Wells Fargo, H&R Block Rise, Ann Taylor Falls

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

Wells Fargo & Company led gainers in the S&P 500 index with a rise of 16.1% on a dividend cut. AnnTaylor Stores Corporation posts fourth quarter loss. Eastman Kodak Company dropped 14% on a debt rating downgrade on high cash outflow. H&R Block trades higher on quarterly profit.

[R]11:00AM New York – Wells Fargo & Company led gainers in the S&P 500 index with a rise of 16.1% on a dividend cut. Alliance Healthcare Services, Inc fourth quarter profit declines. Finisar Corporation third quarter loss on write-down despite higher sales. AnnTaylor Stores Corporation posts fourth quarter loss.[/R]

Of the stocks in S&P 500 index, 442 increased, 56 declined and 2 were unchanged.

General Motors Corporation led the decliners in S&P 500 index with a loss of 9.6% followed by losses in American International Group, Inc of 4.5%, in Eastman Kodak Company of 4.4%, in Genzyme Corporation of 3.3%, in Reynolds American Inc of 2.7%.

Wells Fargo & Company led gainers in S&P 500 index with a rise of 16.1% followed by gains in Macy''s, Inc of 10.1%, in MBIA Inc of 8.7% and Comerica Incorporated of 8.4%.

Other Movers

Alliance Healthcare Services, Inc ((AIQ)) fell 4.4% or 35 cents to $7.61 an outpatient diagnostic imaging and radiation therapy service provider said fourth quarter revenues rose 10.8% to $125.8 million from $113.6 million a year ago. Net income in the quarter fell 6% to $1.7 million or 3 cents per diluted share compared to net income of $1.8 million or 4 cents per share a year ago.

American Software, Inc ((AMSWA)) decreased 5.4% or 19 cents to $3.27 after the company develops markets and supports a portfolio of software and services said third quarter revenues fell 9% to $20.0 million from $22.1 million a year ago. Net income in the quarter fell 32% to $775,000 or 3 cents per diluted share compared to net income of $1.1 million or 4 cents per share a year ago.

American International Group, Inc ((AIG)) declined 4.5% or 2 cents to $0.33 an insurance and financial services firm disclosed yesterday that 100,000 shares of series C perpetual convertible participating preferred stock has been issued by the company on March 4 to the AIG Credit Facility Trust established for the sole benefit of the US Treasury.

AnnTaylor Stores Corporation ((ANN)) fell 16.6% or 92 cents to $4.62 after the specialty retailer of women''s apparel reported fourth quarter sales fell 19.5% to $483.4 million from $600.8 million a year ago. Net loss in the quarter was $375.6 million or $6.66 per diluted share compared to net loss of $6.7 million or 11 cents per share a year ago.

ArcSight, Inc ((ARST)) climbed 21.7% or $1.91 to $10.70 after the developer of computer security software shares jumped 15% Friday morning after fiscal third-quarter earnings and sales beat out Wall Street forecasts.

DexCom, Inc ((DXCM)) declined 16.3% or 64 cents to $3.27 after the medical device company said fourth quarter revenues rose 173% to $4.1 million from $1.5 million a year ago. Net loss in the quarter was $13.5 million or 45 cents per diluted share compared to net loss of $12.2 million or 43 cents per share a year ago.

Dynamic Materials Corporation ((BOOM)) lost 7.6% or 52 cents to $6.29 after the metalworking company said fourth quarter sales rose 6.2% to $58.6 million from $55.2 million a year ago. Net income in the quarter fell 21.7% to $5.4 million or 43 cents per diluted share compared to net income of $6.9 million or 56 cents per share a year ago.

Eastman Kodak Company ((EK)) dropped 14.2% or 35 cents to $2.10 after Standard & Poor''s Rating Services on Thursday lowered its ratings deeper into junk territory. The company has been running higher cash deficit.

FairPoint Communications, Inc ((FRP)) fell 43.1% or 69 cents to 91 cents after it reported a fourth quarter 2008 loss of $76 million or 85 cents a share on revenues of $319 million.

Finisar Corporation ((FNSR)) slid 5.4% or 0.015 cents to 26 cents after the provider of optical subsystems and components said third quarter revenues rose 21% to $136.4 million from $112.7 million a year ago. Net loss in the quarter was $47.4 million or 10 cents per diluted share compared to net loss of $11.5 million or 4 cents per share a year ago.

General Motors Corporation ((GM)) fell 9.6% or 21 cents to $1.65.

H&R Block, Inc ((HRB)) rose 4.0% or 68 cents to $18.00 after the largest U.S. tax preparer reported third quarter revenues rose 11% to $993.5 million from $894.8 million a year ago. Net income in the quarter was $47.4 million or 14 cents per diluted share compared to net loss of $47.4 million or 15 cents per share a year ago.

Logility, Inc ((LGTY)) lost 7.0% or 31 cents to $4.12 after the supply chain solutions developer said third quarter revenues rose 7% to $10.6 million from $9.9 million a year ago. Net income in the quarter rose 110% to $1.8 million or 14 cents per diluted share compared to net income of $835,000 or 6 cents per share a year ago.

Marvell Technology Group Ltd ((MRVL)) rose 9.1% or 69 cents to $8.21 after the chip maker said fourth quarter revenues fell 39% to $512.9 million from $844.7 million a year ago. Net loss in the quarter was $65 million or 11 cents per diluted share compared to net income of $1.3 million or break even per share a year ago.

Northeast Utilities ((NU)) rose 3.9% or 77 cents to $20.45 after the utility owner will replace Tyco International Ltd in its flagship S&P 500 stock index.

Insulet Corporation ((PODD)) fell 33.4% or $1.71 to $3.40 after the maker of a device to give insulin to diabetic patients that the company expects fiscal 2009 revenue to be in the range of $55 million-$65 million. Analysts expect the company to report fiscal 2009 revenue of $77.72 million.

Steinway Musical Instruments, Inc ((LVB)) plunged 11.7% or 94 cents to $7.09 after the manufacturer of musical instruments said fourth quarter sales fell 22.5% to $94 million from $121.3 million a year ago. Net income in the quarter fell 56% to $3.4 million or 40 cents per diluted share compared to net income of $7.8 million or 90 cents per share a year ago.

The Cooper Companies, Inc ((COO)) dropped 4.7% or 95 cents to $19.21 after the vision care company said first quarter sales rose 3% to $251.1 million from $242.8 million a year ago. Net income in the quarter rose 246% to $23.9 million or 53 cents a diluted share compared to net income of $6.9 million or 15 cents a share a year ago.

Wells Fargo & Company ((WFC)) rose 9.4% or 77 cents to $8.82 after the fourth-largest U.S. bank plans to reduce the quarterly common dividend to 5 cents per share from 34 cents. The dividend cut will save $5 billion.