U.S. Movers: Bank of America, Google, Genuine Parts, Knoll, Schwab, Valmont

Mukesh Buch
15 Apr, 2011
New York City

Bank of America first quarter net income fell to $2 billion. Google first quarter net income rose to $2.30 billion. Genuine Parts quarterly net income rose 26% to $126.5 million. Knoll first quarter net income soared 318.2% to $9.2 million. Charles Schwab quarterly net income surged 84% to $243 mn.

[R]11:20 AM New York – Bank of America first quarter net income fell to $2 billion. Google first quarter net income increased to $2.30 billion. Genuine Parts quarterly net income increased 26% to $126.5 million. Knoll first quarter net income soared 318.2% to $9.2 million. Charles Schwab first quarter net income surged 84% to $243 million.[/R]

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

Of the stocks in the Dow Jones Industrial Average, Merck & Co., Inc. led the gainers with a rise of 2.89% followed by increase in The Home Depot, Inc. of 1.29%, in Johnson & Johnson of 1.17%, in General Electric Company of 1.08%, in Kraft Foods Inc. of 1.06%.

Bank of America Corporation led the decliners with a fall of 0.99%, followed by decline in Microsoft Corporation of 0.55%, in Alcoa Inc. of 0.50%, in Caterpillar Inc. of 0.36%, in Pfizer Inc. of 0.34%.

Other Movers

Bank of America Corporation ((BAC)) decreased 1% or 14 cents to $12.99 after the bank holding company reported first quarter total revenue declined to $26.9 billion compared to $32.0 billion in the same period last year. Net income in the quarter fell to $2.0 billion or 17 cents per diluted share compared to $3.2 billion or 28 cents per share a year ago.

Commerce Bancshares, Inc. ((CBSH)) rose 0.3% or 14 cents to $40.82 after the bank holding company reported first quarter net interest income fell to $161.0 million from $162.7 million in the same period last year. Net income in the quarter increased to $60.4 million or 69 cents per diluted share compared to $44.1 million or 50 cents per share in the year-ago quarter.

Cubist Pharmaceuticals, Inc. ((CBST)) advanced 4.2% or $1.29 to $31.65 after the biopharmaceutical company said first quarter total revenues increased 13% to $162.5 million from $144.1 million last year. Net income in the quarter increased to $22.6 million or 34 cents per diluted share compared to $20.4 million or 34 cents per share a year earlier.

Google Inc. ((GOOG)) tumbled 7.1% or $41.34 to $537.17 after the Internet search giant reported first quarter revenues soared 27% to $8.58 billion compared to $6.77 billion in the same period last year. Net income in the quarter increased to $2.30 billion or $7.04 per diluted share compared to $1.96 billion or $6.06 per share a year ago.

Genuine Parts Company ((GPC)) declined 1% or $1.62 to $52.39 after the automotive, industrial and office product distributor reported first quarter sales increased 14% to $3.0 billion from $2.6 billion in the same period last year. Net income in the quarter increased 26% to $126.5 million or 80 cents per diluted share compared to $100.6 million or 63 cents per share in the year-ago quarter.

Independent Bank Corp. ((INDB)) gained 2.7% or 74 cents to $27.61 after the bank holding company said first quarter net interest income decreased 3.72% to $48.96 million from $50.85 million last year. Net income in the quarter increased 21.2% to $11.19 million or 52 cents per diluted share compared to $9.23 million or 44 cents per share a year earlier.

Knoll, Inc. ((KNL)) surged 13.5% or $2.65 to $22.23 after the textile and leather products maker reported first quarter net sales increased 26% to $220.9 million from $175.3 million in the same period last year. Net income in the quarter soared 318.2% to $9.2 million or 20 cents per diluted share compared to $2.2 million or 5 cents per share in the year-ago quarter.

Mattel, Inc. ((MAT)) soared 4.9% or $1.26 to $27.00 after the toy maker reported first quarter net sales rose 8% to $951.9 million compared to $880.1 million in the same period last year. Net income in the quarter declined 33% to $16.6 million or 5 cents per diluted share compared to $24.8 million or 7 cents per share a year ago.

The Charles Schwab Corporation ((SCHW)) gained 2.2% or 40 cents to $18.62 after the savings and loan holding company reported first quarter revenues soared 23% to $1.21 billion compared to $0.98 billion in the same period last year. Net income in the quarter surged 84% to $243 million or 20 cents per diluted share compared to $6 million or break even per share a year ago.

Valmont Industries, Inc. ((VMI)) rose 0.07% or 7 cents to $104.96 after the fabricated metal producer reported first quarter total net revenue surged to $568.0 million compared to $367.4 million in the same period last year. Net income in the quarter increased to $25.6 million or 97 cents per diluted share compared to $16.4 million or 62 cents per share a year ago.

Webster Financial Corporation ((WBS)) increased 1.6% or 34 cents to $21.57 after the bank holding company said first quarter net interest income decreased to $175.5 million from $177.8 million last year. Net income in the quarter increased to $33.5 million or 36 cents per diluted share compared to net loss of $6.1 million or 8 cents per share a year earlier.