U.S. Movers: Constellation Brands, GenCorp, McCormick, News Corp

Mukesh Buch
30 Jun, 2011
New York City

Constellation Brands first quarter net income surged 52% to $74.5 million. News Corp sold Myspace for $35 million and may have lost as much as $1 billion since acquisition six years. McCormick second quarter net income grew to $73.6 million.

[R]11:35 AM New York – Constellation Brands first quarter net income surged 52% to $74.5 million. News Corp sold Myspace for $35 million and may have lost as much as $1 billion since acquisition six years. McCormick second quarter net income grew to $73.6 million.[/R]

Of 30 the stocks in the Dow, 27 increased and 3 decreased.

Of the stocks in the Dow Jones Industrial Average, Hewlett-Packard Company led the gainers with a rise of 3.08% followed by increase in Intel Corporation of 2.76%, in Caterpillar Inc. of 2.01%, in United Technologies Corporation of 1.95%, in 3M Company of 1.71%.

Bank of America Corporation led the decliners with a fall of 2.15%, followed by decline in The Travelers Companies, Inc. of 0.38%, in Pfizer Inc. of 0.34%.

Other Movers

Constellation Brands, Inc. ((STZ)) fell 0.8% or 17 cents to $20.80 after the alcoholic beverage maker reported first quarter net sales decreased 19% to $635.3 million from $787.5 million in the same quarter last year. Net income in the quarter surged 52% to $74.5 million or 35 cents per diluted share compared to $49.1 million or 22 cents per share a year ago.

GenCorp Inc. ((GY)) slipped 1.2% or 8 cents to $6.35 after the aerospace and defense product maker said second quarter net sales fell to $229.9 million from $234.1 million in the same quarter last year. The company in the quarter broke even compared to net income of $13.5 million or 19 cents per share a year ago.

McCormick & Company Inc. ((MKC)) decreased 3.1% or $1.59 to $49.41 after the spices and specialty food maker reported second quarter sales increased 11% to $883.7 million from $798.3 million in the same quarter last year. Net income in the quarter grew to $73.6 million or 55 cents per diluted share compared to $66.2 million or 49 cents per share a year earlier.

Methode Electronics, Inc. ((MEI)) increased 6.7% or 72 cents to $11.32 after the electro-mechanical device maker said fourth quarter net sales soared 23.6% to $119.4 million from $96.7 million in the same quarter last year. Net income in the quarter fell to $10.1 million or 26 cents per diluted share compared to $16.1 million or 44 cents per share a year ago.

MSC Industrial Direct Co., Inc. ((MSM)) fell 0.6% or 42 cents to $67.68 after the marketer and distributor of metals reported third quarter net sales grew 18.2% to $532.4 million from $450.4 million in the same quarter last year. Net income in the quarter surged 40.3% to $62.1 million or 97 cents per diluted share compared to $44.2 million or 69 cents per share a year earlier.

News Corp ((NWSA)) increased 1.7% or 30 cents to $17.69 after the media company after it agreed to sell its social networking site Myspace for $35 million in stock and cash to Specific Media, a digital advertising network. News Corp acquired Myspace in 2005 for $580 million and has reportedly lost another $400 million since its acquisition.

As part of the deal, actor Justin Timberlake will also take an ownership stake and play a leading role in developing the creative direction and strategy for the company.

Schnitzer Steel Industries, Inc. ((SCHN)) increased 1.6% or 91 cents to $57.35 after the scrap metal recycler reported third quarter revenues increased to $981 million from $703.5 million in the same quarter last year. Net income in the quarter rose to $33 million or $1.18 per diluted share compared to $30.8 million or $1.10 per share a year earlier.

Worthington Industries, Inc. ((WOR)) increased 8% or $1.70 to $22.73 after the metals processing company reported fourth quarter net sales rose to $675.7 million from $626.4 million in the same quarter last year. Net income in the quarter grew to $51.9 million or 70 cents per diluted share compared to $33 million or 42 cents per share a year ago.