U.S. Movers: Corinthian, Copart, Google, Motorola

Mukesh Buch
01 Dec, 2010
New York City

Copart Inc declined after the junk yard operator said sales declined. Microchip Technology rose after it tightened the outlook. OminVision Technologies soared. Corinthian Colleges Inc said chief executive resigned. Google plans to open an online electronic book store. Motorola Inc separates business

[R]10:30 AM New York – Copart Inc declined after the junk yard operator said sales declined. Microchip Technology rose after it tightened the outlook. OminVision Technologies soared. Corinthian Colleges Inc said chief executive resigned. Google Inc plans to open an online electronic book store. Motorola Inc separates businesses.[/R]

Of the 30 stocks in the Dow, all increased.

Of the stocks in the Dow Jones Industrial Average, United Technologies Corporation led the gainers with a rise of 3.32% followed by increase in The Home Depot, Inc. of 3.18%, in 3M Company of 3.11%, in General Electric Company of 2.59%, in Caterpillar Inc. of 2.51%.

Other Movers

Charming Shoppes, Inc ((CHRS)) declined 3.2% or 12 cent to $3.67 after the specialty apparel retailer reported third quarter net sales increased 0.7% to $463.6 million from $460.2 million in the year-ago quarter. Net loss for the quarter widened 61.1% to $18.8 million or 16 cents per diluted share, compared to $48.3 million or 42 cents per share in the prior-year quarter.

Copart, Inc. ((CPRT)) decreased 2.7% or 98 cent to $34.50 after the junk car auctioneer said first quarter total service revenues and vehicle sales rose 14.7% to $212.67 million from $185.46 million in the same quarter last year. Net income for the quarter increased 7% to $37.8 million or 45 cents per diluted share, compared to $35.3 million or 42 cents per share for the year-ago quarter.

Corinthian Colleges Inc ((COCO)) declined more than 3% after the company said its chief executive resigned and Chairman Jack D. Massimino will assume the post.

Google Inc ((GOOG)) increased more than 2% after Bloomberg News reported that the company is planning to open an online electronic books store.

Jos. A Bank Clothiers, Inc ((JOSB)) plunged 6.5% or $2.97 to $42.07 after the men''s clothing and accessories designer reported third quarter total net sales increased 7.4% to $173.27 million from $161.31 million last year. Net income in the quarter grew 7.1% to $12.56 million or 45 cents per diluted share, compared to $11.73 million or 42 cents per share.

Microchip Technology Inc. ((MCHP)) increased 2.1% or 73 cent to $34.34 after the developer and manufacturer of semiconductor products estimates third quarter net sales to decline 3% to 7% sequentially, based on bookings and sales activities in October and November. On November 4 the company issued guidance of net sales to decline between 2% and 8% sequentially.

Motorola Inc ((MOT)) rose more than 4% to $7.91 after the company said it will spin-off its mobile hand set business in a tax free transaction to current shareholders.

OmniVision Technologies, Inc. ((OVTI)) surged 9.6% or $2.72 to $31.01 after the digital imaging solutions provider said second quarter revenues rose 31% to $239.5 million from $183.3 million in the last year period. Net income in the quarter surged 257% to $28.9 million or 50 cents per diluted share, compared to $8.1 million or 16 cents per share in the prior-year quarter.

Sycamore Networks, Inc. ((SCMR)) tumbled 13.4% or $4.04 to $25.98 after the intelligent bandwidth management solution provider reported fiscal first quarter revenue fell to $11.7 million from $15.6 million in the comparable period a year ago. Net loss in the quarter was $6.5 million or 23 cents per diluted share, compared to $10.4 million or 37 cents in the prior-year period.

Synovis Life Technologies, Inc. ((SYNO)) gained 1.4% or 23 cent to $16.38 after the medical device maker said fiscal fourth quarter net revenues increased 21% to $18.1 million from $15.0 million in the prior year. Net income in the quarter fell $1.5 million or 13 cent per diluted share, compared to $3.8 million or 33 cent per diluted share last year.

For the fiscal year net revenue climbed 18% to $68.6 billion from $58.2 billion for the same quarter a year ago period. Net income was increased to $4.88 million or 43 cent per diluted share compared to $2.71 million or 23 cent per share a year ago period.

The Descartes Systems Group Inc ((DSGX)) rose 0.3% or 2 cent to $6.85 after the logistics technology provider reported third quarter revenues soared 37% to $25.8 million from $18.9 million in the year-ago quarter. Net income in the quarter was $1.6 million or 3 cents per diluted share compared to $1.0 million or 2 cents per share in the prior-year quarter.

Universal Technical Institute, Inc. ((UTI)) decreased 8.2% or $1.71 to $19.00 after the post-secondary education provider reported fourth quarter revenues increased 19.8% to $119.24 million from $99.54 million a year ago, due to a 15% increase in average undergraduate full-time student enrollment and increase in tuition rates.