U.S. Movers: Apollo Group, Lennar, McCormick, Phillips-Van Heusen

Mukesh Buch
29 Mar, 2011
New York City

Apollo Group reported second quarter net loss of $64.0 million. Lennar first quarter net income increased to $27.4 million. McCormick first quarter net income rose to $76.8 million. Phillips-Van Heusen fourth quarter net income increased to $52.2 million.

[R]10:30 AM New York – Apollo Group reported second quarter net loss of $64.0 million. Lennar first quarter net income increased to $27.4 million. McCormick first quarter net income rose to $76.8 million. Phillips-Van Heusen fourth quarter net income increased to $52.2 million. Progress Software first quarter net income rose to $20.5 million.[/R]

Of 30 the stocks in the Dow, 21 increased and 9 decreased.

Of the stocks in the Dow Jones Industrial Average, The Home Depot, Inc. led the gainers with a rise of 2.86% followed by increase in AT&T Inc. of 1.56%, in Verizon Communications Inc. of 1.35%, in Alcoa Inc. of 1.33%, in International Business Machines Corporation of 0.99%.

Hewlett-Packard Company led the decliners with a fall of 1.45%, followed by decline in Kraft Foods Inc. of 1.12%, in Bank of America Corporation of 0.90%, in Intel Corporation of 0.74%, in JPMorgan Chase & Co. of 0.48%.

Other Movers

A.C. Moore Arts & Crafts, Inc. ((ACMR)) tumbled 12.8% or 41 cents to $2.79 after the specialty retailer said fourth quarter revenue slumped to $143.2 million from $149.7 million a prior year.

Revenue decline was primarily attributable to decrease in comparable store sales of 4.3%. Net loss in the quarter widened to $4.8 million or 20 cents per diluted share compared to $0.05 million or 2 cents per share a year ago.

Apollo Group, Inc. ((APOL)) plunged 8.4% or $3.58 to $38.76 after the private education company reported second quarter revenue increased 5% to $1.05 billion from $1.07 billion a year ago. Net loss in the quarter was $64.0 million or 45 cents per diluted share compared to net income of $92.6 million or 60 cents per share in the previous year.

The company also guided lower than expected revenues in the fiscal 2012 between $4 billion and $4.25 billion and new students enrollment dropped 45% to 48,200 from a year ago on weaker than expected results in its UK operations.

GSI Group Inc. ((GSIG)) declined 8.5% or $1.01 to $10.84 after the photonics based solution provider reported fourth quarter revenue soared 26% to $91.6 million from $72.5 million a prior year. Net loss in the quarter decreased to $1.7 million or $0.05 per diluted share compared to $31.7 million or $1.99 per share a year ago.

Lennar Corporation ((LEN)) slumped 3.1% or 63 cents to $19.12 after the homebuilder and financial service provider reported first quarter revenue decreased 3% to $558.0 million from $574.4 million a year ago.

Net earnings in the quarter increased to $27.4 million or 14 cents per diluted share compared to net loss $6.5 million or 4 cents per share in the previous year.

LJ International Inc. ((JADE)) soared 10.7% or 41 cents to $4.24 after the jewelry retailer said fourth quarter revenue surged 15% to $45 million from $39.1 million a prior year. Net income in the quarter soared 56% to $4.0 million or 14 cents per diluted share compared to $2.2 million or 9 cents per share a year ago.

McCormick & Company, Inc ((MKC)) decreased 2.1% or $1.07 to $48.54 after the food company reported first quarter revenue increased 2% to $782.8 million from $764.5 million a year ago. Net income in the quarter increased to $76.8 million or 57 cents per diluted share compared to $67.9 million or 51 cents per share in the previous year.

Novavax, Inc. ((NVAX)) fell 0.4% or 1 cent to $2.52 after the biopharmaceutical company said fourth quarter revenue slumped to $0.05 million from $0.07 million a prior year. Net loss in the quarter narrowed to $6.29 million or 6 cents per diluted share compared to $10.28 million or 11 cents per share a year ago.

Phillips-Van Heusen Corporation ((PVH)) surged 6.7% or $4.03 to $64.20 the apparel company reported fourth quarter total revenue soared to $1,398.1 million from $614.6 million a prior year. Net income in the quarter increased to $52.2 million or 72 cents per diluted share compared to $27.0 million or 51 cents per share a year ago.

For the full year revenue increased to $4.6 billion from $2.4 billion a prior year. Net income plunged to $53.8 million or $0.80 per diluted share compared to $161.9 million or $3.08 per diluted share a year ago.

Progress Software Corporation ((PRGS)) slipped 2.95% or 86 cents to $28.29 after the software company reported first quarter revenue increased 5% to $134.2 million from $127.5 million a year ago. Net income in the quarter increased to $20.5 million or 29 cents per diluted share compared to net loss of $1.0 million or 2 cents per share in the previous year.

Retail Ventures, Inc. ((RVI)) increased 1.1% or 19 cents to $16.82 after the holding company reported fourth quarter net sales surged to $468.4 million from $402.6 million a prior year. Net income in the quarter declined to $0.16 million or break even per diluted share compared to $4.9 million or 10 cents per share a year ago.

For the full year revenue increased to $1.82 billion from $1.60 billion a prior year. Net income for the year was $17.8 million or 36 cents per diluted share compared to net loss of $26.1 million or 53 cents per diluted share a year ago.