Google, Seagate Soar; Gannett, GE Fall

Bikram Pandey
15 Oct, 2010
New York City

Seagate Technology surged on the talks that the company may go private. General Electric declined after quarterly revenues declined 5%. Google soared 10% after it reported higher than expected adjusted earnings. Gannett Co. declined after quarterly revenues trailed market estimates.

[R]1:30 PM New York – Seagate Technology surged on the talks that the company may go private. General Electric declined after quarterly revenues declined 5%. Google soared 10% after it reported higher than expected adjusted earnings. Gannett Co. declined after quarterly revenues trailed market estimates.[/R]

Of the stocks in the Dow, 10 increased, 20 decreased and none were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Hewlett-Packard Company led the gainers with a rise of 1.00% followed by increase in The Travelers Companies, Inc. of 0.56%, in Cisco Systems, Inc. of 0.52%, in E. I. du Pont de Nemours and Company of 0.47%, Pfizer Inc. of 0.40%.

General Electric Company led the decliners with a fall of 4.55% followed by decline in Bank of America Corporation of 3.81%, in JPMorgan Chase & Co. of 3.32%, in Alcoa Inc of 0.99%, in The Home Depot, Inc. of 0.91%.

Other Movers

Advanced Micro Devices, Inc. ((AMD)) fell 0.8% or 6 cent to $7.08 after the global semiconductor company reported third quarter revenue were $1.62 billion from $1.40 billion in the same quarter last year. Net loss was $118 million or 17 cents per diluted share compared with net loss of $128 million or 18 cents per share a year ago.

Body Central Corp ((BODY)) increased 2% to $13.29 after it priced its public offering of 5 million shares at $13 each.

Chase Corporation ((CCF)) surged 8.1% or $1.25 to $16.65 after the coating products maker said fiscal fourth quarter revenues rose 45% to $35.4 million from $24.4 million in the same quarter last year. Net income in the quarter was to $4.3 million or 48 cents per diluted share, compared to net income of $2.8 million or 31 cents per share for the year-ago quarter.

For the fiscal year 2010, net revenue increased 30% to $118.7 million from $91.2 million last year. The company reported net income for the fiscal year 2010 was $12.5 million or $1.38 per share compared to $6.3 million or 72 cent per share for the fiscal year 2009.

First Horizon National Corporation ((FHN)) plunged 4.9% or 54 cent to $10.35 after the financial services provider said third quarter total revenues fell 12% to $434.36 million compared to $493.04 million in the prior-year quarter. Net income in the quarter was $15.88 million or 7 cents per diluted share compared to a net loss of $52.86 million or 23 cents per share in the same quarter last year.

General Electric Company ((GE)) declined 5.1% or 88 cent to $16.28 after the diversified technology, media and financial services company reported third quarter consolidated revenues decreased 5% to $35.89 billion from $37.80 billion in the same quarter last year. Net earnings in the quarter fell 18% to $2.06 billion, or 18 cents per diluted share compared with net earnings of $2.49 billion or 23 cents per share a year ago.

Gannett Co., Inc. ((GCI)) slumped 7.9% or $1.12 to $12.97 after the international media and marketing company reported third quarter total operating revenue were $1.32 billion from $1.32 billion in the same quarter last year. Net income rose 37.5% to $101.41 million or 42 cents per diluted share compared with net income of $73.75 million, or 31 cents per share a year ago.

Genuine Parts Company ((GPC)) soared 5.2% or $2.40 to $47.94 after the automotive parts maker stated third quarter total sales increased 13% to $2.95 billion from $2.61 billion in the same quarter last year. Net income gained 22% to $131.8 million or 83 cents per diluted share compared with net income of $107.6 million or 67 cents per share a year ago.

Google Inc. ((GOOG)), surged 10.8% or $58.40 to $599.36 after the search engine operator reported third quarter net revenues increased 23% to $7.29 billion from $5.94 billion in the prior year. Net income in the quarter was $2.17 billion or $6.72 per diluted share compared to net income of $1.64 billion or $5.13 per share a year earlier.

Mattel, Inc. ((MAT)) slipped 7.4% or $1.78 to $22.22 after the toy manufacturer reported third quarter net sales rose 2.2% to $1.83 billion from $1.79 billion last year, including 3 percentage points impact from unfavorable changes in currency exchange rates. Net income in the quarter increased 23.2% to $283.3 million or 77 cents per diluted share, compared to net income of $229.8 million or 63 cents per share in the prior-year quarter.

IDT Corporation ((IDT)) plunged 8.2% or $1.49 to $16.57 after the multi-national holding company said fiscal fourth quarter revenue rose 3.8% to $356.0 million from $343.0 million for the same period a year ago. Net income was $7.5 million or 33 per diluted share compared to net income of $7.2 million or 35 cent per diluted share in the same quarter a year ago.

For the fiscal year sales fell 7% to $1401.4 million compared to $1507.7 million for the same period a year ago. Net income was $20.3 million or 94 cent per diluted share compared to net loss of $155.4 million or $6.90 per diluted share same period a year ago.

Seagate Technology plc ((STX)) surged 20.8% or $2.65 to $15.34 after the computer hard disk drive maker after several media reports suggested that the largest maker of hard disk may be taken private by KKR & Co. and TPG Capital.

Suffolk Bancorp ((SUBK)) fell 1.5% or 42 cent to $26.81 after the commercial bank reported third quarter net interest income was $19.37 million compared to $18.47 million for the same period a year ago. Net income were $4.69 million or 49 cent per diluted share compared to net income of $6.0 million or 63 cent per diluted share period a year ago.

Safeway Inc. ((SWY)) increased 1.4% or 32 cent to $21.98 after the food and drug retailer stated third quarter total sales fell 2.0% to $9.4 billion compared to $9.5 billion for the same period a year ago. Net income was $122.8 million or 33 per diluted share compared to net income of $128.8 million or 31 cent per diluted share in the same quarter a year ago.

The Charles Schwab Corporation ((SCHW)) gained 1.6% or 23 cent to $14.32 after the financial holding company said third quarter total revenue increased 5% to $1,063 million compared to $1,011 million for the same period a year ago. Net income was $124 million or 10 per diluted share compared to net income of $200 million or 17 cent per diluted share in the same quarter a year ago.

Valmont Industries, Inc. ((VMI)) decreased 2.9% or $2.25 to $75.08 after the global fabricated metal producer said reported third quarter net sales were $527.8 million from $434.0 million from a year ago. Net earnings in the quarter were $25.9 million or 98 cents per diluted share compared to net earnings of $40.5 million or $1.53 per share a year ago.

Webster Financial Corporation ((WBS)) declined 2% or 37 cent to $17.61 after the financial holding company reported third quarter total securities were $5.37 billion from $4.62 billion from the same quarter of a year ago. Net Income in the quarter was $17.78 million or 22 cents per diluted share compared to net loss of $26.10 million or 39 cent per share a year ago.

Western Digital Corp ((WDC)) rose more than 8.7% to $32.01 after the reports that the competitor Seagate Technology may go private.