Eaton, Halliburton, Landry's Rise

123jump.com Staff
20 Oct, 2008
New York City

Eaton and Halliburton rose after reporting better than expected earnings. Hasbro dropped 4% after net income in the quarter dropped 14% from a year ago. Landrys surged 29% after the company agreed to an amended offer to sell to its chief executive. Mattel net income in the quarter was flat.

[R]12:35PM New York – Eaton, Halliburton and Landry’s Restaurants gained.[/R]

Eaton Corporation ((ETN)) added 7.25% or $3.22 to $47.64 after the diversified industrial manufacturer reported third quarter sales increased 25% to $4.114 billion from $3.298 billion a year ago. Net income in the quarter rose 22% to $315 million or $1.87 per diluted share compared to net income of $258 million or $1.71 per share, a year ago.

Hasbro, Inc ((HAS)) fell 3.39% or $1.02 to $29.10 after the toy maker reported third quarter sales gained 7% to $1.30 billion from $1.22 billion a year ago. Net income in the quarter fell 14% to $138.2 million or $89 cents per diluted share compared to net income of $161 million or 95 cents per share, a year ago.

Emcore Corporation ((EMKR)) surged 16.8% or 60 cents to $4.29 after a positive article in Barron’s suggested that the stock is ‘more affordable’ after it has fallen 75% this year.

Halliburton Company ((HAL)) climbed 11.3% or $2.09 to $20.36 after the latest quarterly profit exceeded the expectations.

Hasbro, Inc ((HAS)) dropped 3.4% or $1.02 to $29.10 after the toy maker reported third quarter sales rise of 7% to $1.30 billion from $1.22 billion a year ago. Net income in the quarter fell 14% to $138.2 million or $89 cents per diluted share compared to net income of $161 million or 95 cents per share, a year ago.

Hormel Foods Corporation ((HRL)) fell 8.9% or $3.09 to $30.85 after its cut full-year profit estimate to a range of $2.03 to $2.09 per share from earlier guidance between $2.22 and $2.28 per share.

Landry’s Restaurants, Inc ((LNY)) rose 28.8% or $2.62 to $11.70 after the chief executive and president amended its buyout offer. The original offer valued the company at $21 a share in cash. The revised offer values the company at $13.50 a share and assumption of debt which puts the offer at 49% of the current price. The deal will be voted by shareholders in December and closed by February of next year.

Mattel, Inc ((MAT)) lost 3.25% or 47 cents to $13.98 toy maker reported third quarter sales rose 6% to $1.95 billion from $1.84 billion a year ago. Net income in the quarter rose 0.54% to $238.1 million or $66 cents per diluted share compared to net income of $236.8 million or 61 cents per share, a year ago.

MetLife, Inc ((MET)) slipped 3.8% or 60 cents to $30.55 after Goldman Sachs cut its rating on insurer to “sell” from “neutral” and lowered its price target to $40 from $58. Goldman analyst said that the company has “significant” exposure to risky loan linked to real estate markets.

NRG Energy, Inc ((NRG)) rose 25.1% or $4.86 to $24.18 after Exelon Corp. offered $6.2 billion all-stock offer to buy nuclear power generator in Texas. Exelon fell 2.6% to $53.07.

Prudential Financial, Inc ((PRU)) lost 9.0% or $3.78 to $38.11 on a downgrade of MetLife. Prudential has $638 billion of assets under management at the end of second quarter.

Syneron Medical Ltd ((ELOS)) slid 11.9% or $1.36 to $9.99 after the laser device maker forecast third-quarter revenue below market estimates. The Israeli company expects revenue between $29 million and $30 million compared to $33 million in the prior year period.

Weatherford International Ltd ((WFT)) gained 7.9% or $1.16 to $15.85 after the world’s largest diversified upstream oilfield service companies reported third quarter sales increase of 29% to $2.54 billion from $1.97 billion a year ago. Net income in the quarter rose 27% to $370.6 million or $53 cents per diluted share compared to net income of $292.7 million or 42 cents per share, a year ago.