Big Lots Surges, GE Drops

123jump.com Staff
04 Mar, 2009
New York City

Big Lots, Inc surged of 15.8% after it posted lower quarterly profits but beat the expectations of analysts. Luna Innovations Inc sees revenue below estimates. VeriFone Holdings, Inc first quarter profit beats estimates.

[R]1:00PM New York – Big Lots, Inc surged of 15.8% after it posted lower quarterly profits but beat the expectations of analysts. Luna Innovations Inc sees revenue below estimates. VeriFone Holdings, Inc first quarter profit beats estimates.[/R]

Of the stocks in S&P 500 index, 472 increased, 28 declined and none unchanged.

General Electric led the decliners in the S&P 500 index with a loss of 6.1% followed by losses in Wynn Resorts of 4.2%, in Pepco Holdings, Inc of 2.9%, in Merck & Co., Inc of 1.2%, in Covidien Ltd of 1.0%.

Big Lots, Inc led gainers in the S&P 500 index with a rise of 15.8% followed by gains in CONSOL Energy Inc of 15.5%, in Massey Energy Company of 13.5% and AK Steel Holding Corporation of 13.4%.

Other Movers

AK Steel Holding Corporation ((AKS)) the producer of steels products rose 13.5% or 64 cents to $6.53.

Big Lots, Inc ((BIG)) rose 15.8% or $2.21 to $16.75 after the largest closeout retailer reported fourth quarter sales fell 3% to $1.37 billion from $1.41 billion a year ago. Net income in the quarter fell 14.3% to $78.8 million or 96 cents per diluted share compared to net income of $92.0 million or $1.04 per share a year ago.

BJ''s Wholesale Club, Inc ((BJ)) surged 7.3% or $2.01 to $29.45 after the third biggest warehouse club reported fourth quarter revenues rose 3.2% to $2.56 billion from $2.48 billion a year ago. Net income in the quarter rose 5% to $52.7 million or 91 cents per diluted share compared to net income of $50.2 million or 80 cents per share a year ago.

Brown Shoe Company, Inc ((BWS)) jumped 8.8% or 26 cents to $3.43 after the footwear maker reported fourth quarter sales fell 8.8% to $521.0 million from $571.4 million a year ago. Net loss in the quarter was $153.0 million or $3.68 per diluted share compared to net income of $14.0 million or 33 cents per share a year ago.

CONSOL Energy Inc ((CNX)) added 11.5% or $2.73 to $26.30 after the multi-fuel energy producer said it will idle coal production at its Buchanan Mine in Virginia for at least one month.

Dell Inc ((DELL)) declined 3.2% or 30 cents to $8.85.

Financial Federal Corporation ((FIF)) added 4.7% or 85 cents to $18.61 an independent financial services company said second quarter net finance income fell 6.6% to $25.6 million from $27.4 million a year ago. Net income in the quarter fell 2% to $12.3 million or 49 cents per diluted share compared to net income of $12.6 million or 51 cents per share a year ago.

General Electric Company ((GE)) fell 6.1% or $1.01 to $6.00 as investors worry about its financial services unit.

Hutchison Telecommunications International Limited ((HTX)) climbed 5.3% or 22 cents to $4.14 after the provider of fixed and mobile communications services reported full-year revenues rose 16% to HK$23.7 billion from HK$20.4 billion a year ago. Net income in the quarter fell 96% to HK$2.9 billion or 39 cents per diluted share compared to net income of HK$67.8 billion or HK$14.01 per share a year ago.

Joy Global Inc ((JOYG)) gained 16.0% or $2.55 to $18.40 after the mining equipment company reported first quarter sales rose 18% to $755 million from $640 million a year ago. Net income in the quarter rose 20.5% to $85.7 million or 83 cents per diluted share compared to net income of $71.1 million or 65 cents per share a year ago.

KeyCorp ((KEY)) declined 4.4% or 29 cents to $6.17.

Luna Innovations Incorporated ((LUNA)) decreased 9.5% or 13 cents to $1.19 after the research, development and commercialization of technologies said fourth quarter revenues fell 26% to $7.4 million from $9.9 million a year ago. Net loss in the quarter was $2.16 million or 19 cents per diluted share compared to net loss of $1.15 million or 11 cents per share a year ago.

Massey Energy Company ((MEE)) rose 11.7% or $1.20 to $11.45 after the metallurgical coal miner obtained restraint on environmental group protests.

Pepco Holdings, Inc ((POM)) slid 4.6% or 58 cents to $12.20 after the diversified energy company was downgraded by Wachovia from “outperform” to “market perform” and set stock price target between $14 and $15.

VeriFone Holdings, Inc ((PAY)) added 4.1% or 15 cents to $3.80 after the payment processing equipment maker said first quarter revenues rose 15% to $214 million from $185.5 million a year ago. Net loss in the quarter was $182 million or $2.15 per diluted share compared to net loss of $33.5 million or 40 cents per share a year ago.

Wynn Resorts, Limited (WYNN)) declined 4.2% or $1.12 to $16.16