U.S. Movers: Adobe, General Mills, IHS, Oracle, Walter Energy

Mukesh Buch
21 Sep, 2011
New York City

Adobe third quarter net income fell to $195.1 million. General Mills first quarter net income decreased 14% to $405.6 million. Realty Income secondary offering of 6 million shares was priced at $34 a share. Walter Energy revised second half 2011 sales expectations.

[R]12:30 PM New York � Adobe third quarter net income fell to $195.1 million. General Mills first quarter net income decreased 14% to $405.6 million. Realty Income secondary offering of 6 million shares was priced at $34 a share. Walter Energy revised second half 2011 sales expectations.[/R]

Adobe Systems Inc. ((ADBE)) gained 2.8% or 71 cents to $25.35 after the web, mobile software and service provider reported third quarter total revenues increased to $1,013.2 million from $990.3 million in the same quarter last year. Net income in the quarter decreased to $195.1 million or 39 cents per diluted share compared to $230.1 million or 44 cents per share a year ago earlier.

Analogic Corporation ((ALOG)) increased 5.3% or $2.37 to $47.10 after the technology company said fourth quarter revenues grew 18% to $135.3 million from $115 million in the same quarter last year. Net income in the quarter fell to $5.6 million or 45 cents per diluted share compared to $7.1 million or 56 cents per share a year ago period.

General Mills, Inc. ((GIS)) increased 4.1% or $1.56 to $39.05 after the consumer foods processing company reported first quarter net sales increased 9% to $3.85 billion from $3.53 billion in the same quarter last year. Net income in the quarter decreased 14.1% to $405.6 million or 61 cents per diluted share compared to $472.1 million or 70 cents per share a year ago period.

IHS Inc. ((IHS)) slipped 3.8% or $3.11 to $76.78 after the oil well services and equipments provider reported third quarter revenues increased 25% to $340.4 million from $271.6 million in the same quarter last year. Net income in the quarter rose to $39.6 million or 60 cents per diluted share compared to $34.6 million or 53 cents per share a year ago.

Oracle Corporation ((ORCL)) advanced 7.3% or $2.07 to $30.42 after the software company first quarter total revenues increased 12% to $8.4 billion from $3.53 billion in the same quarter last year. Net income in the quarter soared 36% to $1.84 billion or 36 cents per diluted share compared to $1.35 billion or 27 cents per share a year ago earlier.

PharMerica Corporation ((PMC)) gained 2.5% or 36 cents to $14.75 after the pharmacy services provider reject the unsolicited tender offer made by Omnicare ((OCR)) to acquire the company for $15 a share in cash.

Realty Income Corporation ((O)) decreased 2.6% or 91 cents to $33.52 after the real estate investment trust announced that public offering of 6 million shares priced at $34 per share and expected to close on September 26. The company expects to use the proceeds to repay debts under $425 million acquisition credit facility which were, and will be used to real estate acquisitions.

Walter Energy, Inc. ((WLT)) slumped 10.8% or $8.15 to $66.85 after the metallurgical coal producer revised second half 2011 sales expectations on record rainfall experienced in North-East British Columbia during the second quarter as well as recovery from difficult geology at Mine No. 7 in Alabama.

Consolidated net income expected to be in the range of $63 million and $73 million for the third quarter and in the range of $165 million and $185 million for the fourth quarter of 2011.