Electronic Arts, Garmin, Foster Wheeler Fall

Mayank Mehta
06 May, 2009
New York City

General Motors Corporation led the decliners in the S&P 500 index of 15.1%. Atmel Corporation first quarter profit falls by half on sharp revenue dip. Acorda Therapeutics, Inc first quarter net loss widens. Centex Corporation narrows fourth quarter losses.

[R]11:20AM New York - General Motors Corporation led the decliners in the S&P 500 index of 15.1%. Atmel Corporation first quarter profit falls by half on sharp revenue dip. Acorda Therapeutics, Inc first quarter net loss widens. Centex Corporation narrows fourth quarter losses.[/R]

Of the stocks in S&P 500 index, 363 increased, 134 declined and 3 were unchanged.

General Motors Corporation led the decliners in the S&P 500 index of 15.1% followed by losses in Pitney Bowes Inc of 9.8%, in Harris Corporation of 6.3%, in Pulte Homes, Inc of 5.6% and in Centex Corporation of 2.2%.

Zions Bancorporation led gainers in the S&P 500 index with a rise of 23.7% followed by gains in BB&T Corporation of 14.2%, in Capital One Financial Corporation of 14.2% and Regions Financial Corporation of 13.8%.

Other Movers

Acorda Therapeutics, Inc ((ACOR)) rose 25.6% or 5 cents to $24.50 after the commercial-stage biopharmaceutical company reported first quarter sales rose 8.7% to $12.5 million from $11.5 million a year ago. Net loss in the quarter was $18.7 million or 50 cents per diluted share compared to net loss of $16.4 million or 54 cents per share a year ago.

Atmel Corporation ((ATML)) declined 3.4% or 14 cents to $3.95 after the chip maker said first quarter revenues fell 34% to $271.5 million from $411.2 million a year ago. Net income in the quarter fell 47% to $3.6 million or 1 cent per diluted share compared to net income of $6.8 million or 2 cents per share a year ago.

Boyd Gaming Corporation ((BYD)) added 12.8% or $1.45 to $12.76 after the multi-jurisdictional casino operator reported first quarter sales fell 7.7% to $434.8 million from $471.1 million a year ago. Net loss in the quarter was $13.8 million or 16 cents per diluted share compared to net loss of $32.6 million or 37 cents per share a year ago.

Cal Dive International, Inc ((DVR)) dropped 3.0% or 23 cents to $8.65 an offshore energy services company said first quarter revenues rose 43% to $207.1 million from $144.6 million a year ago. Net income in the quarter was $12.3 million or 12 cents per diluted share compared to net income of $0.6 million or 1 cent per share a year ago.

Centex Corporation ((CTX)) decreased 3.5% or 42 cents to $11.30 after the homebuilder said fourth quarter revenues fell 64% to $823 million from $2.3 billion a year ago. Net loss in the quarter was $402.8 million or $3.24 a diluted share compared to net loss of $910.5 million or $7.36 per share a year ago.

Denny’s Corporation ((DENN)) lost 11.9% or 36 cents to $2.65 a family-style restaurant chain said first quarter revenues fell 15.4% to $165.8 million from $196.0 million a year ago. Net income in the quarter rose 5% to $4.3 million or 4 cents per diluted share compared to net income of $4.1 million or 4 cents per share a year ago.

Dolan Media Company ((DM)) added 12.5% or $1.55 to $13.90 after the provider of business information and professional services said first quarter revenues rose 54% to $63.9 million from $41.5 million a year ago. Net income in the quarter rose 116% to $8.65 million or 18 cents per diluted share compared to net income of $4.0 million or 16 cents per share a year ago.

Douglas Emmett, Inc ((DEI)) slid 3.0% or 26 cents to $9.03 after the real estate investment trust said first quarter revenues rose 8.3% to $151.4 million from $139.8 million a year ago. Net loss in the quarter was $1.9 million or 2 cents per diluted share compared to net loss of $2.5 million or 2 cents per share a year ago.

Electronic Arts Inc ((ERTS)) fell 3.3% or 71 cents to $20.67 after the video game publisher said fourth quarter revenues fell 24% to $860 million from $1.13 billion a year ago. Net loss in the quarter was $42 million or 13 cents per diluted share compared to net loss of $94 million or 30 cents per share a year ago.

