U.S. Movers: AutoZone, DSW, El Paso, GT Solar, Medtronic

Mukesh Buch
24 May, 2011
New York City

AutoZone third quarter net income increased 12% to $227.4 million. DSW first quarter net income rose to $38.4 million. Medtronic fourth quarter net earnings declined to $776 million. Sanderson Farms reported second quarter net loss of $16.3 million.

[R]11:20 AM New York – AutoZone third quarter net income increased 12% to $227.4 million. DSW first quarter net income rose to $38.4 million. Medtronic fourth quarter net earnings declined to $776 million. Sanderson Farms reported second quarter net loss of $16.3 million.[/R]

Of 30 the stocks in the Dow, 10 increased and 20 decreased.

Of the stocks in the Dow Jones Industrial Average, Chevron Corporation led the gainers with a rise of 1.63% followed by increase in Alcoa Inc. of 1.50%, in Exxon Mobil Corporation of 1.33%, in Hewlett-Packard Company of 0.59%, in Caterpillar Inc. of 0.52%.

The Home Depot, Inc. led the decliners with a fall of 0.75%, followed by decline in General Electric Company of 0.52%, in American Express Company of 0.49%, in Kraft Foods Inc. of 0.36%, in Wal-Mart Stores, Inc. of 0.33%.

Other Movers

AutoZone, Inc. ((AZO)) surged 5.2% or $14.32 to $291.10 after the automotive retailer and distributor reported third quarter sales increased 8.6% to $2 billion compared to $1.82 billion in the same period last year. Domestic same store sales rose 5.3%. Net income in the quarter increased 12.1% to $227.4 million or $5.29 per diluted share compared to $202.7 million or $4.12 per share a year ago.

Cracker Barrel Old Country Store, Inc. ((CBRL)) declined 9.4% or $5.04 to $48.09 after the restaurant operator and retailer said third quarter total revenue rose 1% to $582.5 million compared to $578.2 million in the same period last year.

Comparable restaurant sales fell 0.3% while Comparable retail sales rose 0.1%. Net income in the quarter grew 5% to $15.2 million or 64 cents per diluted share compared to $14.4 million or 61 cents per share a year earlier.

DSW Inc. ((DSW)) surged 15.8% or $6.85 to $50.03 after the specialty retailer reported first quarter net sales surged 12% to $503.6 million compared to $449.5 million in the same period last year. Comparable same store sales increased 10.8%. Net income in the quarter increased to $38.4 million or 85 cents per diluted share compared to $30.2 million or 67 cents per share a year ago.

El Paso Corporation ((EP)) surged 7.1% or $1.35 to $20.33 after the energy company announced that Board of Directors has granted initial approval to separate the company into two publicly traded businesses by year end 2011. El Paso Corporation will comprise of El Paso''s Pipeline Group.

Today, the company has also raised its adjusted diluted earnings estimate for 2011 increased to $1.10 a share form $1 and cash flow from operations to $2.4 billion from $2.2 billion.

GT Solar International, Inc. ((SOLR)) soared 7.4% or 87 cents to $12.49 after the polysilicon technology provider reported fourth quarter revenue increased to $271.6 million compared to $194.7 million in the same period last year. Net income in the quarter soared to $51.9 million or 41 cents per diluted share compared to $33.3 million or 23 cents per share a year ago.

Medtronic, Inc. ((MDT)) fell 2.2% or 93 cents to $40.33 after the medical technology company reported fourth quarter net sales rose 2% to $4.3 billion compared to $4.2 billion in the same period last year. Net earnings in the quarter declined to $776 million or 72 cents per diluted share compared to $954 million or 86 cents per share a year ago.

For the fiscal year 2010, revenue rose 1% to $15.9 billion in fiscal 2010 from $15.8 billion last year. Net earnings in the fiscal year were flat to $3.1 billion or $2.86 per diluted share compared to $3.1 million or $2.79 per share a year ago.

Sanderson Farms, Inc. ((SAFM)) gained 2.4% or $1.12 to $47.09 after the poultry food processor company reported second quarter net sales fell to $479.3 million compared to $487.1 million in the same period last year. Net loss in the quarter was to $16.3 million or $0.74 per diluted share compared to net income of $35.1 million or $1.62 per share a year ago.

Universal Corporation ((UVV)) gained 2.3% or $1 to $43.70 after the leaf tobacco merchant and processor reported fourth quarter revenue increased 20% to $680.2 million compared to $566.5 million in the same period last year. Net income in the quarter rose to $23.4 million or 95 cents per diluted share compared to $22.7 million or 90 cents per share a year ago.