KB Home, GM Gain; Accenture, DHT Marine Fall

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

U.S. stocks declined after rising more than 20% in the last two weeks of trading. Financials traded lower as investors worry of more losses related to commercial real estate and weak housing market. Accenture, AIG, Aracruz and BJ Services fell. GM and KB Home gained.

[R]11:00AM New York – General Motors Corporation led gainers in the S&P 500 index with a rise of 11.7%. Accenture plunges after it reported lower quarterly revenue and indicated weak earnings for the current year.[/R]

Of the stocks in S&P 500 index, 33 increased, 466 declined and 1 were unchanged.

American International Group, Inc led the decliners in the S&P 500 index with a loss of 9.0% followed by losses in Cognizant Technology Solutions Corporation with a loss of 7.3%, in Developers Diversified Realty Corporation of 7.2%, in Host Hotels & Resorts, Inc of 6.8%, in Boston Properties, Inc of 6.8%.

General Motors Corporation led gainers in the S&P 500 index with a rise of 11.7% followed by gains in Compuware Corporation of 6.7%, in Novellus Systems, Inc of 6.4% and KB Home of 4.1%.

Other Movers

Accenture Limited ((ACN)) plunged 9.2% or $2.96 to $29.00 after the technology outsourcing and consulting firm said second quarter revenues fell 6% to $5.27 billion from $5.61 billion a year ago. Net income in the quarter rose 1.2% to $411.4 million or 63 cents per diluted share compared to net income of $406.6 million or 64 cents per share a year ago.

American International Group, Inc ((AIG)) plunged 14.1% or 16 cents to $0.94 as the troubled insurer remains the focus of media and lawmakers.

Aracruz Celulose S.A ((ARA)) fell 3.6% or 27 cents to $7.15 after the Brazil based world’s biggest eucalyptus-pulp maker reported fourth quarter sales fell 3% to 932.7 million. Net loss in the quarter was 2.98 billion reais or 2.89 reais per diluted share compared to net income of 187.3 reais million or 18 centavos per share a year ago.

BJ Services Company ((BJS)) declined 6.8% or 75 cents to $10.19 after the oilfield-services provider was one of the active stocks on no apparent news.

Compuware Corporation ((CPWR)) increased 8.1% or 52 cents to $6.91.

Developers Diversified Realty Corporation ((DDR)) dropped 8.0% or 20 cents to $2.28. The stock of the real estate investment trust has been one of the leasing gainers or decliners in the S&P 500 index for months now.

DHT Maritime Inc ((DHT)) fell 10.4% or 50 cents to $4.27 after the operator of crude carriers said on Thursday it will offer 6.5 million shares in a public offering and underwriters will have an option to purchase up to an additional 975,000 shares.

The Finish Line, Inc ((FINL)) rose 9.1% or 58 cents to $6.94 after the mall-based specialty retailers reported fourth quarter sales fell 4.9% to $364.1 million from $382.8 million a year ago. Net loss in the quarter was $1.36 million or 3 cents per diluted share compared to net loss of $39.2 million or 83 cents per share a year ago.

FreeSeas Inc ((FREE)) added 13.6% or 19 cents to $1.58 after the transporter of dry bulk cargoes said fourth quarter revenues rose 181% to $20.8 million from $7.4 million a year ago. Net income in the quarter was $5.4 million or 25 cents per diluted share compared to net loss of $2.3 million or 14 cents per share a year ago.

General Motors Corporation ((GM)) rose 9.9% or 34 cents to $3.74 after the biggest U.S. automaker isn''t likely to reach a government-set March 31 restructuring deadline in order to receive more taxpayer help but President Barack Obama''s auto-industry task force appears to be willing to extend the deadline by 30 days according to a story in the Wall Street Journal.

KB Home ((KBH)) jumped 6.4% or 89 cents to $15.05 after the America’s largest homebuilders reported first quarter sales fell 61% to $307.4 million from $794.2 million a year ago. Net loss in the quarter was $58.1 million or 75 cents per diluted share compared to net loss of $268.2 million or $3.47 per share a year ago.

Lululemon athletica Inc ((LULU)) rose 15.1% or $1.01 to $7.67 after the Canadian athletic apparel maker said fourth quarter revenues rose 0.1% to $103.9 million from $104 million a year ago. Net income in the quarter fell 25% to $10.9 million or 16 cents per diluted share compared to net income of $14.6 million or 22 cents per share a year ago.

SMART Modular Technologies (WWH), Inc ((SMOD)) jumped 13.1% or 17 cents to $1.46 after the manufacturer of memory modules said second quarter sales fell 34% to $109.1 million from $164.5 million a year ago. Net loss in the quarter was $1.9 million or 3 cents per diluted share compared to net loss of $11.4 million or 18 cents per share a year ago.

SYNNEX Corporation ((SNX)) jumped 23.0% or $3.73 to $19.91 after the distributor of computer products said Thursday its fiscal first-quarter earnings rose 16% from a year earlier beating Wall Street''s expectations despite a slight drop in revenue.

TIBCO Software Inc ((TIBX)) rose 8.4% or 46 cents to $5.93 after the provider of infrastructure software said first quarter sales fell 9% to $132.9 million from $146.6 million a year ago. Net income in the quarter rose 2% to $5.6 million or 3 cents per diluted share compared to net income of $5.5 million or 3 cents per share a year ago.

Xyratex Limited ((XRTX)) climbed 21.0% or 42 cents to $2.42 after the provider of enterprise class data storage subsystems and storage process technology said first quarter sales fell 15.3% to $183.9 million from $217.1 million a year ago. Net loss in the quarter was $16.1 million or 55 cents per diluted share compared to net loss of $2.2 million or 8 cents per share a year ago.