Textron, Eastman Kodak, Allstate Plunge

Mayank Mehta
29 Jan, 2009
New York City

Textron, Eastman Kodak and Allstate plunged after the companies reported a quarterly loss. Eastman Kodak announced plan to lay-off as many as 4,500. DryShips plunged on $500 million secondary offering.

[R]3:30PM New York – Textron, Eastman Kodak and Allstate plunged after the companies reported a quarterly loss. Eastman Kodak announced plan to lay-off as many as 4,500. DryShips plunged on $500 million secondary offering.[/R]

Of the Stocks in S&P 500 index, 31 increased, 469 declined and none were unchanged.

Textron Inc led the decliners in the S&P 500 index with a loss of 29.7% followed by losses in Eastman Kodak of 26.5%, in Allstate Corp of 21.4%, in Black & Decker of 18% and Lincoln National Corp of 17.3%.

Autonation Inc led the gainers in the S&P 500 index with a rise of 6.8%, in Symante Corp of 5.7%, in SLM Corp of 4.6%, in St. Jude Medical of 3.4%, in Boston Scientific of 2.6%.

Other Movers

Affymetrix, Inc ((AFFX)) fell 3.2% or 13 cents to $3.93 after the genetic information analysis instrument maker said fourth quarter revenues fell 27% to $78.6 million from $107.6 million a year ago. Net loss in the quarter was $318.7 million or $4.65 per diluted share compared to net income of $12.8 million or 17 cents per share a year ago.

Alaska Air Group, Inc ((ALK)) fell 5.9% or $1.57 to $25.04 after the operator of Alaska Airlines and Horizon Air swung to a $75.2 million fourth quarter loss as sales slid. The loss per share in the latest quarter surged to $2.08 a share compared to a profit of $7.4 million or 19 cents a share in the same period a year earlier.

AutoNation, Inc ((AN)) added 4.1% or 38 cents to $9.62 after the nation's largest automotive retailer said its fourth quarter profit rose 30%. The gains from debt repurchase helped to off set the decline in auto sales.

Revenue plunged 34% to $2.74 billion from $4.14 billion as new vehicle sales dropped 41% to $1.43 billion and used vehicle sales dropped 33% to $640.9 million.

The Black & Decker Corporation ((BDK)) dropped 15.4% or $6.00 to $32.74 after the largest power-tool maker announced that for first quarter of 2009 it expects sales to decrease approximately 20%. The company anticipates revenues of $1.257 billion and earnings per share of 76 cents for first quarter of 2009 and Earnings per share of $3.68 for fiscal 2009.

Boston Scientific Corporation ((BSX)) gained 3.0% or 26 cents to $8.76 after the medical device maker said fourth quarter revenues fell 7% to $2.0 billion from $2.15 billion a year ago. Net loss in the quarter was $2.43 billion or $1.62 per diluted share compared to net loss of $458 million or 31 cents per share a year ago.

Cabot Corporation ((CBT)) added 7.5% or $1.10 to $15.60 after the specialty chemicals maker said first quarter revenues fell 8.3% to $652 million from $711 million a year ago. Net income in the quarter fell 89% to $4 million or 6 cents per diluted share compared to net income of $36 million or 56 cents per share a year ago.

Citrix Systems, Inc ((CTXS)) plunged 6.5% or $1.59 to $22.60 after the infrastructure software maker said fourth quarter sales rose 4% to $415.7 million from $399.6 million a year ago. Net income in the quarter fell 4% to $60.1 million or 33 cents per diluted share compared to net income of $62.8 million or 33 cents per share a year ago.

Covance Inc ((CVD)) dropped 10.4% or $3.87 to $40.75 after the clinical testing company said fourth quarter revenues rose 6.5% to $463.8 million from $435.7 million a year ago. Net income in the quarter fell 10% to $45.7 million or 72 cents per diluted share compared to net income of $50.9 million or 80 cents per share a year ago.

