Hewlett Packard, Pep Boys, UDR Fall

Devan Biswas
08 Sep, 2010
New York City

Hewlett-Packard declined and the company sued the ex-CEO. Navistar International Inc declined more than 5% after it missed revenues estimates. Silicon Laboratories Inc dropped 10% after it lowered its revenues outlook.

[R]11:30 AM New York – Hewlett-Packard declined and the company sued the ex-CEO. Navistar International Inc declined more than 5% after it missed revenues estimates. Silicon Laboratories Inc dropped 10% after it lowered its revenues outlook.[/R]

Of the stocks in the Dow, 27 increased, 3 decreased and none was unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Alcoa Inc. led the gainers with a rise of 2.21% followed by increase in Caterpillar Inc. of 1.78%, in JPMorgan Chase & Co. of 1.70%, in The Boeing Company of 1.62%, 3M Company of 1.38%.

Hewlett-Packard Company led the decliners with a fall of 1.93% followed by decline in Intel Corporation of 1.60%, in Wal-Mart Stores, Inc. of 0.23%.

Other Movers

Altera Corporation ((ALTR)) rose 0.1% or 4 cent to $26.64 after the programmable chipmaker estimates third quarter revenue to grow 10% to 14% sequentially stating third quarter sales would be between $516.23 million and $535.002 million.

Ciena Corporation ((CIEN)) surged 4.7% or 64 cent to $14.06 after the network specialist reported third quarter revenue soared 137% to $389.67 million compared with $164.76 million in the comparable period. Net loss in the quarter widened 315% to $109.85 million or $1.18 per diluted share compared with net loss of $26.45 million or 29 cents per share in the prior-year period.

Hi-Tech Pharmacal Co., Inc. ((HITK)) soared 5.7% or $1.07 to $19.43 after the manufacturer and marketer of nutritional product reported first quarter sales declined 7% to $40.4 million from $43.48 million in the year-ago quarter. Net income generated in the quarter was $8.68 million or 67 cents per diluted share compared to a net income of $8.67 million or 73 cents per share from a year ago.

Navistar International Corporation ((NAV)) declined 3.9% or $1.74 after the $42.62 after the trucks and other vehicles maker reported third quarter sales and revenues increased 28.3% to $3.22 billion from $2.51 billion in the previous year. Net income in the quarter was $137 million or $1.83 per diluted share compared with a net loss of $12.0 million or 16 cents per share last year.

Phillips-Van Heusen Corporation ((PVH)) spurted 8.7% or $4.40 to $54.90 after the apparel maker reported second quarter total revenue doubled 1915% to $1.10 billion from $529.28 million in the same quarter last year. Net loss in the quarter was $54.6 million or 83 cents per diluted share, compared to net income of $26.6 million or 51 cents per share in the prior-year quarter.

Rural/Metro Corporation ((RURL)) rose 0.1% or 1 cent to $8.51 after the fire protection service provider reported fiscal fourth quarter net revenue rose 5.4% to $13.8 million compared to $126.9 million for the same period a year ago. Net income was $1.60 million or 6 cent per diluted share compared to net income of $2.20 million or 9 cent per diluted share in the same quarter a year ago.

For the fiscal year net revenue rose 7.9% to $530.8 million compared to $491.8 million for the same period a year ago. Net income $3.5 million or 14 cent per diluted share compared to net income of $5.0 million or 20 per diluted share same period a year ago.

Skilled Healthcare Group Inc ((SK)) surged 20% to $4.25 after the nurse staffing company settled to lawsuits regarding California nursing homes.

Smithfield Foods, Inc. ((SFD)) gained 1.7% or 28 cent to $16.58 after the manufacturer and marketer of fresh meat as well as packaged meat products stated first quarter sales edged higher 6.6% to $2.9 billion from $2.72 billion in the year-ago quarter. Net income generated in the quarter was $76.3 million or 46 cents per diluted share, compared to a net loss of $107.7 million or 75 cents per share last year.

The Pep Boys-Manny, Moe & Jack ((PBY)) decreased 4.5% or 45 cent to $9.41 after the automotive service and retail chain said second quarter sales increased 3.3% to $504.9 million from $488.9 million for the comparable period last year. Comparable sales increased 1.8%. Net earnings in the quarter rose 38% to $10.6 million or 20 cents per diluted share, compared to net earnings of $7.7 million or 15 cents per share in the same period last year.

Tyco Electronics Ltd. ((TEL)) rose 1.2% or 31 cent to $26.20 after the engineered electronic component maker said it expects fourth quarter GAAP earnings below its previously estimated range, however maintained its adjusted earnings outlook, as well as revenue guidance. Additionally, the company said it was selling its mechatronics business.

The company continues to anticipate net sales for the fourth quarter in the range of $3.05 billion to $3.15 billion. For the fourth quarter, the company expects GAAP earnings in the range of $0.58 to $0.62 per share.

UDR Inc. ((UDR)), multifamily real estate investment trust reported today announced the pricing of a public offering of 16 million shares of its common stock at a price of $20.35 per share managed by BofA Merrill Lynch and Wells Fargo Securities. The apartment management company plans to use the proceeds to acquire five communities for $455 million.

United Natural Foods, Inc. ((UNFI)) fell 1.5% or 53 cent to $34.86 after the natural, organic specialty foods and non-food products maker said fiscal fourth quarter net sales increased 15.8% to $988.5 million compared to $853.5 million for the same period a year ago. Net income was $17.6 million or 40 cent per diluted share compared to net income of $15.5 million or 36 cent per diluted share in the same quarter a year ago.

For the fiscal year net sales rose 8.7% to $3.76 billion compared to $3.45 billion for the same period a year ago. Net income $68.3 million or $1.57 per diluted share compared to net income of $59.18 million or $1.38 per diluted share same period a year ago.

Verint Systems Inc. ((VRNT)) gained 3.2% or 78 cent to $25.00 after the actionable Intelligence solutions provider reported second quarter revenue was $180.68 million from $169.27 million in the year-ago quarter. Net income generated in the quarter was $7.9 million or 23 cents per diluted share compared to a net loss of $1.8 million or 6 cents per share from a year ago.