Cogent, Hewlett Packard, United Rise

Mukesh Buch
30 Aug, 2010
New York City

U.S. stocks edged lower after the personal income declined and spending rose. Hewlett Packard increased 3% after board approved $10 billion share buyback plan. Cogent Inc soared 20% after 3M agreed to acquire the company. UAL Corp and Continental gained after the merger approval.

[R]11:20 PM New York – U.S. stocks edged lower after the personal income declined and spending rose. Hewlett Packard increased 3% after board approved $10 billion share buyback plan. Cogent Inc soared 20% after 3M agreed to acquire the company. UAL Corp and Continental gained after the merger approval.[/R]

Of the stocks in the Dow, 8 increased, 21 decreased and 1 was unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Hewlett-Packard Company led gainers with a rise of 3.1% followed by increase in Pfizer Inc. of 0.7%, in Kraft Foods Inc. of 0.6% and in Merck & Co., Inc. of 0.4%.

Intel Corporation led the decliners with a fall of 1.8% followed by decline in Bank of America Corporation of 1.1%, in American Express Company of 1%, and in McDonald’s Corporation of 0.9%.

Other Movers

AMEN Properties, Inc. ((AMEN.PK)), the company which focuses to own energy related assets and businesses said second quarter revenues decreased 4.8% to $2.0 million from $2.1 million in the prior-year quarter. Net loss in the quarter widened 410% to $1.3 million or $31.23 per share, compared to a net loss of $255 thousand or $6.09 per share in the year-ago quarter.

Benihana Inc. ((BNHNA)) fell 0.6% or 4 cent to $6.40 after the Japanese theme and sushi restaurants operator stated first quarter total revenues increased 5% to $100.77 million from $95.97 million in the comparable quarter a year ago on comparable restaurant sales rise of 2.4%. Net income in the quarter surged 68% to $1.28 million or 8 cents per diluted share compared to net income of $0.76 million or 5 cents per share last year.

Cogent Inc ((COGT)) increased 20% to $10.65 after 3M Co agreed to acquire the company in a deal that values the biometric devices maker at $940 million.

Frontline Ltd. ((FRO)) declined 3% or 81 cent to $25.789 after the oil tanker operator reported second quarter revenues edged higher 27% to $356.1 million from $281.5 million in the same quarter last year. Net income in the quarter soared 194% to $81.3 million or $1.04 per basic share compared to net income of $27.7 million or 36 cents per basic share in the year-ago quarter.

Hewlett Packard ((HPQ)) increased 3% to $39.10 after the board approved $10 billion in share repurchase plan.

K-Fed Bancorp ((KFED)) gained 3.7% or 28 cent to $7.83 after the parent company of Kaiser Federal Bank reported net income for the fiscal year 2010 declined 30% to $3.3 million or 26 cents per diluted share, compared to net income of $4.7 million or 36 cents per share for the fiscal year 2009.

Net interest income for the fiscal year 2010 increased 21% to $26.9 million from $22.3 million last year. Provision for loan losses rose 281% to $9.9 million in fiscal 2010 from $2.6 million in the prior fiscal.

Lululemon Athletica Inc ((LULU)) declined 4.5% to $34.01 after a rating downgrade at Jefferies Group Inc.

NorCal Community Bancorp ((NCLC.OB)), the parent company for Bank of Alameda reported second quarter net loss widened 91% to $721,000 or 23 cents per diluted share, compared to a net loss of $377,000 or 12 cents per share for the year-ago quarter.

Net interest income for the second quarter fell 20% to $2.4 million from $3.1 million a year ago. Provision for loan losses for the same period declined 34% to $1.0 million from $1.6 million last year.

Skilled Healthcare Group Inc ((SKH)) declined 8.7% to $2.54 after it lost a trial in California where the state alleged that the company failed to meet minimum nurse staffing requirements. The company said it will appeal the decision.

UAL Corp ((UAUA)) increased 1.3% to $21.25 after the U.S. approved the $3 billion merger with Continental Airlines Inc.