U.S. Movers: Aveo, Clarcor, Ecology, Korn/Ferry, Owens-Illinois

Mukesh Buch
15 Jun, 2011
New York City

Aveo announced pricing of underwritten public offering of 57.5 million shares at $17.50 per share. Clarcor second quarter net earnings improved 37%. Korn/Ferry fourth quarter net income surged 128%. Scotts Miracle-Gro anticipates adjusted earnings $3.10 to $3.20 per share for fiscal year 2011.

[R]10:40 AM New York – Aveo announced pricing of underwritten public offering of 57.5 million shares at $17.50 per share. Clarcor second quarter net earnings improved 37%. Korn/Ferry fourth quarter net income surged 128%. Scotts Miracle-Gro anticipates adjusted earnings $3.10 to $3.20 per share for fiscal year 2011.[/R]

Of 30 the stocks in the Dow, 1 increased and 29 decreased.

Of the stocks in the Dow Jones Industrial Average, McDonald’s Corporation led the gainers with a rise of 0.31%.

The Home Depot, Inc. led the decliners with a fall of 1.55%, followed by decline in Bank of America Corporation of 1.34%, in Microsoft Corporation of 1.20%, in Chevron Corporation of 0.99%, in Cisco Systems, Inc. of 0.99%.

Other Movers

Aveo Pharmaceuticals, Inc. ((AVEO)) plunged 10.4% or $1.99 to $17.10 after the biopharmaceutical company commenced public offering of 57.5 million shares of common stock at a price of $17.50 per share to the public. All shares are sold by the company.

CLARCOR Inc. ((CLC)) gained 5.8% or $2.42 to $43.80 after the provider of filtration products reported second quarter net sales grew 12% to $288.5 million from $257.9 million last year. Net earnings for the quarter improved 37.2% to $32.8 million or 64 cents per diluted share compared to net earnings of $23.9 million or 47 cents per share last year.

Ecology and Environment, Inc. ((EEI)) declined 9.6% or $1.84 to $17.30 after the environmental consultation company said third quarter revenues increased 24% to $41.4 million from $33.3 million in the same quarter last year. Net income in the quarter doubled to $1.4 million or 34 cents per diluted share compared to $0.7 million or 18 cents per share a year earlier.

Korn/Ferry International ((KFY)) advanced 6.6% or $1.42 to $22.94 after the talent management solutions provider reported fourth quarter revenue grew 16% to $205.78 million from $176.91 million in the same quarter last year. Net income in the quarter surged 128% to $20.34 million or 43 cents per diluted share compared to net income of $8.92 million or 19 cents per share in the prior-year quarter.

Owens-Illinois, Inc. ((OI)) slumped 7.7% or $2.29 to $27.25 after the glass container maker expects second quarter adjusted net earnings will be down from the prior year period. Operating profit margins likely decline between 3 and 6 percentage points from a year ago quarter. Asia Pacific region face challenging market conditions in Australia and New Zealand.

The Scotts Miracle-Gro Company ((SMG)) slipped 4.3% or $2.27 to $50.07 after the lawn and garden products company anticipates adjusted earnings of $3.10 to $3.20 per share for fiscal year 2011.