Apollo, Daktronics Rise; Medtronic, Massey Fall

Bikram Pandey
24 Aug, 2010
New York City

U.S. stocks declined after existing home sales plunged 27% in July. Home builders and banks led decliners. Education providers, Strayer Education, ITT Educational and Apollo Group Inc traded higher after the U.S. Department of Education said it will conduct review of the graduation data.

[R]12:15 PM New York – U.S. stocks declined after existing home sales plunged 27% in July. Home builders and banks led decliners. Education providers, Strayer Education, ITT Educational and Apollo Group Inc traded higher after the U.S. Department of Education said it will conduct review of the graduation data.[/R]

Of the stocks in the Dow, 1 increased, 29 decreased and none was unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Kraft Foods Inc. led the gainers with a rise of 0.33%.

The Boeing Company led the decliners with a fall of 2.91% followed by decline in Caterpillar Inc. of 2.89%, in General Electric Company of 2.33%, and in The Walt Disney Company of 1.91%.

Apollo Group Inc rose 2% and ITT Education Services Inc increased 1.5% and Strayer Education Inc added 2.2% after the U.S. Department of Education said it will perform additional work after companies cited discrepancy between the government and internal data.

Other Movers

ACME Communications, Inc. ((ACME.PK)), the owner and operator of six broadcast television stations said second quarter net revenues decreased 0.7% to $6.80 million from $6.85 million in the prior-year quarter. Net loss in the quarter narrowed 24.4% to $0.90 million or 6 cents per diluted share, compared to a net loss of $1.19 million or 7 cents per share in the year-ago quarter.

American Defense Systems, Inc. ((EAG)), the defense and security products company said second quarter revenues decreased 18.5% to $11.4 million from $14.0 million in the prior-year Net loss in the quarter widened 42.3% to $3.7 million or 8 cents per diluted share, compared to a net loss of $2.6 million or 6 cents per share in the year-ago quarter.

American Woodmark Corporation ((AMWD)) fell 0.8% or 13 cent to $15.15 after the manufacturer and distributor of kitchen cabinets reported first quarter net sales increased 8.4% to $109.30 million from $100.83 million in the comparable period. Net loss in the quarter narrowed 46.6% to $3.42 million or 24 cents per diluted share compared to net loss of $6.41 million or 45 per share last year.

Big Lots, Inc. ((BIG)) declined 3.5% or $1.24 to $30.51 after the closeout retailer reported second-quarter net sales increased 5.1% to $1.142 billion, from $1.087 billion for the same period in fiscal 2009 on comparable store sales rise of 3.8%. Net income in the quarter rose 37% to $38.9 million or 48 cents per diluted share compared to net income of $28.4 million or 34 cents per share for the second quarter of fiscal 2009.

Bank of Montreal ((BMO)) plunged 5.4% or $3.11 to $53.00 after the Canada-based North American bank said third quarter total revenue was $2.91 billion from $2.98 billion in the comparable period. Net income in the quarter rose 17% to $669 million or $1.13 per diluted share compared to net income of $557 million or 97 per share last year.

Daktronics, Inc. ((DAKT)) surged 14.8% or $1.16 to $8.98 after the electronic display systems reported first quarter net sales decreased 11% to $100.05 million from $113.5 million in the comparable period. Net income in the quarter rose 71% to $2.4 million or 6 cents per diluted share compared to net income of $1.4 million or 3 per share last year.

Eastern Light Capital, Incorporated ((ELC)), the real estate investment trust said second quarter revenue slumped 71.3% to $36,767 versus $128,165 a year ago. Net loss in the quarter was $386,298 or $1.10 per share compared to net income of $45,958 or 12 cents per share a year ago.

Medtronic, Inc. ((MDT)) plunged 11.3% or $3.99 to $31.00 after the medical technology company stated first-quarter net sales decreased to 4.1% to $3.77 billion from $3.93 billion in the comparable period. Net earnings in the quarter surged 86.5% to $830 million or 76 cents per diluted share as against net income of $445 million or 40 cents per share last year.

Security National Financial Corp. ((SNFCA)), the holding company operating in three business segments reported second quarter total revenue fell 25% to $43.43 million from $58.01 million a year ago. Net earnings in the quarter plummeted 86% to $419,000 or 5 cents per diluted share, compared to net earnings of $3.1 million or 38 cents per share for the year-ago quarter.

Trina Solar Limited ((TSL)) decreased 1.3% or 30 cent to $22.11 after the integrated solar-power products manufacturer stated second-quarter net revenues soared 147.2% to $370.76 million compared with $150.0 million in the comparable period. Net income surged 108% to $38.71 million or 52 cents per ADS compared to net income of $18.6 million or 35 cents per ADS in the prior-year period.