U.S. Movers: Adtran, Energy Rock, JPMorgan, Riverbed, Silgan, Suffolk

Mukesh Buch
13 Apr, 2011
New York City

Adtran first quarter net income surged 88%. Energy Rock agreed to acquire Crow Creek Energy for $525 Million. JPMorgan first quarter net income soared 67% to $5.56 billion. Silgan Holdings agreed to acquire Graham Packaging for $4.1 billion.

[R]11:30 AM New York – Adtran first quarter net income surged 88%. Energy Rock agreed to acquire Crow Creek Energy for $525 Million. JPMorgan first quarter net income soared 67% to $5.56 billion. Silgan Holdings agreed to acquire Graham Packaging for $4.1 billion.[/R]

Of 30 the stocks in the Dow, 18 increased and 12 decreased.

Of the stocks in the Dow Jones Industrial Average, McDonald’s Corporation led the gainers with a rise of 0.74% followed by increase in Caterpillar Inc. of 0.66%, in International Business Machines of 0.66%, in 3M Company of 0.56%, in Microsoft Corporation of 0.55%.

Cisco Systems, Inc. led the decliners with a fall of 0.74%, followed by decline in The Boeing Company of 0.71%, in Bank of America Corporation of 0.59%, in The Home Depot, Inc. of 0.50%, in Pfizer Inc. of 0.44%.

Other Movers

Adtran, Inc. ((ADTN)) gained 2.5% or $1.05 to $42.65 after the networking and communications equipment provider reported first quarter total sales surged 30% to $165.52 million from $127.03 million in the same period last year. Net income in the quarter surged 88% to $34.26 million or 52 cents per diluted share compared to $18.19 million or 29 cents per share in the year-ago quarter.

Energy Rock Energy Partners, L.P. ((EROC)) surged 15% or $1.54 to $11.77 after the natural gas company agreed to acquire Crow Creek Energy II LLC for $525 Million. The transaction closes on May 3.

Hooker Furniture Corporation ((HOFT)) declined 4.4% or 59 cents to $12.71 after the reported fourth quarter net sales increased 4.3% to $55.0 million from $52.7 million in the same quarter last year. Net loss in the quarter was $0.18 million or 2 cents per diluted share compared to net income of $2.97 million or 28 cents per share in the prior-year quarter.

Healthcare Services Group, Inc. ((HCSG)) fell 0.6% or 11 cents to $17.91 after the provider of housekeeping and laundry services to nursing homes said first quarter revenues increased 13% to $208.4 million from $183.8 million last year. Net income in the quarter grew 4.4% to $7.76 million or 12 cents per diluted share compared to $7.43 million or 11 cents per share a year earlier.

Identive Group, Inc. ((INVE)) tumbled 28.1% or $1.60 to $4.09 after the identification-based technology company was selected as the exclusive supplier of near field communication RFID stickers for the roll out of Google’s marketing campaign. The stock had run up after the release of news yesterday.

JPMorgan Chase & Co. ((JPM)) rose 0.1% or 7 cents to $46.71 the financial services provider reported first quarter total net revenue, on a reported basis, dropped 9% to $25.22 billion from prior year''s $27.67 billion. Net income in the quarter surged 67% to $5.56 billion or $1.28 per diluted share compared to $3.33 billion or 74 cents per share a year ago.

Mistras Group, Inc. ((MG)) increased 2% or 33 cents to $16.83 after the technology solution provider reported third quarter revenues increased 23% to $79.2 million from $64.4 million in the same quarter last year. Net income in the quarter tripled to $2.4 million or 9 cents per diluted share compared to $0.8 million or 3 cents per share in the prior-year quarter.

Riverbed Technology, Inc. ((RVBD)) soared 15.6% or $4.83 to $35.75 after the designer and manufacturer of WAN optimization and network traffic measurement products said its first quarter earnings are expected in the range of $0.07 and $0.08 per share.

Streamline Health Solutions, Inc. ((STRM)) dropped 4.2% 8 cents to $1.81 after the healthcare information technology company said fourth quarter total revenues fell to $4.9 million from $6.3 million last year. Net loss in the quarter was $1.8 million or 19 cents per diluted share compared to net income of $1.6 million or 17 cents per share a year earlier.

Suffolk Bancorp ((SUBK)) fell 0.7% or 14 cents to $18.36 after the bank reported fourth quarter total interest income fell 7.3% to $20.3 million from $21.9 million last year. Net loss in the quarter was $12.9 million or $1.33 per diluted share compared to net income of $1.5 million or 16 cents per share a year ago.

Silgan Holdings Inc. ((SLGN)) soared 11.3% or $4.17 to $41.00 after the packaging material maker agreed to acquire Graham Packaging Company Inc. ((GRM)), total enterprise valued including net debt approximately $4.1 billion. Graham shareholders will receive 0.402 shares of Silgan common stock and $4.75 in cash for each share.