Capital One, Raymond James, Infosys Drop

Mayank Mehta
15 Apr, 2009
New York City

Capital One Financial Corporation led the decliners in the S&P 500 index with a loss of 9.2%. CSX Corporation first quarter profit slides to 62 cents a share. Intel Corporation first quarter sales fall 26%. Peabody Energy first quarter revenue triples but falls short of expectations.

[R]1:45PM New York – Capital One Financial Corporation led the decliners in the S&P 500 index with a loss of 9.2%. CSX Corporation first quarter profit slides to 62 cents a share. Intel Corporation first quarter sales fall 26%. Peabody Energy Corporation first quarter revenue triples but falls short of views.[/R]

Of the stocks in S&P 500 index, 201 increased, 291 declined and 8 were unchanged.

Capital One Financial Corporation led decliners in the S&P 500 index with a loss of 9.2% followed by losses in Textron Inc of 9.0%, in Peabody Energy Corporation of 8.2%, in Bank of America Corporation of 6.1%, in Citigroup Inc of 5.7%.

International Paper Company led gainers in the S&P 500 index with a rise of 8.0% followed by gains in Allegheny Energy, Inc of 6.3%, in CSX Corporation of 6.2% and Kimco Realty Corporation of 5.5%.

Other Movers

Abbott Laboratories ((ABT)) fell 4.3% or $1.96 to $42.75 after the health care products maker reported first quarter sales declined 0.7% to $6.71 billion from $6.76 billion a year ago. Net income in the quarter was $1.4 billion or 73 cents per diluted share compared to net income of $938 million or 63 cents per share a year ago.

ADTRAN, Inc ((ADTN)) rose 3.7% or 69 cents to $18.99 after the networking and communications equipment provider reported first quarter sales decline of 8% to $110.36 million from $119.89 million a year ago. Net income in the quarter dropped 11% to $15.18 million or 24 cents per diluted share compared to net income of $17.05 million or 26 cents per share a year ago.

Allegheny Energy, Inc ((AYE)) added 5.6% or $1.37 to $25.73 after Barclays upgraded Allegheny Energy to “overweight” from “equal weight” and adjusted target price to $40 from $35.

Capital One Financial Corporation ((COF)) lost 9.2% or $1.58 to $15.49 after the credit card company said net charge-off rate for U.S. credit cards increased to 9.3% in March from 8.1% in February. Rise in unemployment has affected many car holders.

CSX Corporation ((CSX)) added 6.5% or $1.86 to $30.25 after the railroad operator said first quarter revenues fell 17% to $2.25 billion. Net income in the quarter dropped 30% to $246 million or 62 cents per diluted share compared to net income of $351 million or 85 cents per share a year ago.

Intel Corporation ((INTC)) declined 3.7% or 60 cents to $15.41 after the semiconductor chip maker said first quarter sales fell 26% to $7.1 billion. Net income in the quarter was $647 million or 11 cents per diluted share. Gross margin in the quarter declined to near 45% from 53% in the fourth quarter of last year.

Infosys Technologies Limited ((INFY)) dropped 6.1% or $1.76 to $27.00 after the global technology services firm reported fourth quarter revenues declined 2% to $1,121 million from $1,142 million a year ago. Net income in the quarter rose 3% to $321 million or 56 cents per diluted share compared to net income of $313 million or 55 cents per share a year ago.

International Paper Company ((IP)) jumped 8.0% or 58 cents to $7.80 after the stock of global paper and packaging company was upgraded by Deutsche Bank to “buy” from “hold.”

Overseas Shipholding Group, Inc ((OSG)) fell 5.2% or $1.34 to $24.50 after the shipping company rating was reduced to “neutral” from “overweight” at JPMorgan Chase & Company. The largest U.S. based oil tanker carriers known as VLCC had 2008 revenue of $1.5 billion and net income of $317.7 million or $10.65 a share.

Peabody Energy Corporation ((BTU)) slid 7.4% or $2.19 to $27.15 after the world''s largest private-sector coal company reported first quarter revenues rose 15% to $1.46 billion from $1.26 billion a year ago. Net income in the quarter rose 198.2% to $170.0 million or 63 cents per diluted share compared to net income of $57.0 million or 21 cents per share a year ago.

Piper Jaffray Companies ((PJC)) climbed 10.7% or $2.92 to $30.00 after the middle-market investment bank reported first quarter revenues fell 16.0% to $86.1 million from $102.6 million a year ago. Net loss in the quarter was $2.7 million or 17 cents per diluted share compared to net loss of $1.4 million or 9 cents per share a year ago.

Raymond James Financial, Inc ((RJF)) slumped 20.2% or $3.86 to $15.20 after the regional broker said Tuesday it expects to report results for its fiscal second quarter will be significantly lower than consensus earnings among analysts of 37 cents per share.

The company subsidiary, Raymond James Bank expects to book loan loss provision of $75 million compared to $25 million in the previous year quarter. The company plans to take charge of $40 million of which $28 million linked to commercial real estate financing that were not expected. At the end of the first quarter in March the company expects to have non-performing loan of $142 million or 1.83% of all loans outstanding.

SkyWest, Inc ((SKYW)) fell 14.8% or $2.21 to $12.57 after the operator of feeder airline to larger carrier said it expects its first-quarter earnings to miss Wall Street estimates citing flight groundings and write-downs during the quarter. SkyWest said it expects a profit for the quarter ended March 31 between $4.5 million and $7.5 million or 8 cents per share to 13 cents per share.

Starbucks Corporation ((SBUX)) dropped 2.4% or 29 cents to $11.58 after the world’s largest chain of coffee shops rating was lowered to “sell” from “hold” at Deutsche Securities.

Textron Inc ((TXT)) slumped 2.0% or 21 cents to $11.19 after the aviation and defense contractor was cut to “hold” from “buy” at Citigroup.