Tenet, W. Union Rise; Merck, Caterpillar Fall

Mayank Mehta
21 Apr, 2009
New York City

Tenet Healthcare Corporation led gainers in the S&P 500 index with a rise of 25.3%. Brown & Brown, Inc first quarter misses street views. The Western Union Company first quarter profit edges up. Merck & Company net falls 57% but net at Schering Plough surges. Coca Cola net falls 10%.

[R]12:10AM New York – Tenet Healthcare Corporation led gainers in the S&P 500 index with a rise of 25.3%. Brown & Brown, Inc first quarter misses street views. S&T Bancorp, Inc swings to first quarter loss on credit costs. The Western Union Company first quarter profit rises slightly.[/R]

Of the stocks in S&P 500 index, 311 increased, 183 declined and 6 were unchanged.

Zions Bancorporation led the decliners in the S&P 500 index with a loss of 17.1% followed by losses in The New York Times Company of 15.2%, in KeyCorp of 12.1%, in Huntington Bancshares Incorporated of 11.5% and in Broadcom Corporation of 11.0%.

Tenet Healthcare Corporation led gainers in the S&P 500 index with a rise of 25.3% followed by gains in Coach, Inc of 16.5%, in The Western Union Company of 12.5% and in AK Steel Holding Corporation of 12.4%.

Other Movers

AK Steel Holding Corporation ((AKS)) rose 10.0% or $1.03 to $11.28 after the producer of steel products reported first quarter revenues fell 48.5% to $922.2 million from $1.79 billion a year ago. Net loss in the quarter was $73.4 million or 67 cents per diluted share compared to net income of $101.1 million or 90 cents per share, a year ago.

AMETEK, Inc ((AME)) fell 8.7% or $2.95 to $30.84 after the global manufacturer of electronic instruments and electromechanical devices reported first quarter revenues fell 9.5% to $552.9 million from $611.2 million a year ago. Net income in the quarter fell 11% to $59.1 million or 55 cents per diluted share compared to net income of $66.4 million or 62 cents per share, a year ago.

Arbitron Inc ((ARB)) gained 3.8% or 74 cents to $20.05 a media and marketing information services firm reported first quarter revenues rose 4.7% to $98.5 million from $94.1 million a year ago. Net income in the quarter fell 24.5% to $12.3 million or 46 cents per diluted share compared to net income of $16.3 million or 57 cents per share, a year ago.

The Bank of New York Mellon Corporation ((BK)) slid 14.3% or $4.03 to $24.00 after the New York based trust bank reported first quarter revenues fell 22% to $2.94 billion from $3.76 billion a year ago. Net income in the quarter fell 57% to $322 million or 28 cents per diluted share compared to net income of $746 million or 65 cents per share, a year ago.

Brown & Brown, Inc ((BRO)) dropped 3.1% or 61 cents to $18.54 after the insurance broker said first quarter revenues rose 3% to $263.6 million from $256.7 million a year ago. Net income in the quarter fell 7% to $48 million or 34 cents per diluted share compared to net income of $51.8 million or 37 cents per share, a year ago.

Caterpillar Inc ((CAT)) lost 4.7% or $1.46 to $29.02 after the world''s largest producer of construction and mining equipment reported first quarter revenues fell 22% to $9.22 billion from $11.80 billion a year ago. Net loss in the quarter was $112 million or 19 cents per diluted share compared to net income of $922 million or $1.45 per share, a year ago.

CDC Corporation ((CHINA)) fell 2.7% or 4 cents to $1.40 after a Hong Kong-based software and online-services company said fourth quarter revenues fell 10% to $96.2 million from $106.9 million a year ago. Net loss in the quarter was $84 million or 78 cents per diluted share compared to net loss of $94 million or 88 cents per share a year ago.

Crane Co ((CR)) lost 7.2% or $1.47 to $18.87 after the diversified U.S. manufacturer said first quarter revenues fell 18% to $555.1 million from $678.9 million a year ago. Net income in the quarter fell 52% to $23.3 million or 40 cents per diluted share compared to net income of $48.4 million or 79 cents per share a year ago.

Comerica Incorporated ((CMA)) rose 6.1% or $1.14 to $19.81 after the large U.S. regional bank reported first quarter net interest income fell 19% to $384 million from $476 million a year ago. Net loss in the quarter was $24 million or 16 cents per diluted share compared to net income of $109 million or 73 cents per share, a year ago.

Forest Laboratories, Inc ((FRX)) plunged 4.3% or 97 cents to $21.42 after the pharmaceutical company reported fourth quarter sales fell 0.2% to $896.7 million from $898.7 million a year ago. Net income in the quarter fell 46% to $92.7 million or 31 cents per diluted share compared to net income of $172.7 million or 55 cents per share, a year ago.

Forward Air Corporation ((FWRD)) slid 8.4% or $1.52 to $16.53 an air cargo industry contractor said first quarter revenues fell 11% to $96.6 million from $107.9 million a year ago. Net loss in the quarter was $3.1 million or 11 cents per diluted share compared to net income of $10 million or 35 cents per share a year ago.

Huntington Bancshares Incorporated ((HBAN)) dropped 13.1% or 41 cents to $2.71 after the diversified bank reported first quarter net loss in the quarter was $2.43 billion or $6.79 per diluted share compared to net income of $127.1 million or 35 cents per share, a year ago.

