U.S. Movers: Campbell Soup, Esterline, Finisar, H&R Block, Peabody

Mukesh Buch
02 Sep, 2011
New York City

Campbell Soup fourth quarter net earnings fell to $100 million. Esterline third quarter net fell to $37.7 million. H&R Block first quarter net loss widened to $175.1 mn. Peabody slashed earnings outlook for third quarter and fiscal year 2011. Teavana Holdings announces agreement for intl. expansion.

[R]11:15 AM New York – Campbell Soup fourth quarter net earnings fell to $100 million. Esterline third quarter net income fell to $37.7 million. H&R Block first quarter net loss widened to $175.1 million. Peabody slashed earnings outlook for third quarter and fiscal year 2011. Teavana Holdings second quarter net soared and announces agreement for international expansion.[/R]

Of 30 the stocks in the Dow all were decreased.

Of the stocks in the Dow Jones Industrial Average, Bank of America Corporation led the decliners with a fall of 6.8%, followed by decline in Hewlett-Packard Company of 3.9%, in Caterpillar Inc. of 3.7%, in JPMorgan Chase & Co. of 3.3%, in Chevron Corporation of 3.2%.

Other Movers

Campbell Soup Company ((CPB)) fell 0.5% or 18 cents to $31.68 after the food products maker reported fourth quarter sales increased 6% to $1.61 billion from $1.52 billion in the same quarter last year. Net earnings in the quarter decreased to $100 million or 31 cents per diluted share compared to $113 million or 33 cents per share a year ago.

Cascade Corporation ((CASC)) decreased 1.3% or 53 cents to $38.00 after the auto and truck parts said second quarter net sales soared 39% to $135.6 million from $97.7 million in the same quarter last year. Net income in the quarter soared 329% to $13.9 million or $1.23 per diluted share compared to $3.2 million or $0.29 per share a year ago earlier.

Esterline Technologies Corporation ((ESL)) slumped 11.3% or $8.37 to $65.46 after the aerospace and defense products maker reported third quarter net sales increased to $409.5 million from $378.3 million in the same quarter last year. Net earnings in the quarter fell to $37.7 million or $1.21 per diluted share compared to $39.8 million or $1.30 per share a year ago earlier.

Finisar Corporation ((FNSR)) soared 12.8% or $2.38 to $20.97 after the communications equipment maker reported first quarter revenues increased 9.8% to $228.2 million from $207.9 million in the same quarter last year. Net income in the quarter slipped to $10.1 million or 11 cents per diluted share compared to $19.4 million or 24 cents per share in last year.

H&R Block, Inc. ((HRB)) slumped 11.6% or $1.77 to $13.41 after the tax and consulting service provider reported first quarter total revenues fell 2.5% to $267.6 million from $274.5 million in the same quarter last year. Net loss in the quarter widened to $175.1 million or 57 cents per diluted share compared to $130.7 million or 41 cents per share in last year.

Peabody Energy Corporation ((BTU)) decreased 5.7% or $2.73 to $44.91 after the coal miner slashed its earnings outlook for the third quarter and fiscal year 2011. The company estimates third quarter adjusted earnings in a range of $0.70 to $0.90 per share, down from the prior range of $1.05 to $1.25 per share.

For fiscal year 2011, Peabody lowered its outlook for adjusted earnings to a range of $3.70 to $4.15 per share from the prior range of $4.20 to $4.60 per share.

Quiksilver, Inc. ((ZQK)) decreased 1.2% or 5 cents to $4.07 after the diversified company reported third quarter revenues increased 14% to $503.3 million from $441.5 million in the same quarter last year. Net income in the quarter rose to $10.4 million or 6 cents per diluted share compared to $8.3 million or 6 cents per share in last year.

Teavana Holdings, Inc. ((TEA)) slipped 8.9% or $2.32 to $23.66 after the loose-leaf teas specialty retailer said second quarter net sales soared 36% to $31.3 million from $23 million in the same quarter last year. Net income in the quarter surged 78% to $1 million or 3 cents per diluted share compared to $0.6 million or 2 cents per share a year ago earlier.

Teavana today announced, through its wholly owned subsidiary Teavana International entered into franchise development agreement with the Alshaya group of companies for development of Teavana stores in Bahrain, Kuwait, Kingdom of Saudi Arabia, Qatar, United Arab Emirates, Egypt, Lebanon and Jordan.