Sprint, Sohu.com, CNA, Massey Rise

Mayank Mehta
04 May, 2009
New York City

Sprint Nextel Corporation led gainers in the S&P 500 index with a rise of 13.7%. Administaff, Inc first quarter net falls 38% on lower margins. CNA Financial Corporation post first quarter losses as investment woes continue. Tyson Foods, Inc shares fall after second quarter loss.

[R]11:45AM New York – Sprint Nextel Corporation led gainers in the S&P 500 index with a rise of 13.7%. Administaff, Inc first quarter net falls 38% on lower margins. CNA Financial Corporation post first quarter losses as investment woes continue. Tyson Foods, Inc shares fall after second quarter loss.[/R]

Of the stocks in S&P 500 index, 401 increased, 96 declined and 3 were unchanged.

Adobe Systems Incorporated led the decliners in the S&P 500 index of 4.4% followed by losses in The New York Times Company of 3.8%, in Ameriprise Financial, Inc of 3.1%, in The Direct TV Group, Inc of 2.4% and in Cincinnati Financial Corporation of 2.2%.

Sprint Nextel Corporation led gainers in the S&P 500 index with a rise of 13.7% followed by gains in Massey Energy Company of 11.7%, in Regions Financial Corporation of 9.4% and AK Steel Holding Corporation of 8.8%.

Other Movers

Administaff, Inc ((ASF)) surged 9.2% or $2.44 to $29.00 after the provider of human resources services for small and medium sized businesses reported first quarter revenues rose 1.3% to $462 million from $456.07 million a year ago. Net income in the quarter fell 37.9% to $8.2 million or 33 cents per diluted share compared to net income of $13.2 million or 51 cents per share a year ago.

Adobe Systems Incorporated ((ADBE)) fell 4.0% or $1.10 to $26.36 after the diversified software companies was downgraded at UBS to “neutral” from “buy”, while increasing her price target to $28, from $25.

Ameriprise Financial, Inc ((AMP)) lost 3.0% or 81 cents to $25.64 after the provider of financial planning services was cut to “hold” at Citigroup and set a target price is $25.

Barnes Group Inc ((B)) jumped 8.2% or $1.15 to $15.07 after the maker of aerospace and industrial components reported first quarter revenues fell 31.7% to $262.2 million from $384.0 million a year ago. Net income in the quarter fell 64.5% to $11.5 million or 22 cents per diluted share compared to net income of $32.4 million or 58 cents per share a year ago.

CNA Financial Corporation ((CNA)) increased 11.4% or $1.36 to $13.47 after the insurance company reported no revenues during the three months ended March 31, 2009 and March 2008. Net loss in the first quarter was $195 million or 84 cents per diluted share compared to net income of $187 million or 69 cents per share a year ago.

DSP Group, Inc ((DSPG)) added 14.5% or 93 cents to $7.33, an Israeli chipmaker reported first quarter revenues fell 45% to $39.9 million from $72.7 million a year ago. Net loss in the quarter was $10.7 million or 41 cents per diluted share compared to net loss of $7.6 million or 25 cents per share a year ago.

Ducommun Incorporated ((DCO)) rose 12.1% or $2.21 to $20.40 after the supplier to the aerospace industry reported first quarter revenues rose 13% to $111.4 million from $98.7 million a year ago. Net income in the quarter fell 51% to $2.6 million or 25 cents per diluted share compared to net income of $5.3 million or 49 cents per share a year ago.

Loews Corporation ((L)) declined 3.0% or 68 cents to $24.51 after the diversified corporations in the United States reported first quarter revenues fell 16% to $3.02 billion from $3.6 billion a year ago. Net loss in the quarter was $647 million or $1.49 per diluted share compared to net income of $662 million or $1.05 per share a year ago.

Massey Energy Company ((MEE)) surged 17.4% or $3.16 to $21.23 after the producer of metallurgical coal was raised to “buy” and set a target price is $26 at Goldman Sachs.

Overseas Shipholding Group, Inc ((OSG)) added 3.0% or 98 cents to $34.00 after the oil transportation company reported first quarter revenues fell 21% to $324.8 million from $410.7 million a year ago. Net income in the quarter rose 8% to $121.8 million or $4.53 per diluted share compared to net income of $112.4 million or $3.60 per share a year ago.

Sohu.com Inc ((SOHU)) rose 4.7% or $2.70 to $59.45 after the China''s online media, communications, search and online games company reported first quarter revenues rose 36% to $115.7 million from $84.8 million a year ago. Net income in the quarter rose 106.5% to $44.6 million or $1.15 per diluted share compared to net income of $21.6 million or 55 cents per share a year ago.

Sprint Nextel Corporation ((S)) rose 10.9% or 51 cents to $5.18 after the telecom operator reported a first quarter loss of $594 million, or 21 cents per share. Excluding one-time items Sprint lost 3 cents per share beating the estimates of losses of as high as 4 cent a share.

Tyson Foods, Inc ((TSN)) climbed 2.7% or 28 cents to $10.85 after the world''s largest meat producer reported second quarter sales fell 1% to $6.31 billion from $6.34 billion a year ago. Net loss in the quarter was $104 million or 28 cents per diluted share compared to net loss of $5 million or 2 cents per share a year ago.