U.S. Stocks Rally; Newmont, CarMax Surge

123jump.com Staff
02 Apr, 2009
New York City

U.S. stocks traded higher for the third day in a row on the hopes that the G-20 meeting of heads of nations will generate another round of stimulus worldwide. Banks led the list of gainers after accounting rules for the asset price recognitions were relaxed.

[R]11:30AM New York – Huntington Bancshares Incorporated led gainers in the S&P 500 index with a rise of 14.2%. CarMax, Inc fourth quarter net surged 72%. Monsanto Company second quarter net income slips 3.5%.[/R]

U.S. stocks traded higher for the third day in a row on the hopes that the G-20 meeting of heads of nations will generate another round of stimulus worldwide. Banks led the list of gainers after accounting rules for the asset price recognitions were relaxed.

Of the stocks in S&P 500 index, 469 increased, 29 declined and 2 were unchanged.

Newmont Mining Corporation led the decliners in the S&P 500 index with a loss of 2.9% followed by losses in Northern Trust Corporation with a loss of 2.3%, in Kimco Realty Corporation of 1.9%, in Aflac Incorporated of 1.5%, in Fiserv, Inc of 1.5%.

Huntington Bancshares Incorporated led gainers in the S&P 500 index with a rise of 14.2% followed by gains in Wynn Resorts, Limited of 11.9%, in CBS Corporation of 11.8% and AK Steel Holding Corporation of 11.2%.

Other Movers

Autodesk, Inc ((ADSK)) rose 6.6% or $1.11 to $18.22 after design and engineering software maker Autodesk Inc. said Thursday that it will add to previous cuts by slashing $100 million to $150 million from its operating expenses.

The Blackstone Group L.P ((BX)) rose 8.8% or 65 cents to $8.01 after the world’s largest buyout firm Billionaire Steve Schwarzman''s Blackstone Group is trying to roll out a new fund geared toward providing financing for struggling companies the New York Post said citing sources.

CarMax, Inc ((KMX)) added 8.7% or $1.09 to $13.55 after the retailer of used cars reported fourth quarter sales fell 28% to $1.47 billion from $2.04 billion a year ago. Net income in the quarter rose 72% to $37.5 million or 17 cents per diluted share compared to net income of $21.8 million or 10 cents per share a year ago.

The Dow Chemical Company ((DOW)) rallied 8.0% or 71 cents to $9.52 after the biggest U.S. chemicals maker is selling the salt business to K+S a German agrichemicals firm.

Ford Motor Company ((F)) a producer of cars and trucks gained 5.8% or 16 cents to $2.90.

The Goldman Sachs Group, Inc ((GS)) rose 3.4% or $114.12 after the largest U.S. securities firm was “outperform” at Credit Suisse.

General Motors Corporation ((GM)) rose 10.3% or 20 cents to $2.13 after U.S. stocks rose for a third day in a row this week on optimism the G20 meeting in London will start a new round of stimulus.

Hertz Global Holdings, Inc ((HTZ)) increased 11.7% or 48 cents to $4.70 after the rental car company that the parent of Hertz it agreed to pay $33 million to buy assets of Advantage Rent A Car which filed for bankruptcy protection in December.

Monsanto Company ((MON)) rose 4.3% or $3.55 to $85.29 after the supplier of seed and herbicides reported second quarter sales rose 8% to $4 billion from $3.7 billion a year ago. Net income in the quarter fell 3.5% to $1.09 billion or $1.97 per diluted share compared to net income of $1.13 billion or $2.02 per share a year ago.

MSC Industrial Direct Co., Inc ((MSM)) fell 2.5% or 15 cents to $31.98 after the tools and industrial services provider reported second quarter sales fell 19.4% to $351.9 million from $436.5 million a year ago. Net income in the quarter fell 45% to $26.3 million or 42 cents per diluted share compared to net income of $47.5 million or 73 cents per share a year ago.

MSCI Inc ((MXB)) gained 9.2% or $1.58 to $18.35 after the provider of investment decision support tools reported first quarter revenues rose 1% to $105.9 million from $105.0 million a year ago. Net income in the quarter fell 6.7% to $16.7 million or 16 cents per diluted share compared to net income of $17.9 million or 18 cents per share a year ago.

UniFirst Corporation ((UNF)) rose 10.1% or $2.94 to $31.80 after the provider of uniforms and protective clothing said second quarter revenues fell 5% to $257.3 million from $270.3 million a year ago. Net income in the quarter rose 20% to $18.3 million or 94 cents per diluted share compared to net income of $15.3 million or 79 cents per share a year ago.