JP Morgan, GE, A123, ArcSight Rise

Devan Biswas
13 Sep, 2010
New York City

Banks traded higher after watered down Basel III will take longer than expected to implement stricter capital guidelines. ArcSight Inc soared nearly 25% after it agreed to be acquired by Hewlett Packard. Tower Watson & Co declined on an offering.

[R]11:50 AM New York - Banks traded higher after watered down Basel III will take longer than expected to implement stricter capital guidelines. ArcSight Inc soared nearly 25% after it agreed to be acquired by Hewlett Packard. Tower Watson & Co declined on an offering.[/R]

Of the stocks in the Dow, 26 increased, 4 decreased and none was unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, JP Morgan Chase & Co led the gainers with a rise of 3.7% followed by increase in Bank of America Corporation of 3.4%, in American Express Company of 2.7%, in Alcoa Inc. of 2.7%, Cisco Systems, Inc. of 2.6%.

Merck & Co., Inc. led the decliners with a fall of 0.93% followed by decline in The Coca-Cola Company of 0.5%, in Exxon Mobil Corporation of 0.3%, in McDonald’s Corporation of 0.1%.

Banks traded higher after a committee of international central bankers offered than longer than expected time to raise additional capital. Bank of America, JP Morgan Chase, Citigroup traded higher. Also better capitalized banks are also expected to acquire smaller banks.

Other Movers

A123 Systems Inc ((AONE)) soared 8% to $7.95 after it opened a battery plant in Michigan.

ArcSight, Inc ((ARST)) soared as much as 25% above $43.55 after it agreed to be acquired by Hewlett-Packard Co. is close to acquiring security software for about $1.5 billion. Hewlett Packard ((HPQ)) declined a fraction.

Crocs, Inc. ((CROX)) plunged 5% or 56 cent to $10.57 after the footwear maker reiterated its third-quarter earnings per share guidance of around $0.22 to $0.24 and revenue of about $205 million.

Evolution Petroleum Corporation ((EPM)) fell 1.2% or 6 cent to $5.52 after the onshore oil and gas explorer reported fourth quarter total revenues soared 39% to $1.36 million from $0.98 million in the comparable period. Net loss in the quarter narrowed 39% to $0.43 million or 2 cents per diluted share compared to a net loss of $0.71 million or 3 cents per share in the prior-year period.

Epoch Holding Corporation ((EPHC)) surged 4% or 43 cent to $11.18 after the investment advisor reported Fiscal fourth quarter revenue was $14.2 million compared to $9.1 million for the same period a year ago. Net income was $3.3 million or 14 cent per diluted share compared to net income of $2.0 million or 9 cent per diluted share in the same quarter a year ago.

For the fiscal year revenue were $53.3 million compared to $31.1 million for the same period a year ago. Net income was $11.6 million or 52 cent per diluted share compared to net income of $5.8 million or 26 cent per diluted share same period a year ago.

General Electric Company ((GE)) increased 1% after China reported a sharp rise in industrial production. GE expects future revenues growth drivers are in China and other emerging markets.

Hertz Global Holdings, Inc ((HTZ)) increased 6.6% or 67 cent to $10.72 after the car rental businesses and Dollar Thrifty Automotive Group, Inc. ((DTG)) agreed to amend their merger agreement. Hertz agreed to acquire Dollar Thrifty for an increased purchase price of $50.00 per share, valued at the September 10.

K12 Inc. ((LRN)) soared 5.7% or $1.37 to $25.27 after the technology-based education company fourth quarter revenues increased 22.4% to $88.32 million compared with $72.17 million for the fourth quarter of fiscal 2009. Net loss in the quarter widened 97% to $1.32 million or 4 cents per diluted share compared a net loss of $0.67 million or 2 cents per share in the prior-year quarter.

National Technical Systems, Inc. ((NTSC)) declined 9.6% or 73 cent to $6.85 after the provider of engineering and compliance testing services reported second quarter total revenues climbed 20% to $34.5 million, from $28.7 million in last fiscal year''s second quarter. Net income in the quarter rose 17% to $993,000 or 10 cents per diluted share compared to net income of $852,000 or 9 cents per share for the same period in the prior fiscal year.

Optical Cable Corporation ((OCCF)) spurted 24.5% or 54 cent to $2.74 after the fiber optic and copper data cabling and connectivity third quarter sales increased 32.2% to $18.8 million from $14.2 million a year ago quarter. Net income in the quarter was $0.57 million or 9 cents per diluted share compared to a net loss of $1.1 million or 19 cents per share from a year ago.

PMFG, Inc. ((PMFG)) fell 0.6% or 1 cent to $16.39 after the custom-engineering service provider reported fiscal fourth quarter net revenue decreased 23.7% to $28.7 million compared to $37.6 million for the same quarter a year ago. Net loss was $2.3 million or 15 cent per diluted share compared to net earnings of $2.6 million or 20 cent per diluted share in the same quarter a year ago.

For the fiscal year net revenue were $116.8 million compared to $158.0 million for the same period of 2009. Net loss was $5.2 million or 38 cent per diluted share compared to net income of $4.9 million or 37 cent per diluted share for the prior year.

TRC Companies, Inc. ((TRR)) rose 0.3% or 1 cent to $2.79 after the management consultant firm reported fiscal fourth quarter net service revenue increased 1.1% to $64.3 million compared to $63.6 million for the same period a year ago. Net loss was $23.2 million or $1.18 per diluted share compared to net loss of $5.3 million or $0.27 per diluted share in the same quarter a year ago.

For the fiscal year net service revenue were $230.1 million compared to $254.8 million for the same period a year ago. Net loss was $22.9 million or $1.17 per diluted share compared to net loss of $24.1 million or $1.25 per diluted share same period a year ago.

Towers Watson & Co. ((TW)) declined more than 2% to $46.55 after the consulting company plans offer 4.3 million of Class A shares in an offering.