U.S. Movers: J. C. Penney, Lowe

Mukesh Buch
16 May, 2011
New York City

Elbit Systems first quarter net income plunged to $27.9 million. J. C. Penney first quarter net income rose 7% to $64 million. Lowe

[R]10:55 AM New York – Elbit Systems first quarter net income plunged to $27.9 million. J. C. Penney first quarter net income rose 7% to $64 million. Lowe’s first quarter net income declined 4% to $461 million. NASDAQ OMX and ICE withdrew their $11 billion proposal to acquire NYSE Euronext.[/R]

Of 30 the stocks in the Dow, 11 increased and 18 decreased and 1 unchanged.

Of the stocks in the Dow Jones Industrial Average, Intel Corporation led the gainers with a rise of 1.26% followed by increase in American Express Company of 1.07%, in The Bank of America Corporation of 1.01%, in The Travelers Companies, Inc. of 0.96%, in Wal-Mart Stores, Inc. of 0.77%.

The Boeing Company led the decliners with a fall of 1.14%, followed by decline in The Walt Disney Company of 1.08%, in Caterpillar Inc. of 0.80%, in General Electric Company of 0.74%, in Hewlett-Packard Company of 0.72%.

Other Movers

Beckman Coulter, Inc. ((BEC)) rose 0.07% or 6 cents to $83.05 after the biomedical testing instrument system maker first quarter total revenues grew to $895.4 million compared to $881.1 million in the same period last year. Net income in the quarter slumped to $10.3 million or 14 cents per diluted share compared to $38.7 million or 54 cents per share a year ago.

Benihana Inc ((BNHN)) plunged 9.8% or $1.00 to $9.11 after the restaurant operator reported their Japanese-theme restaurants terminated its sale process.

Elbit Systems Ltd. ((ESLT)) fell 0.3% or 20 cents to $51.42 after the Israel based aerospace and defense product maker said first quarter revenues rose to $620.3 million compared to $618.2 million in the same period last year. Net income in the quarter plunged to $27.9 million or $0.65 per diluted share compared to $49.8 million or $1.15 per share a year earlier.

Global Ship Lease, Inc. ((GSL)) slumped 4.1% or 29 cents to $6.64 after the fleet and vessels contractor said first quarter revenues edged down to $39.1 million compared to $39.2 million in the same period last year. Net income in the quarter surged to $10.8 million or 23 cents per diluted share compared to $3.3 million or 7 cents per share a year ago.

J. C. Penney Company, Inc. ((JCP)) soared 4% or $1.56 to $40 after the retailer company reported first quarter total sales rose 0.4% to $3.94 billion compared to $3.93 billion in the same period last year. Comparable store sales for the quarter rose 3.8%. Net income in the quarter increased 6.7% to $64 million or 28 cents per diluted share compared to $60 million or 25 cents per share a year ago.

Joy Global Inc. ((JOYG)) rose 0.9% or 85 cents to $88.33 after the mining equipment maker today announced that it will acquire 100% ownership in LeTourneau Technologies Inc. from Rowan Companies, Inc. ((RDC)) for $1.1 billion in cash. The company will finance the transaction with cash on hand and additional borrowings.

Lowe’s Companies, Inc. ((LOW)) slipped 1.1% or 30 cents to $25.48 after the home improvement retailer reported first quarter sales fell 1.6% to $12.2 billion compared to $12.4 billion in the same period last year. Net earnings in the quarter declined 3.8% to $461 million or 34 cents per diluted share compared to $489 million or 34 cents per share a year ago period.

Orthovita, Inc. ((VITA)) soared 40.1% or $1.10 to $3.83 after the orthobiologic and biosurgery products maker today announced that they entered into merger agreement under which Stryker Corporation ((SYK)) agreed to acquire all of the common stock of Orthovita for $3.85 per share in cash which represents total value of $316 million.

Stryker Corporation gained to 1% or 69 cents to $63.97.

Primedia Inc ((PRM)), the soared 60.1% or $2.64 to $7.02 after the media company agreed to acquired by private equity group TPG Capital for $525 million or $7 a share. The industry focused publishing group and consumer guides publisher has been struggling to adjust to Internet and generated string of losses in the last decade.

The NASDAQ OMX Group, Inc ((NDAQ)) gained 1% or 29 cents to $27.20 after the trading, exchange technology provider today announced that group and IntercontinentalExchange ((ICE)) withdrew their $11 billion proposal to acquire NYSE Euronext. After the discussions with the Antitrust Division of U.S. Department of Justice, the group determined that the merger may not win regulatory approval.

NYSE Euronext tumbled to 10.3% or $4.24 to $36.65.