US Movers: Apple, Bank of America, IBM, VMware

Mukesh Buch
19 Oct, 2010
New York City

Apple Inc declined and quarterly sales and net soared. Capital One Financial Corp said its quarterly net more than doubled. IBM quarterly net increased 12%. Bank of America quarterly loss widened.

[R]11:05 AM New York – Apple Inc declined and quarterly sales and net soared. Capital One Financial Corp said its quarterly net more than doubled. IBM quarterly net increased 12%. Bank of America quarterly loss widened.[/R]

Of the stocks in the Dow, none increased, 29 decreased and 1 were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, The Home Depot, Inc. led the gainers with a break even.

International Business Machines Corporation led the decliners with a fall of 3.61% followed by decline in Microsoft Corporation of 2.90%, in Alcoa Inc. of 2.89%, in Pfizer Inc. of 1.91%, in Bank of America Corporation of 1.82%.

Other Movers

Apple Inc. ((AAPL)) declined 1.5% or $4.81 to 313.19 after the computer and mobile devices maker reported fiscal fourth quarter sales soared $20.34 billion from $12.21 billion for the same period a year ago. Net income surged to $4.3 billion or $4.64 per diluted share compared to net income of $2.5 billion or $2.77 per diluted share in the same quarter a year ago.

For the fiscal year sales were $65.23 billion compared to $42.91 billion for the same period a year ago. Net income increased to $14.1 billion or $15.15 per diluted share compared to net income of $8.2 million or $9.08 per diluted share same period a year ago.

Apple expects fiscal first quarter 2011 revenue of about $23 billion and diluted earnings per share of about $4.80.

Brown & Brown, Inc. ((BRO)) gained 2.6% or 54 cent to $21.27 after the insurance and brokerage company reported third quarter net revenues was $2.48 billion from $2.44 billion a year ago. Net income in the quarter rose 8.1% to $44.2 million or 31 cent per share compared to net income of $40.9 million or 29 cents per share a year ago.

Capital One Financial Corporation ((COF)) surged 6.7% or $2.50 to $39.73 after the financial services company stated third quarter total revenue rose 2.9% to $4.0 billion compared to $2.9 billion for the same period a year ago. Net income soared 103.8% to $803 million or $1.76 per diluted share compared to net income of $394 million or $0.87 per diluted share in the same quarter a year ago.

Crown Holdings, Inc. ((CCK)) increased 1.6% or 48 cent to $30.22 after the packaging product maker reported third quarter net sales were $2,205 million from $2,282 million from a year ago. Net income in the quarter was $135 million or 84 cents per diluted share compared to net income of $108 million or 67 cent per share a year ago.

International Business Machines Corporation ((IBM)) decreased 2.9% or $4.23 to $138.60 after the information technology company said third quarter revenue rose 3% to $24.3 billion compared to $23.5 billion for the same period a year ago. Net income soared 12% to $3.6 billion or $2.82 per diluted share compared to net income of $3.2 billion or $2.40 per diluted share in the same quarter a year ago.

IDEX Corporation ((IEX)) slumped 3.9% or $1.47 to $35.61 after the pump and flow meter maker reported third quarter sales increased 16% to $373.7 million from $323.3 million for the same period a year ago. Net income was $38.56 million or 47 cent per diluted share compared to net income of $29.78 million or 37 cent per diluted share in the same quarter a year ago.

Infinera Corporation ((INFN)) plunged 34% or $4.19 to $8.14 after the optical network provider stated third quarter revenue gained 56% to $130.1 million compared to $83.4 million for the same period a year ago. Net income was $4.3 million or 4 cent per diluted share compared to net loss of $16.5 million or 17 cent per diluted share in the same quarter a year ago.

ICU Medical, Inc. ((ICUI)) fell 0.6% or 26 cent to $37.89 after the disposable medical connection system maker reported third quarter net sales surged 40.3% to $75.7 million from $54.0 million from a year ago. Net income in the quarter was $9.0 million or 65 cents per diluted share compared to net income of $6.3 million or 42 cent per share a year ago.

Lincare Holdings Inc. ((LNCR)) slipped 4.7% or $1.31 to $26.17 after the oxygen and respiratory therapy provider stated third quarter total revenue rose 6.6% to $418.7 million compared to $392.6 million for the same period a year ago. Net income soared 26.2% to $45.5 million or 47 cent per diluted share compared to net income of $36.0 million or 36 cent per diluted share in the same quarter a year ago.

Packaging Corporation of America ((PKG)) declined 2.8% or 70 cent to $23.65 after the corrugated product maker reported third quarter net sales were $642.8 million from $553.6 million a year ago. Net income in the quarter was $93.3 million or 91 cent per share compared to net income of $72.7 million or 71 cents per share a year ago.

RLI Corp ((RLI)) fell 1.1% or 68 cent to $58.93 after the insurance company said third quarter consolidated revenue rose 2.5% to $149.6 million compared to $146.0 million for the same period a year ago. Net earnings declined 9.8% to $27.96 million or $1.33 per diluted share compared to net earnings of $31.02 million or $1.42 per diluted share in the same quarter a year ago.

Steel Dynamics, Inc. ((STLD)) decreased 2.1% or 31 cent to $14.24 after the steel producer and metals recycler reported third quarter net sales increased 35% to $1.6 billion from $1.2 billion in the prior year. Net income in the quarter was $19 million or 9 cent per diluted share compared to net income of $69 million or 30 cent per share a year earlier.

VMware, Inc. ((VMW)) plunged 5% or $3.94 to $74.44 after the virtualization solution provider stated third quarter net revenues were $714 million from $489 million in the prior year. Net income in the quarter was $84 million or 20 cent per diluted share compared to net income of $38 million or 9 cent per share a year earlier.

Werner Enterprises, Inc. ((WERN)) declined 2.2% or 48 cent to $20.64 after the transportation and logistic company said third quarter net revenues increased 8% to $463 million from $429 million in the prior year. Net income in the quarter was $24 million or 33 cent per diluted share compared to net income of $18 million or 26 cent per share a year earlier.