U.S. Movers: Bed Bath & Beyond, Christopher & Banks, Jo-Ann Stores

Mukesh Buch
23 Dec, 2010
New York City

Bed Bath third quarter sales increased 11.1% and comparable sales rose 7%. Christopher & Banks third quarter net sales edged lower 8.4% to $120.9 million. Jo-Ann Stores agreed to be acquired by Leonard Green for $1.6 billion. Micron Technology first quarter net sales rose 29% to $2.25 billion.

[R]10:30 AM New York – Bed Bath third quarter sales increased 11.1% and comparable sales rose 7%. Christopher & Banks third quarter net sales edged lower 8.4% to $120.9 million. Jo-Ann Stores agreed to be acquired by Leonard Green for $1.6 billion. Micron Technology first quarter net sales rose 29% to $2.25 billion.[/R]

Of the stocks in the Dow, 18 increased, 11 decreased and 1 were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Alcoa Inc. led the gainers with a rise of 2.41% followed by increase in American Express Company of 0.98%, in Verizon Communications Inc. of 0.48%, in Merck & Co., Inc. of 0.47%, in The Home Depot, Inc. of 0.40%.

Bank of America Corporation led the decliners with a fall of 1.20%, followed by decline in The Travelers Companies, Inc. of 0.45%, in The Walt Disney Company of 0.32%, in 3M Company of 0.28%, in JPMorgan Chase & Co. of 0.28%.

Other Movers

Bed Bath & Beyond Inc. ((BBBY)) surged 5.4% or $2.61 to $50.28 after the household goods retailer reported third quarter net sales increased 11.1% to $2.19 billion from $1.97 billion last year.

Comparable store sales for the quarter increased about 7%, compared with an increase of approximately 7.3% in last year''s fiscal third quarter. Net earnings in the quarter climbed 24.6% to $188.57 million or 74 cents per diluted share, compared to $151.29 million or 58 cents per share in the previous year.

Christopher & Banks Corporation ((CBK)) declined 3.3% or 19 cents to $5.56 after the women''s apparel retailer said third quarter net sales edged lower 8.4% to $120.9 million from $132.0 million last year. On a same-store-basis, sales dropped 7% for the quarter. Net loss in the quarter was $9.2 million or 26 cents per diluted share, compared with net income of $7 million or 19 cents per share a year earlier.

comScore, Inc. ((SCOR)) rose 0.2% or 5 cents to $22.02 after a digital marketing intelligence platform, reported its holiday season retail e-commerce spending for the first 49 days of November to December and said holiday season-to-date online spending increased 12% from the same period last year.

For the most recent week ending December 19, online spending reached $5.5 billion, up 14% from the year-ago period.

Jo-Ann Stores, Inc. ((JAS)) soared 32.2% or $14.70 to $60.32 after the specialty retailer agreed to be acquired by an affiliate of California based Leonard Green & Partners LP, for about $1.6 billion, or $61 per share at 34% premium to the closing price shares on Dec. 22. Board of Directors of Jo-Ann approved the merger agreement and the transaction expected to be close in the first half of 2011.

Micron Technology, Inc. ((MU)) plunged 3% or 25 cents to $8.03 after the memory chip maker said first quarter net sales rose 29% to $2.25 billion from $1.74 billion in the same quarter last year. Net income in the quarter fell 24% to $155 million or 15 cents per diluted share compared to net income of $204 million or 23 cents per share for the year-ago quarter, hurt by lower average selling prices of its DRAM chips.

Rovi Corporation ((ROVI)) slumped 3.3% or $1.81 to $56.55 after the set of solution provider agreed to acquire Sonic Solutions Inc. ((SNIC)) for $720 million or $14.17 per share.

Rovi lifted 2010 revenues estimate to a range of $538 million to $542 million. Rovi also intends to commence exchange offer for all the outstanding shares of Sonic in January 2011.