Lennar, Internet Brands, Netezza Rise

Bikram Pandey
20 Sep, 2010
New York City

Internet Brands surged after a private equity group offered 46% premium. Netezza Corp. soared more than 12% after IBM agreed to acquire the company. Lennar Corp traded higher after third quarter sales increased 14.5%.

[R]11:40 AM New York – Internet Brands surged after a private equity group offered 46% premium. Netezza Corp. soared more than 12% after IBM agreed to acquire the company. Lennar Corp traded higher after third quarter sales increased 14.5%.[/R]

Of the stocks in the Dow, 22 increased, 5 decreased and 3 were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, American Express Company led the gainers with a rise of 1.16% followed by increase in The Home Depot, Inc. of 1.04%, in JPMorgan Chase & Co. of 0.70%, in AT&T Inc. of 0.64%, Hewlett-Packard Company of 0.59%.

The Boeing Company led the decliners with a fall of 0.46% followed by decline in Cisco Systems, Inc. of 0.33%, in Intel Corporation of 0.32%, in United Technologies Corporation of 0.20%, in Microsoft Corporation of 0.08%.

Other Movers

American Apparel, Inc. ((APP)) rose 2% or 3 cent to $1.49 after the retailer of branded fashion basic apparel receive a letter from the NYSE Amex LLC the Exchange accepted the company''s updated plan of compliance and pursuant to such plan has granted the company an extension until November 15, 2010 to regain compliance with its continued listing standards.

Previously disclosed on August 23, the company received a letter from the Exchange, company''s timely filing of its Quarterly Report on Form 10-Q for the quarter ended June 30 is a condition for the company''s continued listing on the Exchange.

Discover Financial Services ((DFS)) surged 3.4% to 53 cent to $16.10 after the credit card issuer reported third quarter net interest income was $1.15 billion compared to $1.28 billion for the same period a year ago. Net income were $258.2 million or 47 cent per diluted share compared to net income of $130.9 million or 25 cent per diluted share period a year ago.

Diamond Hill Investment Group, Inc. ((DHIL)) soared 19% or $11.49 to $71.85 after the investment advisor today announced that its board of directors has approved a $13.00 a share cash dividend to shareholders of record on December 1 payable December 15.

Illinois Tool Works Inc. ((ITW)) gained 1.4% or 65 cent to $46.89 after the industrial products maker on Friday reiterated its earnings and revenue growth outlook for the third quarter and fiscal year 2010. The company reiterated its third quarter earnings per share from continuing operations outlook range of $0.72 to $0.84 and revenue growth in a range of 9% to 13%.

For fiscal year 2010, the company continues to project income per share from continuing operations between $2.82 and $3.08. The 2010 full-year forecast continues to assume total revenue growth in a range of 11% to 13%.

Internet Brands Inc. ((INET)) soared 44.9% or $4.09 to $13.20 after the Internet media company agreed to be acquired by private-equity firm Hellman & Friedman LLC, The deal values Internet Brands at roughly $640 million. Shareholders will receive $13.35 in cash, represents premium of approx 46.5% from closing price on Sept. 17.

Juniper Group, Inc. ((JUNP.OB)), the company focused on the wireless infrastructure service industry reported a drop in profit for the six months ended June 30, 2010. Revenues for the six months surged 1,458% to $1.698 million from $0.109 million in the year-ago period. Net income in the period plunged 96% to $1.33 million from $37.16 million in the year-ago period.

Lennar Corporation ((LEN)) soared 5.4% or 80 cent to $14.79 after the homebuilder reported third quarter total revenues rose 14.5% to $824.98 million, from $720.73 million in the prior-year quarter. Net earnings in the quarter declined to $30.0 million, or 16 cents per diluted share, compared to a net loss of $171.6 million, or 97 cents per share in the year-ago quarter.

Netezza Corp. ((NZ)) soared 12.4% or $3.05 to $27.65 after the data-storage appliance provider reported the company entered into a definitive agreement for IBM to acquire in a cash transaction at a price of $27 per share or at net price of approximately $1.7 billion.

Natural Alternatives International, Inc. ((NAII)) fell 0.2% or 2 cent to $7.88 after the nutritional supplement formulator said fiscal fourth quarter sales was $14.4 million compared to $19.5 million for the same period a year ago. Net income was $0.22 million or 3 per diluted share compared to net income of $1.13 million or 16 cent per diluted share in the same quarter a year ago.

For the fiscal year sales was $65.55 million compared to $73.92 million for the same period a year ago. Net income was $4.13 million or 58 cent per diluted share compared to net loss of $4.08 million or 58 cent per diluted share same period a year ago.

TECO Energy, Inc. ((TE)) rose 0.6% or 11 cent to $17.07 after the holding company for regulated utilities and other businesses announced that it is reaffirming its 2010 earnings per share forecast range of $1.25 to $1.35, which was previously updated on August 5.

TPC Group, Inc. ((TPCG)) increased 1.2% or 25 cent to $20.05 after the chemical products maker reported fourth quarter revenues surged 104% to $531.8 million from $260.9 million in the previous year, with average selling prices up 108% year over year. Net income in the quarter soared 85% to $14.4 million or 80 cents per diluted share compared to net income of $7.8 million or44 cents per share a year ago.

Whiting Petroleum Corporation ((WLL)) gained 2.1% or $2.02 to $94.95 after the independent oil and gas company on Friday lowered its production outlook for the third quarter of 2010, saying that production was impacted by pipeline maintenance on the Enbridge system. However, the company maintained its full-year production guidance.

The company forecasted production for the third quarter in a range of 6.00 million BOE to 6.20 million BOE and full year production guidance in a range of between 23.4 million BOE and 23.7 million BOE.