U.S. Movers: 3M, AutoZone, Clearwire, Leap Wireless, Toll Brothers

Mukesh Buch
06 Dec, 2011
New York City

3M Company affirmed its 2011 earnings and anticipated better 2012 outlook. AutoZone first quarter net increased 11% to $191 million. Clearwire plans to raise $300 million in a public offering. Toll Brothers fourth quarter net declined to $15 million.

[R]10:15 AM New York – 3M Company affirmed its 2011 earnings and anticipated better 2012 outlook. AutoZone first quarter net increased 11% to $191 million. Clearwire plans to raise $300 million in a public offering. Toll Brothers fourth quarter net declined to $15 million.[/R]

3M Company ((MMM)) increased 1.7% or $1.40 to $82.33 after the technology company affirms its 2011 earnings expectation between $5.85 and $5.95 a share. The company also said 2012 sales are estimated between $30.2 billion and $31.5 billion and operating margins of 21% to 22.5% and earnings of $6.25 to $6.50 per share.

AutoZone, Inc. ((AZO)) slipped 1.3% or $4.47 to $334.50 after the automotive parts and accessory retailer reported first quarter net sales increased 7.4% to $1.92 billion from $1.79 billion in the same quarter last year. Same store sales increased 4.6% for the quarter. Net income in the quarter increased 11.1% to $191.1 million or $4.68 per diluted share compared to $172.1 million or $3.77 share a year earlier.

Bank of Montreal ((BMO)) decreased 4.2% or $2.49 to $56.34 after the Canadian bank reported fourth quarter total revenue increased 20.2% to $3.88 billion from $3.23 billion in the same quarter last year. Net income in the quarter soared 21.3% to $897 million or $1.34 per diluted share compared to $739 million or $1.24 share a year ago.

Clearwire Corporation ((CLWR)) fell 0.8% or 2 cents to $2.23 after the telecom carrier plans to offer $300 million of its stock in registered public offering. Clearwire also expects to grant the underwriters 30 day option to purchase up to additional $45 million of its common Stock.

Darden Restaurants, Inc. ((DRI)) slipped 9.1% or $4.37 to $43.36 after the restaurant operator estimated second quarter diluted net earnings per share from continuing operations of 41 cents. The Company also anticipates U.S. same restaurant sales growth for the quarter to increase 1.8% and total sales to increase between 6% and 7% for the year.

Liquidity Services, Inc. ((LQDT)) slumped 14.5% or $5.06 to $29.75 after the online auction company reported fourth quarter revenue increased 11% to $79.2 million from $70.2 million in the same quarter last year. Net income in the quarter increased to $3.13 million or 10 cents per diluted share compared to $2.51 million or 9 cents share a year ago quarter.

Landauer, Inc. ((LDR)) rose 0.7% or 40 cents to $51.90 after the technical and analytical service provider said fourth quarter revenue rose 5% to $30.5 million from $29.1 million in the same quarter last year. Net income in the quarter increased 13.8% to $5.2 million or 54 cents per diluted share compared to $4.6 million or 48 cents share a year ago period.

Leap Wireless International, Inc ((LEAP)) gained 4.5% or 43 cents to $9.79 and the communications carrier agreed to acquire spectrum in Chicago from Verizon Wireless for $204 million and to sell Verizon Wireless excess PCS and AWS spectrum for $188 million. Leap also agreed to sell to Verizon Wireless AWS spectrum for $172 million.

Toll Brothers, Inc. ((TOL)) rose 0.5% or 12 cents to $20.86 after the luxury home builder stated fourth quarter revenue increased 6% to $427.8 million from $402.6 million in the same quarter last year. Net income in the quarter declined to $15 million or 9 cents per diluted share compared to $50.5 million or 30 cents share a year ago earlier.

The Pep Boys-Manny, Moe & Jack ((PBY)) increased 5.3% or 63 cents to $11.23 after the automotive service provider said third quarter sales grew 5.2% to $522.2 million from $496.4 million in the same quarter last year. Comparable sales decreased 0.4%. Net earnings in the quarter increased to $7 million or 13 cents per diluted share compared to $5.7 million or 11 cents share a year earlier.