Chico's Rises; Target, Deere Fall

Bikram Pandey
18 Aug, 2010
New York City

U.S. stocks traded higher after mergers drive the trading sentiment. Most stocks in the Dow and S&P 500 index traded higher. Chico

[R]1:35 PM New York – U.S. stocks traded higher after mergers drive the trading sentiment. Most stocks in the Dow and S&P 500 index traded higher. Chico’s FAS, Inc surged 7%. Deere & Co. declined more than 2%. Home Depot, Bank of America and Cisco gained more than 2%.[/R]

Of the stocks in the Dow Jones Industrial Average, 23 increased and 7 declined. Home Depot led gainers with a rise of 2.1% followed by increase in Bank of America of 2%, Cisco Systems of 1.8% and JP Morgan Chase of 1.7%.

Exxon Mobil Corp led decliners in the Dow with a loss of 0.9% followed by losses in Chevron Corp of 0.7%, in 3M Corp of 0.3%, in Coca-Cola Corp of 0.3% and in Merck & Company of 0.2%.

Other Movers

Analog Devices, Inc. ((ADI)) increased 3.3% or 94 cent to $29.75 after the chipmaker said third quarter revenue rose 46% to $720.29 million from $491.99 million in the same quarter last year. Net income for the quarter surged 204.6% to $199.5 million or 65 cents per diluted share, compared to net income of $65.5 million or 22 cents per share for the year-ago quarter.

BJ''s Wholesale Club, Inc. ((BJ)) plunged 4.2% or $1.76 to $41.56 after the warehouse club operator second quarter net sales climbed 8.3% to $2.78 billion from the previous year''s net sales of $2.57 billion. Net income in the quarter gained 2% to $35.8 million or 67 cents per diluted share compared with net income of $35.1 million or 64 cents per share in the year-ago quarter.

Chico''s FAS, Inc. ((CHS)) surged 7.2% or 62 cent to $9.03 after the specialty retailer second quarter net sales increased 10.8% to $465.4 million from $419.9 million in last year''s second quarter. Net income in the quarter soared 104% to $30.45 million or 17 cents per diluted share from net income of $14.9 million or 8 cents per share a year ago.

China Medical Technologies, Inc. ((CMED)) fell 2.5% or 28 cent to $10.66 after the medical device company reported first fiscal quarter net revenue was decreased 10.9% to RMB186.2 million or $27.5 million. Net income for the quarter was RMB33.7 million or $5 million. Diluted earnings per ADS were RMB1.29 or $0.19 per diluted share.

Deere & Co. ((DE)) declined 2.1% or $1.42 to $65.81 after the farm machine maker reported third quarter worldwide net sales and revenues increased 16% to $6.837 billion from $5.885 billion last year. Net income in the quarter rose 47% to $617 million or $1.44 per share compared to net income of $420 million, or 99 cents per diluted share, for the same period last year.

eDiets.com, Inc ((DIET)) fell 1.4% or 1 cent to 68 cent after the weight loss solutions company reported second quarter net revenue rose 15% to $5.4 million from $4.7 million in the same quarter last year. Net loss generated in the quarter was $34.6 million or 75 cents per diluted share, compared to a net loss of $2.6 million or 10 cents per share for the year-ago quarter.

eLong, Inc. ((LONG)) fell 0.1% or 1 cent to $13.59 after the medical device company reported second quarter net revenue increased 45% to RMB118.9 million or $17.5 million. Net income for the quarter was RMB9.3 million or $1.4 million. Diluted earnings per ADS were RMB0.36 or $0.05 per diluted share.

Emerson Radio Corp. ((MSN)) slipped 0.8% or 2 cent to $2.48 after the licenses house-ware and consumer electronic products company reported first fiscal quarter net revenue increased to $67.1 million from $55.6 million in the same quarter last year. Net income increased in the quarter was $5.9 million or 22 cents per diluted share, compared to a net income of $1.1 million or 4 cents per share for the year-ago quarter.

Jamba, Inc. ((JMBA)) decreased 2.5% or 5 cent to $1.91 after the restaurant and fresh fruit juices retailer reported second quarter total revenue decreased 10.9% to $74.1 million from $83.2 million in the year ago quarter on comparable store sales fell of 2.4%. Net income generated in the quarter was $1.58 million or 2 cents per diluted share, compared to a net loss of $5.12 million or 10 cents per share in the year-ago quarter.

The LGL Group, Inc. ((LGL)) rose 0.2% or 4 cent to $16.00 after the electronic components manufacturing company second quarter total revenue surged 73.2% to $12.54 million from $7.24 million in the same quarter last year. Net income for the quarter was $2.18 million or 97 cents per diluted share, compared to net loss of $0.98 million or 43 cents per share for the year-ago quarter.

La-Z-Boy Incorporated ((LZB)) fell 1.4% or 11 cent to $7.41 after the upholstery and furniture products maker stated first quarter revenues rose marginally to $263.31 million compared with $262.67 million in the prior-year quarter. Net loss in the quarter was $0.195 million or break-even per share, compared with net income of $1.98 million or 4 cents per share last year.

Photronics, Inc. ((PLAB)) gained 4.1% or 18 cent to $4.54 after the imaging technology solutions provider reported sales for the third quarter rose 18% to $112.25 million from $95.40 million in the year-ago quarter. Net income generated in the quarter was $7.69 million or 13 cents per diluted share, compared with a net loss of $22.84 million or 55 cents per share in the prior-year quarter.

Polymer Group, Inc. ((POLGA.OB, POLGB.OB)) traded at $21.75 after the manufacturer of nonwovens reported second quarter net sales increased 40.6% to $289.7 million from $206.0 million in the year-ago quarter. Net income in the quarter slumped 74% to $1.6 million or 7 cents per diluted share, compared to net income of $6.2 million or 31 cents per share in the prior-year quarter.

Rick’s Cabaret International, Inc. ((RICK)) fell 0.7% or 5 cent to $6.74 after the adult nightclub operator reported third quarter revenue fell to $19.93 million from $21.03 million in the year ago quarter. Net income in the quarter was $0.86 million or 9 cents per diluted share, compared to a net income of $1.78 million or 19 cents per share in the year-ago quarter.

Sysco Corporation ((SYY)) declined 1.4% or 42 cent to $28.78 after the distributor of food and related products reported fourth quarter sales increase 13.9% to $10.3 billion from $9.1 billion for the year-ago quarter. Net earnings in the quarter rose 7.1% to $338 million or 57 cents per diluted share, compared to net earnings of $315 million or 53 cents per share for the year-ago quarter.

For the fiscal year 2010 sales increased 1.1% to $37.24 billion from $36.85 billion in the same period of fiscal 2009. Net earnings rose 11.7% to $1.2 billion or $1.99 per diluted share, compared to net earnings of $1.1 billion or $1.77 per share for the fiscal year 2009.

Target Corporation ((TGT)) fell 1.3% or 69 cent to $49.99 after the discount-store operator second quarter total revenues edged higher 3.1% to $15.532 billion, from $15.067 billion in the prior-year quarter. Net earnings grew 14.3% to $679 million or 92 cents per diluted share compared with net earnings of $594 million or 79 cents per diluted share in the year-ago quarter.

Vestin Realty Mortgage II, Inc. ((VRTB)) gained 3.7% or 5 cent to $1.40 after the real estate investment trust reported second quarter total revenues plummeted 245% to $690,000 from $2.38 million a year ago. Net loss for the quarter narrowed 57% to $6.2 million or 45 cents per diluted share, compared to a net loss of $14.5 million or $1.05 per share for the year-ago quarter.