U.S. Movers: AOL, ConAgra, Kellogg, Las Vegas Sands, Time Warner

Mukesh Buch
04 May, 2011
New York City

AOL first quarter net income tumbled 86% to $4.7 million. ConAgra made deal with Ralcorp to acquire for $4.9 billion. Kellogg first quarter net income slumped to $366 million. Las Vegas Sands reported first quarter net income of $228 mn. Time Warner first quarter net income declined 10% to $653 mn.

[R]10:30 AM New York – AOL first quarter net income tumbled 86% to $4.7 million. ConAgra made deal with Ralcorp to acquire for $4.9 billion. Kellogg first quarter net income slumped to $366 million. Las Vegas Sands reported first quarter net income of $228.2 million. Time Warner first quarter net income declined 10% to $653 million.[/R]

Of 30 the stocks in the Dow, 8 increased and 22 decreased.

Of the stocks in the Dow Jones Industrial Average, Intel Corporation led the gainers with a rise of 1.10% followed by increase in Cisco Systems, Inc. of 0.48%, in Microsoft Corporation of 0.43%, in The Procter & Gamble Company of 0.33%, in Hewlett-Packard Company of 0.21%.

Chevron Corporation led the decliners with a fall of 2.00%, followed by decline in Caterpillar Inc. of 1.63%, in General Electric Company of 1.54%, in The Travelers Companies, Inc. of 1.47%, in Exxon Mobil Corporation of 1.40%.

Other Movers

Applied Materials, Inc. ((AMAT)) decreased 1.4% or 22 cents to $15.02 after the equipment, services and software provider and Varian Semiconductor Equipment Associates, Inc. ((VSEA)) sign merger agreement under which Applied will acquire Varian for total price of $4.9 billion.

AOL Inc. ((AOL)) rose 0.4% or 10 cents to $20.50 after the Web service provider said first quarter reported first quarter revenues declined 17% to $551.4 million from $664.3 million last year. Net income in the quarter tumbled 86% to $4.7 million or 4 cents per diluted share compared with $34.7 million or 39 cents per share in the prior year.

Avis Budget Group, Inc. ((CAR)) gained 2.9% or 54 cents to $18.60 after the vehicle rental company reported first quarter net revenues grew 7% to $1.24 billion from $1.15 billion in the same quarter last year. Net income in the quarter was $7 million or 6 cents per diluted share compared to a net loss of $38 million or 37 cents per share in the prior-year quarter.

ConAgra Foods, Inc. ((CAG)) advanced 3.4% or 85 cents to $25.60 after the branded food maker made a proposal to the Ralcorp Holdings, Inc. ((RAH)) to acquire for $86 per share in cash or approximately $4.9 billion.

Comcast Corporation ((CMCSA)) slipped 1.6% or 45 cents to $26.16 after the entertainment and communications company reported first quarter revenues surged 31.8% to $12.1 billion, from $9.2 billion last year. Net income in the quarter increased 8.9% to $943 million or 34 cents per diluted share compared with $866 million or 31 cents per share in the prior year.

Devon Energy Corporation ((DVN)) slumped 3.1% or $2.76 to $84.56 after the energy company reported first quarter total revenues declined to $2.15 billion compared to $3.22 billion in the same period last year. Net earnings in the quarter decreased to $0.42 billion or $0.97 per diluted share compared to $1.2 billion or $2.66 per share a year ago.

Fresenius Medical Care AG & Co. ((FMS)) decreased 1.2% or 95 cents to $74.98 after the German based kidney dialysis product maker reported first quarter net revenue soared 5.4% to $3.04 billion compared to $2.88 billion in the same period last year. Net income in the quarter decreased 4.5% to $220.7 million or 73 cents per ADS share compared to $211.1 million or 70 cents per ADS share a year ago.

Kellogg Company ((K)) declined 1.4% or 85 cents to $56.60 after the ready-to-eat food maker reported first quarter revenue increased 5% to $3.5 billion from $3.3 billion in the same quarter last year. Net income in the quarter slumped to $366 million or $1.00 per diluted share compared to $418 million or $1.09 per share a year ago.

Lamar Advertising Company ((LAMR)) tumbled 7.8% or $2.51 to $29.51 after the advertising company said first quarter net revenues grew 4.5% to $255.2 million from $244.1 million in the same quarter last year. Net loss in the quarter narrowed to $13.3 million or 14 cents per diluted share compared to $24.9 million or 27 cents per share in the prior-year quarter.

Las Vegas Sands Corp. ((LVS)) plunged 6.3% or $2.92 to $42.95 after the resorts & casinos operator reported first quarter net revenue increased 58.2% to $2.11 billion from $1.33 billion in the same quarter last year. Net income generated in the quarter was $228.2 million or 28 cents per diluted share compared to a net loss of $28.9 million or 4 cents per share in the prior-year quarter.

MGM Resorts International ((MGM)) surged 7.6% or 98 cents to $13.87 after the holding company reported first quarter revenue rose 3% to $1.50 billion from $1.46 billion in the same quarter last year. Net loss in the quarter narrowed to $89.9 million or 18 cents per diluted share compared to $96.7 million or 22 cents per share for the year-ago quarter.

Marsh & McLennan Companies, Inc. ((MMC)) fell 0.4% or 14 cents to $30.63 after the professional service provider said first quarter revenues surged 9% to $2.9 billion compared to $2.6 billion in the same period last year. Net income in the quarter increased 31% to $325 million or 58 cents diluted share compared to $248 million or 45 cents per share a year ago.

Nicor Inc. ((GAS)) fell 0.6% or 34 cents to $54.81 after the gas distribution company reported first quarter total revenues declined to $1.04 billion compared to $1.19 billion in the same period last year. Net income in the quarter decreased 31% to $45.9 million or $0.98 per diluted share compared to $60.5 million or $1.33 per share a year ago.

Quanta Services, Inc. ((PWR)) tumbled 8.2% or $1.76 to $19.67 after the specialty contract service provider reported first quarter reported first quarter net revenues rose to $848.9 million from $748.2 million in the same quarter last year. Net loss in the quarter was $17.6 million or 8 cents per diluted share compared to a net income of $23.7 million or 11 cents per share in the prior-year quarter.

R.R. Donnelley & Sons Company ((RRD)) fell 0.3% or 7 cents to $19.07 after the communication company said first quarter net sales surged 7% to $2.6 billion compared to $2.4 billion in the same period last year. Net earnings in the quarter decreased to $33.9 million or 16 cents diluted share compared to $52.6 million or 25 cents per share a year ago.

SPX Corporation ((SPW)) rose 0.2% or 17 cents to $84.29 after the equipment and diagnostic tool maker said first quarter revenues surged 10.5% to $1.20 billion compared to $1.08 billion in the same period last year. Net income in the quarter increased to $23.1 million or 45 cents diluted share compared to $22.1 million or 44 cents per share a year ago.

Time Warner Inc. ((TWX)) declined 3.7% or $1.42 to $36.32 after the media and entertainment company reported first quarter revenue increased 6% to $6.7 billion from $6.3 billion in the same quarter last year. Net income in the quarter declined 10% to $653 million or 59 cents per diluted share compared to $725 million or 62 cents per share a year ago.

Talisman Energy Inc. ((TLM)) plunged 6.5% or $1.54 to $21.96 after the Canada based oil and gas company reported first quarter reported first quarter total revenues increased to $2.0 billion compared to $1.8 billion in the same period last year. Net loss in the quarter was $326 million or 32 cents per diluted share compared to a net income of $371 million or 36 cents per share a year ago.