U.S. Movers: Bed Bath, FedEx, Red Hat, Scholastic, Vail Resorts

Mukesh Buch
22 Sep, 2011
New York City

Bed Bath second quarter net earnings increased to $229.4 million. FedEx first quarter net income soared 22% to $464 million. Goodrich agreed to be acquired by United Technologies for $18.4 billion.

[R]11:30 AM New York – Bed Bath second quarter net earnings increased to $229.4 million. FedEx first quarter net income soared 22% to $464 million. Goodrich agreed to be acquired by United Technologies for $18.4 billion.[/R]

Bed Bath & Beyond Inc. ((BBBY)) increased 2.4% or $1.41 to $58.89 after the specialty retailer reported second quarter net sales increased 8.3% to $2.31 billion from $2.14 billion in the same quarter last year. Comparable store sales in the fiscal second quarter of 2011 increased by approximately 5.6%.

Net earnings in the quarter increased to $229.4 million or 93 cents per diluted share compared to $181.7 million or 70 cents per share a year ago.

CarMax, Inc. ((KMX)) slipped 5.8% or $1.60 to $25.83 after the used car retailer reported second quarter net sales increased 11% to $2.59 billion from $2.34 million in the same quarter last year. Comparable store used unit sales declined 2% for the quarter. Net income in the quarter rose 3.7% to $111.9 million or 49 cents per diluted share compared to $107.9 million or 48 cents per share a year ago period.

Discover Financial Services ((DFS)) gained 1.6% or 41 cents to $25.75 after the credit card lender reported third quarter net interest income grew 8% to $1.24 billion from $1.15 billion in the same quarter last year. Net income in the quarter soared to $642 million or $1.18 per diluted share compared to $258 million or $0.47 cents a share a year ago.

FedEx Corporation ((FDX)) slipped 6.2% or $4.55 to $67.95 after the air courier company reported first quarter revenue increased 11% to $10.52 billion from $9.46 billion in the same quarter last year. Net income in the quarter soared 22% to $464 million or $1.46 per diluted share compared to $380 million or $1.20 per share a year ago earlier.

General Dynamics Corporation ((GD)) decreased 2.7% or $1.55 to $55.72 after the aerospace and defense contractor agreed to acquire privately held MetroMachine Corp. for an undisclosed sum. The transaction is expected to close in November.

Goodrich Corporation ((GR)) soared 10.3% or $11.33 to $120.82 after the aerospace and defense contractor said it agreed to be acquired by United Technologies Corp. ((UTX)) for $127.50 a share in cash or a total enterprise value of $18.4 billion.

United Technologies reaffirmed its expectations for 2011 revenues of approximately $58 billion and earnings per share in the range of $5.35 to $5.45

Herman Miller, Inc. ((MLHR)) gained 2.7% or 44 cents to $16.58 after the interior furnishing maker said first quarter net sales increased 20.3% to $458.1 million from $380.7 million in the same quarter last year. Net income in the quarter soared 52.8% to $24.6 million or 42 cents per diluted share compared to $16.1 million or 22 cents per share a year ago earlier.

Logitech International S.A. ((LOGI)) slumped 9.3% or 82 cents to $7.92 after the Switzerland based computer peripherals maker expects to revenue for this fiscal year of approximately $2.4 billion and operating income of $90 million. Previously the company estimated sales of approximately $2.5 billion and operating income of at least $143 million in the fiscal 2012.

Rite Aid Corporation ((RAD)) fell 0.9% or 1 cent to $1.06 after the drugs retailer said second quarter revenues increased 1.8% to $6.3 billion from $6.2 billion in the same quarter last year. Same store sales for the quarter increased 2.2%.

Net loss in the quarter narrowed to $94.7 million or 11 cents per diluted share compared to $199.3 million or 23 cents per share a year ago quarter.

Red Hat, Inc. ((RHT)) increased 4.9% or $2.02 to $42.29 after the open source software solution provider reported second quarter revenues increased 28% to $281.3 million from $219.7 million in the same quarter last year. Net income in the quarter rose to $40 million or 20 cents per diluted share compared to $23.7 million or 12 cents per share a year ago.

Scholastic Corporation ((SCHL)) increased 5.8% or $1.52 to $27.43 after the publishing, education and media company reported first quarter revenue increased to $318.0 million from $290.4 million in the same quarter last year. Net loss in the quarter narrowed to $27.1 million or 87 cents per diluted share compared to $35.2 million or 98 cents per share a year ago period.

Steelcase Inc. ((SCS)) declined 17.9% or $1.22 to $5.59 after the office furniture maker reported second quarter revenues increased 16.8% to $700.5 million from $599.8 million in the same quarter last year. Net income in the quarter surged to $11.9 million or 9 cents per diluted share compared to $2.8 million or 2 cents per share a year ago.

Vail Resorts, Inc. ((MTN)) decreased 6.5% or $2.59 to $37.24 after the holding company said fourth quarter revenues decreased to $108.7 million from $144.2 million in the same quarter last year. Net loss in the quarter widened to $53.9 million or $1.49 per diluted share compared to $41.9 million or $1.16 per share a year ago earlier.