U.S. Movers: Apple, Expedia, International Speedway, KB Home, Team, Walgreen

Mukesh Buch
05 Apr, 2011
New York City

Diamond Foods agreed to acquire Pringles unit of P&G for $2.35 billion. KB Home first quarter revenues declined 25% and net loss widened to $114.5 million. Texas Instruments agreed to acquire National Semiconductor for $25 a share. Walgreen same store sales rose 3% in March.

[R]11:45 AM New York – Diamond Foods agreed to acquire Pringles unit of P&G for $2.35 billion. KB Home first quarter revenues declined 25% and net loss widened to $114.5 million. Texas Instruments agreed to acquire National Semiconductor for $25 a share. Walgreen same store sales rose 3% in March.[/R]

Of 30 the stocks in the Dow, 19 increased and 11 decreased.

Of the stocks in the Dow Jones Industrial Average, Cisco Systems, Inc. led the gainers with a rise of 1.88% followed by increase in Intel Corporation of 1.76%, in Microsoft Corporation of 1.49%, in Alcoa Inc. of 1.08%, in Wal-Mart Stores, Inc. of 0.95%.

Caterpillar Inc. led the decliners with a fall of 0.62%, followed by decline in Merck & Co., Inc. of 0.54%, in Johnson & Johnson of 0.47%, in The Travelers Companies, Inc. of 0.47%, in Pfizer Inc. of 0.29%,

Other Movers

Apple Inc ((AAPL)) fell 0.3% or $1.06 to $340.13 after Nasdaq OMX, the operator of Nasdaq 100 index said it plans to rebalance the index and cut its weighting of the tech leader from the current 20%.

A. Schulman, Inc. ((SHLM)) gained 3.6% or 91 cents to $26.14 after the plastic compounds and resins supplier reported second quarter net sales soared 53.6% to $508.3 million from $331.0 million a year ago. Net income in the quarter rose to $7.14 million or 23 cents per diluted share compared to net loss of $6.77 million or 26 cents per share in the previous year.

Diamond Foods, Inc. ((DMND)) soared 7.2% or $4.17 to $61.39 after packaged food company agreed to acquire Pringles unit controlled by Procter & Gamble for $2.4 billion. After the deal Diamond Foods estimated sale of $2.4 billion and earnings of as much as $410 million.

Expedia, Inc. ((EXPE)) increased 2.4% or 56 cents to $22.99 after the online travel agency and American Airlines ((AMR)) reached an agreement that will restore the display of fares and flights on the site.

Frisch’s Restaurants, Inc. ((FRS)) slipped 2.5% or 55 cents to $21.06 after the family style restaurant operator said third quarter sales rose 4% to $67.5 million from $64.9 million a year ago. Net earnings in the quarter fell 8.3% to $1.85 million or 37 cents per diluted share compared to $2.02 million or 39 cents per share a year ago.

International Speedway Corporation ((ISCA)) slumped 1.2% or 40 cents to $31.11 after the motor-sports promoter reported first quarter total revenues decreased to $148.7 million from $152.0 million in the previous year. Net income in the quarter declined to $21.4 million or 45 cents per diluted share compared to $25.4 million or 53 cents per share last year.

Inspire Pharmaceuticals, Inc. ((ISPH)) soared 24.5% or 97 cents to $4.95 after the biopharmaceutical company today announced that Merck & Co., Inc. ((MRK)) will acquire the company for $430 million in cash.

KB Home ((KBH)) tumbled 5.7% or 70 cents to $11.50 after the home builder reported first quarter total revenues declined 25% to $196.9 million from $264.0 million in the previous year. Net loss in the quarter widened to $114.5 million or $1.49 per diluted share compared to $54.7 million or $0.71 per share a year ago.

Layne Christensen Company ((LAYN)) soared 6.6% or $2.35 to $37.49 after the drilling and construction service provider said fourth quarter revenue increased 19.7% to $271.8 million from $227.2 million a prior year. Net income in the quarter surged 267.5% to $8.78 million or 45 cents per diluted share compared to $2.39 million or 12 cents per share a year ago.

For the full year revenue increased 18.4% to $1.02 billion from $0.87 billion a prior year. Net income in the year soared 2097.1% to $30.0 million or $1.53 per diluted share compared to $1.36 million or $0.07 per diluted share a year ago.

Microsoft Corporation ((MSFT)) increased 1.9% or 49 cents to $26.04.

Questcor Pharmaceuticals, Inc. ((QCOR)) surged 21.5% or $3.21 to $18.13 after the pharmaceutical company said in its preliminary operating metrics for its first quarter ended March new paid prescriptions of Acthar gel for the treatment of exacerbations of multiple sclerosis during the quarter were greater than 500, up over 115% from the year ago period and up over 40% from the prior quarter.

SemiLEDs Corporation ((LEDS)) tumbled 18.1% or $2.62 to $11.84 after the Taiwan based holding company reported second quarter revenues increased 30% to $10.0 million from $7.7 million a year ago. Net loss in the quarter was $1.2 million or 5 cents per diluted share compared to net income of $1.9 million or 4 cents per share in the previous year.

The company now expects third quarter of fiscal 2011 ending May 31, revenue in a range of $6 million to $7 million with net loss of $2.6 million to $2 million or a loss of $0.10 to $0.07 per diluted share.

Schnitzer Steel Industries, Inc. ((SCHN)) plunged 2% or $1.33 to $64.68 after the recycler of scrap metal reported second quarter revenues increased 28% to $721.8 million from $564.3 million a year ago. Net income in the quarter surged 77% to $30.8 million or $1.10 per diluted share compared to $17.4 million or $0.62 per share in the previous year.

The TJX Companies, Inc. ((TJX)) gained 2.3% or $1.18 to $50.80 after the off-price apparel retailer board raised quarterly dividend by 27% from the last dividend paid and regular quarterly dividend of 19 cents per share payable on June 2.

Team, Inc. ((TISI)) slumped 1.8% or 49 cents to $25.64 after the specialty maintenance provider reported third quarter revenues increased to $108.8 million from $104.1 million a year ago. Net income in the quarter was to $3.89 million or 19 cents per diluted share compared to net loss of $0.43 million or 2 cents per share a year ago.

Texas Instruments Inc. ((TXN)) increased 1.4% 48 to $34.59 after semiconductor maker agreed to acquire National Semiconductor Corp ((NSM)) for $25 a share. National Semi soared 71% to $24.06.

Walgreen Company ((WAG)) increased 1.7% or 71 cents to $41.54 after the drug store chain reported same store sales increased 3% in March.

Zep Inc. ((ZEP)) plunged 2.2% or 39 cents to $17.18 after the chemical company said second quarter revenues increased 15% to $146.8 million from $127.3 million a year ago. Net income in the quarter increased to $2.15 million or 10 cents per diluted share compared to $0.74 million or 3 cents per share in the previous year.