year ago.

MEMC Electronic Materials, Inc. ((WFR)) dropped 7.1% or 80 cents to $10.46 after the maker of silicon wafers for solar modules and semiconductors said second quarter gross profit was $76.9 million or 17.2% of net sales.

Moody’s Corporation ((MCO)) fell 0.1% or 4 cents to $23.60 after the provider of credit ratings said second quarter revenues rose 6% to $477.8 million from $450.7 million a year ago. Net income in the quarter rose 11% to $121 million or 51 cents per diluted share compared to net income of $109.3 million or 46 cents per share a year ago.

Merck & Co., Inc. ((MRK)) dropped 2.0% or 73 cents to $34.33 after the drug company reported second quarter sales rose 92% to $11.35 billion from $5.9 billion a year ago. Net profit for the quarter fell 52% to $752.4 million or 24 cents per diluted share compared to net profit of $1.56 billion or 74 cents per share a year ago.

Pactiv Corporation ((PTV)) fell 0.9% or 29 cents to $31.25 after the maker of Hefty garbage bags and packaging material said second quarter revenues rose 8% to $973 million from $901 million a year ago. Net income in the quarter fell 6% to $75 million or 56 cents per diluted share compared to net income of $80 million or 60 cents per share a year ago.

Power-One, Inc. ((PWER)) surged 14.6% or $1.46 to $11.42 after the maker of power-conversion products for communications equipment beat expectations with actual earnings of 17 cents above the consensus estimate.

The PMI Group, Inc. ((PMI)) fell 0.3% or 1 cent to $3.22 after the mortgage insurer said second quarter revenues fell 36% to $128.9 million from $202.2 million a year ago. Net loss in the quarter was $150.6 million or $1.11 per diluted share compared to net loss of $222.6 million or $2.71 per share a year ago.

Quest Software, Inc. ((QSFT)) rose 5.8% or $1.12 to $20.37 after the enterprise systems management software maker said second quarter revenues rose 13% to $186.1 million from $164.3 million a year ago. Net income in the quarter fell 15% to $17.4 million or 19 cents per diluted share compared to net income of $20.5 million or 21 cents per share a year ago.

Quality Systems, Inc. ((QSII)) fell 0.8% or 45 cents to $54.75 after the healthcare information systems provider reported first quarter revenues rose 24.5% to $82.9 million from $66.6 million a year ago. Net profit for the quarter rose 17.5% to $12.1 million or 42 cents per diluted share compared to net profit of $10.3 million or 36 cents per share a year ago.

Sony Corporation ((SNE)) fell 0.1% or 3 cents to $31.87 after the consumer-products company said first quarter revenues rose 4% to ¥1.66 trillion from ¥1.60 trillion a year ago. Net loss in the quarter was ¥37.1 billion or ¥36.96 per diluted share compared to net income of ¥25.7 billion or ¥25.61 per share a year ago.

Thoratec Corporation ((THOR)) plunged 13.0% or $5.56 to $36.98 after the maker of implantable heart devices said it expects 2010 earnings of $1.19 to $1.23 per share on revenue of $380.0 million to $385.0 million.

Weyerhaeuser Timber Company ((WY)) rose 2.0% or 33 cents to $16.82 after the forest products company reported second quarter sales rose 30% to $1.81 billion from $1.39 billion a year ago. Net income for the quarter was $14 million or 7 cents per diluted share compared to net loss of $106 billion or 50 cents per share a year ago.