Prudential Financial Falls, FedEx Rises

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

Prudential Financial, Inc led the decliners in the S&P 500 index with a loss of 21%. FedEx Corporation third quarter profit falls 75%. NIKE, Inc quarterly profit declines 47%. Of the stocks in S&P 500 index, 181 increased, 315 declined and 4 were unchanged.

[R]3:55PM New York – Prudential Financial, Inc led the decliners in the S&P 500 index with a loss of 21%. FedEx Corporation third quarter profit falls 75%. NIKE, Inc quarterly profit declines 47%.[/R]

Of the stocks in S&P 500 index, 181 increased, 315 declined and 4 were unchanged.

Prudential Financial, Inc led the decliners in the S&P 500 index with a loss of 21.4% followed by losses in Developers Diversified Realty Corporation with a loss of 16%, in Lincoln National Corporation of 14.6%, in Regions Financial of 12.7%, in Capital One Financial of 11.7% and in Citigroup Inc of 11.7%.

Aloca Inc led gainers in the S&P 500 index with a rise of 18% followed by gains in Massey Energy of 14%, in AIG of 14%, in Office Depot Inc of 12.2% and in Nabor Industries Ltd of 11.1%. Johnson Controls and Oracle Corp added more than 10%.

Other Movers

Alcoa Inc ((AA)) rose 18% or 93 cents to $6.46 after the largest U.S. aluminum producer was upgraded by JPMorgan Chase & Co.

Alexandria Real Estate Equities, Inc ((ARE)) fell 8.3% or $3.49 to $38.28 after the real estate investment trust announced today the pricing of its follow-on public offering of 7 million shares of common stock at a price of $38.25 per share increased from an initial size of 4.5 million.

American International Group, Inc ((AIG)) rose 22.4% or 31 cents to $1.69.

Barnes & Noble, Inc ((BKS)) climbed 4.3% or 91 cents to $21.92 after the nation's largest bookstore chain reported fourth quarter sales fell 6% to $1.63 billion from $1.74 billion a year ago. Net income in the quarter fell 29% to $81.2 million or $1.46 per diluted share compared to net income of $115 million or $1.79 per share a year ago.

Brocade Communications Systems, Inc ((BRCD)) rose 6.1% or 18 cents to $3.12 after the largest maker of switches for data-storage networks was upgraded by RBC Capital Markets.

The Children’s Place Retail Stores, Inc ((PLCE)) jumped 8.0% or $1.88 to $25.03 after the specialty retailer of children's merchandise reported fourth quarter revenues fell 0.4% to $441.5 million from $443.3 million a year ago. Net income in the quarter was $38.8 million or $1.31 per diluted share compared to net loss of $58.5 million or $2.01 per share a year ago.

CLARCOR Inc ((CLC)) decreased 7.5% or $1.96 to $24.00 after the air filtration systems maker said first quarter sales fell 14.6% to $213.7 million from $250.2 million a year ago. Net income in the quarter fell 46% to $8.8 million or 17 cents per diluted share compared to net income of $16.1 million or 32 cents per share a year ago.

DryShips Inc ((DRYS)) rallied 26.3% or $1.11 to $5.28 after The Athens-based Company said its unit Ocean Rig ASA has won a three-year $630 million drilling contract from Petrobras Brazil's state-controlled oil company.

FedEx Corporation ((FDX)) gained 6.0% or $2.67 to $45.72 after the logistics company reported third quarter revenues fell 14% to $8.14 billion from $9.44 billion a year ago. Net income in the quarter fell 75% to $97 million or 31 cents per diluted share compared to net income of $393 million or $1.26 per share a year ago.

General Electric Company ((GE)) rose 6.2% or 64 cents to $10.96 after the company said that based on stress-testing using the Federal Reserve's base-case scenario for the U.S. economy it would expect $900 million in losses against loans at its GE Real Estate portfolio representing an implied default rate of 8%.

Herman Miller, Inc ((MLHR)) fell 4.1% or 43 cents to $9.89 after the furniture maker posted a third-quarter loss.

Luby's, Inc ((LUB)) added 14.0% or 57 cents to $4.62 after the restaurant chain operator said second quarter sales fell 3% to $70.7 million from $72.6 million a year ago. Net income in the quarter fell 49% to $146,000 or 1 cent per diluted share compared to net income of $286,000 or 1 cent per share a year ago.

NIKE, Inc ((NKE)) fell 3.7% or $1.70 to $44.22 after the world's largest athletic shoe and apparel Company said third quarter revenues fell 2% to $4.4 billion from $4.5 billion a year ago. Net income in the quarter fell 47% to $243.8 million or 50 cents per diluted share compared to net income of $463.8 million or 92 cents per share a year ago.

New York and Company, Inc ((NWY)) fell 3.5% or 10 cents to $2.76 after the specialty apparel chain reported fourth quarter sales fell 9.5% to $325.1 million from $359.4 million a year ago. Net loss in the quarter was $27.4 million or 46 cents per diluted share compared to net income of $6.9 million or 11 cents per share a year ago.

Neogen Corporation ((NEOG)) lost 10.0% or $1.98 to $17.77 after the develops and markets products dedicated to food and animal safety reported third quarter revenues rose 10.3% to $27.8 million from $25.2 million a year ago. Net income in the quarter rose 6% to $2.82 million or 19 cents per diluted share compared to net income of $2.66 million or 18 cents per share a year ago.

Oracle Corporation ((ORCL)) rose 6.7% or $1.07 to $16.90 after the business software maker said third quarter revenues rose 2% to $5.45 billion from $5.35 billion a year ago. Net income in the quarter fell 0.7% to $1.33 billion or 26 cents per diluted share compared to net income of $1.34 billion or 26 cents per share a year ago.

Progress Software Corporation ((PRGS)) declined 5.0% or 88 cents to $16.63 after the provider of application infrastructure software reported first quarter revenues fell 1% to $121 million from $122 million a year ago. Net income in the quarter fell 72% to $3.7 million or 9 cents per diluted share compared to net income of $12.8 million or 29 cents per share a year ago.

Prudential Financial, Inc ((PRU)) slipped 12.0% or $3.02 to $21.87 after Moody’s Investors Services downgraded its senior debt rating. The downgrade also dragged Lincoln National and MetLife lower more than 12%.

T. Rowe Price Group Inc ((TROW)) dropped 11% or $3.05 to $25.35 after Goldman Sachs downgraded mutual funds operator on weaker than expected fund flows.