DryShips, Tyco Electronics Rise; Cytec Falls

Mayank Mehta
17 Apr, 2009
New York City

Tyco Electronics Ltd led gainers in the S&P 500 index with a rise of 14.7%. Google Inc first quarter net rises. Mattel, Inc first quarter loss widens and losses at PPG Industries. Callaway Golf declined 6% after it forecasted weaker than expected earnings. DryShips surges on $500 million offering.

[R]1:00PM New York – Tyco Electronics Ltd led gainers in the S&P 500 index with a rise of 14.7%. Google Inc first quarter net rises. Mattel, Inc first quarter loss widens and losses at PPG Industries, Inc.[/R]

Of the stocks in S&P 500 index, 205 increased, 288 declined and 7 were unchanged.

First Horizon National Corporation led the decliners in the S&P 500 index with a loss of 9.5% followed by losses in Regions Financial Corporation with a loss of 5.6%, in Marshall & Ilsley Corporation of 11.5%, in Ventas, Inc of 4.9% and in MBIA Inc of 4.4%.

Tyco Electronics Ltd led gainers in the S&P 500 index with a rise of 14.7% followed by gains in Mattel, Inc of 11.5%, in The McGraw-Hill Companies, Inc of 6.3% and CBS Corporation of 6.0%.

Other Movers

American International Group, Inc ((AIG)) dropped 6.5% or 11 cents to $1.58 after the insurer agreed to sell its personal auto insurance business to Farmers Group a subsidiary of Zurich Insurance Group.

A. O. Smith Corporation ((AOS)) fell 13.0% or $4.02 to $26.11 after the manufacturer of water heating equipment and electric motors reported first quarter revenues fell 16% to $481.6 million from $571.4 million a year ago. Net income in the quarter fell 60% to $8.7 million or 29 cents per diluted share compared to net income of $21.9 million or 72 cents per share, a year ago.

BB&T Corporation ((BBT)) added 2.2% or 47 cents to $21.54 after the large U.S. Southeast regional bank reported first quarter net income fell 37% to $271 million or 48 cents per diluted share compared to net income of $428 million or 78 cents per share, a year ago.

Citigroup Inc ((C)) dropped 3.2% or 14 cents to $3.88 after the global diversified financial services company reported first quarter revenues rose 99% to $24.8 billion from $12.4 billion a year ago. Net loss in the quarter was $1.6 billion or 18 cents per diluted share compared to net loss of $5.2 billion or $1.06 per share, a year ago.

Callaway Golf Company ((ELY)) declined 5.6% or 44 cents to $7.37 after the maker of Big Bertha and Steelhead golf clubs forecast weaker-than-expected first-quarter revenue and profit as consumers put off buying golf equipment. The company said it expects earnings in the range of 10 cents to 12 cents a share.

Cytec Industries Inc ((CYT)) plunged 19.6% or $3.58 to $14.66 after the maker of reinforced plastics for airplane parts has declared a regular quarterly cash dividend of 1.25 cents a share on the company''s common stock, a 90% reduction.

DryShips Inc ((DRYS)) rose 20.5% or $1.14 to $6.69 after it completed public offering of $500 million through Merrill Lynch. After the offering the company outstanding shares increase to 184.7 million from 70.6 million shares.

First Horizon National Corporation ((FHN)) fell 8.7% or $1.13 to $11.75 after the largest bank in Tennessee on Friday posted its fourth straight quarterly loss, on mortgages and commercial loans losses. The company reported adjusted quarterly loss of 38 cents a share.

Google Inc ((GOOG)) rose 2.4% or $9.24 to $388.74 after it reported first quarter revenues increase of 6% to $5.5 billion. Net income in the quarter rose 8.3% to $1.42 billion or $4.49 per diluted share compared to net income of $1.31 billion or $4.12 per share a year ago.

General Electric Company ((GE)) lost 2.0% or 23 cents to $12.06 after the diversified technology, media and financial services company reported first quarter sales fell 9% to $38.4 billion. Net income in the quarter dropped 35% to $2.9 billion or 26 cents per diluted share compared to net income of $4.5 billion or 43 cents per share, a year ago.

Mattel, Inc ((MAT)) rose 10.5% or $1.38 to $14.41 after the largest U.S. toymaker reported first quarter revenues fell 15% to $785.6 million. Net loss in the quarter was $51 million or 14 cents per diluted share compared to net loss of $46.6 million or 13 cents per share, a year ago.

PPG Industries, Inc ((PPG)) gained 3.7% or $1.67 to $46.11 after the global supplier of protective and decorative coatings said first quarter sales tumbled 30% to $2.8 billion from $4.0 billion a year ago. Net loss in the quarter was $111 million or 68 cents per diluted share compared to net income of $100 million or 61 cents per share a year ago.

Tyco Electronics Ltd ((TEL)) gained 14.9% or $2.13 to $16.40 after the global provider of engineered electronic components announced that for the second quarter of 2009 it expects to report a non-cash goodwill impairment charge in the range of $3.3 billion to $3.8 billion.