U.S. Movers: Altera, Pacific Sunwear, Morton

Mukesh Buch
16 Mar, 2011
New York City

Altera Corp and Xilinx Inc gained on the expectations of increased capital spending from China based telecom operator. Rambus Inc gained after it extended its technology license with Toshiba Corp. Home builders declined after new home starts dropped.

[R]12:15 PM New York – Altera Corp and Xilinx Inc gained on the expectations of increased capital spending from China based telecom operator. Rambus Inc gained after it extended its technology license with Toshiba Corp. Home builders declined after new home starts dropped.[/R]

Of 30 the stocks in the Dow, 1 increased and 29 decreased.

Of the stocks in the Dow Jones Industrial Average, Caterpillar Inc. led the gainers with a rise of 0.08%.

International Business Machines Corporation led the decliners with a fall of 3.26%, followed by decline in General Electric Company of 2.87%, in Pfizer Inc. of 1.90%, in Microsoft Corporation of 1.89%, in McDonald’s Corporation of 1.86%.

Home builders declined after the new home starts in February plunged to 27-year low annual rate. Lennar Corp declined 1.7% to $19.42 and Toll Brothers fell 0.8% and KB Home dropped 2%.

Home permits decreased to the lowest approval last seen in April 2009.

Other Movers

Altera Corp increased 5% and Xilinx Inc added 4% after China Mobile Ltd said it plans to increase its capital spending in the current year and next year according to several media reports in China. UBS also confirmed the news in a research note.

Harvest Natural Resources, Inc. ((HNR)) rose 0.2% or 3 cents to $15.22 after the petroleum exploration and production company reported fourth quarter revenues surged to $2.7 million from $0.2 million last year. Net loss in the quarter was $4.0 million or 12 cents per diluted share compared to net income of $5.1 million or 15 cents per share for the year-ago quarter.

Kirkland Lake Gold Inc decreased 2.3% or 32 cents to $13.12 after the gold miner said third quarter revenue surged 311.5% to C$25.43 million from C$6.18 million, as restated, in the comparable period last year. Net income in the quarter was C$4.21 million or C$0.06 per share compared with a restated loss of C$4.9 million or C$0.08 per share a year earlier.

Morton’s Restaurant Group Inc soared 15% to $7.42 after the steakhouse chain said the company is “exploring its strategic alternatives.”

Online Resources Corporation ((ORCC)) tumbled 32.5% or $1.97 to $4.07 after the outsourcing company fourth quarter revenues fell to $37.8 million from $38.2 million last year. Net loss in the quarter was $2.0 million or 6 cents per diluted share compared to $1.1 million or 4 cents per share for the year-ago quarter.

Pacific Sunwear of California, Inc. ((PSUN)) declined 15.3% or 66 cents to $3.65 after the specialty retailer reported fourth quarter net sales declined 10% to $262.96 million from $292.56 million last year. Net loss for the quarter narrowed 3.6% to $35.19 million or 53 cents per diluted share compared to net loss of $36.50 million or 56 cents per share in the previous year.

rue21, Inc. ((RUE)) slumped 5.2% or $1.68 to $30.07 after the fashion apparel and accessories retailer reported fourth quarter net sales increased 22.3% to $190.09 million from $155.39 million in the comparable quarter a year ago. Net income for the quarter advanced 41% to $10.89 million or 44 cents per diluted share compared to net income of $7.72 million or 32 cents per share in the fourth quarter of previous year.

Rambus Inc surged 5.6% to $19.92 after the company extended its agreement to license its technology to Toshiba Corp that is based on DRAM memory modules controller shipment volumes.

Sterling Construction Company, Inc. ((STRL)) surged 13.3% or $1.73 to $14.70 after the heavy civil construction company said fourth quarter revenues increased 92.5% to $138.0 million from $71.7 million a prior year. Net income in the quarter increased 1,129.9% to $9.3 million or 54 cents per diluted share compared to $0.8 million or 3 cents per share a year ago.

For the full year revenues increased 17.7% to $459.9 million from $390.8 million a prior year. Net income decreased 19.5% to $19.1 million or $1.13 per diluted share compared to $23.7 million or $1.71 per diluted share a year ago.

Superior Industries International, Inc. ((SUP)) soared 15.9% or $3.06 to $22.24 after reported fourth quarter net sales increased 32% to $191.0 million from $145.0 million a prior year. Net income in the quarter increased to $22.3 million or 82 cents per diluted share compared to net loss $3.9 million or 15 cents per share a year ago.

For the full year net sales increased 72% to $719.5 million from $418.8 million a prior year. Net income increased to $51.6 million or $1.93 per diluted share compared to net loss $94.1 million or $3.53 per diluted share a year ago.

Systemax Inc. ((SYX)) slipped 1.80% or 22 cents to $12.03 after the direct marketer of brand name and private label products reported fourth quarter sales rose 7% to $1.01 billion from $938.2 million a year earlier. Net income for the quarter fell 31% to $12.7 million or 34 cents per diluted share compared to net income of $18.4 million or 49 cents per share for the year-ago quarter.