3PAR, Nordstrom, Harry Winston Rise

Devan Biswas
02 Sep, 2010
New York City

U.S. stocks traded higher. 3PAR increased after Dell did not match the revised offer from HP. Retailers scaled higher after August same store sales increased more than expected. Burger King Holdings surged 25% after it accepted buyout offer.

[R]11:50 AM New York – U.S. stocks traded higher. 3PAR increased after Dell did not match the revised offer from HP. Retailers scaled higher after August same store sales increased more than expected. Burger King Holdings surged 25% after it accepted buyout offer.[/R]

Of the stocks in the Dow, 19 increased, 11 decreased and none was unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, The Home Depot, Inc. led the gainers with a rise of 1.95% followed by increase in Alcoa Inc. of 1.57%, in Cisco Systems, Inc. of 1.38%, in The Walt Disney Company of 0.90% and Bank of America Corporation of 0.85%.

American Express Company led the decliners with a fall of 1.95% followed by decline in Kraft Foods Inc. of 1.15%, in The Travelers Companies, Inc. of 0.93%, in Verizon Communications Inc of 0.68% and in United Technologies Corporation of 0.56%.

Apparel retailers rose after the same store sales in August rose more than expected. Limited Brands Inc increased more than 4% after sales increased 10%, J.C. Penney Co. added 3% after sales increased 2.3% and Nordstrom increased 7% after same store sales increased 6.3%. Abercrombie & Fitch Co. declined 3.5%.

Other Movers

3PAR Inc surged as much as 4.5% after Hewlett Packard lifted its offer to $33 a share ahead of $32 a share offer from Dell Inc. Dell, said it will not increase its offer anymore.

American Software, Inc. ((AMSWA)) fell 0.3% or 2 cent to $5.21 after the supply chain management and enterprise software solutions provider stated first quarter revenues improved 7% to $19.09 million from $17.83 million in the previous year's first quarter. Net earnings in the quarter increased 16% to $1.37 million from $1.18 million last year. On a per-share basis, earnings remained unchanged at $0.05.

Burger King Holdings Inc ((BKC)) surged 22% after the burger and fast food chain operator agreed to be acquired by New York based 3G Capital for $24 a share.

Casella Waste Systems Inc. ((CWST)) fell 0.6% or 3 cent to $4.51 after the company that provides solid waste management services reported first-quarter revenues increased 5.6% to $139.84 million from $132.45 million last year. Net loss in the quarter narrowed 3.6% to $2.9 million from $2.8 million. Loss per share for the first-quarter was $0.11, same as year ago.

Collective Brands Inc. ((PSS)) plunged 5.3% or 74 cent to $13.02 after the footwear and related accessories retailer stated second quarter net sales grew 0.6% to $841.3 million from $836.3 million in the prior-year quarter. Net income in the quarter rose 13% to $21.1 million or 32 cents per diluted share as against net income of $18.7 million or 29 cents per share in the same quarter last year.

Genesco Inc. ((GCO)) rose 0.9% or 56 cent to $27.57 after the branded footwear retailer reported second quarter net sales increased 9% to $363.65 million from $334.65 million in the year-ago quarter. Net loss in the quarter widened 17% to $3.18 million or 14 cents per diluted share compared to net loss of $2.72 million or 13 cents per share in the year-ago period.

Greif, Inc. ((GEF)) fell 0.03% or 2 cent to $58.05 after the industrial packaging products maker reported third quarter net sales climbed 28% to $921.3 million from $717.6 million in the prior-year quarter. Net income in the quarter soared 75% to $66.0 million or $1.12 per share, compared to net income of $37.8 million or 65 cents per share in the same quarter last year.

Harry Winston Diamond Corp ((HWD)) surged 16% to $11.91 after it reported better than expected earnings per share of 17 cents. The diamond and jewelry retailer reported second quarter sales increased 62% to $153.7 million from $94.8 million last year.

Net income in the quarter was $16.5 million or 22 cents per diluted share, compared to a net loss of $24.5 million or 32 cents per share in the year-ago quarter.

Hovnanian Enterprises, Inc. ((HOV)) surged 6.5% or 28 cent to $3.96 after the homebuilder said third quarter total revenues fell 1.7% to $380.60 million from $387.11 million in the same quarter last year. Net loss in the quarter narrowed 57% to $72.9 million or 92 cents per diluted share, compared to a net loss of $168.9 million or $2.16 per share for the year-ago quarter.

LTX-Credence Corporation ((LTXC)) decreased 1% or 2 cent to $2.03 after the wireless and computing test equipment solutions provider reported fourth quarter net sales more than doubled 108% to $73.16 million from $35.17 million for the year-ago period. Net income in the quarter was $14.12 million or 9 cents per diluted share, compared to a net loss of $9.62 million or 8 cents per share for the previous year.

Martek Biosciences Corp. ((MATK)) declined 6.1% or $1.37 to $21.04 after the developer of fatty acid-derived health products reported third quarter revenues increased 51% to $117.2 million from $77.8 million in the prior-year quarter. Net income in the quarter rose 33% to $11.9 million or 35 cents per diluted share, compared to net income of $8.9 million or 27 cents per share in the year-ago quarter.

Methode Electronics, Inc. ((MEI)) slipped 14.3% or $1.35 to $8.07 after the global designer and manufacturer of electro-mechanical devices reported first quarter net sales increased 9.5% to $98.3 million from $89.8 million in the previous year. Net income in the quarter was $4.1 million, compared to a net loss of $19 thousand. On a per share basis, earnings were 11 cents, compared to breakeven in the same period last year

Melco Crown Entertainment Ltd ((MPEL)) surged 8% to $4.20 after Gaming Inspection and Coordination Bureau in Macau, China said casino revenues surged 40% to 15.8 billion patacas in August.

Movado Group, Inc. ((MOV)) plunged 8.3% or 90 cent to $9.88 after the watches and jewelry reported fiscal second quarter net sales rose 2.9% to $85.4 million from $83.0 million in the prior year. Net loss in the fiscal quarter was $19.8 million or 80 cents per diluted share compared to net loss of $0.2 million or 1 cent per share a year earlier.

Orexigen Therapeutic Inc soared more than 20% after it agreed to a deal with Japan based Takeda Pharmaceutical Co. to develop and sell experimental obesity drug.

Oxford Industries, Inc. ((OXM)) soared 6.5% or $1.41 to $22.79 after the apparel company said second quarter net sales declined 3.3% to $186.53 million from $192.89 million last year. Net earnings in the quarter were $7.22 million or 44 cents per diluted share, compared to a loss of $0.18 million or 1 cent per share in the previous year.

SAIC, Inc. ((SAI)) fell 1.5% or 23 cent to $15.14 after the defense contractor reported second quarter revenues grew 2% to $2.79 billion from $2.75 billion a year earlier. Net income in the quarter surged 54% to $189 million or 50 cents per diluted share as against net income of $123 million or 31 cents per share last year.

The Toronto-Dominion Bank ((TD)) rose 0.4% or 33 cent to $68.85 after the Canadian bank said third quarter total revenue increased 8% to $2,646 million compared with $2,518 million in the same quarter a year ago. Net income in the quarter was $1,177 million or $1.30 per diluted share compared to net income of $863 million or $1.01 per share a year earlier.

UTI Worldwide Inc ((UTIW)) increased 5% to $15.03 after the freight forwarding company second quarter sales increased 37% to $1.15 billion compared with $840.5 million in the same quarter a year ago. Net income in the quarter was $18.87 million or 19 cent per diluted share compared to net income of $11.76 million or 12 cent per share a year earlier.