Akamai, Capitol One Fall; RiM Surges

Mayank Mehta
03 Apr, 2009
New York City

U.S. stocks in the early afternoon were on the rise after gyrating in the morning. Akamai Technologies led decliners in the S&P 500 index after an analyst downgrade. Research in Motion surged after better than expected gains in earnings.

[R]1:00PM New York – U.S. stocks in the early afternoon were on the rise after gyrating in the morning. Akamai Technologies led decliners in the S&P 500 index after an analyst downgrade. Research in Motion surged after better than expected gains in earnings.[/R]

Of the stocks in S&P 500 index, 280 increased, 215 declined and 5 were unchanged.

Akamai Technologies Inc led the decliners in the S&P 500 index with a loss of 8.4% followed by losses in Tenet Healthcare of 7.6%, in Humana Inc of 7.2%, in Bristol Myers Squibb of 5.5%, in Coventry Health of 5.4%.

Kimco Realty led gainers in the S&P 500 index with a rise of 16.2% followed by gains in Principal Financial of 12.5%, in International Game Technology of 12.5% and Ford Motor Company of 8.4%.

Other Movers

Akamai Technologies, Inc ((AKAM)) fell 8.9% or $1.94 to $19.61 after the Internet infrastructure provider was cut to “hold” from “buy” at Citigroup Inc.

Amylin Pharmaceuticals, Inc ((AMLN)) fell 10.8% or $1.12 to $9.20 an FDA panel reviewing the drug application for Novo Nordisk'' liraglutide expressed concern that it had been suspected of triggering thyroid-cancer tumors in studies with rodents. Amylin and Eli Lilly which dropped 4% have drugs that compete with the diabetic drug.

A.Schulman, Inc ((SHLM)) decreased 5.3% or 79 cents to $14.00 after the rubber and plastic products maker said second quarter revenues fell 43.2% to $272.7 million from $479.8 million a year ago. Net loss in the quarter was $10.5 million or 41 cents per diluted share compared to net loss of $3.8 million or 13 cents per share a year ago.

AZZ incorporated ((AZZ)) lost 7.0% or $1.90 to $25.20 after the manufacturer of electrical products and a provider of galvanizing services reported fourth quarter revenues rose 31% to $100.3 million from $76.6 million a year ago. Net income in the quarter rose 36% to $10 million or 81 cents per diluted share compared to net income of $7.3 million or 60 cents per share a year ago.

Blockbuster Inc ((BBI)) added 6.0% or 0.05 cents to $0.880 after the largest movie-rental chain that its revolving and term loan agreement has been amended giving the struggling company some breathing room on its finances amid a deepening recession and increased competition. The amended facility now gives Blockbuster a $250 million revolving loan refinancing that matures on Sept. 30, 2010.

Blyth, Inc ((BTH)) slid 6.0% or $1.75 to $27.00 after the fragrance and candle maker reported fourth quarter sales fell 16% to $313.4 million from $373.8 million a year ago. Net income in the quarter was $9.7 million or $1.08 per diluted share compared to net loss of $10.4 million or $1.12 per share a year ago.

Bristol-Myers Squibb Company ((BMY)) fell 4.7% or $1.01 to $20.32 after the drug maker was cut to “market perform” at Sanford C. Bernstein & Company.

Cascade Corporation ((CAE)) declined 7.8% or $1.56 to $18.40 after the truck components maker said fourth quarter revenues fell 30% to $95.1 million from $136.20 million a year ago. Net loss in the quarter was $30.5 million or $2.82 per diluted share compared to net income of $8.8 million or 74 cents per share a year ago.

Capital One Financial Corporation ((COF)) fell 5.2% or 69 cents to $12.45 after the largest independent credit card issuer was downgraded by Moody''s Investors Service.

DemandTec, Inc ((DMAN)) added 9.5% or 78 cents to $8.92 after the provider of consumer demand management solutions said fourth quarter revenues rose 11% to $19.3 million from $17.4 million a year ago. Net loss in the quarter was $1.5 million or 6 cents per diluted share compared to net loss of $1.2 million or 4 cents per share a year ago.

Kimco Realty Corporation ((KIM)) rose 11.2% or 83 cents to $8.32 after a real estate investment trust on Friday said it priced 91.5 million shares of common stock at $7.10 per share. Kimco said it granted underwriters the option to purchase an additional 13.7 million shares to cover overallotments.

Lawson Software, Inc ((LWSN)) rose 7.3% or 32 cents to $4.68 after the global provider of enterprise software said third quarter revenues fell 18% to $173.8 million from $212.9 million a year ago. Net income in the quarter rose 957% to $7.4 million or 4 cents per diluted share compared to net income of $0.7 million or break even per share a year ago.

Micron Technology, Inc ((MU)) fell 4.9% or 23 cents to $4.40 after the chip maker said second quarter revenues fell 27% to $993 million from $1.36 billion a year ago. Net loss in the quarter was $751 million or 97 cents per diluted share compared to net loss of $777 million or $1.01 per share a year ago.

Research In Motion Limited ((RIMM)) climbed 23.4% or $11.49 to $60.58 after the wireless device maker said fourth quarter revenues rose 84% to $3.46 billion from $1.88 billion a year ago. Net income in the quarter rose 26% to $518.3 million or 90 cents per diluted share compared to net income of $412.5 million or 72 cents per share a year ago.

Schnitzer Steel Industries, Inc ((SCHN)) jumped 14.8% or $4.88 to $37.83 after the recycler of ferrous and non-ferrous metals said second quarter revenues fell 42% to $433.6 million from $751.5 million a year ago. Net loss in the quarter was $7 million or 25 cents per diluted share compared to net income of $35.9 million or $1.25 per share a year ago.