U.S. Movers: Commerce Bancshares, Fastenal, JPMorgan, Safeway, Wal-Mart

Mukesh Buch
13 Oct, 2011
New York City

Commerce Bancshares third quarter net income rose to $65.3 million. Fastenal third quarter net earnings rose 29% to $97 million. JPMorgan third quarter net income fell 4% to $4.3 billion. Safeway third quarter net income increased to $130.2 mn. Wal-Mart updated capital spending and sales forecast.

[R]11:10 AM New York – Commerce Bancshares third quarter net income rose to $65.3 million. Fastenal third quarter net earnings rose 29% to $97 million. JPMorgan third quarter net income fell 4% to $4.3 billion. Safeway third quarter net income increased to $130.2 million. Wal-Mart updated capital spending and sales forecast.[/R]

Bank of the Ozarks, Inc. ((OZRK)) rose 2 cents to $23.49 after the bank holding company reported third quarter net interest income soared 35.3% to $44.3 million from $32.8 million in the same quarter last year. Net income in the quarter fell 6.5% to $18.9 million or 55 cents per diluted share compared to $20.2 million or 59 cents per share a year ago.

Commerce Bancshares, Inc. ((CBSH)) dropped 7.2% or $2.81 to $35.75 after the bank holding company reported third quarter net interest income fell to $158.6 million from $159.4 million in the same quarter last year. Net income in the quarter rose to $65.3 million or 76 cents per diluted share compared to $55.9 million or 64 cents per share a year ago quarter.

Cantel Medical Corp. ((CMN)) slipped 6.6% or $1.56 to $22.06 after the healthcare products provider said fourth quarter net sales increased 23% to $86.0 million from $69.8 million in the same quarter last year. Net income in the quarter rose 1% to $4.7 million or 27 cents per diluted share compared to $4.6 million or 27 cents per share a year ago period.

Fastenal Company ((FAST)) slumped 5.7% or $1.98 to $32.64 after the industrial and construction products seller reported third quarter revenues increased 20.4% to $726.7 million from $603.7 million in the same quarter last year. Net earnings in the quarter rose 29.1% to $97 million or 33 cents per diluted share compared to $75.0 million or 25 cents per share a year ago earlier.

Fairchild Semiconductor International ((FCS)) increased 4.7% or 58 cents to $12.82 after the power and mobile products maker stated third quarter sales fell 3% to $403.2 million from $414.4 million in the same quarter last year. Net earnings in the quarter flat to $35.8 million or 28 cents per diluted share compared to $35.8 million or 28 cents per share a year ago quarter.

JPMorgan Chase & Co. ((JPM)) decreased 5.5% or $1.83 to $31.37 after the financial holding company reported third quarter flat to $24.4 billion from $24.3 billion in the same quarter last year. Net income in the quarter fell 4% to $4.3 billion or $1.02 per diluted share compared to $4.4 billion or $1.01 per share a year ago.

Lindsay Corporation ((LNN)) dropped 8.2% or $4.99 to $55.28 after the irrigation systems maker said fourth quarter total revenues increased 33% to $116.1 million from $87.2 million in the same quarter last year. Net earnings in the quarter edged down to $5.9 million or 46 cents per diluted share compared to $6.0 million or 48 cents per share a year ago period.

Safeway Inc. ((SWY)) increased 3.3% or 61 cents to $18.58 after the food and drug retailer reported third quarter sales increased 1.5% to $10.1 billion from $9.4 billion in the same quarter last year. Net income in the quarter increased to $130.2 million or 38 cents per diluted share compared to $122.8 million or 33 cents per share a year ago period.

Universal Forest Products, Inc. ((UFPI)) decreased 3.3% or 87 cents to $25.07 after the holding company said third quarter net sales decreased 2.4% to $468.9 million from $480.6 million in the same quarter last year. Net earnings in the quarter surged to $5.6 million or 29 cents per diluted share compared to $2.6 million or 13 cents per share a year ago quarter.

Wal-Mart Stores, Inc. ((WMT)) fell 0.1% or 6 cents to $55.14 the retail stores operator updated capital spending forecast for the current fiscal year ending January 2012 to between $13 billion and $14 billion and forecasted sales growth in the range of 5% and 7% for fiscal year 2013.

Zep Inc ((ZEP)) declined 18.2% or $3.20 to $14.38 after the cleaning and maintenance product provider said fourth quarter revenue increased 7.7% to $173.8 million from $161.4 million in the same quarter last year. Net income in the quarter soared 92.7% to $4.1 million or 18 cents per diluted share compared to $2.1 million or 9 cents per share a year ago earlier.