Adobe, Wal-Mart, Weight Watchers Rise

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

General Motors Corporation led the decliners in the S&P 500 index with a loss of 11.3%. PetSmart, Inc fourth quarter net rises. Toll Brothers, Inc first quarter sales surged 51.4%. Urban Outfitters, Inc fourth quarter net falls 24%.

[R]2:00PM New York – General Motors Corporation led the decliners in the S&P 500 index with a loss of 11.3%. PetSmart, Inc fourth quarter net rises. Toll Brothers, Inc first quarter sales surged 51.4%. Urban Outfitters, Inc fourth quarter net falls 24%.[/R]

Of the stocks in S&P 500 index, 48 increased, 450 declined and 2 were unchanged.

General Motors Corporation led the decliners in the S&P 500 index with a loss of 11.3% followed by losses in Principal Financial Group, Inc of 11.0%, in Prudential Financial, Inc of 9.1%, in Abercrombie & Fitch Co of 8.6%, in The Hartford Financial Services Group, Inc of 8.5%.

Ciena Corporation led gainers in the S&P 500 index with a rise of 13.3% followed by gains in Family Dollar Stores, Inc of 9.9%, in Adobe Systems Incorporated of 9.5% and Legg Mason, Inc of 6.3%.

Other Movers

Adobe Systems Incorporated ((ADBE)) surged 7.9% or $1.29 to $17.61 after the electronic publishing tools and system developer was upgraded by Jefferies from “hold” to “buy” and set stock price target $21.

Barclays PLC ((BCS)) plunged 18.4% or 92 cents to $4.07 after the liquidators for Lehman Brothers have asked Barclays to account for funds it received as part of its purchase of the failed investment bank''s North American unit. The news was first reported by Financial Times.

Citing sources close to the situation, the newspaper said U.S. liquidators Alvarez and Marsal were seeking clarification on the fate of $4.2 billion transferred to Barclays to cover Lehman''s bonus and severance payments and other liabilities.

Churchill Downs Incorporated ((CHDN)) added 3.8% or 99 cents to $26.92 after the racetrack operator said fourth quarter revenues fell 3% to $85.9 million from $89.1 million a year ago. Net loss in the quarter was $4.1 million or 30 cents per diluted share compared to net loss of $6.2 million or 46 cents per share a year ago.

Ciena Corporation ((CIEN)) rose 3.0% or 14 cents to $5.48 after the network specialist reported first quarter revenues fell 26.4% to $167.4 million from $227.4 million a year ago. Net loss in the quarter was $24.8 million or 27 cents per diluted share compared to net income of $28.8 million or 28 cents per share a year ago.

Coldwater Creek Inc ((CWTR)) gained 4.9% or 7 cents to $1.50 a women''s apparel retailer said fourth quarter sales fell 18% to $283.2 million from $345.5 million a year ago. Net loss in the quarter was $18.6 million or 20 cents per diluted share compared to net loss of $17 million or 19 cents per share a year ago.

Family Dollar Stores, Inc ((FDO)) rose 10.6% or $2.91 to $30.18 after the discount retailer estimated earnings per share between 59 cents and 61 cents well above analysts'' average estimate of 51 cents per share. Previously, Family Dollar estimated a profit between 48 cents and 52 cents per share.

Gerber Scientific, Inc ((GRB)) fell 20.0% or 53 cents to $2.12 after the worldwide provider of equipment, software, aftermarket materials and related services reported fourth quarter revenues fell 21% to $120.1 million from $152.0 million a year ago. Net loss in the quarter was $2.2 million or 9 cents per diluted share compared to net income of $3.1 million or 13 cents per share a year ago.

General Motors Corporation ((GM)) fell 11.3% or 25 cents to $1.95 after investors took more cautious approach and worried that latest monthly sales decline may be harbinger of weak annual sales.

General Dynamics Corporation ((GD)) fell 3.7% or $1.52 to $38.70 after the military contractor said that plummeting sales of business and personal jets has forced it to cut production, lay off 1,200 workers and reduce its profit guidance for the year. On Thursday it cut its 2009 earnings guidance to between $6 and $6.10 per share, down from $6.70 to $6.75 share.

The Gymboree Corporation ((GYMB)) plunged 30.7% or $6.99 to $15.66 after the children’s clothing retailer the company said its first quarter profit will be sharply below analysts'' expectations and same-store sales will slide.

K-Swiss Inc ((KSWS)) plunged 11.7% or $1.08 to $8.15 after the maker of athletic footwear reported fourth quarter revenues fell 28% to $56.3 million from $78.2 million a year ago. Net loss in the quarter was $13.7 million or 39 cents per diluted share compared to net income of $0.6 million or 2 cents per share a year ago.

Martek Biosciences Corporation ((MATK)) fell 5.0% or 93 cents to $17.46 after the health and nutritional supplements maker said first quarter revenues rose 5.4% to $87.4 million from $82.9 million a year ago. Net income in the quarter rose 10.3% to $9.6 million or 29 cents per diluted share compared to net income of $8.7 million or 26 cents per share a year ago.

Midas, Inc ((MDS)) jumped 3.7% or 28 cents to $7.73 after the provider of automotive repair and maintenance services reported fourth quarter revenues rose 1% to $46.7 million from $46.3 million a year ago. Net income in the quarter fell 47% to $2.7 million or 20 cents per diluted share compared to net income of $5.1 million or 36 cents per share a year ago.

PetSmart, Inc ((PETM)) decreased 4.3% or 81 cents to $17.70 after the pet supplies retailer said fourth quarter sales rose 2% to $1.36 billion from $1.33 billion a year ago. Net income in the quarter rose 4% to $78.4 million or 62 cents per diluted share compared to net income of $75.4 million or 59 cents per share a year ago.

Portland General Electric Company ((POR)) slipped 6.7% or $1.02 to $14.18.

Toll Brothers, Inc ((TOL)) gained 3.4% or 50 cents to $14.89 after the nation''s largest builder of luxury homes said first quarter revenues plunged 51.4% to $409 million from $842.3 million a year ago. Net loss in the quarter was $89 million or 55 cents per diluted share compared to net loss of $96 million or 61 cents per share a year ago.

Urban Outfitters, Inc ((URBN)) plunged 5.7% or 91 cents to $15.06 after the specialty apparel retailer reported fourth quarter sales rose 9% to $508.1 million from $465.4 million a year ago. Net income in the quarter fell 24% to $40.5 million or 24 cents per diluted share compared to net income of $53.6 million or 32 cents per share a year ago.

Weight Watchers International, Inc ((WTW)) rose 6.5% or $1.11 to $18.00 after the provider of weight management services said fourth quarter revenues rose 0.6% to $346.2 million from $344 million a year ago. Net income in the quarter rose 20% to $47.6 million or 62 cents per diluted share compared to net income of $39.8 million or 50 cents per share a year ago.

Wal-Mart Stores, Inc ((WMT)) rose 4.0% or $1.97 to $50.46 after the world’s largest discount retailer said that domestic sales were strong during the four-week February period. Comparable store sales increased 5.0%.