Deere, Paragon Rise; Hertz, HP Fall

123jump.com Staff
20 May, 2009
New York City

Hertz Global led the decliners in the S&P 500 index of 9.7%. Eaton Vance second quarter net income declines 51%. Hewlett-Packard shares slip on sales outlook. Paragon Shipping first quarter profit exceed analysts

[R]11:00AM New York – Hertz Global led the decliners in the S&P 500 index of 9.7%. Eaton Vance second quarter net income declines 51%. Hewlett-Packard shares slip on sales outlook. Paragon Shipping first quarter profit exceed analysts’ view and shares soar.[/R]

Of the stocks in S&P 500 index, 448 increased, 49 declined and 3 were unchanged.

Hertz Global Holding Inc led the decliners in the S&P 500 index of 9.7% followed by losses in M&T Bank Corporation of 3.1%, in FPL Group, Inc of 1.9%, in King Pharmaceuticals, Inc of 1.9% and in Capital One Financial Corporation of 1.7%.

National Semiconductor Corporation led gainers in the S&P 500 index with a rise of 9.6% followed by gains in SLM Corporation of 8.9%, in Broadwind Energy Inc of 10.9% and Analog Devices, Inc of 14.5%.

Other Movers

Analog Devices, Inc ((ADI)) the mixed-signal and digital signal processing integrated circuits maker rose 15.8% or $3.27 to $23.85.

Bank of America Corporation ((BAC)) gained 6.6% or 75 cents to $12.00 on the news that the bank raised $13.47 billion through the sale of 1.25 billion shares. The acquisitive bank is asked by the bank regulators to raise as much as $33.5 billion.

Brady Corporation ((BRC)) added 8.4% or $1.91 to $24.44 after the manufacturer of identification and security products reported third quarter sales fell 27.5% to $276.7 million from $381.9 million a year ago. Net income in the quarter fell 48% to $18 million or 34 cents per diluted share compared to net income of $34.4 million or 63 cents per share a year ago.

Columbus Mckinnon Corporation ((CMCO)) fell 7.1% or $1.00 to $12.96 after the manufacturer of material handling products reported fourth quarter sales fell 15.8% to $135.8 million from $161.18 million a year ago. Net loss in the quarter was $102.5 million or $5.43 per diluted share compared to net income of $8.4 million or 44 cents per share a year ago.

Deere & Company ((DE)) added 4.4% or $1.93 to $45.75 after the world''s largest maker of farm equipment reported second quarter revenues fell 17% to $6.75 billion from $8.10 billion a year ago. Net income in the quarter fell 38% to $472.3 million or $1.11 per diluted share compared to net income of $763.5 million or $1.74 per share a year ago.

Eaton Vance Corp ((EV)) dropped 2.0% or 59 cents to $28.70 after the investment management firm reported second quarter revenues fell 27% to $198.4 million from $273.4 million a year ago. Net income in the quarter fell 51.5% to $25.8 million or 22 cents per diluted share compared to net income of $53.2 million or 43 cents per share a year ago.

General Motors Corporation ((GM)) jumped 14.9% or 20 cents to $1.47 after the biggest U.S. automaker initiatives for developing new fuel saving technologies have led its engineers to put the squeeze on gasoline literally.

Hewlett-Packard Company ((HPQ)) added 2.3% or 85 cents to $36.58 after the technology services provider said second quarter sales fell 3% to $27.4 billion from $28.3 billion a year ago. Net income in the quarter fell 17% to $1.72 billion or 70 cents per diluted share compared to net income of $2.1 billion or 80 cents per share a year ago.

Hertz Global Holdings, Inc ((HTZ)) fell 11.5% or 94 cents to $7.20 after the second- largest U.S. car-rental company intends to offer approximately 40 million shares of common stock and $250 million of convertible senior notes due June 1, 2014 in an underwritten registered public offering.

Paragon Shipping Inc ((PRGN)) rose 19.2% or 91 cents to $5.65 after the global provider of shipping transportation services said first quarter revenues rose 3% to $39.4 million from $38.7 million a year ago. Net income in the quarter rose 22% to $19.2 million or 71 cents per diluted share compared to net income of $15.8 million or 59 cents per share a year ago.

Phillips-Van Heusen Corporation ((PVH)) increased 3.4% or 96 cents to $28.84 an apparel maker said first quarter sales fell 11% to $557.4 million from $625.7 million a year ago. Net income in the quarter fell 47% to $24.7 million or 48 cents per diluted share compared to net income of $46.8 million or 90 cents per share a year ago.

Target Corporation ((TGT)) surged 4.2% or $1.80 to $43.70 after the discount retailer reported first quarter revenues fell 0.2% to $14.83 billion from $14.80 billion a year ago. Net income in the quarter fell 13% to $522 million or 69 cents per diluted share compared to net income of $602 million or 74 cents per share a year ago.