U.S. Movers: BJ

Mukesh Buch
29 Jun, 2011
New York City

BJ

[R]11:35 AM New York – BJ’s agreed to be acquired in a leveraged buyout of $2.8 billion. Bank of America agreed to resolve all legacy of residential mortgage for $14 billion. Family Dollar third quarter net income grew 6.5%. Monsanto third quarter net income soared to $680 million.[/R]

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

Of the stocks in the Dow Jones Industrial Average, Bank of America Corporation led the gainers with a rise of 3.22% followed by increase in JPMorgan Chase & Co. of 1.64%, in The Coca-Cola Company of 1.04%, in Alcoa Inc. of 1.02%, in The Walt Disney Company of 0.95%.

Microsoft Corporation led the decliners with a fall of 1.10%, followed by decline in Caterpillar Inc. of 0.82%, in Intel Corporation of 0.42%, in The Procter & Gamble Company of 0.30%, in American Express Company of 0.24%.

Other Movers

Acuity Brands, Inc. ((AYI)) decreased 1.2% or 67 cents to $55.20 after the electronic control devices provider reported third quarter net sales increased 12% to $458.3 million from $407.6 million in the same quarter last year. Net earnings in the quarter surged 27% to $27.1 million or 62 cents per diluted share compared to $21.3 million or 48 cents per share a year ago.

American Greetings Corporation ((AM)) slipped 1.6% or 39 cents to $24.02 after the greeting cards and gift articles maker said total revenues grew to $402.3 million from $396.3 million a year ago. Net income in the quarter rose to $32.6 million or 78 cents per diluted share compared to $30.8 million or 75 cents per share a year earlier.

BJ’s Wholesale Club, Inc. ((BJ)) gained 4.6% or $2.25 to $50.33 after the warehouse club operator entered into agreement to be acquired by affiliates of Leonard Green & Partners, L.P. and funds advised by CVC Capital Partners in all-cash transaction valued $2.8 billion. Under the terms, BJ''s shareholders will receive $51.25 a share. Transaction is expected to close during the fourth quarter of 2011.

Bank of America Corporation ((BAC)) advanced 3.4% or 37 cents to $11.19 after the holding company agreed to resolve all of legacy of residential mortgage. The agreement includes a cash payment of $8.5 billion to the covered trusts and record additional $5.5 billion provision to its representations and warranties liability for both Government-Sponsored Enterprises and non-GSE exposures in the second quarter of 2011.

As a result of the settlement, the bank expects to report net loss in the range of $8.6 billion to $9.1 billion in the second quarter of 2011 or $0.88 to $0.93 per diluted share. The company also expects to report net income in the range of $3.2 billion to $3.7 billion in the second quarter of 2011 or $0.28 to $0.33 per fully diluted share.

The settlement covers 525 legacy Countrywide first-lien RMBS trusts and five legacy Countrywide second-lien RMBS trusts with mortgage loans principally originated between 2004 and 2008.

Family Dollar Stores, Inc. ((FDO)) rose 0.8% or 44 cents to $53.61 after the discount store operator reported third quarter net sales increased 7.8% to $2.1 billion from $2.0 billion in the same quarter last year. Comparable store sales increase of 4.7%. Net income in the quarter grew 6.5% to $111.1 million or 91 cents per diluted share compared to $104.4 million or 77 cents per share a year earlier.

General Mills, Inc. ((GIS)) rose 0.7% or 27 cents to $37.48 after the food processing company reported fourth quarter net sales rose 3% to $3.6 billion from $3.5 billion in the same quarter last year. Net earnings in the quarter soared 51.1% to $320.2 million or 48 cents per diluted share compared to $211.9 million or 31 cents per share a year ago.

KB Home ((KBH)) slumped 8.6% or $1.03 to $10.89 after the homebuilder and financial service provider said second quarter revenues declined 27% to $271.7 million from $374.1 million a year ago. Net loss in the quarter widened to $68.5 million or 89 cents per diluted share compared to $30.7 million or 40 cents per share a year earlier.

Lindsay Corporation ((LNN)) increased 7.7% or $5.08 to $70.70 after the irrigation system maker said third quarter revenues surged 53% to $153.4 million from $100.1 million a year ago. Net earnings in the quarter soared to $15.3 million or $1.20 per diluted share compared to $6.2 million or $0.50 per share a year ago.

Monsanto Company ((MON)) gained 4.6% or $3.10 to $70.00 after the agricultural product provider reported third quarter net sales increased to $3.59 billion from $2.96 billion in the same quarter last year. Net income in the quarter soared to $680 million or $1.26 per diluted share compared to $384 million or $0.70 per share a year earlier.

Progress Software Corporation ((PRGS)) increased 1.3% or 31 cents to $23.59 after the software company reported second quarter revenues grew 6% to $134.7 million from $127.7 million a year ago. Net income in the quarter fell 6% to $18.0 million or 26 cents per diluted share compared to $19.1 million or 29 cents per share a year ago.

Shaw Communications Inc. ((SJR)) advanced 3.3% or 73 cents to $22.31 after the Canadian broadcasting and cable TV company reported third quarter revenues surged 36.1% to $1.28 billion from $0.94 billion a year ago. Net income in the quarter soared 28.1% to $202.7 million or 45 cents per diluted share compared to $158.2 million or 37 cents per share a year ago.

SYNNEX Corporation ((SNX)) decreased 2.5% or 81 cents to $30.65 after the outsourcing company said second quarter revenues soared 22.8% to $2.5 billion from $2.0 million a year ago. Net income in the quarter surged 26.4% to $31.4 million or 85 cents per diluted share compared to $24.8 million or 70 cents per share a year ago.

The Shaw Group Inc. ((SHAW)) slumped 9.3% or $3.01 to $29.30 after the construction services provider reported third quarter revenues fell to $1.5 billion from $1.8 billion a year ago. Net income in the quarter rose to $69.9 million or 89 cents per diluted share compared to $68.1 million or 79 cents per share a year earlier.

UniFirst Corporation ((UNF)) increased 1.9% or $1.01 to $53.94 after the workplace uniforms maker said third quarter revenues increased 11.6% to $291.6 million from $261.2 million a year ago. Net income in the quarter fell to $18.4 million or 93 cents per diluted share compared to $19.3 million or 98 cents per share a year ago.