U.S. Movers: Alcoa, Clean Energy, Fastenal, Microchip, Radiant

Mukesh Buch
12 Jul, 2011
New York City

Alcoa second quarter net income soared. Clean Energy said Chesapeake investing $150 million. Microchip expects first quarter net sales to be fell 1.5%. Radiant Systems agreed to be acquired by NCR Corporation for $1.2 billion.

[R]11:35 AM New York – Alcoa second quarter net income soared. Clean Energy said Chesapeake investing $150 million. Microchip expects first quarter net sales to be fell 1.5%. Radiant Systems agreed to be acquired by NCR Corporation for $1.2 billion.[/R]

Of 30 the stocks in the Dow, 12 increased and 16 decreased and 2 unchanged.

Of the stocks in the Dow Jones Industrial Average, Cisco Systems, Inc. led the gainers with a rise of 1.36% followed by increase in American Express Company of 0.89%, in The Travelers Companies, Inc. of 0.86%, in The Home Depot, Inc. of 0.83%, in JPMorgan Chase & Co. of 0.79%.

Intel Corporation led the decliners with a fall of 1.33%, followed by decline in The Boeing Company of 0.79%, in Caterpillar Inc. of 0.81%, in Microsoft Corporation of 0.60%, in General Electric Company of 0.54%.

Other Movers

Alcoa Inc. ((AA)) fell 0.06% or 1 cent to $15.90 after the metal and mining company reported second quarter revenues increased 27% to $6.6 billion from $5.2 billion in the same quarter last year. Net income in the quarter soared to $322 million or 28 cents per diluted share compared to $136 million or 13 cents per share a year ago.

Clean Energy Fuels Corp. ((CLNE)) increased 14.9% or $1.97 to $15.09 after the natural gas fueling solution provider said Chesapeake Energy Corporation ((CHK)) is investing $150 million for help to development approximately 150 LNG truck fueling stations at strategic truck-stop locations. The investment is in form of convertible debt issued in three trenches of $50 million each.

Fastenal Company ((FAST)) decreased 1.6% or 59 cent to $35.41 after the construction and agriculture machinery seller reported second quarter revenue soared 22.9% to $701.7 million from $571.2 million in the same quarter last year. Net earnings in the quarter surged 36.1% to $94.1 million or 32 cents per diluted share compared to $69.2 million or 23 cents per share a year earlier.

Infosys Ltd ((INFY)) slipped 4% or $2.61 to $62.49 after the India based software technology reported first quarter revenues increased 23% to $1.67 billion from $1.36 billion in the same quarter last year. Net income in the quarter increased 17.8% to $384 million or 67 cents EPADS share compared to $326 million or 57 cents per share a year ago.

The company expected revenues for second quarter September to be in the range of $1,730 million and $1,755 million with a growth between 15.6% and 17.3% from a year ago and fiscal year end revenues expected to be in the range of $7.13 billion and $7.25 billion and a growth of 18% to 20%.

Microchip Technology Inc ((MCHP)) decreased 13.1% or $4.91 to $32.57 after the analog and Flash-IP solutions provider expects first quarter net sales for the fiscal 2012 ending June 30 to be fell about 1.5% sequentially and earnings per share is expected to be approximately 47 to 49 cents.

Novellus Systems, Inc. ((NVLS)) slumped 9.7% or $3.50 to $32.27 after the semiconductor maker reported second quarter net sales increased 9% to $350.2 million from $321.4 million in the same quarter last year. Net income in the quarter rose to $64.7 million or 79 cents per diluted share compared to $63.3 million or 66 cents per share a year earlier.

Radiant Systems, Inc. ((RADS)) soared 30.6% or $6.57 to $28.02 after the software and hardware technology solution provider said NCR Corporation ((NCR)), the agreed to acquire Radiant through cash tender offer of $28 a share. The equity purchase price of $1.2 billion has been approved by the boards of directors of each company and the transaction is expected to close during third quarter of 2011.

Wolverine World Wide, Inc. ((WWW)) slumped 9.3% or $3.97 to $38.63 after the footwear company reported second quarter increased 20.1% to $310.1 million from $258.2 million in the same quarter last year. Net earnings in the quarter increased to $23.9 million or 48 cents per diluted share compared to $17.2 million or 35 cents per share a year ago.