U.S. Movers: Goldman Sachs, Crane, J&J, Peabody, Bank of New York

Mukesh Buch
19 Apr, 2011
New York City

Goldman Sachs first quarter net earnings tumbled 72% to $908 million. Gannett quarterly net income declined 23% to $90.5 million. Johnson & Johnson first quarter net earnings declined 23% to $3.48 billion. Peabody quarterly net income rose to $176.5 mn. U.S. Bancorp quarterly net income rose 56%.

[R]10:30 AM New York – Goldman Sachs first quarter net earnings tumbled 72% to $908 million. Gannett first quarter net income declined 23% to $90.5 million. Johnson & Johnson first quarter net earnings declined 23% to $3.48 billion. Peabody first quarter net income rose to $176.5 million. U.S. Bancorp first quarter net income soared 56% to $1,046 million.[/R]

Of 30 the stocks in the Dow, 19 increased and 9 decreased and 2 unchanged.

Of the stocks in the Dow Jones Industrial Average, Johnson & Johnson led the gainers with a rise of 3.21% followed by increase in Intel Corporation of 1.38%, in Caterpillar Inc. of 1.25%, in Alcoa Inc of 1.18%, in Exxon Mobil Corporation of 0.81%.

Bank of America Corporation led the decliners with a fall of 1.21%, followed by decline in Cisco Systems, Inc. of 0.97%, in Merck & Co., Inc. of 0.75%, in The Travelers Companies, Inc. of 0.73%, in McDonald’s Corporation of 0.36%.

Other Movers

Amylin Pharmaceuticals, Inc. ((AMLN)) decreased 1.9% or 25 cents to $12.48 after the biopharmaceutical company said first quarter total revenues fell to $152.7 million from $174.1 million last year. Net loss in the quarter fell to $37.3 million or 26 cents per diluted share compared to $38.2 million or 27 cents per share a year earlier.

Brown & Brown, Inc. ((BRO)) slipped 2.5% or 66 cents to $25.30 after the insurance company reported first quarter total revenue increased 3.9% to $262.2 million from $252.3 million last year. Net income in the quarter rose to $46.3 million or 32 cents per diluted share compared to $44.1 million or 31 cents per share a year earlier.

Comerica Inc ((CMA)) fell 1.1% or 42 cents to $37.04 after the financial services company reported first quarter total interest income declined to $434 million from $476 million in the same period last year. Net income in the quarter grew to $102 million or 57 cents per diluted share compared to net loss of $71 million or 46 cents per share in the year-ago quarter.

Crane Co. ((CR)) soared 4.8% or $2.27 to $49.35 after the industrial products maker reported first quarter total revenue surged 15% to $611.0 million from $530.3 million in the same quarter last year. Net income in the quarter soared to $48.5 million or 81 cents per diluted share compared to $33.2 million or 56 cents per share in the prior-year quarter.

Forest Laboratories, Inc. ((FRX)) increased 1.6% or 53 cents to $33.76 after the pharmaceutical company reported fourth quarter revenue soared 9.7% to $1,091.9 million compared to $995.6 million in the same period last year. Net income in the quarter surged to $322.5 million or $1.12 per diluted share compared to $22.6 million or $0.07 per share a year ago.

Goldman Sachs Group, Inc. ((GS)) fell 0.5% or 79 cents to $152.99 after the investment banking services provider said first quarter net revenues, including net interest income fell 6.9% to $11.89 billion versus $12.775 billion in the comparable period.

Net earnings plummeted 72% to $908 million or $1.56 per share compared with $3.3 billion, or $5.59 per share, in the same quarter a year ago.

Gannett Co., Inc. ((GCI)) rose 0.4% or 7 cents to $15.46 after the media and marketing solution company reported first quarter total revenues fell 3.7% to $1.2 billion from $1.3 billion in the same period last year. Net income in the quarter declined 22.8% to $90.5 million or 37 cents per diluted share compared to $117.2 million or 49 cents per share in the year-ago quarter.

Harley-Davidson, Inc. ((HOG)) declined 4.5% or $1.80 to $37.91 after it reported first quarter motorcycles and related products revenue grew 1.9% to $1.06 billion from $1.04 billion last year, Net income for the quarter surged 258% to $119.3 million, or 51 cents per diluted share compared to $33.3 million or 29 cents a share a year ago.

Johnson & Johnson ((JNJ)) gained 2.9% or $1.78 to $62.24 after the pharmaceutical, medical devices and consumer packaged goods manufacturer said first quarter worldwide sales rose 3.5% to $16.17 billion from $15.63 billion in the first quarter of 2010. Net earnings in the quarter declined 23.2% to $3.48 billion or $1.25 per share compared to net earnings of $4.53 billion or $1.62 per share last year.

First quarter 2011 net earnings included after-tax charges of $271 million representing expenses due to litigation and additional DePuy ASR Hip recall costs, the company said.

Lincare Holdings Inc. ((LNCR)) fell 0.6% or 21 cents to $30.55 after the respiratory therapy service provider reported first quarter net revenue increased 5.2% to $431.6 million compared to $410.0 million in the same period last year. Net income in the quarter rose 6.3% to $46.4 million or 49 cents per diluted share compared to $43.6 million or 45 cents per share a year ago.

Millicom International Cellular S.A. ((MICC)) surged 4% or $3.86 to $98.78 after the Switzerland based mobile telecommunications operator reported first quarter revenues increased 13.4% to $1,081 million compared to $954 million in the same period last year. Net profit in the quarter increased to $230.1 million or $2.17 per diluted share compared to $155.5 million or $1.43 per share a year ago.

