CB Richard,Jabil Surges; DryShips Drop

Mayank Mehta
25 Mar, 2009
New York City

CB Richard Ellis Group, Inc led gainers in the S&P 500 index and Salesforce.com Inc led decliners in the index. Jabil Circuit, Inc reported second quarter net loss but adjusted operating earnings beat consensus estimates. Robbins & Myers, Inc second quarter net down 7.4%.

[R]11:00AM New York – CB Richard Ellis Group, Inc led gainers in the S&P 500 index and Salesforce.com Inc led decliners in the index. Jabil Circuit, Inc reported second quarter net loss but adjusted operating earnings beat analysts’ estimates. Robbins & Myers, Inc second quarter net down 7.4%.[/R]

Of the stocks in S&P 500 index, 402 increased, 91 declined and 7 were unchanged.

Salesforce.com, inc led the decliners in the S&P 500 index with a loss of 5.4% followed by losses in Constellation Brands, Inc with a loss of 4.0%, in ProLogis of 3.7%, in VeriSign, Inc of 3.6% and in Dean Foods Company of 3.3%.

CB Richard Ellis Group, Inc led gainers in the S&P 500 index with a rise of 38.6% followed by gains in Jabil Circuit, Inc of 13.3%, in Advanced Micro Devices, Inc of 11.1% and MEMC Electronic Materials Inc of 9.2%.

Other Movers

Antares Pharma, Inc ((AIS)) plunged 4.6% or 0.020 cents to $0.410 after the specialized pharmaceuticals developer reported fourth quarter revenues fell 10% to $1.8 million from $2 million a year ago. Net loss in the quarter was $2.7 million or 4 cents per diluted share compared to net loss of $3.2 million or 5 cents per share a year ago.

CB Richard Ellis Group, Inc ((CBG)) the commercial real estate services firm gained 42.6% or $1.28 to $4.28. The largest commercial property broker managed to amend covenants of credit facility but agreed to pay higher interest charges and fees to avoid default on loans. The company renegotiated higher leverage cap ratio to 4.25 from 3.75 and minimum interest rate coverage ratio to 2 from 2.25.

The Los Angles, California based broker also agreed to a higher interest charges and fees. The company will pay depending on the loans interest charges that will be in the range of Libor plus 2.75% to Libor plus 4% and pay 50 basis points in fees for the amendment.

Constellation Brands, Inc ((STZ)) fell 7.6% or $1.02 to $12.24 an international producer and marketer of beverage alcohol plans to cut 5% of its global workforce and has trimmed its earnings guidance for 2009 due to worse-than-expected performances for its wine businesses in the UK and Australia. The company also forecasted adjusted 2009 earnings not to exceed $1.62 a share.

Deutsche Bank AG ((DB)) fell 3.8% or $1.67 to $42.10 after the global investment bank said full-year revenues fell 56% to €13.5 billion from €30.8 billion a year ago. Net loss in the quarter was €3.9 billion or €7.61 per diluted share compared to net income of €6.5 billion or €13.05 per share a year ago.

DryShips Inc ((DRYS)) lost 14.1% or 78 cents to $4.74 after the dry bulk carrier reported fourth quarter revenues fell 6.6% to $217.9 million from $233.4 million a year ago. Net loss in the quarter was $1.02 billion or $18.42 per diluted share compared to net income of $194.4 million or $5.35 per share a year ago.

Jabil Circuit, Inc ((JBL)) plunged 11.6% or 50 cents to $3.81 after the electronics parts maker said second quarter revenues fell 5.6% to $2.89 billion from $3.06 billion a year ago. Net loss in the quarter was $42.1 million or 20 cents per diluted share compared to net loss of $24.0 million or 12 cents per share a year ago.

“Core operating earnings” decreased 35% to $27.3 million compared to $42.0 million for the second quarter of fiscal 2008. Core earnings per share decreased 35% to $0.13 per diluted share for the period compared to $0.20 for the second quarter of fiscal 2008.

Ligand Pharmaceuticals Incorporated ((LGND)) rose 6.4% or 18 cents to $2.96 after The Company said osteoporosis treatment drug Fablyn has secured European approval its first major market sending a $3 million milestone payment from Pfizer Inc.

Palm, Inc ((PALM)) rose 5.4% or 46 cents to $8.88 after the maker of the Treo and Centro mobile phones that three analysts have said it would make sense for Dell Inc to purchase Palm Inc. Kaufman Bros analyst Shaw Wu said Palm could be the target that allows Dell to get into the smart phone market.

ProLogis ((PLD)) slid 4.9% or 29 cents to $5.61 a global provider of distribution facilities said has collected $845 million in cash proceeds from the previously announced sale of its operations in China and property fund interests in Japan to affiliates of GIC Real Estate.

Robbins & Myers, Inc ((RBN)) dropped 14.0% or $2.46 to $15.06 after the diversified manufacturer said second quarter revenues fell 11% to $163.8 million from $184.9 million a year ago. Net income in the quarter fell 7.4% to $15.1 million or 46 cents per diluted share compared to net income of $16.3 million or 47 cents per share a year ago.

Salesforce.com Inc. ((CRM)) led decliners in the S&P 500 index after the online sales force and customer management solution provider was cut by Morgan Stanley to “underweight” from “equal weight.”

TIBCO Software Inc ((TIBX)) rose 12.9% or 64 cents to $5.61 after the business-software developer was upgraded by Goldman Sachs Group Inc.