Metro PCS, GT Solar Surge; Hartford Drops

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

Metro PCS gained after it reported better than expected earnings. GT Solar gained on the rising sales and earnings. The Hartford Financial Services Group dropped after it lowered annual estimate.

[R]1:50 PM New York – Metro PCS gained after it reported better than expected earnings. GT Solar gained on the rising sales and earnings. The Hartford Financial Services Group dropped after it lowered annual estimate.[/R]

Retailers were in focus after the release of same store sales in July. Big Lots dropped more than 7% after it reported 3.8% increase in sales in the second quarter. The lower than expected increase also dragged other discounters like Ross Stores and TJX.

The Allstate Corporation ((ALL)) rose 1.8% 54 cent to $29.15 after second quarter net declined 63% to $145 million from $389 million a year ago quarter. Earnings per share dropped to 27 cents from 72 cents a share. Combined ratio in the quarter was 104.4%, a declined from 116.3% in the period a year ago. The company increased rates in 14 states by 11.3%.

99 Cents Only Stores ((NDN)) rose 0.2% or 4 cent to $17.02 after the retailer said fiscal first quarter sales increased to $346 million from $332 million in the quarter a year ago. Net earnings in the period increased to $16.8 million from $9.5 million and earnings per share increased to 24 cents from 14 cents.

Auto Nation Inc ((AN)) gained 1.6% or 37 cent to $24.08 after the auto retailer said July new auto sales increased 9% from a year ago and surged 22% from June 2010. Luxury auto sales increased 12% from a year ago to 3,135 units.

Alamo Group, Inc ((ALG)) fell 0.4% or 12 cent to $24.45 after the second quarter sales increased 19% to $134.3 million from a year ago quarter. Net income increased 63% to $4.9 million from $3 million and earnings per share increased to 41 cents from 30 cents.

Atmel Corporation ((ATML)) surged 19.8% or $1.03 to $6.23 after second quarter sales increased 13% to $348.5 million from $284.5 million. The loss in the quarter on GAAP basis was $36.4 million compared to profit of $16.6 million. Earnings per share were 8 cent loss compared to 4 cent profit in the quarter a year ago.

Adjust net in the quarter increased to $50.8 million or 11 cents a share compared to $25.5 million or 5 cents a share.

Alpha Natural Resources, Inc ((ANR)) rose 0.9% or 42 cent to $42.16 after second quarter revenues increased $894.1 million from $335 million in the quarter a year ago. Net income in the period increased to $38.8 million compared to $15.4 million a year ago and earnings per share increased to 32 cents from 24 cents a share.

Amkor Technology, Inc ((AMKR)) surged 7.7% or 45 cent to $6.27 after second quarter sales increased 16% to $749 million from $646 million a year ago. Gross margin increased to 24% from 21% in the quarter a year ago.

Earnings soared to $59 million from $9 million in the quarter a year ago and jumped from $44 million in the previous quarter.

Con-way Inc. ((CNW)) declined 10.3% or $3.45 cent to $29.92 after second quarter revenues increased 23.7% to $1.31 billion from $1.05 billion a year ago. Earnings in the period plunged to $13.86 million from $31.4 million in the quarter a year ago. Earnings per share plunged to 27 cents from 68 cents a year ago.

Churchill Downs Incorporated ((CHDN)) decreased 4% or $1.46 to $35.78 after second quarter net revenues increased 11% to $200.5 million from $180 million a year ago. Net earnings declined 11% to $27.6 million from $30.85 million and earnings per share fell 16% to $1.85 from $2.20.

Cimarex Energy Co ((XEC)) rose 0.3% or 13 cent to $73.81 after second quarter surged 71% to $364.9 million from $213.4 million a year ago. Production in the quarter increased 31% to 453.9 million of cubic feet of energy per day.

Earnings increased to $124.6 million from $38.8 million and earnings per share surged to $1.46 from 46 cents.

Corrections Corporation of America ((CXW)) increased 7.3% or $1.50 to $21.86 after revenues in the quarter increased 1.6% to $419.4 million from $412.7 million in the period a year ago.

Net income increased $36.6 million from $32.6 million and earnings per share increased to 32 cents from 28 cents.

Cott Corporation ((COT)) rose 0.3% or 2 cent to $5.92 after the company announced public offering of $65 million to purchase a portion of Cliffstar. The remaining purchase price will be paid from the previously announced senior notes offering of $375 million.

Eagle Bulk Shipping Inc ((EGEL)) gained 4.1% or 20 cent to $5.03 after second quarter revenues increased 24% to $65.6 million from $53 million. Earnings in the period decreased to $11 million from $13.3 million and earnings per share declined to 18 cents a share from 26 cents a year ago quarter.

Furniture Brands International ((FBN)) dropped 11.7% or 72 cent to $5.41 after net revenues were up a fraction from a year ago to $289 million. Earnings were $4.2 million compared to a loss of $16 million and gross margins increased to 25.7% from 21.4%.

Earnings per share were 9 cents compared to 33 cents a year ago.

