U.S. Movers: Winnebago, Nordson, Scholastic

Mukesh Buch
16 Dec, 2010
New York City

FedEx second quarter revenue surged 12% to $9.63 billion. General Mills, second quarter net sales increased 0.8% to $4.07 billion. Herman Miller, second quarter net sales grew 19.9% to $412.2 million. Rite Aid third quarter revenues fell 2.4% to $6.2 billion.

[R]11:00 AM New York – FedEx second quarter revenue surged 12% to $9.63 billion. General Mills, second quarter net sales increased 0.8% to $4.07 billion. Herman Miller, second quarter net sales grew 19.9% to $412.2 million. Rite Aid third quarter revenues fell 2.4% to $6.2 billion.[/R]

Of the stocks in the Dow, 23 increased, 7 decreased and none were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Alcoa Inc. led the gainers with a rise of 1.93% followed by increase in Bank of America Corporation of 1.63%, in AT&T Inc. of 0.61%, in JPMorgan Chase & Co. of 0.60%, in Verizon Communications Inc. of 0.52%.

Johnson & Johnson led the decliners with a fall of 0.72%, followed by decline in Merck & Co., Inc. of 0.52%, in McDonald’s Corporation of 0.36%, in Hewlett-Packard Company of 0.27%, in Pfizer Inc. of 0.18%.

Other Movers

Actuant Corporation ((ATU)) declined 2.6% or 74 cents to $26.93 after the industrial products and systems maker reported fiscal first quarter revenue soared 17% to $318.4 million from $272.6 million in the previous year. Net earnings in the quarter increased to $25.9 million or 35 cents per diluted share, compared to $11.8 million or 17 cents per share in the prior-year period.

Fiscal 2011 revenue guidance to be between $1.375 billion and $1.425 billion and the company expect second quarter sales to be in the range of $325 million and $335 million.

ABM Industries, Inc. ((ABM)) decreased 0.9% or 25 cents to $25.58 after the janitorial, parking and security service provider reported fourth quarter revenues edged up 3.8% to $901.4 million from $868 million last year. Net income soared 45.2% to $21.8 million or 41 cents per diluted share, compared to net income of $15 million or 29 cents per share a year ago.

Danaher Corporation ((DHR)) fell 0.2% or 10 cents to $45.81 after the diversified conglomerate raised the lower end of its non-GAAP earnings outlook for the fourth quarter and full-year 2010. For the fourth quarter 2010, the company estimates non-GAAP adjusted earnings of $0.64 to $0.66 per share and for the full-year 2010; Danaher currently estimates non-GAAP adjusted earnings of $2.28 to $2.30 per share.

FedEx Corporation ((FDX)) rose 0.8% or 78 cents to $93.17 after the logistics services company said second quarter revenue rose 12% to $9.63 billion, from $8.60 billion in the previous year. Net income in the quarter declined 18% to $283 million or 89 cents per diluted share, compared to net income of $345 million or $1.10 per share in the prior-year period.

General Mills, Inc. ((GIS)) fell 0.1% or 4 cents to $36.34 after the manufacturer and marketer of consumer foods said second quarter net sales increased 0.8% to $4.07 billion from $4.03 billion in the comparable period a year ago. Net earnings in the quarter grew 8.6% to $613.9 million or 92 cents per diluted share, compared to net earnings of $565.5 million or 83 cents per share a year earlier.

Herman Miller, Inc. ((MLHR)) gained 2.9% or 67 cents to $23.81 after the office furniture systems maker reported second quarter net sales grew 19.9% to $412.2 million from $343.7 million in the prior-year period. Net earnings in the quarter surged 86% to $17.9 million or 26 cents per diluted share, compared to net earnings of $9.6 million or 17 cents per share in the year-ago period.

Nordson Corporation ((NDSN)) increased 3.4% or $3.00 to $90.17 after the producer of precision dispensing equipment said fourth quarter net sales rose 22% to $290.18 million from $237.44 million in the same quarter last year, driven by a 23% increase in volume. Net income generated in the quarter was $53.6 million or $1.56 per share, compared to a net loss of $209.0 million or $6.22 per share for the year-ago quarter.

For the fiscal year 2010, the company reported net sales increased 27% to $1.04 billion from $819.17 billion last year. Net income for the period was $168.0 million or $4.91 per share, compared to a net loss of $160.1 million or $4.77 per share for the fiscal year 2009.

Pier 1 Imports, Inc ((PIR)) fell 0.4% or 3 cents to $10.39 after the home decoration and gift items retailer said third quarter net sales increased 8.2% to $353.8 million from $327.1 million in a year ago period. Comparable store sales increase of 10.2%. Net income in the quarter was $21.0 million or 18 cents per diluted share, compared to $38.8 million or 37 cents per share a year earlier.

Rite Aid Corporation ((RAD)) decreased 1.2% or 1 cent to 90 cents the retail drugstore chain reported third quarter revenues fell 2.4% to $6.2 billion from $6.4 billion a year ago. Same store sales for the quarter decreased 1.3%. Net loss in the quarter decreased to $79.1 million or 9 cents per diluted share compared to $83.9 million or 10 cents of per share a year ago.

Scholastic Corporation ((SCHL)) tumbled 9.3% or $2.77 to $27.00 after the global children’s publishing, education and media company said second quarter net sales grew 2% to $675.7 million from $660.1 million in the prior-year period. Net income in the quarter surged to $74.9 million or $2.14 per diluted share, compared to net earnings of $55.5 million or $1.51 per share in the year-ago period.

The Progressive Corporation ((PGR)) fell 0.2% or 5 cents to $19.70 after the auto insurance group reported net income for the month of November surged 37% to $109.9 million from $80.0 million in the same period last year, boosted by an increase in net premiums and higher investment gains from securities.

Valassis Communications, Inc. ((VCI)) rose 0.1% or 6 cents to $33.47 after the media and marketing services company reiterated 2010 cash earnings per share of about $3.20. For fiscal year 2011, the company forecasts earnings per share of $2.76 and cash earnings per share of $3.71.

Winnebago Industries, Inc. ((WGO)) surged $1.31 or 10% to $14.40 after the motor home producer first quarter net sales increased 52.7% to $123.7 million from $81.0 million in the comparable period a year ago. Net income in the quarter was $3.8 million or 13 cents per diluted share, compared to net loss of $1.3 million or 5 cents per share a year earlier.