MBIA Surges, Deere & Company Drops 7%

Mayank Mehta
18 Feb, 2009
New York City

Agilent Technologies, Inc misses profit and will cut 600 jobs. La-Z-Boy Incorporated swings to third quarter loss. Deere & Company first quarter profit falls 45%. MBIA Inc led gainers in the S&P 500 index with a rise of 35.9%.

[R]2:00PM New York – Agilent Technologies, Inc misses profit and will cut 600 jobs. La-Z-Boy Incorporated swings to third quarter loss. Deere & Company first quarter profit falls 45%.[/R]

Of the stocks in S&P 500 index, 278 increased, 210 declined and 12 were unchanged.

Agilent Technologies, Inc led the decliners in the S&P 500 index with a loss of 7.7% followed by losses in CBS Corporation of 4.2%, in Chesapeake Energy Corporation of 3.7%, in Constellation Energy Group Inc of 3.5%, in United States Steel Corporation of 3.4%.

MBIA Inc led gainers in the S&P 500 index with a rise of 35.9% followed by gains in Developers Diversified Realty Corporation of 5.6%, in General Motors Corporation of 5.5% and SunTrust Banks, Inc of 5.4%.

American Capital Ltd ((ACAS)) an alternative asset management company fell 8.7% or 16 cents to $1.72.

Agilent Technologies, Inc ((A)) decreased 7.6% or $1.35 to $16.30 after the scientific instrument maker said first quarter revenues fell 16% to $1.17 billion from $1.39 billion a year ago. Net income in the quarter fell 47% to $64 million or 18 cents per diluted share compared to net income of $120 million or 31 cents per share a year ago.

American Campus Communities, Inc ((ACC)) declined 8.6% or $1.62 to $17.12 after the self-managed equity real estate investment trust said fourth quarter revenues rose 85.1% to $78.3 million from $42.3 million a year ago. Net loss in the quarter was $3.4 million or 8 cents per diluted share compared to net income of $6.1 million or 23 cents per share a year ago.

Cardionet, Inc ((BEAT)) added 8.0% or $1.78 to $24.00 after the wireless medical technology company said fourth quarter revenues rose 43.8% to $34.4 million from $23.9 million a year ago. Net income in the quarter rose 229% to $6.9 million or 29 cents per diluted share compared to net income of $2.1 million or 12 cents per share a year ago.

Calumet Specialty Product Partners, L.P. ((CLMT)) rose 4.5% or 56 cents to $12.99 after the producer of specialty hydrocarbon products in North America reported fourth quarter revenues rose 14% to $498.7 million from $436.9 million a year ago. Net income in the quarter rose 137% to $18.5 million or 55 cents per diluted share compared to net income of $7.8 million or 45 cents per share a year ago.

Chesapeake Energy Corporation ((CHK)) dropped 7.9% or $1.48 to $17.12 after the nation''s largest natural gas producer said fourth quarter revenues rose 43% to $3 billion from $2.1 billion a year ago. Net loss in the quarter was $866 million or $1.51 per diluted share compared to net income of $158 million or 33 cents per share a year ago.

CIT Group Inc ((CIT)) the global commercial finance company plunged 10.5% or 25 cents to $2.12.

Deere & Company ((DE)) fell 7.2% or $2.62 to $33.49 after the maker of construction and forestry equipment company reported first quarter revenues fell 1% to $5.15 billion from $5.20 billion a year ago. Net income in the quarter fell 45% to $204 million or 48 cents per diluted share compared to net income of $369 million or 83 cents per share a year ago.

Fifth Third Bancorp ((FITB)) the financial services company rose 5.9% or 10 cents to $1.77.

Genworth Financial, Inc ((GNW)) the financial security company slipped 8.7% or 18 cents to $1.87.

ING Groep N.V ((ING)) lost 8.7% or 59 cents to $6.14 after the global financial institution reported fourth quarter underlying net income fell 31.2% to €13.5 billion from €19.7 billion a year ago. Net loss in the quarter was €3.7 billion or €1.82 per diluted share compared to net income of €2.5 billion or €1.18 per share a year ago.

La-Z-Boy Incorporated ((LZB)) fell 3.1% or 0.030 cents to $0.920 after the residential furniture producer said third quarter sales fell 23% to $288.6 million from $373.1 million a year ago. Net loss in the quarter was $64.4 million or $1.25 per diluted share compared to net income of $9.5 million or 18 cents per share a year ago.

MannKind Corporation ((MNKD)) lost 4.1% or 15 cents to $3.44 after the maker of diabetes and cancer drugs said no revenues during the three months ended December 31, 2008 and December 31, 2007. Net loss in the fourth quarter was $83.3 million or 82 cents per diluted share compared to net loss of $75.0 million or 75 cents per share a year ago.

MBIA Inc ((MBI)) gained 35.9% or 95 cents to $4.43. The provider of financial guarantee insurance has established a new U.S. public finance financial guarantee insurance company within the MBIA Inc. group by restructuring its principal insurance subsidiary MBIA Insurance Corp.

Rogers Communications Inc ((RCI)) slipped 4.3% or $1.17 to $26.00 after the Canada''s biggest wireless carrier reported fourth quarter revenues rose 9% to $2.94 billion from $2.69 billion a year ago. Net loss in the quarter was $138 million or 22 cents per diluted share compared to net income of $254 million or 40 cents per share a year ago.

Sprint Nextel Corporation ((S)) climbed 5.7% or 16 cents to $2.92 after the global communication company was upgraded by Friedman, Billings, Ramsey and said it expects the company''s shares may be helped by “early evidence of an organic turnaround at the company.”

Suntech Power Holdings Co., Ltd ((STP)) slipped 4.4% or 39 cents to $8.75 after the Chinese solar energy company reported fourth quarter revenues rose 4.2% to $414.4 million from $397.5 million a year ago. Net loss in the quarter was $65.9 million or 42 cents per ADS compared to net income of $50.6 million or 29 cents per ADS a year ago.

SunTrust Banks, Inc ((STI)) added 4.5% or 32 cents to $7.43 after the financial services company that the financial sector remains vulnerable despite massive government intervention.

United States Steel Corporation ((X)) fell 8.7% or $2.40 to $24.93 an integrated steel producer UBS is out very negative on US Steel lowering their target to $23 from $25 after their 2009 earnings per share estimate for X drops to a $0.55 loss from breakeven earnings per share.