U.S. Movers: Heinz, Medtronic, Universal Display, Williams-Sonoma

Mukesh Buch
23 Aug, 2011
New York City

H. J. Heinz first quarter net income fell 6% to $226.1 million. Medtronic first quarter net income fell 1% to $821 million. Universal Display licensed its technology and agreed to sell its proprietary materials to Samsung. Williams-Sonoma second quarter net earnings rose 27.8% to $39.31 million.

[R]11:30 AM New York – H. J. Heinz first quarter net income decreased 6% to $226.1 million. Medtronic first quarter net income fell 1% to $821 million. Universal Display licensed its technology and agreed to sell its proprietary materials to Samsung. Williams-Sonoma second quarter net earnings rose 27.8% to $39.31 million.[/R]

Of 30 the stocks in the Dow, 25 increased and 5 decreased.

Of the stocks in the Dow Jones Industrial Average, Microsoft Corporation led the gainers with a rise of 2.15% followed by increase in E. I. du Pont de Nemours and Company of 1.83%, in Cisco Systems, Inc. of 1.80%, in Exxon Mobil Corporation of 1.64%, in Verizon Communications Inc. of 1.55%.

Bank of America Corporation led the decliners with a fall of 3.74%, followed by decline in The Travelers Companies, Inc. of 0.86%, in The Walt Disney Company of 0.69%, in JPMorgan Chase & Co. of 0.52%, in Hewlett-Packard Company of 0.45%.

Other Movers

Daktronics, Inc. ((DAKT)) decreased 1.7% or 24 cents to $8.36 after the electronic display systems supplier said first quarter net sales increased 18% to $118.7 million compared with $100.5 million in the second quarter of fiscal 2010. Net income in the quarter increased 38% to $3.4 million or 8 cents per diluted share compared to $2.4 million or 6 cents per share last year.

Focus Media Holding Limited ((FMCN)) increased 6.5% or $1.77 to $28.96 after the Hong Kong based digital media network operator reported second quarter revenue increased 16% to $179.0 million from $122.5 million in the same quarter last year. Net income in the quarter soared 69% to $42.8 million or 30 cents per diluted share compared to $25.3 million or 16 cents per share a year ago.

H. J. Heinz Company ((HNZ)) slipped 2.7% or $1.44 to $50.60 after the food products maker reported first quarter revenue rose 15% to $2.85 billion from $2.48 billion in the same quarter last year. Net income in the quarter decreased 6% to $226.1 million or 70 cents per diluted share compared to $240.4 million or 75 cents per share for the year-ago quarter.

Lowe’s Companies, Inc. ((LOW)) increased 1.7% or 32 cents to $19.85 after the home improvement retailer has authorized the repurchase of $5 billion of the common stock and has no expiration date.

Medtronic, Inc. ((MDT)) increased 4.9% or $1.55 to $32.73 after the medical technology company reported first quarter revenue rose 7% to $4.05 billion from $3.77 billion in the same quarter last year. Net earnings in the quarter fell 1% to $821 million or 77 cents per diluted share compared to $830 million or 76 cents per share a year ago.

Raven Industries, Inc. ((RAVN)) increased 1.7% or 81 cents to $47.89 after the communications equipment maker reported second quarter sales increased 23% to $90.3 million from $73.2 million a year ago. Net income in the quarter surged 49% to $12.5 million or 68 cents per diluted share compared to net income of $8.4 million or 46 cents per share last year.

Suntech Power Holdings Co., Ltd. ((STP)) decreased 4.5% or 23 cents to $4.84 after the China based solar energy company said second quarter total net revenue increased 32.9% to $830.7 million from $625.1 million in the same quarter last year. Net loss in the quarter was $259.5 million or $1.44 per diluted share compared to $174.9 million or $0.97 per share a year ago.

Tuesday Morning Corporation ((TUES)) advanced 13.8% or 47 cents to $3.87 after the home accessories retailer said fourth quarter net sales fell 3% to $194.8 million compared with $200.8 million in the second quarter of fiscal 2010. Comparable store sales decreased 4.5%.

Net loss in the quarter was to $1.4 million or 3 cents per diluted share compared to net income of $1.3 million or 3 cents per share last year.

Universal Display Corporation ((PANL)) soared 22.9% or $7.92 to $42.68 after the organic light developer will license its technologies and sell its proprietary materials to Samsung Mobile Display Co., Ltd. to use its state-of-the-art OLED display products.

Williams-Sonoma, Inc. ((WSM)) slipped 4.2% or $1.26 to $28.77 after the home products retailer reported second quarter net revenues increased 5.1% to $814.75 million from $775.55 million in the previous year. Net earnings in the quarter rose 27.8%to $39.31 million or 37 cents per diluted share compared to net earnings of $30.76 million or 28 cents per share a year ago.