AIG, Drops; Apollo, Ctrip, H&R Block Up

Mayank Mehta
30 Jun, 2009
New York City

AIG falls after it warned that a decline in derivatives sold to European investors may be material. Apollo Group surged after it reported better than expected earnings. China based online reservation agent Ctrip.com gained on rating revision.

[R]12:00 PM New York – American International Group, Inc led the decliners in the S&P 500 index with a loss of 15.1%. Advanced Photonix, Inc fourth quarter loss narrows. Benihana Inc fourth quarter profit falls on CEO retirement. Schnitzer Steel Industries, Inc posts surprise third quarter loss, sees better fourth quarter.[/R]

Of the stocks in S&P 500 index, 280 increased, 212 declined and 8 were unchanged.

American International Group, Inc led the decliners in the S&P 500 index with a loss of 15.1% followed by losses in Expedia, Inc of 5.0%, in Marshall & Ilsley Corporation of 3.8%, in The Southern Company of 2.8% and in Starbucks Corporation of 2.8%.

Apollo Group, Inc led gainers in the S&P 500 index with a rise of 8.0% followed by gains in H&R Block, Inc 7.9%, in International Paper Company of 6.3% and Advanced Micro Devices, Inc of 5.9%.

Other Movers

Advanced Photonix, Inc ((API)) added 3.1% or 0.020 cents to $0.660 after the manufacturer of optoelectronic devices said fourth quarter sales rose 16.7% to $6.1 million from $5.2 million a year ago. Net loss in the quarter was $1.5 million or 6 cents per diluted share compared to net loss of $3.1 million or 13 cents per share a year ago.

American International Group, Inc ((AIG)) slid 15.1% or 20 cents to $1.12 after the insurance giant said that the notional values of credit default derivatives sold to European investors have declined enough that could have “material adverse effect” on its earnings.

In the annual meeting to investors the outgoing chief executive Edward Liddy said that AIG has “excellent chance” in repaying $25 billion tapped under the Federal Reserve credit line. He also said to the Congress that the company is likely to repay $60 billion tapped under the credit line and $40 billion of direct investment.

Apollo Group, Inc ((APOL)) climbed 5.0% or $3.36 to $69.35 after the education provider said third quarter sales rose 26% to $1.05 billion from $835.2 million a year ago. Net income in the quarter rose 44% to $201.1 million or $1.26 per diluted share compared to net income of $139.1 million or 85 cents per share a year ago.

Benihana Inc ((BNHNA)) fell 6.0% or 37 cents to $5.75 after the nation’s largest chain of Japanese theme and sushi restaurant said fourth quarter revenues rose 5.3% to $74.0 million from $70.2 million a year ago. Net income in the quarter fell 66.6% to $0.9 million or 6 cents per diluted share compared to net income of $2.7 million or 17 cents per share a year ago.

Ctrip.com International, Ltd ((CTRP)) China’s biggest online hotel and airline ticketing agent gained 3.0% or $1.24 to $46.07.

Electronic Arts Inc ((ERTS)) added 3.5% or 73 cents to $21.54 after the video game publisher was upgraded from “neutral” to “buy” at Merrill Lynch.

Expedia, Inc ((EXPE)) an online travel company declined 5.0% or 92 cents to $15.00.

EXCO Resources, Inc ((XCO)) jumped 14.6% or $1.63 to $12.77 after the oil and gas explorer today announced that it has reached a definitive agreement with BG Group plc.

Geron Corporation ((GERN)) rose 16.6% or $1.11 to $7.80 after the drug maker and GE Healthcare, a unit of General Electric Co today announced that they have entered into a global exclusive license and alliance agreement to develop and commercialize cellular assay products derived from human embryonic stem cells for use in drug discovery, development and toxicity screening.

H&R Block, Inc ((HRB)) surged 5.3% or 83 cents to $16.50 after the nation''s largest tax preparer said fourth quarter revenues fell 3% to $2.47 billion from $2.52 billion a year ago. Net income in the quarter rose 30% to $706.9 million or $2.09 per diluted share compared to net income of $543.6 million or $1.66 per share a year ago.

Marshall & Ilsley Corporation ((MI)) a regional bank decreased 3.8% or 37 cents to $4.60.

Park Electrochemical Corp ((PKE)) dropped 1.2% or 27 cents to $21.48 an electronic circuitry products maker reported first quarter revenues fell 39% to $36.7 million from $59.8 million a year ago. Net income in the quarter fell 59% to $3.1 million or 15 cents per diluted share compared to net income of $7.6 million or 37 cents per share a year ago.

Schnitzer Steel Industries, Inc ((SCHN)) lost 5.3% or $3.23 to $56.98 after the recycler of ferrous and non ferrous metals reported third quarter revenues fell 58% to $411.8 million from $972.1 million a year ago. Net loss in the quarter was $1.5 million or 5 cents per diluted share compared to net income of $61.7 million or $2.14 per share a year ago.

StemCells, Inc ((STEM)) a biopharmaceutical company rose 3.0% or 5 cents to $1.73.

The Southern Company ((SO)) dropped 3.8% or $1.21 to $30.66 after the largest U.S. power producer was downgraded to “hold” from “buy” at Citigroup Inc.

Vical Incorporated ((VICL)) rallied 22.2% or 49 cents to $2.70 after the drug maker announced today that the company''s vaccine against swine flu produced robust immune responses well above the accepted protection threshold in 100% of vaccinated mice and rabbits after a standard two dose vaccine regimen.