U.S. Movers: Alcoa, Chevron, Community Health, Fastenal, WMS

Mukesh Buch
12 Apr, 2011
New York City

Alcoa declined after it reported lower than expected sales. Chevron expects profit rise in first quarter. Community Health responds to Tenet lawsuit. Fastenal first quarter net earnings surged 42%. WMS Industries lowered third quarter revenue outlook.

[R]11:00 AM New York – Alcoa declined after it reported lower than expected sales. Chevron expects profit rise in first quarter. Community Health responds to Tenet lawsuit. Fastenal first quarter net earnings surged 42%. WMS Industries lowered third quarter revenue outlook.[/R]

Of 30 the stocks in the Dow, 7 increased and 23 decreased.

Of the stocks in the Dow Jones Industrial Average, Wal-Mart Stores, Inc. led the gainers with a rise of 0.81% followed by increase in The Procter & Gamble Company of 0.74%, in McDonald’s Corporation of 0.63%, in Merck & Co., Inc. of 0.22%, in The Home Depot, Inc. of 0.21%.

Alcoa Inc. led the decliners with a fall of 5.2%, followed by decline in Chevron Corporation of 3%, in Exxon Mobil Corporation of 1.93%, in Intel Corporation of 1.09%, in Bank of America Corporation of 1.04%.

Other Movers

Alcoa Inc. ((AA)) plunged 5.2% or 94 cents to $16.83 after the aluminum producer said first quarter sales rose 22% to $5.96 billion from $4.89 billion in the same quarter last year. Net income generated in the quarter was $308 million or 27 cents per diluted share compared to a net loss of $201 million or 20 cents per share for the year-ago quarter.

Chevron Corporation ((CVX)) slumped 3% or $3.28 to $104.50 after the second largest U.S. oil company said that it expects profit for the first quarter to be higher than the previous quarter, due to higher crude oil prices.

Community Health Systems, Inc. ((CYH)) soared 9.4% or $2.45 to $28.34 after the healthcare service provider responds to “baseless” Tenet lawsuit.

Cisco Systems, Inc. ((CSCO)) fell 0.4% or 8 cents to $17.39 after the networking products provider will exit its consumer businesses and realign the remaining four consumer businesses and take a one time restructuring charge of $300 million.

Chase Corporation ((CCF)) fell 0.06% or 1 cent to $16.18 after the coating and sealing material maker said second quarter revenue rose 2% to $26.3 million from $25.8 million a prior year. Net income in the quarter fell $1.42 million or 16 cents per diluted share compared to $1.63 million or 18 cents per share a year ago.

Fastenal Co. ((FAST)) declined 3.6% or $2.44 to $65.06 after the industrial and construction supplies provider reported first quarter net sales increased 23% to $640.58 million from $520.77 million in the same quarter last year. Net earnings in the quarter surged 42% to $79.55 million or 54 cents per diluted share compared to net earnings of $56.03 million or 38 cents per share in the prior-year quarter.

Identive Group, Inc. ((INVE)) soared 102.6% or $2.73 to $5.39 after the identification-based technology company selected as the exclusive supplier of near field communication RFID stickers for the roll out of Google’s marketing campaign.

Joe''s Jeans Inc. ((JOEZ)) tumbled 11.5% or 13 cents to $1.00 after the apparel product maker stated first quarter net sales fell 9% to $21.2 million from $23.2 million last year. Net income in the quarter decreased to $0.2 million or break even per diluted share compared to $0.7 million or 1 cent per share a year earlier.

Micrel, Incorporated ((MCRL)) plunged 9.7% or $1.40 to $13.00 after the digital integrated circuit maker said first earnings per share are estimated in the range of $0.13 to $0.14 compared with the prior guidance of $0.17 to $0.19.

WMS Industries Inc. ((WMS)) tumbled 14.9% or $5.42 to $30.80 after the gaming machine maker said revenues for the third quarter are expected in the range of $191 million to $193 million, down from its prior outlook of $209 million to $215 million.