Enbridge Inc ((ENB)) surged 3.1% or $1.03 to $33.50 after the energy transportation and distribution company reported first quarter sales fell 4.7% to $3.78 billion from $3.97 billion a year ago. Net income in the quarter rose 122% to $558.1 million or $1.53 per diluted share compared to net income of $251.3 million or 70 cents per share a year ago.

ExlService Holdings, Inc ((EXLS)) increased 11.2% or $1.01 to $9.99 after the provider of outsourcing services reported first quarter sales fell 7.7% to $41.0 million from $44.4 million a year ago. Net income in the quarter fell 57% to $2.9 million or 10 cents per diluted share compared to net income of $6.8 million or 23 cents per share a year ago.

Fortress Investment Group LLC ((FIG)) climbed 15.3% or $1.02 to $7.66 after the private equity and hedge-fund firm reported first quarter revenues fell 39% to $122.3 million from $200.9 million a year ago. Net loss in the quarter was $67.2 million or 71 cents per diluted share compared to net loss of $68.9 million or 74 cents per share a year ago.

Foster Wheeler AG ((FWLT)) plunged 6.0% or $1.44 to $22.60 after the engineering and construction contractor and power equipment supplier reported first quarter revenues fell 28% to $1.3 billion from $1.8 billion a year ago. Net income in the quarter fell 47% to $72.9 million or 57 cents per diluted share compared to net income of $138.1 million or 95 cents per share a year ago.

Garmin Ltd ((GRMN)) fell 16.1% or $4.14 to $21.52 after the navigation device maker reported first quarter revenues fell 34% to $437 million from $664 million a year ago. Net income in the quarter fell 67% to $48.5 million or 24 cents per diluted share compared to net income of $147.8 million or 67 cents per share a year ago.

International Game Technology ((IGT)) rose 2.8% or 43 cents to $15.50 after the maker of slot machines and casino management systems reported second quarter revenues fell 17% to $475.7 million from $573.2 million a year ago. Net income in the quarter fell 44% to $38.3 million or 13 cents per diluted share compared to net income of $68.4 million or 22 cents per share a year ago.

iPass Inc ((IPAS)) declined 3.2% or 4 cents to $1.20 after the provider of software-enabled enterprise connectivity services for mobile workers said first quarter revenues fell 7% to $44.6 million from $48.1 million a year ago. Net loss in the quarter was $3.0 million or 5 cents per diluted share compared to net loss of $1.4 million or 2 cents per share a year ago.

Molson Coors Brewing Company ((TAP)) rose 9.5% or $3.67 to $42.17 after the second-largest beer company in the United States said first quarter revenues fell 59% to $559 million from $1.36 billion a year ago. Net income in the quarter rose 121% to $75.7 million or 41 cents per diluted share compared to net income of $34.3 million or 19 cents per share a year ago.

Orbitz Worldwide, Inc ((OWW)) jumped 10.9% or 23 cents to $2.34 after the global online travel company reported first quarter revenues fell 14% to $188 million from $219 million a year ago. Net loss in the quarter was $336 million or $4.02 per diluted share compared to net loss of $15 million or 18 cents per share a year ago.

Parker Drilling Company ((PKD)) surged 7.7% or 25 cents to $3.48 after global drilling contractor and service provider reported first quarter revenues rose 0.3% to $173.9 million from $173.3 million a year ago. Net income in the quarter fell 91% to $2.1 million or 2 cents per diluted share compared to net income of $23.2 million or 21 cents per share a year ago.

TRW Automotive Holdings Corp ((TRW)) rose 18.6% or $1.70 to $11.11 after the diversified supplier of automotive systems reported first quarter revenues fell 41.5% to $2.4 billion from $4.1 billion a year ago. Net loss in the quarter was $131 million or $1.30 per diluted share compared to net income of $94 million or 92 cents per share a year ago.

The Walt Disney Company ((DIS)) surged 4.1% or 95 cents to $24.10 after the family entertainment giant''s said second quarter revenues fell 7% to $8.09 billion from $8.7 billion a year ago. Net income in the quarter fell 46% o $613 million or 33 cents per diluted share compared to net income of $1.13 billion or 58 cents per share a year ago.