Molina Healthcare, Inc. ((MOH)) soared 5.6% or $2.22 to $41.44 after the healthcare service provider reported first quarter total revenues soared 12% to $1.12 billion from $0.97 billion in the same period last year. Net income in the quarter increased to $17.4 million or 56 cents per diluted share compared to $10.6 million or 41 cents per share in the year-ago quarter.

Omnicom Group Inc. ((OMC)) slumped 4.4% or $2.17 to $46.29 after the holding company reported first quarter worldwide revenue increased 7.9% to $3.15 billion from $2.92 billion in the same period last year. Net income in the quarter surged 23.6% to $201.9 million or 69 cents per diluted share compared to $163.4 million or 52 cents per share in the year-ago quarter.

Peabody Energy Corporation ((BTU)) declined 1.6% or $1.03 to $62.89 after the coal company reported first quarter revenue fell 15% to $1.74 billion compared to $1.52 billion in the same period last year. Net earnings in the quarter rose to $176.5 million or 65 cents per diluted share compared to $133.7 million or 50 cents per share a year ago.

PACCAR Inc ((PCAR)) advanced 4.8% or $2.46 to $52.77 after the automobile company reported first quarter net sales soared 47% to $3.28 billion compared to $2.23 billion in the same period last year. Net income in the quarter soared to $193.3 million or 53 cents per diluted share compared to $68.3 million or 19 cents per share a year ago.

Packaging Corporation of America ((PKG)) increased 1.1% or 32 cents to $27.89 after the containerboard and corrugated products maker reported first quarter net sales increased 14% to $630 million compared to $551 million in the same period last year. Net income in the quarter soared to $37.4 million or 37 cents per diluted share compared to $19.2 million or 19 cents per share a year ago.

RLI Corp. ((RLI)) fell 0.1% or 8 cents to $58.35 after the property and casualty insurance company reported first quarter revenue fell 1.8% to $136.8 million compared to $139.3 million in the same period last year. Net earnings in the quarter rose 9.2% to $26.4 million or $1.24 per diluted share compared to $24.2 million or $1.13 per share a year ago.

Seagate Technology plc ((STX)) plunged 2.2% or 40 cents to $17.44 after the Ireland based hard disk drive maker reported third quarter revenue declined to $2.7 billion compared to $3.0 billion in the same period last year. Net income in the quarter tumbled to $93 million or $0.21 per diluted share compared to $518 million or $1.00 per share a year ago.

Sony Ericsson Mobile Communications AB ((SNE)) rose 0.8% or 25 cents to $29.50 after a joint venture between Sony Corp. ((SNE, SON.L)) and LM Ericsson Telephone Co. ((ERIC)), reported first quarter sales decreased 19% to €1.145 billion from €1.405 billion in the comparable period a year ago.

Net income for the first quarter declined 48% to €11 million from €21 million last year.

Smith A O Corporation ((AOS)) decreased 1.6% or 68 cents to $41.32 after the water heating equipment and electric motor maker reported first quarter net sales increased to $417.4 million compared to $366.7 million in the same period last year. Net earnings in the quarter rose to $41.0 million or 88 cents per diluted share compared to $30.9 million or 67 cents per share a year ago.

State Street Corporation ((STT)) gained 2.7% or $1.24 to $45.91 after the financial holding company reported first quarter revenue increased 3% to $2.36 billion compared with $2.30 billion in the prior-year quarter. Net income in the quarter fell 5% to $471 million or 93 cents a share compared with $495 million or 99 cents per share in the same period last year.

Steel Dynamics, Inc. ((STLD)) soared 3.5% or 62 cents to $18.08 after the metals recycler reported first quarter net sales increased to $2.02 billion compared to $1.55 billion in the same period last year. Net income in the quarter soared to $105.9 million or 46 cents per diluted share compared to $65.0 million or 29 cents per share a year ago.

Texas Instruments Inc. ((TXN)) fell 0.8% or 29 cents to $34.50 after the semiconductor maker reported first quarter revenue increased 6% to $3.4 billion from $3.2 billion in the same period last year. Net income in the quarter rose 1% to $666 million or 55 cents per diluted share compared to $658 million or 52 cents per share in the year-ago quarter.

The Bank of New York Mellon Corporation ((BK)) tumbled 3% or 89 cents to $28.32 after the global financial services company reported first quarter total fee and other revenue for the quarter grew 12.3% to $2.84 billion from $2.53 billion in the same quarter last year. Net income in the quarter increased 11.8% to $625 million or 50 cents per diluted share compared to $559 million or 46 cents per share in the previous year.

U.S. Bancorp ((USB)) slumped 1.9% or 48 cents to $25.08 after the financial services holding company reported first quarter total net revenues increased 4.6% to $4.52 billion compared with $4.32 billion in the prior-year quarter. Net income in the quarter soared 56.4% to $1,046 million or 52 cents a share compared with $669 million or 34 cents per share in the same period last year.

Wolverine World Wide, Inc. ((WWW)) gained 3.5% or $1.35 to $38.94 after the footwear maker reported first quarter revenue grew 16.1% to $330.9 million compared with $284.9 million in the prior-year quarter. Net earnings in the quarter increased to $35.8 million or 72 cents a share compared with $27.4 million or 54 cents per share in the same period last year.

Zions Bancorporation ((ZION)) surged 6.4% or $1.48 to $24.44 after the financial holding company said first quarter net interest income fell to $552.4 million from $580.1 million last year. Net earnings in the quarter grew to $14.7 million or 8 cents per diluted share compared to net loss of $86.5 million or 57 cents per share a year earlier.