U.S. Movers: AMD, AutoZone, Harleysville, Rite Aid, Mosaic, Thor

Mukesh Buch
29 Sep, 2011
New York City

Advanced Micro Devices lowered its revenue forecast for the third quarter. AutoZone board authorized the repurchase of additional $750 million of shares. Harleysville agreed to be acquired by Nationwide Mutual Insurance Co. Mosaic first quarter net earnings surged 77% to $526 million.

[R]10:55 AM New York – Advanced Micro Devices lowered its revenue forecast for the third quarter. AutoZone board authorized the repurchase of additional $750 million of shares. Harleysville agreed to be acquired by Nationwide Mutual Insurance Co. Mosaic first quarter net earnings surged 77% to $526 million.[/R]

Advanced Micro Devices, Inc. ((AMD)) slumped 10.4% or 64 cents to $5.51 after the computers microprocessor maker lowered its revenue forecast for the third quarter ending Oct. 1 and expected to increase 4% to 6% compared to the second quarter earlier it was predicted to increase of 10% plus or minus 2% percent from the second quarter of 2011.

AutoZone, Inc. ((AZO)) rose 0.1% or 48 cents to $322.42 after the auto-parts retailer said its board of directors authorized the repurchase of additional $750 million of company’s common stock.

Harleysville Group Inc. ((HGIC)) surged 85.3% or $26.91 to $58.43 after the insurance company said will combine with Nationwide Mutual Insurance Company and it will acquire all publicly held shares of common stock of Harleysville Group for $60 a share in cash. The transaction is expected to close in early 2012.

Rite Aid Corporation ((RAD)) increased 3% or 3 cents to $1.03 after the retail drugstore chain said its same store sales for September increased 1.3% from the prior year. Total drugstore sales for the four-week period grew 1.1% to $1.92 billion from $1.9 billion in the same period last year

The Mosaic Company ((MOS)) decreased 4.4% or $2.57 to $54.63 after the agriculture products maker reported first quarter net sales soared 41% to $3.1 billion from $2.2 billion in the same quarter last year. Net earnings in the quarter surged 77% to $526 million or $1.17 per diluted share compared to $298 million or $0.67 a share a year ago.

Texas Industries, Inc. ((TXI)) gained 3% or $1.04 to $35.26 after the construction materials supplier said first quarter net sales rose to $181.7 million from $172.1 million in the same quarter last year. Net loss in the quarter narrowed to $7.4 million or 27 cents per diluted share compared to $23.7 million or 85 cents per share a year ago earlier.

Thor Industries, Inc. ((THO)) advanced 11.9% or $2.42 to $22.73 after the recreation vehicles maker reported fourth quarter sales increased 16% to $770.5 million from $663.8 million in the same quarter last year. Net income in the quarter fell 4.8% to $36.8 million or 66 cents per diluted share compared to $40.6 million or 77 cents per share a year ago period.

Worthington Industries, Inc. ((WOR)) rose 0.4% or 6 cents to $13.98 after the diversified metals processor reported first quarter net sales decreased to $602.4 million from $616.8 million in the same quarter last year. Net earnings in the quarter increased to $25.7 million or 35 cents per diluted share compared to $22.4 million or 29 cents per share a year ago quarter.