Cognex, Walgreen, Endo Rise; Monsanto Falls

Bikram Pandey
28 Sep, 2010
New York City

Cognex soared after it lifted its annual revenues outlook. Walgreen Company surged more than 9% after quarterly earnings increased nearly 8%. Endo Pharmaceuticals surged more than 9% after it agreed to acquire Qualitest Pharmaceuticals for $1.2 billion. Monsanto declined more than 6%.

[R]12:15 PM New York – Cognex soared after it lifted its annual revenues outlook. Walgreen Company surged more than 9% after quarterly earnings increased nearly 8%. Endo Pharmaceuticals surged more than 9% after it agreed to acquire Qualitest Pharmaceuticals for $1.2 billion. Monsanto declined more than 6%.[/R]

Of the stocks in the Dow, 8 increased, 22 decreased and none were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, The Travelers Companies, Inc. led the gainers with a rise of 0.54% followed by increase in Bank of America Corporation of 0.30%, in JPMorgan Chase & Co. of 0.28%, in Verizon Communications Inc. of 0.24%, Hewlett-Packard Company of 0.22%.

Cisco Systems, Inc. led the decliners with a fall of 2.33% followed by decline in Kraft Foods Inc. of 1.42%, in General Electric Company of 0.79%, in The Boeing Company of 0.77%, in Microsoft Corporation of 0.70%.

Other Movers

Cognex Corp. ((CGNX)) surged 8.5% or $1.96 to $24.85 after the scientific and technical instruments maker increased its revenue guidance for the third quarter of 2010. Revenue for the third quarter of 2010 is now estimated between $74 million and $76 million, compared to the company''s previous guidance of $65 million to $68 million provided on August 2, 2010.

Endo Pharmaceuticals ((ENDP)) gained more than 9% to $33.10 after it entered into an agreement to acquire Qualitest Pharmaceuticals, a leading, privately-held generics company in the U.S., for approximately $1.2 billion in cash. The company brings a portfolio of 175 generic drugs.

Ferrellgas Partners, L.P ((FGP)) fell 0.1% or 5 cent to $25.77 after the propane and related equipment maker reported fiscal fourth quarter total revenue was $353.8 million compared to $312.7 million for the same period a year ago. Net loss was $40.1 million or 58 cent per diluted share compared to net loss of $34.8 million or 51 cent per diluted share in the same quarter a year ago.

For the fiscal year revenue was $1.90 billion compared to $1.83 billion for the same period a year ago. Net earnings were $32.3 million or 47 cent per diluted share compared to net earnings of $52.0 million or 79 cent per diluted share same period a year ago.

ITC Holdings Corp. ((ITC)) rose 0.6% or 40 cent to $63.00 after the electric utilities provider reaffirmed its earnings guidance for fiscal year 2010 and estimates full year 2010 earnings in the range of $2.70 to $2.75 per share.

Jabil Circuit, Inc. ((JBL)) declined 4.3% or 60 cent to $13.29 after the contract electronics manufacturer reported fourth quarter revenue surged 38% to $3.86 billion from $2.80 billion in the same quarter last year. Net income in the quarter soared 967% to $58.7 million or 27 cents per diluted share, compared to net income of $5.5 million or 3 cents per share for the year-ago quarter.

Monsanto Company ((MON)) dropped more than 6% to $49.65 after its Australia based competitor Nufarm Ltd said sale of certain fertilizers declined 44% in North America in fiscal 2010.

Palatin Technologies, Inc. ((PTN)) slipped 3.4% or 5 cent to $1.40 after the biopharmaceutical company reported fourth quarter revenues plunged 83% to $0.7 million from $4.2 million in the same quarter a year ago. Net loss in the quarter widened to $4.2 million or 40 cents per diluted share compared to a net loss of $0.2 million or 2 cents per share in the prior year.

Paychex, Inc. ((PAYX)) fell 0.2% or 7 cent to $26.86 after the payroll and human resource service provider said first quarter revenue increased 4% to $518.3 million from $500.2 million in the same quarter last year. Net income in the quarter rose 7% to $131.9 million or 36 cents per diluted compared to net income of $123.6 million or 34 cents per share in the prior-year quarter.

Walgreen Company ((WAG)) soared 9.4% or $2.88 to $33.23 after the drugstore chain stated fourth quarter sales increased 7.4% to $16.87 billion from $15.70 billion in the year ago quarter. Total sales in comparable stores rose 1.5% in the quarter, while front-end comparable drugstore sales increased 1.2% in the quarter.

Net earnings in the quarter rose 7.8% to $470 million or 49 cents per diluted share, compared to net earnings of $436 million or 44 cents per share in the same quarter last year.