GameStop, Pier 1 Rise; FedEx Falls

Devan Biswas
16 Sep, 2010
New York City

GameStop Corp surged after it announced a plan to buy back stocks. Pier 1 Imports Inc gained more than 4% after reporting higher than expected sales and profit. FedEx Corp declined after it reported lower than expected sales.

[R]11:20 AM New York – GameStop Corp surged after it announced a plan to buy back stocks. Pier 1 Imports Inc gained more than 4% after reporting higher than expected sales and profit. FedEx Corp declined after it reported lower than expected sales.[/R]

Of the stocks in the Dow, 10 increased, 20 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 1.247% followed by increase in E. I. du Pont de Nemours and Company of 0.63%, in The Coca-Cola Company of 0.33%, in Cisco Systems, Inc. of 0.25%, The Travelers Companies, Inc. of 0.23%.

Alcoa Inc. led the decliners with a fall of 1.05% followed by decline in The Walt Disney Company of 0.99%, in General Electric Company of 0.98%, in JPMorgan Chase & Co. of 0.76%, in Bank of America Corporation of 0.73%.

Other Movers

AAR Corp. ((AIR)) surged 7.4% or $1.31 to $18.97 after the aerospace and defense contractor stated first quarter consolidated sales increased 21% to $412.2 million from $341.5 million in the year-ago quarter. Net income in the quarter soared 34% to $13.7 million or 35 cents per diluted share, compared to net income of $10.2 million or 27 cents per share in the prior-year quarter.

Apogee Enterprises, Inc. ((APOG)) plunged 7% or 67 cent to $8.87 after the value-added glass maker reported second quarter revenue declined 23% to $144.7 million compared to $187.4 million for the same period a year ago. Net loss was $1.2 million or break even per diluted share compared to net income of $13.0 million or 47 cent per diluted share in the same quarter a year ago.

Capital One Financial Corp. ((COF)) rose 0.03% or 1 cent to $39.10 after the diversified financial services company said on Wednesday that its U.S. credit card defaults increased marginally in the month of August. In a filing with the U.S. Securities and Exchange Commission, the company reported that annualized net charge-off rate for U.S. credit card increased to 8.19%. The rate was 8.13% in the preceding month of July.

Clarcor Inc. ((CLC)) fell 0.5% or 20 cent to $37.34 after the maker of mobile, industrial and environmental filtration products reported third quarter revenues rose 14% to $262.77 million from $230.27 million last year. Net earnings in the quarter grew 33% to $28.3 million or 55 cents per diluted share compared with net earnings of $21.28 million or 42 cents per share a year ago.

FedEx Corporation ((FDX)) declined 3.7% or $3.21 to $82.73 after the transportation company reported first quarter revenues increased 18.1% to $9.46 billion, from $8.01 billion in the prior-year quarter. Net income in the quarter surged 110% to $380 million or $1.20 per share, compared with net income of $181 million or 58 cents per share in the same quarter last year.

GameStop Corp ((GME)) surged 5.8% $19.67 after the company said it plans to buy back up to $500 million of stocks and debt.

Kraft Foods Inc. ((KFT)) fell 0.8% or 25 cent to $31.33 after the manufacturer and marketer of packaged food products announced at an analysts meet in New York that the company plans to deliver 5% or more organic revenue growth, earnings per share growth of 9% to 11% and expects margins in the mid- to high-teens over the next three years.

Occan Network Inc ((OCNW)) surged 34% to $7.10 after the telecom equipment maker agreed to Calix Inc for $7.75 a share.

Park City Group, Inc. ((PCYG)) after the software-as-a-service provider reported fiscal 2010 total revenues rose 82% to $10.87 million from $5.96 million last year. Net income for the year was $0.17 million compared with net loss of $4.04 million a year ago. On a per share basis, loss was 1 cent compared with loss of 48 cents per share in the prior year.

Pier 1 Imports, Inc. ((PIR)) soared 4.6% or 37 cent to $8.33 after the retailer specializing in imported home furnishings and decor reported second quarter sales gained 8.1% to $309.9 million, from $286.7 million in the year-ago quarter. Net income generated in the quarter was $14.4 million, or 12 cents per diluted share, compared to a net loss of $15.8 million, or 17 cents per share, for the same period last year.

The Dress Barn, Inc. ((DBRN)) decreased 3.4% or 85 cent to $23.59 after the specialty apparel retailer reported fourth quarter revenues surged 78% to $710.9 million from $398.9 million in the prior-year quarter on comparable store sales rise of 7%. Net income in the quarter soared 64% to $42.0 million or 52 cents per diluted share, compared to net income of $25.6 million or 4 cents per share in the year-ago quarter.

For the full year, net sales increased 59% to $2.37 billion from $1.49 billion a year ago. Net income for the year increased 100% to $133.38 million or $1.73 per share compared to net income of $66.57 million or $1.06 per share in the same period of the previous year.

Synthesis Energy Systems, Inc. ((SYMX)) spurted 4% or 4 cent to $1.04 after the coal gasification reported fiscal fourth quarter total revenue increased 52% to $1.8 million compared to $2.6 million for the same period a year ago. Net loss was $3.7 million or 8 cent per diluted share compared to net loss of $6.7 million or 14 cent per diluted share in the same quarter a year ago.

For the fiscal year revenue was $9.3 million compared to $2.1 million for the same period a year ago. Net loss was $21.7 million or 45 cent per diluted share compared to net loss of $28.6 million or 60 cent per diluted share same period a year ago.

The Marcus Corporation ((MCS)) declined 3.9% or 49 cent to $11.97 after the movie theatres and resorts said fiscal first quarter revenue rose 3.5% to $113.9 million compared to $110.2 billion for the same period a year ago. Net earnings was $10.22 million or 34 cent per diluted share compared to net income of $10.22 million or 34 cent per diluted share in the same quarter a year ago.