U.S. Movers: Best Buy, FactSet Research, The Pantry

Mukesh Buch
14 Dec, 2010
New York City

Best Buy Co, third quarter revenue decreased 1.1% to $11.89 billion. Edwards Lifesciences estimates fiscal year 2011 underlying sales growth of 11% to 15%. Sanderson Farms, fourth quarter net sales increased 13% to $529.1 million. The Pantry, fourth quarter revenues increased 12% to $1.95 billion.

[R]10:30 AM New York – Best Buy Co, third quarter revenue decreased 1.1% to $11.89 billion. Edwards Lifesciences estimates fiscal year 2011 underlying sales growth of 11% to 15%. Sanderson Farms, fourth quarter net sales increased 13% to $529.1 million. The Pantry, fourth quarter revenues increased 12% to $1.95 billion.[/R]

Of the stocks in the Dow, 21 increased, 9 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 1.11% followed by increase in The Walt Disney Company of 0.70%, in AT&T Inc. of 0.69%, in E. I. du Pont de Nemours and Company of 0.62%, in The Procter & Gamble Company of 0.62%.

Intel Corporation led the decliners with a fall of 0.88%, followed by decline in Alcoa Inc. of 0.63%, in Pfizer Inc. of 0.34%, in JPMorgan Chase & Co. of 0.31%, in The Coca-Cola Company of 0.23%.

Other Movers

Asta Funding, Inc ((ASFI)) decreased 2.3% or 18 cents to $7.42 after the financial services reported fourth quarter revenues decreased to $11.43 million from $16.43 million a year ago. Net loss in the quarter was $5.34 million or $0.37 per diluted share compared to $79.20 million or $5.55 of per share a year ago.

For the full year, revenues plunged to $45.63 million from $70.15 million a year ago. Net income in the period was to $3.13 million or $0.22 per share compared to net loss of $90.72 million or $6.36 per share a year ago.

Best Buy Co., Inc. ((BBY)) tumbled 14% or $5.85 to $35.85 after the specialty retailer of consumer electronics stated third quarter revenue decreased 1.1% to $11.89 billion from $12.02 billion in the comparable period. Net earnings in the quarter slipped 4.4% to $217 million from $227 million a year ago. However, earnings per share for the quarter increased to $0.54 from $0.53 in the previous year.

Edwards Lifesciences Corp. ((EW)) fell 0.6% or 49 cents to $75.56 after the medical devices maker estimated fiscal year 2011 net income growth of 6% to 8% and underlying sales growth of 11% to 15%.

FactSet Research Systems Inc. ((FDS)) decreased 1.4% or $1.36 to $94.92 after the provider of global financial and economic information reported first quarter revenues climbed 12% to $173.29 million from $155.24 million in the prior year. Net income in the quarter rose 15% to $41.60 million or 88 cents per diluted share, compared to net income of $36.14 million or 74 cents per share in the prior year.

Hexcel Corporation ((HXL)) decreased 1.2% or 22 cents to $17.75 after the defense contractor provided its guidance for fiscal year 2011. Excluding one-time items, earnings for 2011 are estimated to range from $0.90 to $0.98 per share and full-year sales are anticipated in the range of $1.22 billion to $1.30 billion.

National Technical Systems, Inc. ((NTSC)) declined 3.7% or 27 cents to $7.02 after the engineering and compliance testing service provider reported third quarter net revenues increased 19% to $39.0 million for the quarter compared to $32.8 million in the third quarter of 2009. Net income for the quarter was $1.13 or 11 cents per share compared to a net loss of $1.12 million or 11 cents per share a year ago.

Sanderson Farms, Inc. ((SAFM)) fell 0.6% or 27 cents to $42.21 after the fully integrated poultry processing company said fourth quarter net sales increased 13% to $529.1 million from $469.0 million for the same period last year. Net income for the quarter surged 141% to $47.8 million or $2.08 per diluted share, compared to net income of $19.8 million or 95 cents per share in the year-ago period.

The Pantry, Inc ((PTRY)) plunged 11.9% or $2.40 to $17.75 after the convenience store chain operator reported fourth quarter revenues increased 12% to $1.95 billion from $1.81 billion a year earlier. Comparable store merchandise revenue increased 5.7%. Net income in the quarter was declined to $8.5 million or 38 cents per diluted share compared to $12.5 million or 56 cents per share last year.

For the full year, revenues surged to $7.26 billion from $6.39 billion. Net loss in the period was $165.6 million or $7.42 per diluted share compared to net income of $54.09 million or $2.42 per share the prior year.

Orvana Minerals Corporation ((ORV.TO)) fell 2.3% or 9 cents to $3.69 after the Canada-based gold producer reported fiscal year 2010 revenues fell 42% to C$32.3 million from C$56.0 million a year earlier. The company posted net loss of C$2.4 million or C$0.02 per share compared with net income of C$13.4 million or C$0.12 per share last year.