DryShips Inc ((DRYS)) plunged 22.5% or $2.76 to $9.46 after the ocean bulk carrier said shares fell more than 25% after the company announced plans to issue up to $500 million in new shares.

Eastman Kodak Company ((EK)) lost 9.4% or 67 cents to $6.40 after the imaging technology leader announced layoffs of as much as 4,500 jobs or to 18% of its work force after it posted a $137 million fourth quarter loss.

Fifth Third Bancorp ((FITB)) jumped 34.6% or 90 cents to $3.52 after the banks rallied on the hopes of stimulus package for the industry and additional liquidity under TARP program.

Fortune Brands, Inc ((FO)) dropped 8.6% or $3.27 to $34.69 after the wine and spirit distributor forecasted annual earnings per share between $2 and $2.50, lower than most analysts’ expectations of at least $3.30 earnings per share.

International Paper Company ((IP)) slipped 7.4% or 87 cents to $10.75 after the world’s largest pulp and paper company posted a fourth quarter net loss of $452 million as the slowing global economy reduced demand.

JetBlue Airways Corporation ((JBLU)) slid 3.2% or 21 cents to $6.35 after the New York based carrier said Thursday its fourth quarter pretax loss surged on one time charges on failed investments. The airline reported a pretax loss of $49 million compared with a pretax loss of $3 million a year earlier.

Legg Mason, Inc ((LM)) dropped 9.9% or $1.93 to $17.51 after the broker reported a larger than expected loss.

Lincoln National Corporation ((LNC)) rose 19.9% or $3.38 to $20.33 after the stock surged on yesterday as regulators are likely to lower the capital requirement for insurers.

QUALCOMM Incorporated ((QCOM)) slid 5.4% or $2.00 to $34.82 after the chip maker said first quarter revenues rose 3.2% to $2.52 billion from $2.44 billion a year ago. Net income in the quarter fell 56% to $341 million or 20 cents per diluted share compared to net income of $767 million or 46 cents per share a year ago.

Regis Corporation ((RGS)) jumped 17.7% or $1.88 to $12.50 after the hair-salon operator said second quarter revenues fell 4% to $587.4 million from $614.7 million a year ago. Net loss in the quarter was $143.3 million or $3.34 per diluted share compared to net income of $22.6 million or 51 cents per share a year ago.

Starbucks Corporation ((SBUX)) climbed 5.4% or 50 cents to $9.65 after the coffee chain said first quarter revenues fell 6% to $2.62 billion from $2.77 billion a year ago. Net income in the quarter fell 69% to $64.3 million or 9 cents per diluted share compared to net income of $208.1 million or 28 cents per share a year ago.

Sepracor Inc ((SEPR)) increased 17.3% or $2.37 to $16.00 after the company said it expects profit excluding charges between $2.10 and $2.70 per share on revenue between $1.15 billion and $1.25 billion in 2009, lower than revenues of $1.40 billion estimated by most analysts.

Symantec Corporation ((SYMC)) climbed 8.6% or $1.27 to $15.85 after the biggest maker of security software for third quarter reported $1.51 billion in revenue for the quarter, even with a year earlier and above the $1.475 billion estimate of analysts polled by Thomson Reuters. Per-share profit minus special items rose 27% to 42 cents.

The Allstate Corporation ((ALL)) lost 10.8% or $3.20 to $26.44 after the largest publicly traded U.S. home and auto insurer said fourth quarter sales fell 26.7% to $6.6 billion from $9 billion a year ago. Net loss in the quarter was $1.13 million or $2.11 per diluted share compared to net income of $760 million or $1.36 per share a year ago.

Textron Inc ((TXT)) plunged 8.2% or $1.10 to $12.20 after the maker of Cessna jets swung to a fiscal fourth quarter loss. The company recorded one time loss on the sale of financial business.

Zimmer Holdings, Inc ((ZMH)) retreated 13.1% or $5.68 to $37.34 after the maker of artificial hip and knee joints estimated a profit between $3.68 and $3.83 a per share, lower than earlier estimate of more than $4.20 a share.