Sprint Acquires Virgin Mobile; Valero Drops

Mayank Mehta
28 Jul, 2009
New York City

Virgin Mobile surges after Sprint agrees to acquire the pre-paid telephone service operator. Bank of Hawaii Corp second quarter net falls on higher provision. Office Depot, Inc second quarter loss widens to $82 million. Valero reports loss in the second quarter on lower diesel demand.

[R]11:30AM New York – Virgin Mobile surges after Sprint agrees to acquire the pre-paid telephone service operator. Bank of Hawaii Corp second quarter net falls on higher provision. Fidelity National Financial, Inc second quarter earnings soar. Office Depot, Inc second quarter loss widens to $82 million. Valero reports loss in the second quarter on lower diesel demand.[/R]

Of the stocks in S&P 500 index, 189 increased, 302 declined and 9 were unchanged.

Office Depot, Inc led the decliners in the S&P 500 index with a loss of 16.4% followed by losses in The Interpublic Group of Companies, Inc of 11.6%, in The Manitowoc Company, Inc of 9.1%, in Plum Creek Timber Company, Inc of 8.6% and in Paccar Inc of 7.1%.

Masco Corporation led gainers in the S&P 500 index with a rise of 12.2% followed by gains in Textron Inc 12.1%, in Coventry Health Care, Inc of 11.0% and Tenet Healthcare Corporation of 8.0%.

Other Movers

Ametek, Inc ((AME)) fell 6.6% or $2.53 to $35.51 after the global manufacturer of electronic instruments and electromechanical devices reported second quarter sales fell 19% to $524.9 million from $648.8 million a year ago. Net income for the quarter fell 21% to $51.8 million or 48 cents per diluted share compared to net loss of $65.8 million or 61 cents per share a year ago.

Bank of Hawaii Corporation ((BOH)) added 8.4% or $2.99 to $38.48 after the regional bank said second quarter net interest income fell 4.6% to $102.3 million from $107.2 million a year ago. Net income in the quarter fell 36% to $31 million or 65 cents per diluted share compared to net income of $48.3 million or $1.00 per share a year ago.

BE Aerospace, Inc ((BEAV)) rose 1.2% or 19 cents to $15.50 after the world''s biggest supplier of aircraft interior products reported second quarter sales fell 9.1% to $474.8 million from $522.2 million a year ago. Net income for the quarter fell 36% to $34.7 million or 35 cents per diluted share compared to net income of $53.9 million or 59 cents per share a year ago.

Crane Co ((CR)) declined 2.0% or 37 cents to $23.20 after the diversified manufacturer of industrial products said second quarter sales fell 21.3% to $545.5 million from $693.5 million a year ago. Net income in the quarter fell 53% to $27.8 million or 47 cents per diluted share compared to net income of $59.0 million or 97 cents per share a