Adobe, Men's Wearhouse Rise; Talbots Falls

Devan Biswas
09 Sep, 2010
New York City

Airgas declined after it rejected revised unsolicited offer from Air Products & Chemicals Inc. Fuqi International Inc plunged after the SEC demanded regulatory statements. Adobe systems Inc surged 10% after Apple relaxed mobile application guidelines.

[R]1:00 PM New York – Airgas declined after it rejected revised unsolicited offer from Air Products & Chemicals Inc. Fuqi International Inc plunged after the SEC demanded regulatory statements. Adobe systems Inc surged 10% after Apple relaxed mobile application guidelines.[/R]

Of the stocks in the Dow, 28 increased, 1 decreased and none was unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Bank of America Corporation led the gainers with a rise of 3.37% followed by increase in JPMorgan Chase & Co. of 2.74%, in American Express Company of 1.85%, in The Walt Disney Company of 1.81%, General Electric Company of 1.66%.

McDonald’s Corporation led the decliners with a fall of 2.9%.

Other Movers

Adobe Systems Inc ((ADBE)) surged 10% to $31.55 after Apple Inc said it will realx guidelines to publish content on its mobile devices.

Airgas, Inc. ((ARG)) declined 0.8% or $1.28 to $63.76 after it rejected the revised unsolicited tender offer from Air Products & Chemicals, Inc. to acquire all outstanding common shares of Airgas at a price of $65.50 per share in cash.

AEP Industries Inc. ((AEPI)) declined 0.8% or $1.28 to $63.76 after the plastic packaging films reported third quarter sale rose 8% to $204.9 million compared with $189.7 million in the comparable period. Net income in the quarter was to $3.75 million or 55 cent per diluted share compared with net income of $5.42 million or 79 cents per share in the prior-year period.

Continucare Corporation ((CNU)) gained 2.8% or 10 cent to $3.56 after the primary physician services reported Fiscal fourth quarter net revenue rose 5% to $79.3 million compared to $75.3 million for the same period a year ago. Net income rose 18% to $5.7 million or 9 cent per diluted share compared to net income of $4.8 million or 8 cent per diluted share in the same quarter a year ago.

For the fiscal year net revenue increased 10% to $310.8 million compared to $281.3 million for the same period a year ago. Net income $22.2 million or 36 cent per diluted share compared to net income of $15.3 million or 24 per diluted share same period a year ago.

The Descartes Systems Group Inc ((DSGX)) gained 1.6% or 10 cent to $6.21 after the logistics technology solution provider reported second quarter revenue increased 35% to $25.2 million from $18.6 million a year ago quarter. Net income in the quarter was $2.0 million or 3 cents per diluted share compared to a net income of $0.2 million or 2 cents per share from a year ago.

Fuqi International Inc ((FUQI)) dropped 23% or $1.48 to $4.87 after China based jeweler said it received SEC subpoena for delay in filing financial filings.

General Mills, Inc. ((GIS)) rose 0.7% or 26 cent to $36.60 after the packaged food company said it was on track to achieve its sales and earnings targets for the fiscal year ending May 2011 and reaffirmed its earnings per share guidance of $2.46 to $2.48 before any effects of mark-to-market valuation for the full year.

The Men''s Wearhouse, Inc. ((MW)) spurted 4.8% or $1.02 to $22.00 after the men''s apparel retailer reported total net sales increased 2% to $536.99 million from $526.21 million in the same quarter last year, helped by strong growth in Tuxedo rentals. Net income in the quarter rose 8% to $42.5 million or 80 cents per diluted share, compared to net income of $39.5 million or 75 cents per share for the year-ago quarter.

Piedmont Natural Gas Company, Inc. ((PNY)) increased 2.2% or 61 cent to $27.96 after the energy services reported third quarter revenue soared 17% to $211.6 million compared with $180.2 million in the comparable period. Net loss in the quarter widened 30% to $9.52 million or 13 cent per diluted share compared with net loss of $7.30 million or 10 cents per share in the prior-year period.

Stewart Enterprises, Inc. ((STEI)) rose 1.4% or 7 cent to $5.07 after the provider of funeral, and cemetery products reported third quarter sale rose 4% to $122.9 million compared with $117.7 million in the comparable period. Net earnings in the quarter was $6.03 million or 6 cent per diluted share compared with net earnings of $6.09 million or 7 cents per share in the prior-year period.

Silicon Laboratories Inc. ((SLAB)) decreased 1.8% or 65 cent to $34.97 after the chipmaker lowered its third quarter revenue guidance, citing broadening demand weakness primarily in customer premises equipment and consumer end markets.

The company cut its third quarter revenue guidance to a range of $118 million to $122 million and estimates earnings to be in the range of around $0.32 to $0.35 per share.

Southwest Airlines Co. ((LUV)) rose 0.1% or 2 cent to $11.53 after the airline operator reported a 2.1 percentage points increase in load factor for the month of August, with a 6.4% rise in traffic and a 3.7% increase in capacity from last year. The company also noted that passenger revenue per available seat mile for August is estimated to have increased in the 15% to 16% range from a year ago.

TNS Inc ((TNS)) increased 4 cents to $15.79 after it agreed to acquire privately held Cequint Inc for $112.5 million. The data services provider also said it will buy back as much as $50 million of its stock.

The Talbots, Inc. ((TLB)) declined 1.2% or 14 cent to $10.83 after the women''s apparel retailer said second quarter total net sales declined 1.3% to $300.74 million from $304.64 million in the year-ago period. Net income in the quarter was $941 thousand or 1 cent per diluted share, compared to a net loss of $24.49 million or 45 cents per share in the year-ago period.