SunTrust, MetLife, Prudential Rise; Nvidia Falls

Mayank Mehta
08 May, 2009
New York City

Symantec Corporation led the decliners in the S&P 500 index of 14.7%. American International Group first quarter loss narrows. Bankrate first quarter income falls 31%. MoneyGram International reports improved first quarter results.

[R]12:30PM New York – Symantec Corporation led the decliners in the S&P 500 index of 14.7%. American International Group first quarter loss narrows. Bankrate first quarter income falls 31%. MoneyGram International reports improved first quarter results.[/R]

Of the stocks in S&P 500 index, 129 increased, 367 declined and 4 were unchanged.

Symantec Corporation led the decliners in the S&P 500 index of 14.7% followed by losses in Monster Worldwide, Inc of 12.5%, in Comerica Incorporated of 12.4%, in KeyCorp of 11.8% and in CB Richard Ellis Group, Inc of 11.6%.

Office Depot, Inc led gainers in the S&P 500 index with a rise of 21.0% followed by gains in Prudential Financial, Inc of 20.5%, in Genworth Financial, Inc of 20.4% and Capital One Financial Corporation of 18.1%.

Banks surged in trading after the Fed announced results of much awaited stress test results. Regional banks rallied after regulators asked them to raise capital buffer lower than expected.

Bank of America was asked to raise $33.9 billion, Wells Fargo $13.7 billion, GMAC LLC $11.5 billion, Citigroup $5.5 billion, Regions Financial $2.5 billion, Sun Trust $2.2 billion, KeyCorp and Morgan Stanley $1.8 billion each, Fifth Third Bank $1.1 billion and PNC $600 million.

Nine banks that did not need additional capital buffer include; American Express, BB&T, Bank of New York Mellon, Capital One, Goldman Sachs, JP Morgan, Met Life, State Street and USB.

The Fed and regulators had guarded the identities of 19 banks till today and the list of banks includes only one foreign bank, UBS which is already operating under the protection of the Swiss government.

Other Movers

Aceto Corporation ((ACET)) lost 12.1% or 83 cents to $6.00 after the pharmaceuticals and chemical company reported third quarter sales rose 18.8% to $79.8 million from $98.3 million a year ago. Net income in the quarter fell 41.3% to $1.9 million or 8 cents per diluted share compared to net income of $3.3 million or 13 cents per share a year ago.

American International Group, Inc ((AIG)) added 3.0% or 5 cents to $2.00 after the New York-based insurance giant said first quarter net premium written fell 17.6% to $9.97 billion from $12.1 billion a year ago. Net loss in the quarter was $4.35 billion or $1.98 per diluted share compared to net loss of $7.81 billion or $3.09 per share a year ago.

American Reprographics Company ((ARP)) rose 29.5% or $1.97 to $8.37 after the provider of reprographic services and technology said first quarter sales fell 25.5% to $139.5 million from $187.4 million a year ago. Net income in the quarter fell 59.5% to $7.5 million or 17 cents per diluted share compared to net income of $18.5 million or 41 cents per share a year ago.

Bankrate, Inc ((RATE)) added 8.8% or $2.24 to $27.44 after the financial information-based website operator said first quarter revenues fell 10% to $38.3 million from $42.5 million a year ago. Net income in the quarter fell 31% to $4.7 million or 25 cents per diluted share compared to net income of $6.8 million or 35 cents per share a year ago.

bebe stores, inc ((BEBE)) climbed 12.3% or $1.02 to $9.29 after the women's apparel retailer said third quarter sales fell 15.8% to $127.7 million from $151.7 million a year ago. Net loss in the quarter was $5.0 million or 6 cents per diluted share compared to net income of $8.3 million or 9 cents per share a year ago.

Blue Nile, Inc ((NILE)) rose 5.1% or $2.28 to $46.86 an online jewelry retailer said first quarter sales fell 11% to $62.4 million from $70.5 million a year ago. Net income in the quarter fell 27% to $1.9 million or 13 cents per diluted share compared to net income of $2.6 million or 16 cents per share a year ago.

