Boyd, Baker Hughes Fall; Cognizant Soars

123jump.com Staff
03 Aug, 2010
New York City

Atlas Air second quarter sales surged 48% and net soared 188%. Quarterly sales at Coach Inc increased 22% and net gained 34%. Lear Corp swung to net profit and Marathon Oil net surged 72%.

[R]11:25 AM New York – Atlas Air second quarter sales surged 48% and net soared 188%. Quarterly sales at Coach Inc increased 22% and net gained 34%. Lear Corp swung to net profit and Marathon Oil net surged 72%.[/R]

Atlas Air ((AAWW)) dropped 10.6% or $6.29 to $52.99 after the air cargo services provider said second quarter sales increased 48.3% to $356.18 million from $240 million in the quarter a year ago. Earnings in the period surged to 188% to $32.66 million from $11.33 million or to $1.27 a share from 54 cents a share in the quarter a year ago.

The company noted in the press release that net earnings surged on the “continuing improvement in airfreight demand, which has seen global airfreight traffic rise above pre-recession levels. Tight supply in the wide-body, long-haul, heavy freighter space has also contributed to a significant improvement in rates.”

The company estimated strong demand in the commercial charter segment and indicated adjusted net earnings for the year to exceed $113 million or $4.35 a share.

Acorda Therapeutics, Inc ((ACOR)) gained 5.5% or $1.83 to $34.99 after the bio tech company reported adjusted net loss of 18 cents.

Bridgepoint Education Inc ((BPI)) fell 5.4% or $1.03 to $17.88 after the education services provider said second quarter sales increased 56.7% to $173.8 million from $110.9 million a year ago and net income increased to $35.2 million from $1.2 million in the period a year ago.

Earnings per share increased to 58 cents from 2 cents in the prior period.

Total student enrollment at the end of the quarter increased 48.9% to 67,744 from the year ago quarter.

Boyd Gaming Corporation ((BYD)) declined 7.9% or 72 cent to $8.29 after the after the casino operator reported adjusted earnings in the second quarter were 5 cents, significantly lower than consensus earnings of 45 cents.

Coach Inc ((COH)) fell 4.6% or $1.8 to $36.63 after the maker of leather accessories reported fiscal fourth quarter sales increased 22% to $951 million from $778 million in the quarter a year ago. Net income in the period increased 34% to $196 million from $146 million and earnings per share increased to 64 cents from 45 cents from the period a year ago.

For the full year net sales increased 12% to $3.61 billion and net income increased 18% to $735 million. In the fourth quarter the company retired and repurchased 10.9 million share at a cost of $450 million.

Cognizant Technology Solutions Corporation ((CTSH)) surged 9.9% or $5.52 cents to $60.91 after the information technology services provider estimated third quarter earnings of 63 cents.

Dean Foods Company ((DF)) dropped 8.0% or 95 cents to $10.79 after it reported quarterly sales of $2.95 billion.

Lear Corp ((LEA)) gained 1.0% or $1.06 to $79.85 after the maker of automotive seating and power management systems said second quarter net sales increased 33% to $3 billon and swung to net profit of $159.8 million from a loss of $173.6 million in the period a year ago. Earnings per share in the quarter were $2.96 compared to a loss of $2.24 a share.

Marathon Oil Corp ((MRO)) fell 0.4% or 16 cent to $34.13 after the oil explorer and refiner reported second quarter net surged 72% to $709 million from $413 million a year ago quarter. Earnings per share in the quarter increased to $1 from 58 cents a share a year ago.

Martin Marietta Materials ((MLM)) declined 3.2% or $2.83 to $84.55 after the construction materials maker reported net sales in the second quarter increased 8% to $442.8 million from $410.7 million a year ago period. Earnings per share increased to $1.18 from 86 cents in the period a year ago.

Net earnings increased to $54.4 million from $38.9 million in the quarter a year ago.

NYSE Euronext ((NYX)) rose 0.7% or 21 cent to $30.15 after the operator of stocks exchanges reported second quarter net revenues increased 7% to $654 million and operating income increased 15% to $247 million. Earnings per share in the period gained 25% to 64 cents.

Net income increased in the quarter to $167 million from $140 million a year ago and operating margins were 38% in the quarter compared to 34% a year ago.

Parker Hannifin ((PH)) fell 0.2% or 8 cent to $63.77 after the maker of products based on motion and control technologies said fiscal fourth quarter sales increased 26% to $2.8 billion from $2.2 billion a year ago quarter. Net income in the period increased surged $222.2 million from $49.5 million and earnings per share surged to $1.35 a share compared to 31 cents in the prior period.

Procter & Gamble ((PG)) declined 3.7% or $2.29 to $59.77 after it reported quarterly net declined 11.6%. Procter & Gamble Co. fourth-quarter net sales rose 4.7% to $18.926 billion from $18.084 billion in the prior-year quarter. Net earnings fell 11.6% to $2.185 billion or 71 cents per diluted share from $2.471 billion or 80 cents per share in the same quarter last year.

Sourcefire, Inc ((FIRE)) rose 3.1% or 67 cent to $22.24.

Trex Corp ((TREX)) fell 0.5% or 11 cent to $22.00 after the maker of outdoor decks, rails and fences said second quarter sales declined to $91.45 million from $115.49 million a year ago period. Net income in the period dropped to $7.37 million from $5.6 million and earnings per share fell to 49 cents from 37 cents a year ago period.

TNS, Inc ((TNS)) dropped 19.4% or $3.87 to $16.08 after the financial data processor lowered its full year earnings estimate.