U.S. Movers: AIG, Autodesk, Gap and Target

Mukesh Buch
25 Feb, 2011
New York City

AIG reported fourth quarter net income $11.2 billion. Autodesk fourth quarter net income rose 23% to $61.6 million. First Solar quarterly net income rose 10.2% to $156.0 million. Freddie Mac fourth quarter net loss fell 78.2% to $1.7 billion. Target net earnings in the quarter rose 10.5% to $1.0 bn.

[R]10:30 AM New York – AIG fourth quarter net income generated $11.2 billion. Autodesk fourth quarter net income rose 23% to $61.6 million. First Solar quarterly net income rose 10.2% to $156.0 million. Freddie Mac fourth quarter net loss narrowed 78.2% to $1.7 billion. Target net earnings in the quarter soared 10.5% to $1.0 billion.[/R]

Of 30 the stocks in the Dow, 18 increased and 12 decreased.

Of the 30 stocks in the Dow Jones Industrial Average, The Boeing Company led the gainers with a rise of 3.24% followed by increase in Bank of America Corporation of 1.72%, in Alcoa Inc. of 1.51%, in Intel Corporation of 1.43%, in CISCO Systems, Inc. of 1.36%.

Johnson & Johnson led the decliners with a fall of 1.00%, followed by decline in Exxon Mobil Corporation of 0.71%, in Chevron Corporation of 0.55%, in American Express Company of 0.41%, in The Procter & Gamble Company of 0.35%.

Other Movers

ANSYS, Inc. ((ANSS)) increased 1.8% or $1.00 to $55.11 after the engineering simulation software and technology provider said fourth quarter total revenue increased to $166.7 million from $150.4 million a prior year. Net income in the quarter increased to $49.1 million or 52 cents per diluted share compared to $37.6 million or 41 cents per share a previous year ago.

For the full year total revenue increased to $580.2 million from $516.9 million a prior year. Net income increased to $153.1 million or $1.64 per diluted share compared to $116.4 million or $1.27 per share a previous year ago.

American International Group, Inc. ((AIG)) plunged 4.3% or $1.74 to $38.69 after the insurer reported fourth quarter net income generated in the quarter was $11.2 billion or $16.60 per share compared to a loss of $8.87 billion or $65.51 per share last year. Net premiums written rose 9.4% to $7.578 billion compared with $6.929 billion in the year-ago quarter.

Applied Materials, Inc. ((AMAT)) rose 0.6% or 11 cents to $15.94 after the semiconductor equipment maker said first quarter net sales increased 45% to $2.69 billion from $1.85 billion in the same quarter last year. Net income in the quarter surged 510% to $506 million or 38 cents per diluted share compared to net income of $83 million or 6 cents per share in the prior-year quarter.

Autodesk, Inc. ((ADSK)) surged 5.9% or $2.39 to $42.82 after the design software and services company reported fourth quarter revenue grew 16% to $527.7 million from $456.1 million in the year-ago period. Net income in the quarter rose 23% to $61.6 million or 26 cents per diluted share compared to net income of $50.1 million or 21 cents per share in the year-ago quarter.

Total net revenue for the full year grew 14% to $1.95 billion from $1.71 billion in 2009. For the full year, net income surged 266% to $212.0 million or $0.90 per share from $58.0 million or $0.25 per share for fiscal year 2010.

CMS Energy Corporation ((CMS)) fell 0.3% or 6 cents to $19.00 after the energy company said fourth quarter operating revenue increased to $1.68 billion from $1.61 billion a prior year. Net income in the quarter increased to $25 million or 9 cents per diluted share compared to $6 million or 2 cents per share a same quarter last year.

DreamWorks Animation SKG Inc. ((DWA)) declined 2.8% or 79 cents to $27.31 after the producer of animated feature films said fourth quarter revenues climbed 42% to $275.7 million from $194.2 million in the same quarter last year. Net income in the quarter soared 96% to $85.2 million or 99 cents per diluted share compared to net income of $43.56 million or 50 cents per share a year earlier.

First Solar, Inc. ((FSLR)) plunged 3.7% or $6.12 to $158.42 after the thin-film solar panel maker said fourth quarter net sales decreased 4.8% to $610 million from $641 million in the same quarter of 2009. Net income in the quarter rose 10.2% to $156.0 million or $1.80 per share compared to net income of $141.6 million or $1.65 per share in the prior-year quarter.

