Market Updates

U.S. Movers: AstraZeneca, Adobe, CarMax, FedEx, Jabil Circuit

Mukesh Buch
22 Jun, 2011
New York City

    AstraZeneca agreed to sell its Astra Tech business to Dentsply for $1.8 billion in cash. Adobe second quarter net income surged 54% but issued cautious outlook. FedEx fourth quarter net income soared 33% to $558 million. Jabil Circuit third quarter net income surged doubled.

[R]11:20 AM New York – AstraZeneca agreed to sell its Astra Tech business to Dentsply for $1.8 billion in cash. Adobe second quarter net income surged 54% but issued cautious outlook. FedEx fourth quarter net income soared 33% to $558 million. Jabil Circuit third quarter net income surged doubled.[/R]

Of 30 the stocks in the Dow, 10 increased and 19 decreased and 1 unchanged.

Of the stocks in the Dow Jones Industrial Average, JPMorgan Chase & Co. led the gainers with a rise of 1.08% followed by increase in Bank of America Corporation of 0.92%, in Caterpillar Inc. of 0.73%, in American Express Company of 0.48%, in Cisco Systems, Inc. of 0.42%.

The Boeing Company led the decliners with a fall of 0.95%, followed by decline in The Home Depot, Inc. of 0.65%, in Merck & Co., Inc. of 0.64%, in Wal-Mart Stores, Inc. of 0.62% and in Intel Corporation of 0.58%.

Other Movers

AstraZeneca PLC ((AZN)) rose 0.4% or 20 cents to $49.37 after the UK based biopharmaceutical said agreed to sell its Astra Tech business to DENTSPLY for $1.8 billion in cash. The transaction is anticipated to be completed during the second half of 2011.

Adobe Systems Incorporated ((ADBE)) decreased 6% or $1.92 to $30.10 after the web and mobile software and service provider reported second quarter revenue grew 9% to $1.02 billion from $0.94 billion in the same quarter last year. Net income in the quarter surged 54% to $229.4 million or 45 cents per diluted share compared to $148.6 million or 28 cents per share a year ago.

AeroVironment, Inc. ((AVAV)) soared 19.6% or $5.59 to $34.20 after the aerospace and defense company said fourth quarter revenue rose 7% to $106.1 million from $99.4 million in the same quarter last year. Net income in the quarter increased 13% to $17.6 million or 79 cents per diluted share compared to $15.6 million or 71 cents per share a year earlier.

Apogee Enterprises, Inc. ((APOG)) gained 3.6% or 46 cents to $13.01 after the architectural products and service provider said first quarter revenue grew 7% to $153.3 million from $143.0 million in the same quarter last year. Net loss in the quarter narrowed to $2.2 million or 8 cents per diluted share compared to $3.5 million or 13 cents per share a year ago.

CarMax, Inc. ((KMX)) increased 6.4% or $1.97 to $32.56 after the holding company reported first quarter sales increased 18% to $2.68 billion from $2.26 billion in the same quarter last year. Comparable store used unit sales increased 6%. Net earnings in the quarter soared 25% to $126.3 million or 55 cents per diluted share compared to $101.1 million or 44 cents per share a year earlier.

FedEx Corporation ((FDX)) advanced 2.4% or $2.18 to $91.31 after the air courier service provider reported fourth quarter total revenue climbed 12% to $10.55 billion from $9.43 billion in the same quarter last year. Net income in the quarter surged 33% to $558 million or $1.75 per diluted share compared to $419 million or $1.33 per share a year ago.

FSI International, Inc. ((FSII)) declined 19% or 70 cents to $2.98 after the microelectronic equipment maker said third quarter sales fell to $25.6 million from $28.7 million in the same quarter last year. Net income in the quarter slumped to $4.1 million or 10 cents per diluted share compared to $5.9 million or 18 cents per share a year earlier.

Jabil Circuit, Inc. ((JBL)) increased 5.6% or $1.06 to $19.91 after the electronic instrument maker reported third quarter revenue increased 22.3% to $4.1 billion from $3.1 billion in the same quarter last year. Net income in the quarter surged 101% to $106.7 million or 49 cents per diluted share compared to $28.3 million or 13 cents per share a year ago.

Robbins & Myers, Inc. ((RBN)) increased 7.5% or $3.36 to $48.06 after the engineering equipment and systems maker reported third quarter sales soared to $237.1 million from $119.7 million in the same quarter last year. Net income in the quarter swing to $71.0 million or $1.54 per diluted share compared to $8.1 million or $0.25 per share a year earlier.

Based on current strength and the backlog levels the company''s increased its fiscal 2011 adjusted diluted earnings per share forecast from $1.95-$2.15 to $2.23-$2.33 and expects to earn $0.65-$0.75 in fourth quarter of 2011.

WSI Industries, Inc. ((WSCI)) soared 15.8% or 81 cents to $5.93 after the precision metal machining business maker said net sales soared 40% to $6.53 million from $4.58 million in the same quarter last year. Net income in the quarter grew 14% to $0.4 million or 14 cents per diluted share compared to $0.2 million or 6 cents per share a year earlier.

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