Elan, Evergreen Solar Rise; Dynegy, TiVo Fall

Mayank Mehta
02 Jul, 2009
New York City

Dynegy led the decliners in the S&P 500 index with a loss of 9.1%. Acuity Brands third quarter profit drops 46% on weak construction. Unify reported fourth quarter net rises. Monster Worldwide drops after unemployment surges.

[R]1:00 PM New York – Dynegy led the decliners in the S&P 500 index with a loss of 9.1%. Acuity Brands third quarter profit drops 46% on weak construction. Unify reported fourth quarter net rises. Monster Worldwide drops after unemployment surges.[/R]

Of the stocks in S&P 500 index, 5 increased, 495 declined and none were unchanged.

Dynegy Inc led the decliners in the S&P 500 index with a loss of 9.1% followed by losses in Johnson Controls, Inc of 6.7%, in Agilent Technologies, Inc of 5.7%, in Monster Worldwide, Inc of 5.5% and in Smith International, Inc of 5.5%.

American International Group, Inc led gainers in the S&P 500 index with a rise of 3% followed by gains in Varian Medical Systems, Inc 2.6%, in Qwest Communications International Inc of 1.2% and Novellus Systems, Inc of 0.3%.

Other Movers

Acuity Brands, Inc ((AYI)) declined 5.9% or $1.72 to $27.20 after the lighting products company reported third quarter sales fell 23% to $396.6 million from $512.4 million a year ago. Net income in the quarter fell 46.5% to $22 million or 53 cents per diluted share compared to net income of $41.1 million or $1.00 per share a year ago.

Continental Airlines, Inc ((CAL)) climbed 5.1% or 47 cents to $9.69 after the U.S. carrier was upgraded to “overweight” from “equal-weight” at Morgan Stanley.

Elan Corporation ((ELN)) rose 16.7% or $1.17 to $8.17 after the Irish drugmaker today announced a definitive agreement whereby Johnson & Johnson will acquire substantially all of the assets and rights of Elan related to its Alzheimer''s Immunotherapy Program through a newly formed company.

Evergreen Solar, Inc ((ESLR)) gained 13.4% or 29 cents to $2.44 after the maker of solar power wafers was upgraded from “underweight” to “overweight” at JP Morgan.

Flagstone Reinsurance Holdings Limited ((FSR)) fell 11.3% or $1.21 to $9.47 a global reinsurance company said that it has made an offer to the Board of IPC Re to acquire all of IPC’s outstanding shares. Flagstone claims its offer is superior to the pending offer made by Validus on both a market value and tangible book value per share basis.

Illumina, Inc ((ILMN)) declined 11.0% or $4.22 to $33.92 after the maker of equipment to analyze DNA said preliminary second quarter revenue of approximately $161 million compared to guidance of $168 to $173 million.

Johnson Controls, Inc ((JCI)) dropped 8.0% or $1.84 to $20.91 after the maker of car interiors and batteries was downgraded from “buy” to “hold” at Deutsche Securities.

Manhattan Associates, Inc ((MANH)) fell 8.2% or $1.50 to $16.77 after the maker of software that helps businesses manage inventory said its second quarter earnings outlook is weaker than expected.

Msci Inc ((MXB)) rose 2.0% or 43 cents to $24.50 after the investment analysis and market index company reported second quarter revenues rose 1% to $109.4 million from $108.2 million a year ago. Net income in the quarter rose 5.3% to $19.6 million or 19 cents per diluted share compared to net income of $18.6 million or 18 cents per share a year ago.

Monster Worldwide, Inc ((MWW)) fell 8.9% or $1.07 to $10.94 after the world’s largest online recruiting company slipped after more jobs were lost in June according to the latest estimate by the U.S. Labor Department.

Sepracor Inc ((SEPR)) slumped 17.5% or $3.13 to $14.76 after the drugmaker today announced that it has completed the analysis and validation of the preliminary results of a Phase II, 514-patient study evaluating the efficacy and safety of SEP-225289 for the treatment of depression. The results did not meet the expectations at the end of Phase II study.

Southwest Airlines Co ((LUV)) slipped 5.4% or 37 cents to $6.43 after the passenger airline was downgraded to “underweight” from “equal-weight” at Morgan Stanley.

TiVo Inc ((TIVO)) fell 13.3% or $1.44 to $9.33. The customers of TiVo are allowed to record the video content while Dish Network argues its case in Court of Appeals for a patent ruling in favor of TiVo.

Unify Corporation ((UNFY)) added 13.4% or 45 cents to $3.80 after the provider of integrated content archiving software solutions said fourth quarter revenues fell 9.8% to $4.6 million from $5.1 million a year ago. Net income in the quarter rose 145% to $189,000 or 3 cents per diluted share compared to net income of $77,000 or 1 cent per share a year ago.