U.S. Movers: Amazon, Blue Nile, Comverse, Hewlett Packard

Mukesh Buch
29 Nov, 2010
New York City

Retailers traded mixed after stronger than expected Thanksgiving holiday sales. Amazon.com, Abercrombie & Fitch and Blue Nile gained but Limited and Tiffany declined. Quiksilver estimated fourth quarter net revenues between $492 million and $497 million.

[R]10:30 AM New York – Retailers traded mixed after stronger than expected Thanksgiving holiday sales. Amazon.com, Abercrombie & Fitch and Blue Nile gained but Limited and Tiffany declined. Quiksilver estimated fourth quarter net revenues between $492 million and $497 million.[/R]

Of the stocks in the Dow, 3 increased, 27 decreased and none were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Bank of America Corporation led the gainers with a rise of 0.99% followed by increase in JPMorgan Chase & Co., Inc. of 0.43%, in General Electric Company of 0.13%.

Hewlett-Packard Company led the decliners with a fall of 1.90%, followed by decline in The Boeing Company of 1.74%, in Caterpillar Inc. of 1.71%, in Chevron Corporation of 1.63%, in 3M Company of 1.60%.

Other Movers

Beacon Roofing Supply, Inc. ((BECN)) gained 1.9% or 31 cent to $16.06 after the residential and non-residential roofing material distributor reported fourth quarter total sales fell 1.1% to $482.6 million from $487.7 million in the prior year. Net income in the quarter declined 11.4% to $16.9 million or 37 cent per share, compared to $19.0 million or 42 cent per share last year.

For the fiscal year sales decreased 7.2% to $1.61 billion from $1.73 billion for the same quarter a year ago period. Net income plunged 34.1% to $34.5 million or $0.75 per diluted share compared to $52.4 million or $1.15 per share a year ago period.

Gushan Environmental Energy Limited ((GU)) plunged 9.8% or 39 cent to $3.56 after the China based bio-diesel producer said third quarter said third quarter total revenue declined 31.1% to RMB41.5 million from $522.81 million in the same quarter last year. Net loss in the quarter was RMB999.0 million, compared to RMB79.1 million.

Inergy, L.P. ((NRGY)) fell 1.3% or 55 cent to $38.95 after the retail and wholesale propane supplier reported fourth quarter reported fourth quarter total sales and revenues climbed to $301.6 million from $231.5 million in the prior year. Net loss in the quarter was $71.3 million or $1.04 per share, compared to $46.7 million or $0.81 per share last year.

For the fiscal year net revenue increased to $1.79 billion from $1.57 billion for the same quarter a year ago period. Net loss was $23.8 million or 37 cent per diluted share compared to net income of $50.5 million or 93 cent per share a year ago period.

Kraft Foods Inc. ((KFT)) declined 1.3% or 42 cent to $29.88 after today announced it initiated an arbitration proceeding to challenge Starbucks Coffee Company''s attempt to end the agreement under which Kraft Foods has successfully built Starbucks retail grocery coffee business.

The strategic partnership between Kraft and Starbucks from 1998, when Starbucks retail grocery coffee business was less than $50 million annual revenues. Since then, Kraft has grown the business to approximately $500 million in annual revenues.

Quiksilver, Inc. ((ZQK)) soared 4% or 16 cent to $4.16 after the diversified company today announced preliminary estimated financial results for the fourth quarter of fiscal 2010. The company estimates that fourth quarter fiscal 2010 net revenues were between $492 million and $497 million, compared to net revenues of $538.7 million for the fourth quarter ended October 31, 2009.

Also based on preliminary data, the company estimates that full-year net revenues for fiscal 2010 were between $1,835 million and $1,840 million, compared to net revenues of $1,977.5 million for fiscal 2009.