U.S. Movers: Blyth, MTS, Progress Software, Sunoco

Mukesh Buch
06 Sep, 2011
New York City

Blyth reported second quarter net loss of $3.07 million. Russia based mobile telecom service provider, MTS aid second quarter net income rose 3% to $367 mn and it will increase ownership of MGTS to 94.1%. Progress Software lowered its third quarter outlook.Sunoco plans to exit its refining business.

[R]11:30 AM New York – Blyth reported second quarter net loss of $3.07 million. Russia based mobile telecom service provider, MTS aid second quarter net income rose 3% to $367 million and it will increase ownership of MGTS to 94.1%. Progress Software lowered its fiscal third quarter outlook. Sunoco plans to exit its refining business.[/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%, followed by decline in Hewlett-Packard Company of 4.8%, in JPMorgan Chase & Co. of 4.3%, in General Electric Company of 3.4%, in The Boeing Company of 3.3%.

Other Movers

Blyth, Inc. ((BTH)) soared 15.5% or $8.23 to $61.07 after the home fragrance and home décor maker reported second quarter net sales climbed 17% to $185.5 million from $157.9 million last year. Net loss for the quarter was $3.07 million or 37 cents per diluted share compared to net income of $0.74 million or 9 cents per share last year.

Fairchild Semiconductor International ((FCS)) fell 0.2% or 3 cents to $12.44 after the semiconductors maker revised guidance of sales for the third quarter 2011 now expects to be $400 to $410 million compared to previous guidance of $433 to $446 million.

Mobile TeleSystems OJSC ((MBT)) decreased 6.5% or $1.09 to $15.54 after the Russia-based telecommunications provider second quarter revenue increased 12.8% to $3.13 billion from $2.77 billion last year. Net income for the quarter increased 2.6% to $367 million or 18 cents per diluted share compared to $357.7 million or 19 cents per share last year.

The company announced to increase ownership of MGTS to 94.1%, subsidiaries of MTS would acquire 100% stake in Sistema Inventure for 10.56 billion rubles and increase its stake will increase to 99.1% of ordinary shares and 69.7% of preferred shares and 94.1% of MGTS.

Progress Software Corporation ((PRGS)) slipped 5.2% or $1.02 to $18.28 after the software company reported preliminary financial results and expects fiscal third quarter revenue to be approximately $128 million, diluted earnings per share to be between 10 cents and 12 cents. Earlier on June 29 the company guided third quarter revenue between $133 million and $136 million and diluted earnings per share between 20 cents and 24 cents.

Pharmasset, Inc. ((VRUS)) increased 5.9% or $3.81 to $68.00 after the pharmaceutical company said treatment for hepatitis C showed positive results at a higher dose with combination of other treatments after 12 weeks. Shares after the release increased today

Pike Electric Corporation ((PIKE)) decreased 2.5% or 21 cents to $8.05 after the energy solution provider said fourth quarter revenues increased 35% to $162.7 million from $120.7 million in the same quarter last year. Net income in the quarter was to $2.05 million or 6 cents per diluted share compared to net loss of $4.0 million or 12 cents per share a year ago.

Sunoco, Inc. ((SUN)) advanced 2.3% or 83 cents to $36.94 after the petroleum refiner plans to exit its refining business and sell refineries located in Philadelphia and Marcus Hook, Pennsylvania.

The company intends to idle the main processing units at the facilities in July 2012 if it fails to find a buyer.

In connection with the decision to exit refining the company expects to record pretax non-cash charge of between $1.9 billion and $2.2 billion in the third quarter of 2011.

U.S. Global Investors, Inc. ((GROW)) rose 0.4% or 3 cents to $6.85 after the investment advisor fourth quarter revenues increased 20% to $9.69 million from $8.61 million in the same quarter last year. Net income in the quarter increased to $1.54 million or 11 cents per diluted share compared to $0.97 million or 6 cents per share a year ago earlier.