JC Penney, Lowe's, AXA, Wright Medical Drop

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

Citigroup Inc led decliners in the S&P 500 index with a slid of 19.1%. Chiquita Brands International, Inc posts sharply wider fourth quarter loss. Intuit Inc second quarter net falls 26%. JC Penney fourth quarter profit drops 51%.

[R]12:30PM New York – Chiquita Brands International, Inc posts sharply wider fourth quarter loss. Intuit Inc second quarter net falls 26%. JC Penney fourth quarter profit drops 51%. Citigroup Inc led decliners in the S&P 500 index with a slid of 19.1%.[/R]

Of the stocks in S&P 500 index, 39 increased, 459 declined and 2 were unchanged.

Citigroup Inc led the decliners in the S&P 500 index with a loss of 19.1% followed by losses in Bank of America Corporation of 16.7%, in The Hartford Financial Services Group, Inc of 13.3%, in Genworth Financial, Inc of 13.2%, in Wells Fargo & Company of 12.9%.

Newmont Mining Corporation led gainers in the S&P 500 index with a rise of 4.8% followed by gains in Huntington Bancshares Incorporated of 4.6%, in Intuit Inc of 4.2% and Mylan Inc of 3.6%.

Other Movers

AXA ((AXA)) fell 13.8% or $1.73 to $10.65 after the second largest insurer in Europe had its credit outlook lowered to “negative” from “stable” at Standard & Poor’s.

Bank of America Corporation ((BAC)) dropped 16.7% or 66 cents to $3.27 after the New York Attorney General subpoenaed chief executive of the company.

Cabela''s Incorporated ((CAB)) added 21.6% or $1.29 to $7.25 after the outdoor sports and equipment retailer said fourth quarter sales fell 1% to $879.4 million from $889.5 million a year ago. Net income in the quarter fell 12% to $49.4 million or 74 cents per diluted share compared to net income of $56.2 million or 84 cents per share a year ago.

Career Education Corporation ((CECO)) rose 13.8% or $2.72 to $22.38 after the for-profit education company posted better than expected fourth quarter earnings.

Chiquita Brands International, Inc ((CQB)) fell 9.5% or $1.22 to $11.51 after the banana distributor said fourth quarter sales fell 0.1% to $839.3 million from $840.4 million a year ago. Net loss in the quarter was $411.9 million or $9.28 per diluted share compared to net loss of $26.0 million or 68 cents per share a year ago.

Citigroup Inc ((C)) slipped 19.1% or 48 cents to $2.03 after the media speculation suggested that the bank may be forced to cut devalue.

The Goodyear Tire & Rubber Company ((GT)) fell 3.2% or 20 cents to $5.93 after the largest U.S. tire maker was cut to “sell” from “neutral” at Goldman Sachs Group Inc.

Intuit Inc ((INTU)) rose 6.2% or $1.32 to $22.59 after the tax preparation and personal finance software maker said second quarter revenues fell 5.3% to $791 million from $834.9 million a year ago. Net income in the quarter fell 26% to $85 million or 26 cents per diluted share compared to net income of $115.2 million or 34 cents per share a year ago.

J. C. Penney Company, Inc ((JCP)) slid 4.4% or 67 cents to $14.25 after the department store chain reported fourth quarter sales fell 9.4% to $5.8 billion from $6.4 billion a year ago. Net income in the quarter fell 50.9% to $211 million or 95 cents per diluted share compared to net income of $430 million or $1.93 per share a year ago.

Lowe’s Companies, Inc ((LOW)) plunged 6.9% or $1.18 to $15.80 after the second largest home improvement retailer reported fourth quarter sales fell 4% to $9.98 billion from $10.4 billion a year ago. Net income in the quarter fell 60.3% to $162 million or 11 cents per diluted share compared to net income of $408 million or 28 cents per share a year ago.

Red Robin Gourmet Burgers, Inc ((RRGB)) gained 12.6% or $1.67 to $14.83 after the restaurant operator reported fourth quarter profit excluding some items of 43 cents a share.

RiskMetrics Group, Inc ((RMG)) gained 13.5% or $1.55 to $12.98 after the risk management and corporate governance services provider said fourth quarter revenues rose 12% to $75.5 million from $67.6 million a year ago. Net loss in the quarter was $149.1 million or $2.43 per diluted share compared to net income of $1.2 million or 2 cents per share a year ago.

Stewart Information Services Corporation ((STC)) lost 15.2% or $2.39 to $13.24 after the largest U.S. title insurers said fourth quarter revenues fell 33% to $335.9 million from $499.7 million a year ago. Net loss in the quarter was $158.0 million or $8.72 per diluted share compared to net loss of $31.3 million or $1.74 per share a year ago.

Tesoro Corporation ((TSO)) slid 3.3% or 56 cents to $16.20 after the oil refiner said fourth quarter revenues fell 34% to $4.33 billion from $6.53 billion a year ago. Net income in the quarter was $97 million or 70 cents per diluted share compared to net loss of $40 million or 29 cents per share a year ago.

Terex Corporation ((TEX)) increased 3.8% or 30 cents to $8.07 after the third largest maker of construction equipment was upgraded by Wachovia.

TRW Automotive Holdings Corp ((TRW)) slipped 4.0% or 10 cents to $2.38 after the auto safety systems reported fourth quarter sales fell 28% to $2.8 billion from $3.9 billion a year ago. Net loss in the quarter was $946 million or $9.35 per diluted share compared to net income of $56 million or 55 cents per share a year ago.

UBS AG ((UBS)) plunged 9.1% or 97 cents to $9.61 after the Switzerland’s largest bank was fined by the U.S. to tune of nearly $800 million and asked to disclose the U.S. clients that participated in the tax evasion scheme.

WellCare Health Plans, Inc ((WCG)) lost 21.6% or $3.04 to $11.01 after the second largest managed care provider said it will suspend marketing and enrollments into its Medicare health plans.

Wright Medical Group, Inc ((WMGI)) tumbled 15.2% or $3.23 to $17.90 after the maker of hip and knee implants lowered its revenue estimate for 2009 to a range of $500 million to $510 million from the previous forecast of $510 million to $520 million.