Healthways, Inc ((HWAY)) decreased 3.8% or 38 cents to $9.46 a wellness program provider said first quarter revenues rose 1% to $182.7 million from $180.9 million a year ago. Net loss in the quarter was $14.8 million or 43 cents per diluted share compared to net income of $10.2 million or 27 cents per share a year ago.

Jefferies Group, Inc ((JEF)) climbed 9.7% or $1.40 to $15.70 after the middle-market investment bank reported first quarter revenues fell 10.4% to $101.9 million from $113.7 million a year ago. Net income in the quarter was $38.3 million or 19 cents per diluted share compared to net loss of $60.5 million or 45 cents per share, a year ago.

Macatawa Bank Corporation ((MCBC)) plunged 9.7% or 38 cents to $3.50 a bank company said first quarter net interest income fell 13% to $12.8 million from $14.7 million a year ago. Net loss in the quarter was $4.1 million or 30 cents per diluted share compared to net income of $2.4 million or 14 cents per share a year ago.

Manpower Inc ((MAN)) jumped 14.2% or $4.89 to $39.15 after the employment services industry reported first quarter revenues fell 32% to $3.65 billion from $5.39 billion a year ago. Net income in the quarter fell 97% to $2.3 million or 3 cents per diluted share compared to net income of $75.5 million or 94 cents per share, a year ago.

Merck & Co., Inc ((MRK)) lost 4.9% or $1.23 to $23.99 after the global research-driven pharmaceutical company reported first quarter revenues fell 8% to $5.4 billion from $5.8 billion a year ago. Net income in the quarter fell 57% to $1.43 billion or 67 cents per diluted share compared to net income of $3.30 billion or $1.52 per share, a year ago.

Packaging Corporation of America ((PKG)) lost 7.3% or $1.01 to $12.82 after the producer of containerboard and corrugated products said first quarter sales fell 11% to $512 million from $577 million a year ago. Net income in the quarter fell 20% to $25.7 million or 25 cents per diluted share compared to net income of $32.1 million or 31 cents per share a year ago.

Schering-Plough Corporation ((SGP)) slid 3.1% or 73 cents to $22.32 after the global science-centered healthcare company reported first quarter revenues fell 6% to $4.39 billion from $4.66 billion a year ago. Net income in the quarter rose 178% to $767 million or 46 cents per diluted share compared to net income of $276 million or 17 cents per share, a year ago.

S&T Bancorp, Inc ((STBA)) dropped 24.4% or $6.01 to $18.61 a bank company said first quarter net interest income rose 18% to $37.5 million from $31.7 million a year ago. Net loss in the quarter was $3.1 million or 11 cents per diluted share compared to net income of $14.9 million or 60 cents per share a year ago.

State Street Corporation ((STT)) rose 3.0% or 76 cents to $31.48 after the financial company reported first quarter revenues fell 23% to $2.0 billion from $2.6 billion a year ago. Net income in the quarter fell 16% to $445 million or $1.02 per diluted share compared to net income of $530 million or $1.35 per share, a year ago.

The Coca-Cola Company ((KO)) lost 3.5% or $1.56 to $42.77 after the world''s largest beverage maker reported first quarter sales fell 3% to $7.17 billion from $7.38 billion a year ago. Net income in the quarter fell 10% to $1.35 billion or 58 cents per diluted share compared to net income of $1.5 billion or 64 cents per share, a year ago.

U.S. Bancorp ((USB)) climbed 7.4% or $1.19 to $17.13 after the financial company reported first quarter net interest income rose 16% to $2.1 billion from $1.8 billion a year ago. Net income in the quarter fell 61% to $419 million or 24 cents per diluted share compared to net income of $1.08 billion or 62 cents per share, a year ago.

Webster Financial Corporation ((WSB)) dropped 17.8% or $1.01 to $4.66 after the New England''s largest bank reported first quarter net interest income fell 5.3% to $118.2 million from $124.86 million a year ago. Net loss in the quarter was $21.56 million or 41 cents per diluted share compared to net income of $24.37 million or 47 cents per share, a year ago.

The Western Union Company ((WU)) rose 12.6% or $1.80 to $16.07 after the money transfer agent reported first quarter revenues fell 5.5% to $1.2 billion from $1.27 billion a year ago. Net income in the quarter rose 8% to $223.9 million or 32 cents per diluted share compared to net income of $207.1 million or 27 cents per share, a year ago.

Tenet Healthcare Corp ((THC)) surged 25% to after it reported first quarter earnings of $178 million or 37 cents a share compared to a loss of $31 million or 6 cents a share. Same hospital admissions declined 1.3% and same managed care admissions fell 3.2% from a year ago quarter. Tenet also lifted its outlook for 2009 adjusted earnings by $25 million between $760 million and $825 million and net earnings applicable to shareholders between a loss of $55 million and a profit of $75 million.

Zions Bancorporation ((ZION)) fell 13.9% or $2.09 to $12.93 after the financial company said first quarter net interest income fell 2.4% to $474.8 million from $486.5 million a year ago. Net loss in the quarter was $832.2 million or $7.29 per diluted share compared to net income of $104.3 million or 97 cents per share a year ago.