GM, Zale Fall; Ralph Lauren, Chico's Rise

Mayank Mehta
27 May, 2009
New York City

General Motors led the decliners in the S&P 500 index of 13.1%. American Eagle Outfitters posts better than expected first quarter profit. Bank of Montreal second quarter net drops. Donaldson Company beats earnings estimates but misses on revenues. Chico

[R]11:45AM New York – General Motors led the decliners in the S&P 500 index of 13.1%. American Eagle Outfitters posts better than expected first quarter profit. Bank of Montreal second quarter net drops. Donaldson Company beats earnings per share estimates but misses on revenues. Chico’s surges 10% on 14% increase in profit. AutoZone net income increases 9%.[/R]

Of the stocks in S&P 500 index, 132 increased, 359 declined and 9 were unchanged.

General Motors Corporation led the decliners in the S&P 500 index of 13.1% followed by losses in Big Lots, Inc of 5.8%, in Citrix Systems, Inc of 4.9%, in Allegheny Technologies Incorporated of 4.8% and in KeyCorp of 4.8%.

SanDisk Corporation led gainers in the S&P 500 index with a rise of 15.5% followed by gains in Regions Financial Corporation of 5.4%, in Polo Ralph Lauren Corporation of 4.9% and Massey Energy Company of 4.5%.

Other Movers

American Eagle Outfitters, Inc ((AEO)) added 2.1% or 32 cents to $14.88 after the retailer reported first quarter sales fell 4% to $612.0 million from $640.3 million a year ago. Net income in the quarter fell 50% to $22.0 million or 11 cents per diluted share compared to net income of $43.9 million or 21 cents per share a year ago.

Allegheny Technologies Incorporated ((ATI)) fell 3.5% or $1.28 to $34.53 after the specialty-metal producer said it plans to raise $300 million in senior notes due 2019 and $350 million in convertible notes due 2014.

AutoZone, Inc ((AZO)) fell 3.1% or $5.10 to $157.74 after the automotive parts retailer reported third quarter sales rose 9% to $1.66 billion from $1.52 billion a year ago. Net income in the quarter rose 9% to $173.7 million or $3.13 per diluted share compared to net income of $158.6 million or $2.49 per share a year ago.

Bank of America Corporation ((BAC)) gained 2.0% or 16 cents to $11.14 said it has raised almost $26 billion in its capital plan since the stress test results were announced and will complete its $33.9 billion capital requirements as suggested by regulators.

Bank of Montreal ((BMO)) added 7.4% or $2.71 to $39.28. The bank yesterday reported second quarter revenues increased 1.5% to $2.66 billion from $2.62 billion a year ago. Net income in the quarter fell 44.2% to $358 million or 61 cents per diluted share compared to net income of $642 million or $1.25 per share a year ago.

Big Lots, Inc ((BIG)) lost 6.8% or $1.67 to $23.61 after the closeout retailer was downgraded from “overweight” to “neutral” at JP Morgan.

Borders Group, Inc ((BGP)) fell 7.3% or 19 cents to $2.38 after the bookseller said first quarter revenues fell 11.6% to $650.2 million from $735.8 million a year ago. Net loss in the quarter was $86 million or $1.44 per diluted share compared to net loss of $31.7 million or 53 cents per share a year ago.

Brown Shoe Company, Inc ((BWS)) rose 9.2% or 65 cents to $7.66 after the footwear retailer reported first quarter sales fell 2.8% to $538.7 million from $554.5 million a year ago. Net loss in the quarter was $7.6 million or 18 cents per diluted share compared to net income of $7.2 million or 17 cents per share a year ago.

Chico’s FAS, Inc ((CHS)) climbed 9.7% or 86 cents to $9.71 after the women''s apparel retailer reported first quarter sales rose 0.2% to $410.6 million from $409.6 million a year ago. Net profit in the quarter rose 14.2% to $14.5 million or 8 cents per diluted share compared to net income of $12.7 million or 7 cents per share a year ago.

Dollar Tree, Inc ((DLTR)) jumped 4.1% or $1.84 to $46.24 after the operator of discount variety stores reported first quarter sales rose 14.2% to $1.20 billion from $1.05 billion a year ago. Net income in the quarter rose 38.5% to $60.4 million or 66 cents per diluted share compared to net income of $43.6 million or 48 cents per share a year ago.

Donaldson Company, Inc (DCI)) declined 9.0% or $3.02 to $30.25 after the maker of filtration systems said third quarter revenues fell 30% to $413.4 million from $587.7 million a year ago. Net income in the quarter fell 42% to $26.6 million or 34 cents per diluted share compared to net income of $46 million or 57 cents per share a year ago.

Polo Ralph Lauren Corporation ((RL)) increased 7.9% or $4.32 to $58.70 after the apparel and household-product designer reported fourth quarter revenues fell 1.6% to $1.22 billion from $1.24 billion a year ago. Net income in the quarter fell 57% to $45 million or 44 cents per diluted share compared to net income of $104 million or $1.00 per share a year ago.

RBC Bearings Incorporated ((ROLL)) surged 6.6% or $1.20 to $19.06 after the manufacturer of precision bearings reported fourth quarter sales fell 9% to $83.8 million from $92.1 million a year ago. Net income in the quarter fell 46% to $6.5 million or 30 cents per diluted share compared to net income of $12.0 million or 55 cents per share a year ago.

Take-Two Interactive Software, Inc ((TTWO)) rose 9.9% or 88 cents to $9.71 after the video games developer said second quarter revenues fell 57.4% to $229.7 million from $539.8 million a year ago. Net loss in the quarter was $10.1 million or 13 cents per diluted share compared to net income of $98.2 million or $1.29 per share a year ago.

Zale Corporation ((ZLC)) plunged 19.6% or 97 cents to $4.07 after the specialty retailer of fine jewelry reported third quarter revenues fell 20% to $379.1 million from $476.7 million a year ago. Net loss in the quarter was $23.2 million or 73 cents per diluted share compared to net loss of $16.8 million or 40 cents per share a year ago.