Capital One Drops 6%, Nike Surges

123jump.com Staff
25 Sep, 2008
New York City

Capital One drops after it completed stock offering at a lower price. Bed Bath & Beyond matched the earnings views but predicted lower earnings for the quarter and the rest of the year. General Electric lowered its earnings outlook. McCormick edged higher after third quarter earnings rose.

[R]11:30PM New York – CRA International and Vail Resorts drop after weaker than expected results. GE dropped stock buyback and lowered earnings outlook.[/R]

Analogic Corporation ((ALOG)) rose $4.26 to $58.02 after it reported revenue gains. The designer and manufacturer of high-precision health and security imaging equipment reported fourth quarter revenues rose 26% to $117.1 million from $92.9 million a year ago. Net income in the quarter fell 60% to $3.3 million or 25 cents per diluted share compared to net income of $8.3 million or 60 cents per share, a year ago.

Bed Bath & Beyond rose $2.19 to $32.90 after it reported a rise in revenue and less than expected fall in earnings. The home decor chain said second quarter revenues rose 5% to $1.85 billion from $1.77 billion a year ago. Net income in the quarter fell 19% to $119.3 million or 46 cents per diluted share compared to net income of $147.0 million or 55 cents per share, a year ago.

Capital One Financial Corp ((COF)) dropped $3.00 to $49.49 after it completed offering of 14 million shares at $49 a share and raised $686 million. The offering was managed by JP Morgan and Citigroup.

CRA International ((CRAI)) plunged $9.07 to $28.60 after it reported revenue and earnings decline. The economic, financial, and management consulting services reported third quarter revenues fell 11% to $111.2 million from $124.3 million a year ago. Net income in the quarter fell 51% to $4.2 million or 39 cents per diluted share compared to net income of $8.6 million or 72 cents per share, a year ago.

Dillard’s Inc ((DDS)) soared 9% or $1.05 to $12.81 after two shareholders groups demanded that the company merge two classes of stocks into one common stock. The Barrington Capital Group and Clinton Group, both investment groups operating from the Cayman Islands and own more than 5% of the company stock requested board of the company to buyback all the shares in the Class B structure, according to the latest filing with the SEC.

General Electric dropped 35 cents to $24.24 after it lowered its earnings second time this year. General Electric lowered its earnings guidance; left its dividend unchanged and suspended its stock buyback plan. The company blamed it on the “weakness and volatility in the financial service markets.” The conglomerate revised quarterly earnings to a range of 43 cents and 48 cents a share from 50 and 54 cents a share.

GE ((GE)) lowered its annual earnings to $19.5 billion to $21 billion from $22 billion to $23 billion and earnings per share to $1.95 to $2.10 a share from $2.20 to $2.30 a share.

McCormick Inc ((MCK)) added 93 cents to $54.95 after sales and net income in the third quarter rose. The spice maker reported third quarter sales rose 9% to $782 million from $716.2 million a year ago. Net income in the quarter rose 21% to $68.6 million or 52 cents per diluted share compared to net income of $56.8 million or 43 cents per share, a year ago.

Nike, Inc ((NKE)) surged $5.34 to $64.61 after it reported revenue gains. The world''s largest athletic footwear and apparel company said first quarter revenues rose 17% to $5.4 billion from $4.7 billion a year ago. Net income in the quarter fell 10% to $510.5 million or $1.03 per diluted share compared to net income of $569.7 million or $1.12 per share, a year ago.

Vail Resorts ((MTN)) dropped $3.18 to $37.22 after it reported a loss. The resort operator reported fourth quarter revenues rose 180.2% to $270.5 million from $96.5 million a year ago. Net loss in the quarter was $11.1 million or 29 cents per diluted share compared to net income of $34.3 million or 88 cents per share, a year ago.

Total revenue increased $211.6 million, or 22.5%, to $1.15 billion in fiscal 2008 from $940.5 million in fiscal 2007. Income from operations increased $47.8 million, or 37.3%, to $176.0 million in fiscal 2008.