Nordstrom, J. C. Penney, Universal Display Rise; MBIA Falls

Mukesh Buch
10 Aug, 2012
New York City

Belden second quarter net climbed 22.2% to $42.4 million. Nordstrom second quarter net declined 10.9% to $156 million. Nvidia second quarter net plunged 12% to $119 million. J. C. Penney second quarter net swung to $147 million loss. MBIA second quarter net jumped more than three-fold.

[R]1:25 PM New York – Belden second quarter net climbed 22.2% and Nordstrom net declined 10.9% but the company lifted annual outlook. Nvidia second quarter net plunged 12% and J. C. Penney net swung to $147 million loss. MBIA second quarter net jumped more than three-fold to $581 million.[/R]

Belden Inc. ((BDC)) fell 23 cents to $35 after the networking products maker reported net sales in the second quarter ending in June slipped 9.7% to $484.0 million compared to $536.2 million in the same period of last year. Net income in the quarter climbed 22.2% to $42.4 million or 92 cents per diluted share compared to $34.7 million or 72 cents per share a year ago earlier.

For the full year, the company expects adjusted revenues between $1.95 billion to $1.97 billion and adjusted income from continuing operations per share between $2.95 and $3.05 and for the third quarter revenues to be $490 million to $500 million and 69 cents to 74 cents of continuing operations per share.

Nordstrom, Inc. ((JWN)) gained 2.4% or 1.33 to $56.41 after the specialty retailer reported net sales in the second quarter of ending on July 14 increased 7.4% to $2.92 billion compared to $2.72 billion in the same period of last year. Comparable store sales in the quarter increased 4.5% and full line same store sales increased 1.1%.

Net income in the quarter declined 10.9% to $156 million or 75 cents per diluted share compared to $175 million or 80 cents per share a year ago period.

Nordstrom lifted its expected earnings per share to a range of $3.40 and $3.50 for fiscal year 2012 and estimated same store sales to increase in mid-single-digit in the fourth quarter.

Nvidia Corporation ((NVDA)) rose 8 cents to $14.79 after the graphics chips maker reported net sales in the second quarter of ending on July 29 grew 2% to $1.04 billion compared to $1.02 billion in the same period of last year. Net income in the quarter plunged 12% to $119.0 million or 19 cents per diluted share compared to $151.6 million or 25 cents per share a year ago period.

Nvidia expects revenue for the third quarter between $1.15 billion and $1.25 billion.

J. C. Penney Company, Inc. ((JCP)) climbed 6.6% or $1.46 to $23.56 after the holding company reported net sales in the second quarter ending on July 28 plunged 22.6% to $3.02 billion compared to $3.91 billion in the same period of last year. Comparable store sales in the quarter declined 21.7%.

Net loss in the quarter swung to $147 million or 67 cents per diluted share compared to net income of $14 million or 7 cents per share a year ago period.

The retailer said it no longer anticipates to get previously issued non GAAP earnings guidance for fiscal 2012.

MBIA Inc. ((MBI)) slipped 1.2% or 13 cents to $9.93 after the insurance company reported revenues in the second quarter ending in June climbed to $1.04 billion compared to $98 million in the same period of last year. Net income in the quarter jumped more than three-fold to $581 million or $2.98 per diluted share compared to $137 million or 68 cents per share a year ago.

Universal Display Corporation ((PANL)) increased 1.3% or 51 cents to $39.35 after the electronics display maker reported net sales in the second quarter ending in June surged 166% to $30 million compared to $11.3 million in the same period of last year. Net income in the quarter climbed 22.2% to $11 million or 23 cents per diluted share compared to $3.3 million or 3 cents per share a year ago earlier.

The company expects revenues for fiscal year in the range of $90 million to $110 million.