U.S. Movers: Asia Info, Garmin, Pulte, OpenTable

Bikram Pandey
03 Nov, 2010
New York City

CVS Caremark Corp. third quarter revenues declined 3% reflecting weak performance at pharmacy services. Electronic Arts Inc revenue fell 20% and losses narrowed 49%. Hertz Global Holdings, Inc net income surged 143% on strong growth in car rental unit and lower fleet costs.

[R]1:15 PM New York - CVS Caremark Corp. third quarter revenues declined 3% reflecting weak performance at pharmacy services. Electronic Arts Inc revenue fell 20% and losses narrowed 49%. Hertz Global Holdings, Inc net income surged 143% on strong growth in car rental unit and lower fleet costs.[/R]

Of the stocks in the Dow, 14 increased, 15 decreased and 1 were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Cisco Systems, Inc. led the gainers with a rise of 1.29% followed by increase in Hewlett-Packard Company of 1.07%, in Bank of America Corporation of 0.75%, in JPMorgan Chase & Co. of 0.69%, in 3M Company 0.54%.

Alcoa Inc. led the decliners with a fall of 1.66% followed by decline in American Express Company of 1.25%, in E. I. du Pont de Nemours and Company of 1.24%, in The Boeing Company of 1.22%, the Microsoft Corporation of 0.84%.

Other Movers

Aetna Inc. ((AET)) increased 1.4% or 43 cent to $30.40 after the diversified healthcare benefits company reported third quarter total revenues declined 2.1% to $8.54 billion from $8.72 billion in the previous year. Net income in the quarter surged 53% to $497.6 million or $1.19 per share, compared with $326.2 million or 73 cents per share in the prior-year quarter, driven by higher commercial underwriting margin and a favorable prior-period reserve development.

Asia Info-Linkage Inc ((ASIA)) dropped as much as 14% after the China based software companies gave lower than expected annual sales target of $123 million.

CVS Caremark Corporation ((CVS)) rose 0.1% or 4 cent to $30.57 after the pharmacy health care provider stated third quarter net revenues slipped 3.1% to $23.9 billion from $24.6 billion reported in the same quarter of last year. Net income in the quarter slumped 21% to $809 million or 59 cents per diluted share, compared to $1.02 billion or 71 cents per share in the year-ago quarter, reflecting weak performance at its Pharmacy Services segment.

Devon Energy Corporation ((DVN)) soared 2.7% or $1.84 to $67.77 after the natural gas and oil exploration company reported third quarter total revenue rose to $2,353 million from $1,848 million a year ago period. Net earnings in the quarter increased 66% to $2,090 million or $4.79 per diluted share compared to $499 million or $1.12 per share same quarter a year ago period.

DSW Inc ((DSW)) rose 4% after the discount footwear retailer indicated adjusted annual earnings between $2.20 and $2.30 per share.

Garmin Ltd ((GRMN)) declined as much as 8% after the portable navigation maker estimated full year earnings as much as $2.90.

Electronic Arts Inc ((ERTS)) plunged 4.9% or 80 cent to $15.40 after the video-game publisher said second quarter revenue fell 20% to $631 million from $788 million a year ago. Net loss in the quarter narrowed 49% to $201 million or 61 cents per diluted share, compared to $391 million or $1.21 per share for the year-ago quarter, as lower costs and expenses offset a sharp drop in revenue.

EOG Resources, Inc. ((EOG)) declined 10.4% or $10.20 to $87.54 after the explore natural gas and crude oil said third quarter net sales increased to $1,582.1 million from $1,006.8 million a year ago period. Net loss in the quarter was $70.91 million or 28 cent per diluted share compared to net income of $0.42 million or 2 cent per share same quarter a year ago.

Hyatt Hotels Corporation ((H)) gained 1.1% or 46 cent to $41.42 after the global hospitality company reported third quarter total revenue increased 3.9% to $879 million from $806 million a year ago period. Comparable hotel revenues increased 5.6%. Net income in the quarter increased to $30 million or 17 cent per diluted share compared to $5 million or 3 cent per share same quarter a prior year period.

Hertz Global Holdings, Inc ((HTZ)) fell 0.7% or 7 cent to $11.28 after the car rental company said third quarter total revenues rose 7% to $2.19 billion from $2.04 billion in the same quarter last year. Net income in the quarter surged 143% to $156.6 million or 36 cents per diluted share, compared to $64.5 million or 15 cents per share for the year-ago quarter, driven by strong growth in U.S. car rental revenue, solid performance by its European car rental unit and lower fleet costs.

OpenTable Inc ((OPEN)) soared 10% after the online reservation services provider said third quarter earnings of 23 cents a share and revenues of $24.5 million.

Pitney Bowes Inc. ((PBI)) soared 3.4% or 77 cent to $22.90 after the mail processing equipment and integrated mail solutions provider said third quarter total revenue fell 1% to $1.35 billion from $1.36 billion in the same quarter last year. Net income in the quarter decreased 14% to $88.9 million or 43 cents per diluted share, compared to $103.2 million or 50 cents per share for the year-ago quarter.

PulteGroup, Inc. ((PHM)) declined 7% or 57 cent to $7.50 after the home builder reported third quarter total revenues slipped 3% to $1.058 billion from last year''s $1.091 billion with declines in Homebuilding and Financial Services businesses. Net loss for the quarter widened 175% to $995.12 million or $2.63 per share from last year''s net loss of $361.39 million or $1.15 per share, hurt by charges related to goodwill impairment and insurance reserve adjustments.

Time Warner Inc. ((TWX)) slumped 2.5% or 82 cent to $31.59 after the media and entertainment giant reported third quarter total revenues grew 2% to $6.38 billion from $6.26 billion in the same quarter last year. Net income in the quarter declined 21% to $522 million or 46 cents per diluted share, compared to $662 million or 55 cents per share in the previous year.

Titanium Metals Corporation ((TIE)) slipped 2.9% or 56 cent to $18.72 after the producer of titanium melted and mill products reported third quarter net sales rose 16% to $210.3 million compared to $181.4 million for the third quarter of 2009. Net income in the quarter surged 1855% to $21.5 million or 12 cents per diluted share, compared to $1.1 million or 1 cent per share in the same quarter last year, helped by continued demand for titanium products in the commercial aerospace sector and higher operating income.

Unum Group ((UNM)) plunged 3.7% or 85 cent to $21.97 after the insurance company reported third quarter revenues rose 0.4% to $2.526 billion from $2.517 billion in the same quarter last year. Net income in the quarter fell 0.1% to $220.8 million or 68 cents per diluted share, compared to $221.1 million or 66 cents per share last year due to a significant decline in investment gains.

WellPoint, Inc. ((WLP)) decreased 1.7% or 97 cent to $54.75 after the health benefits company reported third quarter total operating revenues declined 6% to $14.33 billion from last year''s $15.21 billion. Net income in the quarter edged higher 1.2% to $739.1 million or $1.84 per share, compared to $730.2 million or $1.53 per share last year.

Web.com Group Inc ((WWWW)) rose nearly 10% after the web site builder for small businesses said its adjusted earnings in the latest quarter were 20 cents a share.