U.S. Movers: Baker Hughes, EXCO, Wilmington Trust

Bikram Pandey
01 Nov, 2010
New York City

Baker Hughes Inc rose more than 5% after earnings exceeded expectations. EXCO Resources Inc soared after chief executive offered to take company private. Fortinet Inc soared on the takeover speculation. Wilmington Trust plunges on a lower than expected buyout offer.

[R]12:15 PM New York – Baker Hughes Inc rose more than 5% after earnings exceeded expectations. EXCO Resources Inc soared after chief executive offered to take company private. Fortinet Inc soared on the takeover speculation. Wilmington Trust plunges on a lower than expected buyout offer.[/R]

Of the stocks in the Dow, 28 increased, 2 decreased and none were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Intel Corporation led the gainers with a rise of 2.19% followed by increase in Caterpillar Inc. of 1.78%, in Pfizer Inc. of 1.75%, in Microsoft Corporation of 1.59%, in The Travelers Companies, Inc. 1.48%.

Kraft Foods Inc. led the decliners with a fall of 0.31% followed by decline in Alcoa Inc. of 0.08%.

Other Movers

Baker Hughes Incorporated ((BHI)) surged 5% or $2.32 to $48.67 after the oilfield services provider stated third quarter revenues surged 83% to $4.08 billion, from $2.23 billion for the third quarter 2009. Net income in the quarter soared 364% to $255 million or 59 cents per diluted share compared to $55 million or 18 cents per share in the third quarter last year.

Barnes Group Inc. ((B)) fell 1.1% or 20 cent to $17.99 after the logistical services company said third quarter net sales rose 11.4% to $289.9 million from $260.3 million last year. Net income in the quarter increased 39% to $15.1 million or 27 cents per diluted share, compared to $10.9 million or 20 cents per share prior year.

CNA Surety Corp ((SUR)) soared 19% $22.60 after it received an offer from CNA Financial Corp for $22 a share.

Cognizant Technology Solutions Corporation ((CTSH)) declined 3% or $2.00 to $63.19 after the custom information services provider reported third quarter revenue rose 43% to $1.22 billion from $0.85 billion from a year ago. Net income in the quarter increased to $203.7 million or 66 cent per diluted share, compared to $136.6 million or 45 cent per diluted share in the same quarter of last year.

Consolidated Edison Inc ((ED)) rose 0.7% or 36 cent to $50.08 after the electric, gas and steam provider said third quarter total sales increased to $2,628 million from $2,294 million in the same quarter last year. Net income in the quarter rose to $350 million or $1.24 per diluted share, compared to $336 million or $1.22 per share in the prior-year quarter,

Corning Incorporated ((GLW)) gained 1% or 19 cent to $18.47 after the materials science based company reported third quarter sales increased 8% to $1.6 billion from $1.5 billion a year ago period. Net income in the quarter soared 22% to $785 million or 50 cent per diluted share compared to $643 million or 41 cent per share same quarter a year ago period.

Ensco plc ((ESV)) increased 1.1% or 56 cent to $46.90 after the offshore contract drilling company said it raised the lower end of its revenue outlook for the fourth quarter of 2010 and now expects revenue of $375 million to $400 million, compared to its prior estimate of $345 million to $400 million.

Entergy Corporation ((ETR)) fell 0.3% or 27 cent to $74.26 after the integrated energy company provided an update to its long-term financial outlook and also increased its common-stock repurchase program by $500 million.

The electricity distributor expects full-year 2011 earnings in the range of $6.35 to $6.85 per share, both on as-reported and operational bases.

EXCO Resources Inc ((XCO)) surged 32% to $19.51 after the company chief executive offered to take the oil and gas explorer private at $20.50 a share.

Fortinet Inc ((FTNT)) soared more than 18% after the media reports suggested that the company is in talks to be acquired by IBM.

Fluor Corporation ((FLR)) rose 1.3% or 67 cent to $48.86 after the engineering and construction service provider lowered its earnings guidance for the full-year 2010. The one time charge of 32 cents a share emanated from charges related to its joint venture managed roa project in California.

The company currently expects full-year earnings in the range of $1.90 to $2.20 per share from the earlier projection of earnings in the range of $2.20 to $2.50 per share for 2010.

Hawaiian Electric Industries, Inc. ((HE)) fell 0.6% or 14 cent to $22.40 after the largest supplier of electricity in the state of Hawaii reported third quarter revenues increased 12% to $694.54 million from $620.31 million in the prior-year quarter. Net income in the quarter fell 3.3% to $32.4 million or 35 cents per diluted share, compared to $33.5 million or 37 cents per share in the year-ago quarter.

Humana Inc. ((HUM)) increased 1% or 61 cent to $58.91 after the health and supplemental benefits company said third quarter net revenue increased 9.2% to $8.42 billion from $7.72 billion a year ago period. Net income in the quarter gained 30.4% to $393.2 million or $2.32 per diluted share compared to $ 301.5 million or $1.78 share same quarter a prior year period.

JinkoSolar Holding Co ((JKS)) surged more than 11% after the China based solar components maker lifted 2010 earnings outlook.

Loews Corporation ((L)) gained 1.1% or 45 cent to $39.94 after the diversified holding company reported third quarter total revenues fell 1.1% to $3.70 billion, from the previous year''s $3.74 billion. Net income in the quarter plummeted 92% to $36 million or 9 cents per diluted share, compared to $468 million or $1.08 per share in the prior-year quarter.

Merck & Co., Inc. ((MRK)) rose 0.1% or 5 cent to $36.36 after the drug maker reported third quarter sales surged 84% to $11.12 billion, from $6.05 billion in the prior-year quarter. Net income in the quarter plunged 90% to $341.6 million or 11 cents per diluted share, compared to $3.424 million or $1.61 per share in the same quarter last year.

Northeast Utilities ((NU)) rose 0.9% or 29 cent to $31.57 after the power company said third quarter revenues fell 5% to $1.2 billion from $1.3 billion in the same quarter last year. Net income in the quarter surged 55% to $100.5 million or 57 cents per diluted share, compared to $64.8 million or 37 cents per share for the year-ago quarter.

NSTAR ((NST)) gained 1% or 42 cent to $42.13 after the electricity distributor reported third quarter revenues increased 6.9% to $797.50 million from $746.13 million last year. Net income in the quarter rose 13% to $97.24 million or 93 cents per diluted share, compared to $86.43 million or 80 cents per share a year ago.

Progress Energy, Inc. ((PGN)) fell 0.1% or 6 cent to $44.94 after the electric utility reported third quarter revenue rose 4.9% to $2.96 billion from $2.82 billion in the previous year. Net profit in the quarter soared 46% to $361 million, or $1.23 a share, compared to $247 million, or 88 cents a share, a year earlier.

Simon Property Group, Inc. ((SPG)) increased 2.2% or $2.05 to $98.07 after the real estate company reported third quarter revenue rose to $979.3 million from $924.9 million a year ago period. Net income in the quarter gained to $230.6 million or 79 cent per diluted share compared to $105.5 million or 38 cent per share same quarter a year ago period.

UIL Holdings Corporation ((UIL)) fell 0.1% or 4 cent to $28.92 after the electric utility company reported third quarter revenues fell 7.4% to $236.3 million from $255.2 million in the previous year''s third quarter. Net income in the quarter slumped 25% to $16.3 million or 50 cents per diluted share, compared to $21.7 million or 73 cents per share last year.

Wilmington Trust Corp ((WL)) plunged more than 40% after the banking and trust services provider agreed to a takeover by M&T Bank Corp for $351 million, at half the prices expected by the market.