Carnival Rises; Newell Rubbermaid, MGM Fall

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

Stocks after four hours of trading were up after trading down for the most part of the day. Carnival Corp rose after it reported better than expected earnings. MGM Mirage fell after its partner in Dubai sough court order to cancel the partnership. Newell Rubbermaid Inc plunged 10% on weaker outlook.

[R]1:20PM New York – Office Depot, Inc led gainers in the S&P 500 index with a rise of 5.5%. Air Transport Services Group Inc swings to fourth quarter loss on write-downs. Phillips-Van Heusen Corporation charges lead to loss. McCormick & Company, Incorporated earnings per share up 12% in first quarter.[/R]

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

Developers Diversified Realty Corporation led the decliners in the S&P 500 index with a loss of 11.4% followed by losses in Newell Rubbermaid Inc with a loss of 10.3%, in Host Hotels & Resorts, Inc of 9.7%, in XL Capital Ltd of 9.4%, in American International Group, Inc of 9.4%.

Office Depot, Inc led gainers in the S&P 500 index with a rise of 5.5% followed by gains in Carnival Corporation of 3.8%, in The McGraw-Hill Companies, Inc of 2.0% and Limited Brands, Inc of 1.9%.

Other Movers

Air Transport Services Group Inc ((ATSG)) added 18.6% or $0.13 to $0.83 after the provider of air cargo transportation and related services said fourth quarter revenues rose 35% to $430.7 million from $319.2 million a year ago. Net loss in the quarter was $64.2 million or $1.03 per diluted share compared to net income of $8.4 million or 14 cents per share a year ago.

Blockbuster Inc ((BBI)) lost 5.5% or 0.041 cents to $0.689 after the largest video-rental chain filed a notification with the Securities and Exchange Commission that it will delay and file its annual report, form 10-K, by April 6. The company is still in negotiations with lenders to refinance its revolving line of credit.

Carnival Corporation ((CCL)) rose 3.2% or 72 cents to $24.00 after the cruise operator reported first quarter sales fell 9.4% to $2.9 billion from $3.2 billion a year ago. Net income in the quarter rose 10% to $260 million or 33 cents per diluted share compared to net income of $236 million or 30 cents per share a year ago.

Commercial Metals Company ((CMC)) fell 4.5% or 49 cents to $10.57 after the manufacture recycle and market steel and metal products reported second quarter sales fell 30.4% to $1.6 billion from $2.3 billion a year ago. Net loss in the quarter was $35.3 million or 32 cents per diluted share compared to net income of $39.8 million or 34 cents per share a year ago.

Ener1, Inc ((HEV)) rallied 5.5% or 25 cents to $4.78 after the maker of electric-car batteries was upgraded by Bank of America Corp.

Hub Group, Inc ((HUBG)) fell 11.5% or $2.10 to $16.07 after the manager of freight shipments predicted first-quarter earnings lower than expected earnings.

McCormick & Company, Incorporated ((MKC)) dropped 8.3% or $2.79 after the spice maker reported first quarter sales fell 1% to $718.5 million from $724 million a year ago. Net income in the quarter rose 12% to $57.7 million or 44 cents per diluted share compared to net income of $51.4 million or 39 cents per share a year ago.

MGM MIRAGE ((MGM)) fell 5.4% or 17 cents to $2.94 after the casino company partner based in Dubai is suing the company to relieve it from the joint venture. Dubai World’s Infinity unit has spent $4.3 billion to the total project cost of $8.7 billion and banks are seeking additional of $500 million from each of the partners before they releas $1.8 billion in May.

Newell Rubbermaid Inc ((NWL)) plunged 9.5% or 69 cents to $6.56 after it reaffirmed its first quarter of 2009 guidance for normalized earnings per share earnings per share between $0.07 and $0.12.

Phillips-Van Heusen Corporation ((PVH)) rose 5.5% or $1.11 to $19.97 after the clothing manufacturer said fourth quarter revenues fell 1% to $577.8 million from $584.5 million a year ago. Net loss in the quarter was $37.9 million or 74 cents per diluted share compared to net income of $30.3 million or 55 cents per share a year ago.

Teradyne, Inc ((TER)) lost 3.1% or 14 cents to $4.34 after the maker of automatic test equipment for chip makers said it now expects to post a loss between 40 cents and 42 cents per share on sales between $115 million and $120 million for the quarter ending in the first week in April.

Under Armour, Inc ((UA)) slipped 10.6% or $2.00 to $16.73 after the maker of polyester workout gear upgraded at Goldman Sachs to “neutral” from “Sell.”