Nordstrom Rebounds; AIG Plunges

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

American International Group, Inc led the decliners in the S&P 500 index with a loss of 22.6%. Home Depot posts fourth quarter loss. Nordstrom, Inc earnings plunge but the stock surges. Target drops on weak sales and earnings.

[R]2:10PM New York – American International Group, Inc led the decliners in the S&P 500 index with a loss of 22.6%. American Reprographics Company fourth quarter profit falls 61%. Home Depot posts fourth quarter loss. Nordstrom, Inc earnings plunge but the stock surges.[/R]

Of the stocks in S&P 500 index, 423 increased, 71 declined and 6 were unchanged.

American International Group, Inc led the decliners in the S&P 500 index with a loss of 22.6% followed by losses in RadioShack Corporation of 18.7%, in Office Depot, Inc of 6.2%, in MeadWestvaco Corporation of 4.1%, in Pactiv Corporation of 3.7%.

Developers Diversified Realty Corporation led gainers in the S&P 500 index with a rise of 22.0% followed by gains in Nordstrom, Inc of 14.5%, in Tenet Healthcare Corporation of 7.1% and Citigroup Inc of 6.0%.

Other Movers

American Reprographics Company ((ARP)) fell 9.4% or 58 cents to $5.57 after the large-format document reproductions said fourth quarter revenues fell 12% to $154 million from $174.1 million a year ago. Net income in the quarter fell 61% to $6.5 million or 14 cents per diluted share compared to net income of $16.7 million or 37 cents per share a year ago.

American International Group, Inc ((AIG)) fell 22.6% or 0.14 cents to $0.390. The insurer is looking to alter its $150 billion government loan and may hand over the company to the U.S. as it finds it difficult to sell assets.

Assisted Living Concepts, Inc ((ALC)) plunged 8.4% or 28 cents to $3.04 after the senior citizen care provider reported fourth quarter sales rose 2% to $57.6 million from $56.5 million a year ago. Net income in the quarter fell 27% to $3.0 million or 5 cents per diluted share compared to net income of $4.1 million or 6 cents per share a year ago.

Atlas Air Worldwide Holdings, Inc ((AAWW)) rose 3.0% or 40 cents to $13.39 after the provider of global air cargo assets and services reported fourth quarter sales fell 25.3% to $335.0 million from $448.4 million a year ago. Net income in the quarter rose 23% to $62.3 million or $2.97 per diluted share compared to net income of $50.7 million or $2.35 per share a year ago.

Bill Barrett Corporation ((BBG)) added 5.1% or 93 cents to $18.90 after the natural gas and oil explorer reported fourth quarter operating revenues rose 35% to $146.8 million from $109 million a year ago. Net income in the quarter rose 176% to $6.9 million or 15 cents per diluted share compared to net income of $2.5 million or 6 cents per share a year ago.

Cracker Barrel Old Country Store, Inc ((CBRL)) gained 11.4% or 27 cents to $17.95 after the operation and development of store restaurant and retail concept reported second quarter sales fell 0.7% to $630.2 million from $634.4 million a year ago. Net income in the quarter fell 9% to $18.4 million or 81 cents per diluted share compared to net income of $20.2 million or 85 cents per share a year ago.

Ceradyne, Inc ((CRDN)) dropped 4.7% or 87 cents to $17.64 after the technical ceramics maker reported fourth quarter sales fell 27% to $138.9 million from $191.4 million a year ago. Net income in the quarter fell 39.5% to $21.3 million or 81 cents per diluted share compared to net income of $35.2 million or $1.28 per share a year ago.

Daktronics, Inc ((DAKT)) fell 3.8% or 30 cents to $7.51 after the supplier of electronic scoreboards, large electronic display systems and related marketing services reported third quarter sales rose 9.3% to $129.2 million from $118.2 million a year ago. Net income in the quarter fell 22% to $4.2 million or 10 cents per diluted share compared to net income of $5.4 million or 13 cents per share a year ago.

Developers Diversified Realty Corporation ((DDR)) surged 22.0% or 58 cents to $3.06 after the shopping-center owner today announced that it has entered into a binding purchase agreement with Alexander Otto for the sale to Mr. Otto and certain members of his family of 30 million of common shares and warrants entitling the Otto Family to purchase an additional 10 million of the Company''s common shares. Mr. Otto operates malls in Germany.

Foster Wheeler AG ((FWLT)) declined 7.4% or $1.42 to $18.00 after the construction and engineering firm reported fourth quarter revenues rose 12% to $1.64 billion from $1.47 billion a year ago. Net income in the quarter rose 28% to $99.9 million or 75 cents per diluted share compared to net income of $78.1 million or 54 cents per share a year ago.

H. J. Heinz Company ((HNZ)) jumped 5.7% or 59 cents to $31.97 after the manufacture processed food products reported third quarter sales fell 7.5% to $2.41 billion from $2.61 billion a year ago. Net income in the quarter rose 11% to $242 million or 76 cents per diluted share compared to net income of $218.5 million or 68 cents per share a year ago.

The Home Depot, Inc ((HD)) climbed 5.5% or $1.04 to $19.75 after the nation''s largest home improvement retailer reported fourth quarter sales fell 17% to $14.61 billion from $17.66 billion a year ago. Net loss in the quarter was $54 million or 3 cents per diluted share compared to net income of $671 million or 40 cents per share a year ago.

Mohawk Industries, Inc ((MHK)) slipped 6.0% or $1.61 to $25.04 after the producer of floor covering products for residential and commercial applications reported fourth quarter sales fell 18% to $1.49 billion from $1.81 billion a year ago. Net loss in the quarter was $127.6 million or $1.87 per diluted share compared to net income of $379.1 million or $5.53 per share a year ago.

Marvell Technology Group Ltd ((MRVL)) rose 7.5% or 50 cents to $7.11 after the maker of chips for mobile phones was raised to “overweight” from “equal weight” at Barclays Plc.

Nordstrom, Inc ((JWN)) added 13.3% or $1.51 to $12.84 after the fashion specialty retailer said fourth quarter sales fell 8.5% to $2.3 billion from $2.5 billion a year ago. Net income in the quarter fell 68% to $68 million or 31 cents per diluted share compared to net income of $212 million or 92 cents per share a year ago.

Onyx Pharmaceuticals, Inc ((ONXX)) gained 14.7% or $4.14 to $32.19 after the California-based drugmaker reported fourth quarter sales of $49.7 million beating the estimates of $25.4 million according to the Thomson Reuters estimates.

Pre-Paid Legal Services, Inc ((PPD)) decreased 5.5% or $1.73 to $29.52 after the marketer of legal expense plans said fourth quarter revenues fell 1% to $114.9 million from $116.1 million a year ago. Net income in the quarter rose 26% to $14.7 million or $1.27 per diluted share compared to net income of $11.7 million or 92 cents per share a year ago.

RadioShack Corporation ((RSH)) fell 19.1% or $2.07 to $8.75 after the electronics chain reported fourth quarter earnings excluding some items of $62 million or 50 cents a share compared to $101 million or 77 cents a share. Net income for the year declined to $1.49 a share from $1.74 a diluted share.