SanDisk Plunges, DR Horton Surges

123jump.com Staff
03 Feb, 2009
New York City

SanDisk Corp plunged after it reported larger than expected loss. DR Horton surged after it reported narrower loss on cost cutting. Motorola declined 9% after it reported fourth quarter loss on a charge related to mobile handset division. UPS rose 4.6% after it reported profit.

[R]4:30PM New York – Sandisk Corp plunged after it reported larger than expected loss. ADP rose 7% after second quarter net rose.[/R]

Of the stocks in S&P 500 index 387 declined, 111 increased and 2 were unchanged.

Sandisk Corp led decliners in the S&P 500 index with a loss of 23% followed by loses in Marshall & Ilsley of 17.7%, in SunTrust Banks of 16.2%, in Fifth Third Bancorp of 14.4%, in AIG of 12.2%, in Bank of America of 11.7% and in Motorola Inc of 11%.

DR Horton Inc led gainers in the S&P 500 index with a rise of 21.4% followed by gains in Tyco International Limited of 19.3%, in Harley Davidson of 15.8%, in Salesforce.com of 12.6% and in Centex Corp of 10.4%.

Other Movers

Aflac Incorporated ((AFL)) rose 6.8% or $1.58 to $24.61 after its fourth quarter profit plunged 48% as the insurer suffered investment losses including tied to investments in Iceland.

Automatic Data Processing, Inc ((ADP)) jumped 7.3% or $2.73 to $39.37 after the business outsourcing solutions provider said second quarter net income rose to $300.5 million or 60 cents a share from $291.2 million or 56 cents a share in the year-ago period. Revenue rose to $2.20 billion from $2.15 billion.

Avon Products, Inc ((AVP)) plunged 5.4% or $1.11 to $19.34 after the cosmetics maker said fourth quarter profit rose 80% from a year ago when the company faced large restructuring charges. The earnings missed analyst expectations as the stronger dollar and a consumer spending slump affected sales.

BP Plc ((BP)) lost 3.0% or $1.22 to $40.35 after the second largest European oil company said it swung to a steep loss of $3.3 billion during the fourth quarter of 2008 as sliding oil prices hit revenues hard.

Cameron International Corp ((CAM)) fell 6.9% or $1.53 to $20.45 an oil and gas services company said its fourth quarter profit rose 18% but warned of earnings declines in 2009.

Crown Holdings, Inc ((CCK)) climbed 6.7% or $1.25 to $19.80 after the maker of beverage cans reported earnings for the latest quarter of 22 cents per share. Analysts polled by Thomson Reuters expected profit of 17 cents per share on sales of $1.95 billion.

Colonial Properties Trust ((CLP)) fell 10.5% or 81 cents to $6.90 after the multifamily real estate investment trust announced that for fiscal 2009 it expects revenue to be flat to negative 1% and diluted loss per share between $0.15 and profit per share of 10 cents a share and total diluted funds from operation in the range of $1.35 and $1.50.

D.R. Horton, Inc ((DHI)) rose 10.6% or 65 cents to $6.76 after the largest U.S. homebuilder said its fiscal first quarter loss narrowed on cost cutting.

DryShips Inc ((DRYS)) jumped 22.4% or $1.11 to $5.98 after the bulk commodities ocean carrier reached an agreement with Piraeus Bank one of its largest lenders to restructure its two loan facilities in the original aggregate principal amount of $220.0 million with current outstanding $164.9 million.

Gannett Co ((GCI)) dropped 5.0% or 27 cents to $5.04 on the rising speculation that the media group may have to trim the dividend to preserve capital.

Hitachi, Ltd ((HIT)) slid 10% or $3.00 to $27.16 after the Japan based maker of home appliances to medical equipment reported a 371 billion yen net loss for the fiscal third quarter and estimated full year loss.

Huntington Bancshares Incorporated ((HBAN)) gained 12.3% or 25 cents to $2.27 after the diversified financial company said it will reduce annual expense by $100 million. The company also cut bonus and other employee incentives and eliminate about 500 jobs.

InterMune, Inc ((ITMN)) jumped 27.7% or $3.30 to $15.20 after the developer of a hepatitis-C treatment reported mixed results from two clinical trials of experimental drug pirfenidone in patients with idiopathic pulmonary fibrosis, a progressive and fatal lung disease.

Manpower Inc ((MAN)) climbed 3.0% or 80 cents to $28.46 after the global staffing services company reported a 41% decline in quarterly profit amid a global slow down.

Motorola, Inc ((MOT)) declined 8.5% or 39 cents to $4.15 after the maker of telecommunications equipment posted a massive fourth quarter loss as it recorded charges related to cell phone business and suspended its dividend. The company also announced the departure of its chief financial officer.

Merck & Co., Inc ((MRK)) added 3.5% or $1.02 to $29.45 reported a profit of $1.64 billion or 78 cents per share a year ago. Merck posted a loss of $1.63 billion or 75 cents per share mainly due to a $4.85 billion charge for a settlement to end most of the patient lawsuits over its withdrawn painkiller Vioxx.

Perrigo Company ((PRGO)) fell 15.7% or $4.59 to $24.50 after the largest U.S. maker of non-prescription drug maker cut its fiscal 2009 outlook. The company cut its earnings outlook to a range of $1.75 to $1.90 a share from the previous estimate of $1.92 to $2 a share.

Rent-A-Center, Inc ((RCII)) added 9.0% or $1.37 to $16.51 after the nation''s largest rent to own operator said fourth quarter revenues fell 2% to $699.8 million from $717 million a year ago. Net income in the quarter was $36.1 million or 54 cents per diluted share compared to net loss of $5.4 million or 8 cents per share a year ago.

SanDisk Corporation ((SNDK)) fell 17.3% or $1.96 to $9.32 after the world''s largest supplier of flash memory cards said fourth quarter revenues fell 31% to $863.9 million from $1.25 billion a year ago. Net loss in the quarter was $1.86 billion or $8.25 per diluted share compared to net income of $106 million or 45 cents per share a year ago.

Schering-Plough Corporation ((SGP)) rose 5.0% or 88 cents to $18.35 after the drugmaker said it swung to a sizable fourth quarter profit after a year-ago loss due to a charge.

Tyco International Ltd ((TYC)) rose 12.0% or $2.44 to $22.78 after the diversified manufacturer said its fiscal first quarter profit declined 24%. Net income slipped to $277 million or 58 cents per share compared with $363 million or 73 cents per share a year earlier.

United Parcel Service, Inc ((UPS)) added 4.6% or $1.99 to $44.35 after the world''s largest carrier said it swung to a fourth quarter profit of $254 million. It also said it is freezing management salaries and suspending its match for its employee retirement plans. Sales declined 5.2%.