Citigroup, Hasbro Rise; Haliburton, Knoll Fall

Bikram Pandey
18 Oct, 2010
New York City

Citigroup added more than 3% after it reported better than expected earnings. Haliburton Company dropped more than 4% after the quarterly earnings surged 108%. New Oriental Education & Technology Group Inc rose as much as 4% after revenues increased 29%.

[R]12:10 PM New York – Citigroup added more than 3% after it reported better than expected earnings. Haliburton Company dropped more than 4% after the quarterly earnings surged 108%. New Oriental Education & Technology Group Inc rose as much as 4% after revenues increased 29%.[/R]

Of the stocks in the Dow, 24 increased, 6 decreased and none were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, JPMorgan Chase & Co. led the gainers with a rise of 2.15% followed by increase in Microsoft Corporation of 1.57%, in Verizon Communications Inc. of 1.39%, in AT&T Inc. of 1.27%, The Boeing Company of 1.24%.

The Home Depot, Inc. led the decliners with a fall of 1.04% followed by decline in Intel Corporation of 0.93%, in Alcoa Inc. of 0.53%, in Pfizer Inc. of 0.37%, in General Electric Company of 0.18%.

Other Movers

Allegheny Technologies Incorporated ((ATI)) decreased 1.2% or 58 cent to $47.33 after the diversified specialty metals producer forecasts earnings for the third quarter to be about $0.01 per share, including charges. The third quarter results include an additional pretax LIFO ""catch up"" charge of about $33 million, or $0.21 per share, primarily due to higher nickel costs, and a one-time tax charge of $0.04 per share as a result of the Small Business Jobs and Credit Act signed into law in September 2010.

China Infrastructure Construction Corp. Limited ((CHNC.OB)) increased 1.7% or 5 cent to $2.85 after a ready-mix concrete provider said first quarter revenue increased 73% to $21.19 million from $12.26 million in the prior-year quarter. Net income in the quarter surged 108.4s% to $3.98 million from $1.91 million in the same quarter last year. On a per share basis, earnings for the quarter were $0.31 pence per share compared to $1.25 pence per share last year, as weighted average shares outstanding increased sharply.

Citigroup Inc. ((C)) added 3.5% or 14 cent to $4.09 after the financial services provider reported third quarter revenues rose 1.7% to $20.74 billion, compared to $20.39 billion in the prior-year quarter. Net income generated in the quarter was $2.149 billion or 7 cents per diluted share, compared to a net loss of $3.242 billion or 27 cents per share in the year-ago quarter.

Entergy Corporation ((ETR)) rose 0.5% or 45 cent to $77.42 after the integrated energy company engaged said it expects third quarter 2010 as-reported earnings per share of around $2.61 and operational earnings per share of about $2.75.

Halliburton Company ((HAL)) plunged 4.6% or $1.68 to $34.14 after the oilfield services provider reported third quarter revenues gained 30% to $4.67 billion, from $3.59 billion in the prior-year quarter. Net income in the quarter surged 108% to $544 million or 60 cents per diluted share, compared to net income of $262 million or 29 cents per share in the same quarter last year.

Hasbro, Inc. ((HAS)) soared 4.7% or $2.19 to $47.27 after the toy and boardgame company reported third quarter net revenues rose 3% to $1.31 billion from $1.28 billion a year ago. Net earnings in the quarter grew 3.2% to $155.2 million or $1.09 per share, compared to net earnings of $150.4 million or 99 cents per share a year ago.

Knoll, Inc. ((KNL)) declined 3.9% or 64 cent to $15.40 after the workplace furnishings, textiles and fine leathers designer reported third quarter sales increased 11.5% to $202.15 million from $181.28 million. Net income in the quarter rose 10.5% to $6.34 million or 14 cents per diluted share, compared with net income of $5.73 million or 13 cents per share in the previous year.

Koninklijke Philips Electronics NV ((PHG)) slumped 5.4% or $1.82 to $31.71 after the consumer electronics company reported third quarter sales grew 10% to €6.16 billion from €5.62 billion a year earlier. Net income in the quarter surged to €524 million or 0.55 euro per share from €174 million or 0.19 euro per share in the prior-year quarter.

Kronos Worldwide, Inc. ((KRO)) gained 3.2% or $1.25 to $40.25 after the producer and marketer of titanium dioxide pigments provided net income and sales guidance for the third quarter. Net income is now estimated to be $32.1 million or $0.66 per share and net sales are projected at $376.6 million for the third quarter.

New Oriental Education & Technology Group Inc ((EDU)) spurted 3.7% or $3.47 to $94.97 after a Chinese provider of private educational services, reported first quarter net revenues climbed 28.8% to $192.31 million from $149.36 million a year ago. Net income in the quarter rose 9.3% to $62.36 million, compared to net income of $57.07 million in the prior-year quarter. Net income per ADS attributable to New Oriental rose to $1.61 from $1.47 in the year-ago quarter.

WD-40 Company ((WDFC)) increased 2.5% or $1.00 to $40.42 after the specialty chemicals maker reported fourth quarter net sales increased 4% to $80.68 million from $77.75 million last year. Net income in the quarter declined 10% to $6.89 million or 41 cents per diluted share, compared with net income of $7.62 million or 46 cents per share in the previous year.