U.S. Movers: Adobe Systems, Discover Financial, General Mills, Jabil Circuit

Mukesh Buch
23 Mar, 2011
New York City

Anadarko agreed to purchase BP America for $575.5 million. Adobe first quarter net surged 84% to $234.6 million. Discover Financial first quarter net income rose to $459 million. General Mills third quarter net earnings rose 18% to $392.1 million. Jabil Circuit second quarter net income soared 86%.

[R]10:30 AM New York – Anadarko agreed to purchase BP America Production for $575.5 million. Adobe first quarter net income surged 84% to $234.6 million. Discover Financial first quarter net income rose to $459 million. General Mills third quarter net earnings increased 18% to $392.1 million. Jabil Circuit second quarter net income soared 86% to $55.4 million.[/R]

Of 30 the stocks in the Dow, 6 increased and 24 decreased.

Of the stocks in the Dow Jones Industrial Average, Hewlett-Packard Company led the gainers with a rise of 0.87%, followed by increase in Alcoa Inc. of 0.64%, in The Coca-Cola Company of 0.42%, in 3M Company of 0.41%, in United Technologies Corporationof 0.41%.

Bank of America Corporation led the decliners with a fall of 2.70%, followed by decline in JPMorgan Chase & Co. of 1.30%, in E. I. du Pont de Nemours and Company of 1.30%, in Verizon Communications Inc. of 1.04%, in Wal-Mart Stores, Inc. of 1.00%.

Other Movers

Anadarko Petroleum Corporation ((APC)) rose 0.5% or 40 cents to $81.19 after the oil and natural gas exploration and production company agreed to purchase BP America Production Company''s 93% interest in Wattenberg Processing Plant for approximately $575.5 million.

Adobe Systems Incorporated ((ADBE)) tumbled 6.2% or $2.06 to $30.82 after the publishing and design software maker said first quarter revenue rose 20% to $1.03 billion from $858.70 million in the same quarter last year. Net income in the quarter surged 84% to $234.6 million or 46 cents per diluted share compared to net income of $127.2 million or 24 cents per share for the year-ago quarter.

The company now targets to a second quarter diluted earnings per share in the range of $0.33 to $0.40 on a GAAP basis.

Books-A-Million, Inc. ((BAMM)) plunged 13.5% or 70 cents to $4.46 after the book retailer said fourth quarter net sales fell 2.6% to $153.1 million from $157.2 million a prior year. Fourth quarter comparable store sales decreased 6.7%. Net income in the quarter declined to $6.8 million or 44 cents per diluted share compared to $11.9 million or 76 cents per share a year ago.

Cree, Inc. ((CREE)) declined 12.2% or $6.00 to $43.00 after the semiconductor materials and device maker today revised its financial targets for fiscal third quarter ending March 2011. Revenue targets reduced to a range of $215 million to $220 million primarily due to lower sales of LED chips and LED components.

Cintas Corporation ((CTAS)) surged 5.8% or $1.64 to $29.78 after the identity uniforms provider Tuesday reported third quarter total revenue rose 8.8% to $937.83 million from $861.81 million a year ago. Net income in the quarter rose 20.6% to $59.07 million or 41 cents per diluted share compared to net income of $48.98 million or 32 cents per share in the previous year.

Discover Financial Services ((DFS)) gained 3.1% or 71 cents to $22.96 after the bank reported first quarter net interest income rose 2% to $1.17 billion from $1.14 billion a prior year. Net income in the quarter increased to $459 million or 84 cents per diluted share compared to net loss of $122 million or 22 cents per share a year ago.

General Mills, Inc. ((GIS)) slumped 1.8% or 69 cents to $36.22 after the consumer foods maker reported third quarter net sales surged 2% to $3.65 billion from $3.59 billion a prior year. Net earnings in the quarter increased 18% to $392.1 million or 59 cents per diluted share compared to $332.5 million or 48 cents per share a year ago, mainly on mark-to-market gain and strong international sales growth.

G-III Apparel Group, Ltd. ((GIII)) slipped 2.3% or 84 cents to $34.60 after the apparel retailer reported fourth quarter net sales increased 39.4% to $270.2 million from $193.8 million a prior year. Net income in the quarter soared to $12.3 million or 62 cents per diluted share compared to $9.0 million or 49 cents per share a year ago.

For the full year revenues increased 32.8% to $1.06 billion from $0.80 billion a prior year. Net income surged to $56.7 million or $2.88 per diluted share compared to $31.7 million or $1.83 per diluted share a year ago.

Jabil Circuit, Inc. ((JBL)) soared 10.4% or $1.98 to $20.92 after the provider of worldwide electronic manufacturing services and solutions said second quarter net revenue increased 31% to $3.93 billion from $3.0 billion a year earlier. Net income in the quarter soared 86% to $55.4 million or 25 cents per diluted share compared to $29.8 million or 14 cents per share a year before.

Sonic Corp. ((SONC)) increased 1.7% or 16 cents to $9.24 after the drive-in restaurant chain reported second quarter net revenue flat to $113.5 million from $113.3 million a prior year. System-wide same-store sales increased 1.2% and franchise drive-ins increased 1.0%. Net income in the quarter increased to $4.3 million or 7 cents per diluted share compared to net loss of $0.6 million or 1 cent per share a year ago.

SunPower Corporation ((SPWRA)) gained 2.2% or 35 cents to $16.06 after the solar products maker and Hawaiian Electric Company today announced an agreement for SunPower to sell solar photovoltaic power to the utility under a fixed price contract for 20 years. SunPower will design, build and operate at Kalaeloa in West Oahu.

Verizon Communications Inc. ((VZ)) fell 0.5% or 20 cents to $36.75 after the communication company plans to sell $14 billion in securities.