Best Buy, Kroger Rise, Cliff Natural Drops

Devan Biswas
14 Sep, 2010
New York City

Stocks in New York traded higher. BestBuy Company surged 6% after net soared 61%. The Kroger Co increased 2% after revenues gained 6%. Schiff Nutrition International gained more than 8%.

[R]11:40 AM New York - Stocks in New York traded higher. BestBuy Company surged 6% after net soared 61%. The Kroger Co increased 2% after revenues gained 6%. Cliff Natural Resources declined more than 4% after it lowered annual revenues estimate.[/R]

Of the stocks in the Dow, 9 increased, 21 decreased and none was unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Hewlett-Packard Company led the gainers with a rise of 1.207% followed by increase in Wal-Mart Stores, Inc. of 0.71%, in Merck & Co., Inc. of 0.44%, in Cisco Systems, Inc. of 0.40%, Chevron Corporation of 0.19%.

Bank of America Corporation led the decliners with a fall of 1.51% followed by decline in The Walt Disney Company of 1.49%, in Alcoa Inc. of 1.22%, in The Boeing Company of 1.22%, in JPMorgan Chase & Co of 1.12%.

Other Movers

BestBuy Co., Inc. ((BBY)) surged 6% or $2.10 to $36.75 after the specialty retailer of consumer electronics said second quarter revenue edged higher 3% to $11.34 billion, from $11.02 billion in the prior-year quarter. Net earnings in the quarter surged 61% to $254 million or 60 cents per diluted share compared with net earnings of $158 million or 37 cents per share in the year-ago quarter. For fiscal 2011, the company now expects revenue of about $52 billion.

Cliff Natural Resources Inc ((CLF)) dropped more than 4% to $64.38 after it lowered 2010 revenues outlook. The company estimated the sale of 3.9 million tons of coal and at a price between $115 and $120 a ton compared to previous estimate of between $140 and $145 a ton.

Contango Oil & Gas Company ((MCF)) fell 0.5% or 25 cent to $47.41 after the oil and gas explorer reported fourth quarter sales increased 13.5% to $41.2 million from $36.3 million in the same quarter last year. Net income in the period surged 196% to $15.4 million or 95 cents per diluted share, compared to net income of $5.2 million or 32 cents per share for the year-ago quarter.

Cracker Barrel Old Country Store, Inc. ((CBRL)) soared 4.9% or $2.41 to $51.00 after the chain of restaurant operator reported fourth quarter total revenue increased 2.8% to $612.48 from $595.60 million in the fourth quarter of fiscal 2009. Comparable store restaurant sales for the period increased 2.0%, including a 1.9% higher average check. Net income in the quarter increased 20.3% to $27.41 million or $1.14 per share compared with net income of $22.78 million or 99 cents per share in the prior-year period.

DigitalGlobe Inc ((DGI)) dropped as much as 4% after it announced the sale of 6 million shares in an offering managed by Morgan Stanley.

Farmer Brothers Co. ((FARM)) plunged 1.5% or 26 cent to $16.80 after the manufacturer, wholesaler and distributor of coffee and non-coffee (allied) products reported fourth quarter net sales fell 5.4% to $106.96 million from $113.07 million in the year-ago quarter. Net loss in the quarter narrowed 18% to $21.0 million or $1.40 per share, compared with a net loss of $25.6 million or $1.76 per share in the prior-year quarter.

H.B. Fuller Company ((FUL)) declined 7.3% or $1.55 to $19.45 after the adhesives and specialty chemicals maker said third quarter net revenue rose 7.4% to $338.57 million from $315.33 million in the same quarter last year, as increased volume, higher average selling prices and acquisitions offset unfavorable foreign currency translation. Net income in the quarter declined 46% to $19.0 million or 38 cents per diluted share, compared to net income of $35.4 million or 72 cents per share for the year-ago quarter.

The Kroger Co ((KR)) gained 2.4% or 52 cent to $21.56 after the retailer reported second quarter revenue rose 6% to $18.8 billion compared to $17.7 billion for the same period a year ago. Net earnings was $261.6 million or 41 cent per diluted share compared to net income of $254.4 million or 39 cent per diluted share in the same quarter a year ago.

Lakeland Industries, Inc. ((LAKE)) rose 0.1% or 1 cent to $9.25 after the safety garments and accessories second quarter sales increased 6.5% to $24.6 million from $23.0 million in the same quarter last year. Net income was $0.5 million or 10 cents per diluted share compared to net income of $0.07 million or break even per share for the year-ago quarter.

Meridian Bioscience, Inc. ((VIVO)) fell 0.3% or 7 cent to $18.96 after the life science company anticipates fiscal 2010 net sales between $165 million and $170 million and per share earnings to be between $0.77 and $0.82, excluding the impact of Bioline acquisition costs.

Molina Healthcare, Inc. ((MOH)) slipped 1.1% or 32 cent to $27.43 after the multi-state managed care organization said it has raised its earnings per share outlook for fiscal 2010. For 2010, the company now expects earnings of $1.70 per share, up from its prior estimate of $1.51 per share.

NuPathe Inc. ((PATH)) after the specialty pharmaceutical company reported second quarter total operating expenses were $4.21 million from $3.95 million a year ago quarter. Net loss in the quarter was $6.68 million or $17.42 per diluted share compared to a net loss of $4.83 million or $12.64 per share from a year ago.

Schiff Nutrition International, Inc. ((WNI)) spurted 7.9% or 69 cent to $9.39 after the vitamins and nutritional supplements reported Fiscal first quarter sales was $51.4 million compared to $48.6 million for the same period a year ago. Net income was $3.7 million or 13 cent per diluted share compared to net income of $4.4 million or 15 cent per diluted share from a year ago.

Zumiez Inc. ((ZUMZ)) soared 15.1% or $2.63 to $20.04 after the mall-based retailer now expects fiscal third quarter net income per diluted share of approximately $0.25 to $0.27 compared to earlier guidance of net income per share of approximately $0.21 to $0.24. September month-to-date comparable store sales increased 15.3%.