GT Solar International, Inc ((SOLR)) surged 10.9% or 76 cent to $7.70 after fiscal first quarter revenues declined to $135.2 million from $194.7 million in the previous quarter. Revenues in the previous quarter were $71.8 million. Net income surged to $16.5 million from 7.8 million and earnings per share surged to 11 cents from 5 cents a year ago quarter.

Garmin Ltd ((GRMN)) advanced 1% or 29 cent to $29.29 after second quarter revenues gained 9% to $729 million and earnings declined to $134.8 million from $161.9 million. Earnings per share declined to 67 cents from 81 cents a year ago. For the full year the company estimated earnings between $2.75 and $3.15 a share.

The Hartford Financial Services Group, Inc ((HIG)) dropped 4.4% or $1.05 to $22.78 after the insurance carrier reports second quarter earnings of $76 million compared to loss of $15 million a year ago period. Earnings per share were 14 cents compared to a loss of 6 cents.

Hypercom Corporation ((HYC)) declined 2.6% or 11 cent to $3.99 after second quarter revenues increased 5.2% to $103.9 million from $98.8 million in the period a year ago. Net loss in the quarter was $1.2 million compared to $1.25 million a year ago. Loss per share in the quarter was 2 cents compared to net income of 2 cents a share a year ago.

Kulicke & Soffa Industries, Inc ((KLIC)) surged 7.5% or 54 cent to $7.74 after fiscal third quarter increased 325% to $221.3 million and net income was $49.1 million compared to break even a year ago. Earnings per share in the quarter were 65 cents.

Kenneth Cole Productions, Inc ((KCP)) increased 1.3% or 16 cent to $12.00 after revenue increased 15% to $107.97 million from $93.90 million in the quarter a year ago. Earnings in the quarter were $0.9 million compared to loss of $3.2 million. Earnings per share were 5 cents compared to 18 cents loss.

MercadoLibre, Inc ((MELI)) decreased 3.4% or $2.15 to $60.15 after second quarter revenues increased to $52.5 million from $40.9 million and net income jumped to $11.67 million from $6.67 million a year ago. Earnings per share increased to 26 cents compared to 15 cents a year ago.

Total payments transactions increased 91.2% to 1.3 million and total payment volume increased 85.7% to $147.8 million.

MetroPCS Communications, Inc ((PCS)) rose 5.9% or 52 cent to $9.31 after second quarter sales increased 18% to $1.01 billion and net surged to $80 million from $26.2 million a year ago. Earnings per share increased to 22 cents from 7 cents in the period.

News Corporation ((NWSA)) surged 4.9% or 68 cent to $14.43 after the media conglomerate reported fourth quarter revenues increase of 6% to $8.11 billion and operating profit declined to $932 million compared to $948 million a year ago. Net income in the quarter was 33 cents a share or $875 million compared to a loss of $203 million or 8 cents a share.

Excluding asset sale and restructuring charges, net declined to 30 cents a share in the quarter.

Polypore International, Inc ((PPO)), the membrane provider for filtration and separation processes, increased 11.6% or $2.81 to $26.97 after second quarter sales increased 27% to $150.1 million from $118.2 million and excluding foreign exchange gains, increased 29%.

Net income increased to $15.9 million from $4.2 million and earnings per share increased to 36 cents from 9 cents a year ago quarter.

Polo Ralph Lauren Corporation ((RL)) declined 1.1% or 96 cent to $84.52 after fiscal first quarter sales increased 14% to $1.1 billion and net income increased to $120.8 million from $76.8 million a year ago. Earnings per share increased to $1.21 from 76 cents a year ago. Comparable sales across company held outlets declined 7% in the quarter.

Pulte Homes, Inc ((PHM)) rose 0.3% or 3 cent to $8.41 after the company returned to profit in the second quarter for the first time in three years. Revenues in the period surged 92% to $1.31 billion from $678.7 million and earnings were $76.3 million compared to a loss of $189.5 million. Earnings per share in the period were 20 cents compared to 74 cents loss.

Regis Corporation ((RGS)) advanced 14.8% or $2.32 to $17.96 after the company board decided to seek ways to increase “shareholder value.” The company recently completed capital raising of $336 million and modified its existing debt covenant.

Transocean Ltd. ((RIG)) rose 6.1% or $3.19 cent to $56.75 after second quarter sales declined to $2.5 billion compared to $2.88 billion a year ago. Net income in the period declined to $715 million compared to $806 million a year ago. Earnings per share were $2.23 compared to $2.50 in the quarter a year ago.

In the quarter the company estimated $82 million costs of increased expenses associated with the Macando oil well leak in the Gulf of Mexico and also received $267 million of insurance recoveries associated with Deep Water Horizon platform failure.

TheStreet.com, Inc ((TSCM)) dropped 2.3% or 7 cent to $2.97 after second quarter revenues declined 2% to $14.6 million from $14.99 million a year ago period. Net loss in the quarter was $436,222 compared to $243,598 in the prior year quarter.

Earnings per share were 1 cent loss compared to 1 cent profit a year ago.

United Online, Inc ((UNTD)) fell 12.7% or 81 cent to $5.58 after second quarter revenues declined 7% to $242.7 million compared to $260.8 million. Net income declined 26% to $13.1 million from $17.7 million a year ago quarter. Net income per common share declined 27% to 27 cents from 37 cents.