U.S. Movers: Cascade, Global Payments, Kid Brands, Office Depot, Nasdaq

Mukesh Buch
01 Apr, 2011
New York City

Nasdaq OMX made a joint proposal to acquire NYSE Euronext. Global Payments third quarter net income fell to $47.8 million. Kid Brands fourth quarter net income surged 72.6% to $22.8 million. Office Depot restates tax benefits of $80 million and change net earnings from $33 mn to net loss of $46 mn.

[R]11:30 AM New York – Nasdaq OMX made a joint proposal to acquire NYSE Euronext. Global Payments third quarter net income fell 1% to $47.8 million. Kid Brands fourth quarter net income surged 72.6% to $22.8 million. Office Depot restates its tax benefits of $80 million and change net earnings from $33 million to net loss of $46 million.[/R]

Of 30 the stocks in the Dow, 27 increased and 2 decreased and 1 unchanged.

Of the stocks in the Dow Jones Industrial Average, Caterpillar Inc. led the gainers with a rise of 1.80% followed by increase in Bank of America Corporation of 1.56%, in The Home Depot, Inc. of 1.54%, in E. I. du Pont de Nemours and Company of 1.38%, in The Coca-Cola Company of 1.36%.

Intel Corporation led the decliners with a fall of 0.99%, followed by decline in Hewlett-Packard Company of 0.71%.

Other Movers

Cascade Corporation ((CASC)) increased 1.2% or 56 cents to $45.14 after the materials handling equipment maker said fourth quarter revenue increased 36% to $110.3 million from $80.6 million a prior year. Net income in the quarter was $3.7 million or $0.33 per diluted share compared to net loss $14.4 million or $1.33 per share a year ago.

DemandTec, Inc. ((DMAN)) tumbled 13% or $1.72 to $11.44 after the on-demand optimization solution software provider reported fourth quarter revenue grew to $22.3 million from $19.6 million a prior year. Net loss in the quarter rose $2.86 million or 9 cents per diluted share compared to $2.57 million or 9 cents per share a year ago.

Global Payments Inc. ((GPN)) increased 1% or 49 cents to $49.41 after the electronic payment provider reported third quarter revenue soared 15% to $456.4 million from $398.5 million in the previous year. Net income in the quarter fell 1% to $47.8 million or 59 cents per diluted share compared to $48.4 million or 59 cents per share last year.

Kid Brands, Inc. ((KID)) rose 0.9% or 7 cents to $7.42 after the infant consumer product maker reported fourth quarter revenue increased 11.3% to $75.3 million from $67.6 million a prior year. Net income in the quarter surged 72.6% to $22.8 million or $1.04 per diluted share compared to $13.2 million or $0.61 per share a year ago.

Krispy Kreme Doughnuts, Inc. ((KKD)) declined 17.4% or $1.23 to $5.81 after the doughnuts and packaged sweets seller said fourth quarter revenue rose 5.7% to $91.7 million from $86.8 million a prior year. Same store sales rose 2.2%. Net loss in the quarter was $1.5 million or 2 cents per diluted share compared to net income $0.5 million or 1 cent per share a year ago.

Lawson Software, Inc. ((LWSN)) gained 3.1% or 38 cents to $12.48 after the enterprise software provider reported third quarter revenue increased 5% to $196 million from $186 million in the previous year. Net income in the quarter surged to $21.4 million or 13 cents per diluted share compared to $1.7 million or 1 cent per share last year.

Medifast, Inc. ((MED)) slumped 5.6% or $1.12 to $18.63 after the health and diet product maker said fourth quarter revenue rose 33% to $63 million from $47.3 million a prior year. Revenue in the direct sales channel increased 38% to $42 million and direct response channel revenue increased 27% to $14.4 million. Medifast Weight Control Centers comparable store sales increased approximately 16%.

Net income in the quarter rose $3.4 million or 23 cents per diluted share compared to $2.4 million or 17 cents per share a year ago.

Office Depot, Inc. ((ODP)) plunged 18.1% or 84 cents to $3.79 after the supplier of office products and services said that it will restate its fiscal year 2010 tax benefits by about $80 million, change net earnings for 2010 from $33 million to a net loss of $46 million and increase the net loss attributable to common shareholders from $2 million or $0.01 per share to $82 million or $0.30 per share.

Plug Power Inc. ((PLUG)) decreased 4.4% or 3 cents to 73 cents the fuel cell systems said fourth quarter revenue increased to $6.2 million from $3.9 million a prior year. Net loss in the quarter narrowed to $8.6 million or 7 cents per diluted share compared to $12.1 million or 9 cents per share a year ago.

Resources Connection, Inc. ((RECN)) declined 19.1% or $3.72 to $15.67 after the finance and accounting service provider reported third quarter revenue increased 9.8% to $137.6 million from $125.3 million in the previous year. Net income in the quarter to $0.75 million or 2 cents per diluted share compared to net loss $5.0 million or 11 cents per share last year.

SkyWest, Inc. ((SKYW)) slipped 2.1% or 37 cents to $16.55 after an operator of regional airlines estimates first quarter to be significantly lower than its prior estimate, hurt by lower block hours, additional crew and maintenance costs, a reduction in contract rates and higher jet fuel prices.

The aircraft leasing company now projects a net loss in the range of $13 million to $ 15 million or $0.24 to $0.28 per share.

The NASDAQ OMX Group, Inc. ((NDAQ)) gained 3.2% or 84 cents to $26.68 after the global trading exchange group and Inter Continental Exchange made joint proposal to acquire NYSE Euronext ((NYX)) for $42.50 in cash and stock or approximately $11.3 billion.

ICE will operate its derivatives unit and Nasdaq will run the stock market.

NASDAQ OMX and ICE would finance the cash portion of the acquisition purchase price through cash on hand and combined of $3.8 billion financing commitment.

Universal Insurance Holdings, Inc ((UVE)) increased 1.8% or 10 cents to $5.52 after the insurance holding company fourth quarter net premium earned increased to $46.9 million from $33.7 million a prior year. Net income in the quarter to $6.2 million or 15 cents per diluted share compared to net loss $2.8 million or 7 cents per share a year ago.

Xyratex Ltd. ((XRTX)) tumbled 11.4% or $1.28 to $9.88 after the UK based data storage solution provider said first quarter revenue increased 13% to $360.5 million from $319.0 million in the previous year. Net income in the quarter tumbled to $4.7 million or 15 cents per diluted share compared to $26.3 million or 85 cents per share last year.