Annual net sales increased 24% to $2.56 billion from $2.07 billion in fiscal year 2009. For fiscal year 2010, net income gained 4% to $664.2 million or $7.68 per share compared to $640.1 million or $7.53 per share in the previous year.

Freddie Mac ((FMCC.OB)) increased 1.1% or 7 cents to $0.60 the mortgage credit guarantee provider reported fourth quarter net loss narrowed 78.2% to $1.7 billion or 53 cents per diluted share compared to net loss of $7.8 billion or $2.39 per share last year. Net interest income for the quarter declined 4.4% to $4.3 billion from $4.5 billion last year.

J. C. Penney Company, Inc. ((JCP)) tumbled 4.1% or $1.53 to $35.02 after the holding company said fourth quarter total sale increased 2.8% to $5.70 billion from $5.55 billion a prior year. Comparable store sales for the quarter grew 4.5%. Net income in the quarter surged 35.5% to $271 million or $1.13 per diluted share compared to $200 million or $0.84 per share a year ago.

For the full year net revenue increased 1.2% to $17.76 billion from $17.56 billion a prior year. Net income increased 55% to $389 million or $1.63 per diluted share compared to $251 million or $1.08 per share a year ago.

Newmont Mining Corporation ((NEM)) rose 0.1% or 7 cents to $54.83 after the gold producing company reported fourth quarter sales increased to $2.54 billion from $2.51 billion a prior year. Net income in the quarter increased to $812 million or $1.61 per diluted share compared to $558 million or $1.13 per share a year ago period.

Pepco Holdings, Inc. ((POM)) rose 0.6% or 12 cents to $18.58 after the diversified energy company reported fourth quarter total operating revenue slipped 8% to $1.52 billion from $1.65 billion year ago. Net income in the quarter fell 19.5% to $33 million or 14 cents per diluted share compared to net income of $41 million or 18 cents per share a year before.

Portland General Electric Company ((POR)) rose 0.9% or 22 cents to $22.80 after the vertically integrated electric utility stated fourth quarter net revenues slipped 6.2% to $455 million from $485 million last year. Net income in the quarter surged 213% to $25 million or 34 cents per diluted share compared to net income of $8 million or 11 cents per share in the prior year.

salesforce.com, inc. ((CRM)) surged 4.4% or $5.98 to $140.30 after the provider of enterprise cloud computing applications reported fourth quarter total revenues increased 29% to $456.87 million from $354.05 million last year. Net income in the quarter declined 46.5% to $10.91 million or 8 cents per diluted share compared to net income of $20.39 million or 16 cents per share in the previous year.

Sempra Energy ((SRE)) rose 0.9% or 49 cents to $53.47 after the energy services holding company reported fourth quarter total revenue decreased to $2.35 billion from $2.46 billion a prior year. Net earnings in the quarter decreased to $280 million or $1.15 per diluted share compared to $288 million or $1.16 per share a year ago.

For the full year total revenue increased to $9.0 billion from $8.1 billion a prior year. Net earnings decreased to $0.739 billion or $3.02 per diluted share compared to $1.12 billion or $4.60 per share a year ago.

The Gap Inc. ((GPS)) rose 0.09% or 2 cents to $22.51 after the specialty retailer said fourth quarter net sales increased 2.8% to $4.36 billion from $4.24 billion in the prior-year quarter. Comparable store sales for the quarter were flat compared with an increase of 2% in the fourth quarter of the prior year.

Net income in the quarter increased 4% to $365 million or 60 cents per diluted share compared to net income of $352 million or 51 cents per share for the same period last year.

Net sales for the full year increased 3% to $14.7 billion from $14.2 billion last year. For the full year, net income rose 9.1% to $1.20 billion or $1.88 per share from $1.10 billion or $1.58 per share for fiscal year 2009.

Target Corporation ((TGT)) fell 0.4% or 25 cents to $51.75 after the general merchandise store operator reported fourth quarter sale increased 2.8% to $20.3 billion from $19.7 billion a prior year. Comparable store sales for the quarter rose 2.4%. Net earnings in the quarter soared 10.5% to $1,035 million or $1.45 per diluted share compared to $936 million or $1.24 per share a year ago.

For the full year net revenue increased 3.7% to $65.8 billion from $63.4 billion a prior year. Comparable store sales for the year rose 2.1%. Net income increased 17.3% to $2.92 billion or $4.00 per diluted share compared to $2.49 billion or $3.30 per share a year ago.