U.S. Movers: First Solar, Joy Global, General Electric

Mukesh Buch
15 Dec, 2010
New York City

Cubist Pharmaceuticals, estimates net revenue between $634 million to $640 million. General Electric sees earnings growth and higher demand for its industrial products. Joy Global fourth quarter net sales grew 9% to $1.05 billion.

[R]10:30 AM New York – Cubist Pharmaceuticals, estimates net revenue between $634 million to $640 million. General Electric sees earnings growth and higher demand for its industrial products. Joy Global fourth quarter net sales grew 9% to $1.05 billion.[/R]

Of the stocks in the Dow, 9 increased, 20 decreased and 1 were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, The Coca-Cola Company led the gainers with a rise of 1.31% followed by increase in Caterpillar Inc. of 1.12%, in Microsoft Corporation of 0.83%, in Merck & Co., Inc. of 0.30%, in Kraft Foods Inc. of 0.29%.

Alcoa Inc. led the decliners with a fall of 1.69%, followed by decline in JPMorgan Chase & Co. of 1.42%, in General Electric Company of 1.13%, in Bank of America Corporation of 0.89%, in Intel Corporation of 0.88%.

Other Movers

Broadcom Corporation ((BRCM)) declined 1.5% or 69 cents to $44.29 after the provider of semiconductors for wired and wireless communications estimates fourth quarter net revenue at the top end of its prior range, at $1.9 billion.

Charles River Laboratoires International, Inc. ((CRL)) rose 0.8% or 29 cents to $34.90 after the provider of drug discovery and development services said it now estimates 2010 GAAP earnings per share to range between $0.28 and $0.33 from its earlier guidance of $0.25 to $0.30.

In addition, the company revised down its sales forecast to $1,115 million to $1,125 million from its prior view of $1,135 million to $1,145 million.

Cubist Pharmaceuticals, Inc. ((CBST)) decreased 1.8% to 40 cents to $21.58 after the biopharmaceutical company anticipates total net revenues for 2010 in the range of $634 million to $640 million. The company lowered its revenue guidance for 2010 based on lowered expectation U.S. net product revenues from its antibiotic Cubicin and cost pressures in U.S. hospital continue to impact sales of branded therapies in the hospital setting.

CPI International, Inc. ((CPII)) fell 0.05% or 1 cent to $19.31 after the electronic products provider reported fourth quarter revenues increased to $95.4 million from $91.3 million a year ago. Net loss in the quarter was $5.8 million or 34 cents per diluted share compared to net income of $8.2 million or 46 cents of per share a year ago.

For the full year, revenues surged to $360.4 million from $332.9 million a year ago. Net income in the period plunged to $6.74 million or $0.37 per share compared to $23.4 million or $1.33 per share a year ago.

First Solar, Inc. ((FSLR)) fell 1.3% or $1.89 to $135.15 after the world''s largest maker of thin-film solar modules said it estimates full-year 2011 net sales to be the range of $3.7 billion to $3.9 billion and earnings to be in the range of $8.75 to $9.50 per share. Operating income for the full year is expected to be $875 to $975 million.

General Electric Company ((GE)) declined 1.1% or 20 cents to $17.49 after the diversified technology, media and financial services company said it expects to deliver earnings growth for fiscal year 2011 and thereafter, and the company estimates higher demand for its industrial products.

Joy Global Inc. ((JOYG)) surged 6.9% or $5.57 to $85.78 after the worldwide mining machinery and services company reported fourth quarter net sales grew 9% to $1.05 billion from $0.96 billion in the fourth quarter of fiscal 2009, primarily due to greater aftermarket sales across both divisions. Net income in the quarter increased 18% to $146.34 million or $1.39 per share, compared to $124.02 million or $1.20 per share last year.

For the full year, net sales decreased 2% to $3.5 billion from $3.6 billion a year ago. Net income in the period was $461 million or $4.40 per share compared to $455 million or $4.41 per share a year ago.

Peerless Systems Corporation ((PRLS)) fell 0.9% or 3 cents to $3.13 after the digital document marketer reported third quarter revenue increased to $2.8 million from $1.0 million in the comparable period. Net income in the quarter was $0.7 million or 4 cents per diluted share, compared to $3.5 million or 21 cents per share in the prior year.

SIFCO Industries, Inc. ((SIF)) gained 2.3% or 35 cents to $15.35 after the metalwork processor reported fourth quarter revenues surged 8.3% to $22.6 million from $20.9 million a year ago. Net income in the quarter was $1.4 million or 26 cents per diluted share compared to $1.6 million or 30 cents of per share a year ago.

For the full year, revenues decreased 11.3% to $83.3 million from $93.9 million a year ago. Net income in the period was $5.4 million or $1.00 per share compared to $8.0 million or $1.51 per share a year ago.

Telus Corporation ((TU)) rose 0.8% or 36 cents to $44.63 after the Canada-based telecommunication products provider confirmed its guidance range for fiscal 2010. The company continues to expect fiscal 2010 earnings of C$3.10 to C$3.30 per share, revenues of C$9.7 billion to C$9.95 billion and EBITDA of C$3.6 billion to C$3.7 billion.

The Boston Beer Company, Inc ((SAM)) soared 12% or $10.22 to $94.97 after the low alcohol beverages producer lifted its earnings outlook for fiscal year 2010. The company estimates 2010 earnings to range between $3.30 and $3.60 per share.

Value Line, Inc. ((VALU)) fell 0.8% or 12 cents to $4.65 after the investment related periodical publisher said third quarter revenue decreased to $13.5 million from $14.9 million in the comparable period. Net income in the quarter was $1.08 million or 11 cents per diluted share, compared to $2.4 million or 23 cents per share in the prior year.

Williams Controls, Inc. ((WMCO)) tumbled 6.3% or 72 cents to $10.63 after the electronic throttle and pneumatic controls reported fourth quarter revenues surged 34% to $14.14 million from $10.54 million a year ago. Net income in the quarter was $0.5 million or 7 cents per diluted share compared to $0.3 million or 5 cents of per share a year ago.

For the full year, revenues soared 35% to $52.27 million from $38.81 million a year ago. Net income in the period was to $1.38 million or 19 cents per share compared to net loss of $2.0 million or 27 cents per share a year ago.