Brooks Automation, Inc ((BRKS)) fell 13.1% or 82 cents to $5.43 a vacuum and instrumentation solutions provider said second quarter revenues fell 75% to $37.3 million from $147.6 million a year ago. Net loss in the quarter was $152.5 million or $2.43 per diluted share compared to net loss of $8.3 million or 13 cents per share a year ago.

Constellation Energy Partners LLC ((CEP)) added 11.8% or 45 cents to $4.25 an energy company reported first quarter revenues fell 82% to $52.2 million from $28.5 million a year ago. Net income in the quarter was $18.9 million or 85 cents per diluted share compared to net income of $15 million or 7 cents per share a year ago.

El Paso Corporation ((EP)) rose 14.0% or $1.08 to $8.75 after the oil and gas producer reported first quarter revenues rose 16.5% to $1.48 billion from $1.27 billion a year ago. Net loss in the quarter was $978 million or $1.41 per diluted share compared to net income of $200 million or 29 cents per share a year ago.

The Knot, Inc ((KNOT)) fell 12.0% or $1.07 to $7.84 after the wedding focused portal said first quarter revenues fell 0.4% to $23.7 million from $23.8 million a year ago. Net loss in the quarter was $1.3 million or 4 cents per diluted share compared to net income of $0.6 million or 2 cents per share a year ago.

The Allstate Corporation ((ALL)) lost 9.6% or $2.67 to $24.93 after the property-and-casualty insurer said first quarter revenues fell 2.5% to $7.9 billion from $8.1 billion a year ago. Net loss in the quarter was $274 million or 51 cents per diluted share compared to net income of $348 million or 62 cents per share a year ago.

Home Inns & Hotels Management Inc ((HMIN)) fell 4.4% or 62 cents to $13.30, an economy hotel chain in China said first quarter revenues rose 49.1% to Rmb 532.2 million from Rmb 357 million a year ago. Net income in the quarter was Rmb 0.5 million or Rmb 0.20 per diluted share compared to net loss of Rmb 50.3 million or Rmb 0.71 per share a year ago.

Hypercom Corporation ((HYC)) lost 6.6% or 8 cents to $1.12 a security electronic payment and digital transaction solutions provider said first quarter revenues rose 18.6% to $83.6 million from $70.5 million a year ago. Net loss in the quarter was $9.9 million or 19 cents per diluted share compared to net loss of $0.3 million or 1 cent per share a year ago.

Luxottica Group SpA ((LUX)) added 3.0% or 57 cents to $21.27 after the luxury eyewear maker said first quarter sales fell 6.4% to €1.31 billion from €1.4 billion a year ago. Net income in the quarter fell 22.5% to €80.4 million or €0.18 per diluted share compared to net income of €103.7 million or €0.23 per share a year ago.

MoneyGram International, Inc ((MGI)) dropped 10.1% or 17 cents to $1.50 after the global payment services company said first quarter revenues were $279.9 million from $17.1 million a year ago. Fees revenues increased to $268.1 million from $262 million a year ago. In the prior year the company recorded a securities loss of $307 million that lowered the revenue to $17.1 million.

Net income in the quarter was $11.8 million or 20 cents per diluted share compared to net loss of $360.9 million or $4.40 per share a year ago.

M.D.C. Holdings, Inc ((MDC)) rose 3.0% or 87 cents to $34.05 after the home builder reported first quarter revenues fell 56% to $175.9 million from $395.8 million a year ago. Net loss in the quarter was $40.9 million or 88 cents per diluted share compared to net loss of $72.8 million or $1.58 per share a year ago.

Toyota Motor Corporation ((TM)) dropped 3.0% or $2.48 to $77.76 after the world's largest carmaker reported fourth quarter sales fell 46% to ¥3.54 trillion from ¥6.57 trillion a year ago. Net loss in the quarter was ¥765.8 billion or compared to net income of ¥316.8 billion a year ago. For the year sales declined 21.9%. The automaker also estimated operating loss of ¥850 billion in the current fiscal year.