Greif, Methode, SAIC Fall; Ciena, Movado, UTi Rise

Mukesh Buch
01 Sep, 2011
New York City

Ciena third quarter net loss narrowed to $31.4 million. C&J Energy second quarter net income surged to $33.2 million. SAIC second quarter net income fell to $178 million. Toronto-Dominion Bank third quarter net income increased to $1.45 billion. UTi second quarter net income rose to $22.9 million.

[R]1:15 PM New York – Ciena third quarter net loss narrowed to $31.4 million. C&J Energy second quarter net income surged to $33.2 million. SAIC second quarter net income fell to $178 million. Toronto-Dominion Bank third quarter net income increased to $1.45 billion. UTi Worldwide second quarter net income rose to $22.9 million.[/R]

Of 30 the stocks in the Dow, 10 increased and 18 decreased and 2 unchanged.

Of the stocks in the Dow Jones Industrial Average, Cisco Systems, Inc. led the gainers with a rise of 0.8% followed by increase in The Procter & Gamble Company of 0.4%, in Hewlett-Packard Company of 0.4%, in Chevron Corporation of 0.3%, in International Business Machines Corporation of 0.3%.

Bank of America Corporation led the decliners with a fall of 1.2%, followed by decline in Alcoa Inc. of 0.8%, in The Travelers Companies, Inc. of 0.6%, in Johnson & Johnson of 0.6%, in Kraft Foods Inc. of 0.5%.

Other Movers

Ciena Corporation ((CIEN)) soared 19% or $2.32 to $14.55 after the communications networking equipment provider reported third quarter revenues increased 11.7% to $435.3 million from $389.7 million in the same quarter last year. Net loss in the quarter narrowed to $31.4 million or $0.33 per diluted share compared to $109.8 million or $1.18 per share a year ago.

Charming Shoppes, Inc. ((CHRS)) fell 0.3% or 1 cent to $3.16 after the specialty apparel retailer said second quarter net sales fell 3.5% to $499.2 million from $517.6 million in the same quarter last year. Comparable store sales rose 1%.

Net loss in the quarter narrowed to $1.9 million or 2 cents per diluted share compared to $8.6 million or 7 cents per share a year ago earlier.

C&J Energy Services, Inc. ((CJES)) gained 2.9% or 76 cents to $26.90 after the oil well services and equipments provider reported second quarter revenues soared 336% to $182.2 million from $41.8 million in the same quarter last year. Net income in the quarter surged to $33.2 million or 68 cents per diluted share compared to $1.7 million or 4 cents per share a year ago period.

Greif, Inc. ((GEF)) slumped 13% or $7.30 to $48.56 after the industrial packaging products provider reported third quarter net sales increased to $1.12 billion from $0.92 billion in the same quarter last year. Net income in the quarter fell to $63 million or $1.07 per diluted share compared to $66 million or $1.12 per share a year ago earlier.

Methode Electronics, Inc. ((MEI)) slipped 7% or 69 cents to $9.08 after the electro-mechanical device maker said first quarter net sales increased 11.9% to $110.8 million from $99 million in the same quarter last year. Net income in the quarter fell to $1.5 million or 4 cents per diluted share compared to $4.1 million or 11 cents per share a year ago.

Movado Group, Inc. ((MOV)) increased 10.6% or $1.46 to $15.22 after the fine watches and jewelry said second quarter net sales soared 32.6% to $113.2 million from $85.4 million in the same quarter last year. Net income in the quarter was to $4.4 million or 18 cents per diluted share compared to net loss of $20.9 million or 84 cents per share a year ago period.

Oxford Industries, Inc. ((OXM)) advanced 5.9% or $2.14 to $37.96 after the apparel retailer said second quarter net sales surged 26% to $180.6 million from $143.0 million in the same quarter last year. Net earnings in the quarter slipped to $2.6 million or 16 cents per diluted share compared to $7.2 million or 44 cents per share a year ago period.

SAIC, Inc. ((SAI)) slumped 12.4% or $1.86 to $13.14 after the defense scientific, engineering systems provider reported second quarter revenues fell 6% to $2.60 billion from $2.75 billion in the same quarter last year. Net income in the quarter fell to $178 million or 50 cents per diluted share compared to $190 million or 50 cents per share a year ago earlier.

Based upon its operating and business development the company has revised fiscal 2012 guidance revenues in the range of $10.6 billion to $11.0 billion earlier prediction was of $11.5 billion.

Shuffle Master, Inc. ((SHFL)) soared 12.1% or $1.08 to $9.94 after the gaming products developer said third quarter total revenue increased 13% to $58.3 million from $51.5 million in the same quarter last year. Net income in the quarter rose to $9.1 million or 17 cents per diluted share compared to $5.8 million or 11 cents per share last year.

The Toronto-Dominion Bank ((TD)) increased 2.6% or $2.12 to $80.98 after the Canada based bank reported third quarter total revenue increased to $5.35 billion from $4.74 billion in the same quarter last year. Net income in the quarter increased to $1.45 billion or $1.58 per diluted share compared to $1.18 billion or $1.29 per share a year ago earlier.

The Cooper Companies, Inc. ((COO)) rose 0.1% or 11 cents to $75.39 after the medical products maker reported third quarter revenue increased 19% to $351.4 million from $295.6 million in the same quarter last year. Net income in the quarter fell to $38.1 million or 78 cents per diluted share compared to $39.7 million or 86 cents per share a year ago period.

UTi Worldwide Inc. ((UTIW)) surged 13.7% or $1.85 to $15.40 after the holding company reported second quarter revenue increased 13% to $1.3 billion from $1.1 million in the same quarter last year. Net income in the quarter rose to $22.9 million or 22 cents per diluted share compared to $18.9 million or 19 cents per share a year ago.

Zumiez Inc. ((ZUMZ)) decreased 1.8% or 35 cents to $18.14 after the specialty retailer said second quarter net sales increased 14.9% to $112.2 million from $97.7 million in the same quarter last year. Comparable store sales for the second quarter increased 7.5%.

Net income in the quarter was to $2.6 million or 8 cents per diluted share compared to net loss of $1.2 million or 4 cents per share a year ago earlier.