U.S. Movers: Best Buy, GameStop, Paychex, Red Hat, Scholastic, Talbots

Mukesh Buch
24 Mar, 2011
New York City

Best Buy fourth quarter net earnings fell to $651 million. ConAgra third quarter net income fell 6.4% to $214.8 million. Paychex quarterly net income rose 17% to $130.6 million. Red Hat fourth quarter net income grew to $33.5 million. SAIC fourth quarter net income rose to $132 million.

[R]11:25 AM New York – Best Buy fourth quarter net earnings fell to $651 million. ConAgra third quarter net income fell 6.4% to $214.8 million. Paychex quarterly net income rose 17% to $130.6 million. Red Hat fourth quarter net income grew to $33.5 million. SAIC fourth quarter net income rose to $132 million.[/R]

Of 30 the stocks in the Dow, 22 increased, 7 decreased and 1 unchanged.

Of the stocks in the Dow Jones Industrial Average, Wal-Mart Stores, Inc led the gainers with a rise of 1.70%, followed by increase in The Home Depot, Inc. of 1.61%, in AT&T Inc. of 1.46%, in The Coca-Cola Company of 1.15%, in Hewlett-Packard Company of 1.12%.

Bank of America Corporation led the decliners with a fall of 1.54%, followed by decline in JPMorgan Chase & Co. of 0.79%, in Cisco Systems, Inc. of 0.51%, in American Express Company of 0.33%, in Alcoa Inc. of 0.18%.

Other Movers

Best Buy Co., Inc. ((BBY)) decreased 1.5% or 48 cents to $31.37 after the consumer retailer reported fourth quarter revenue increased 2% to $16.3 billion from $16.6 billion a prior year. Net earnings in the quarter decreased to $651 million or $1.62 per diluted share compared to $779 million or $1.82 per share a year ago. The decrease reflected 4.6% decline in comparable store sales.

For the full year revenues increased 1% to $50.3 billion from $49.7 billion a prior year. Net income surged to $1.28 billion or $3.08 per diluted share compared to $1.32 billion or $3.10 per diluted share a year ago.

Charming Shoppes, Inc. ((CHRS)) surged 18.9% or 56 cents to $3.52 after the specialty apparel retailer said fourth quarter net sales fell 7% to $575.8 million from $539.0 million a prior year. Comparable store sales for the fourth quarter increased 9%. Net loss in the quarter increased 9% to $30.4 million or 26 cents per diluted share compared to $28.0 million or 24 cents per share a year ago.

ConAgra Foods, Inc. ((CAG)) increased 1.1% or 26 cents to $23.20 after the food company reported third quarter total sales increased 4.1% to $3.15 billion from $3.03 billion a year ago. Net income in the quarter fell 6.4% to $214.8 million or 50 cents per diluted share compared to $229.6 million or 51 cents per share in the previous year.

FRED’S, Inc. ((FRED)) fell 0.1% or 2 cents to $12.87 after the discount general merchandise stores reported fourth quarter total sales rose 3% to $485.6 million from $473.1 million a prior year. Net income in the quarter soared 49% to $8.6 million or 22 cents per diluted share compared to $5.8 million or 15 cents per share a year ago.

GameStop Corp. ((GME)) gained 3.1% or 67 cents to $21.78 after the video game retailer reported fourth quarter total sales increased 4.8% to $3.69 billion from $3.52 billion a prior year. Comparable store sales for the quarter increased 2.6%. Net earnings in the quarter surged 10.1% to $237.8 million or $1.56 per diluted share compared to $215.9 million or $1.29 per share a year ago.

For the full year total sales increased 4.3% to $9.47 billion from $9.08 billion a prior year. Comparable store sales for the year rose 1.1%. Net earnings surged 8.1% to $408.0 million or $2.65 per diluted share compared to $377.3 million or $2.25 per diluted share a year ago.

H.B. Fuller Company ((FUL)) decreased 1% or 21 cents to $20.81 after the formulator company reported first quarter net revenue rose 9.7% to $339.5 million from $309.4 million a year ago. Net income in the quarter dropped 24.2% to $14.4 million or 29 cents per diluted share compared to net income of $19.0 million or 38 cents per share in the previous year.

Micron Technology, Inc. ((MU)) soared 7.4% or 79 cents to $11.40 after the semiconductor systems maker second quarter net sales increased 6% to $2.26 billion from $1.96 billion in the same quarter last year. Net income in the quarter plunged to $72 million or 7 cents per diluted share compared to $155 million or 15 cents per share for the year-ago quarter.

Paychex, Inc. ((PAYX)) slipped 2.7% or 88 cents to $31.36 after the payroll, human resource, and outsourcing provider reported third quarter total revenue grew 5% to $531.3 million from $507.8 million a year ago. Net income in the quarter rose 17% to $130.6 million or 36 cents per diluted share compared to $112.0 million or 31 cents per share in the previous year.

Red Hat, Inc. ((RHT)) soared 17.1% or $6.87 to $46.84 after the open source software solution provider reported fourth quarter revenue increased 25% to $244.8 million from $195.8 million a prior year. Net income in the quarter increased to $33.5 million or 17 cents per diluted share compared to $23.4 million or 12 cents per share a year ago.

For the full year revenues increased 22% to $909.3 million from $748.2 million a prior year. Net income surged to $107.2 million or 55 cents per diluted share compared to $87.2 million or 45 cents per diluted share a year ago.

Scholastic Corporation ((SCHL)) tumbled 11.2% or $3.51 to $27.73 after the publishing, education and media company reported third quarter revenue fell to $393.7 million from $398.8 million a year ago. Net loss in the quarter widened to $25.1 million or 81 cents per diluted share compared to $5.6 million or 15 cents per share in the previous year.

SAIC, Inc. ((SAI)) advanced 1% or 17 cents to $17.13 after the scientific, engineering, and technical service provider reported fourth quarter revenue increased 3% to $2.77 billion from $2.68 billion a prior year. Net income in the quarter increased to $132 million or 36 cents per diluted share compared to $123 million or 31 cents per share a year ago.

For the full year revenues increased 2% to $11.1 billion from $10.8 billion a prior year. Net income surged to $618 million or $1.63 per diluted share compared to $497 million or $1.24 per diluted share a year ago.

The Talbots, Inc. ((TLB)) surged 23.3% or $1.12 to $5.92 after the specialty retailer reported fourth quarter revenue decreased 7.4% to $292.6 million from $315.9 million a prior year. Comparable store sales decreased 7.3%. Net loss in the quarter was $2.8 million or 4 cents per diluted share compared to net income of $4.1 million or 7 cents per share a year ago.

Texas Industries, Inc. ((TXI)) slumped 1.1% or 49 cents to $42.96 after the heavy construction materials supplier reported third quarter net sales rose to $125.8 million from $117.8 million a year ago. Net loss in the quarter improved to $20.9 million or 75 cents per diluted share compared to $27.1 million or 98 cents per share in the previous year.

UTi Worldwide Inc. ((UTIW)) increased 1.7% or 32 cents to $19.19 after the holding company reported fourth quarter revenue increased 15% to $1,145.1 million from $991.5 million a prior year. Net income in the quarter soared to $14.5 million or 14 cents per diluted share compared to $1.5 million or 2 cents per share a year ago.

For the full year revenues decreased to $4.55 billion from $3.57 billion a prior year. Net income surged to $69.9 million or 68 cents per diluted share compared to $41.1 million or 41 cents per diluted share a year ago.