Barclays Falls After Abu Dhabi Sells Stake

Mayank Mehta
02 Jun, 2009
New York City

Barclays Plc declined 12% after Abu Dhabi based investor sold stake in the bank with a profit of more than 50%. JP Morgan Chase fell 3% after it completed $5 billion in offering. Daktronics, the maker of electronic displays declined 13% after revenues declined 5.7%.

[R]11:00AM New York – SunTrust Banks, Inc led gainers in the S&P 500 index with a rise of 5.9%. Daktronics, Inc fourth quarter profit falls 95%. Navarre Corporation fourth quarter profit rises. PLATO Learning, Inc second quarter sales fall.[/R]

Of the stocks in S&P 500 index, 267 increased, 230 declined and 3 were unchanged.

Cardinal Health, Inc led the decliners in the S&P 500 index with a loss of 10.7% followed by losses in General Motors Corporation of 6.6%, in ProLogis of 5.8%, in CBS Corporation of 4.9% and in Cameron International Corp of 4.4%.

SunTrust Banks, Inc led gainers in the S&P 500 index with a rise of 5.9% followed by gains in Dover Corporation of 4.1%, in Aflac Incorporated of 3.8% and Owens-Illinois, Inc of 3.4%.

Other Movers

Barclays PLC ((BCS)) fell 11.9% or $2.44 to $18.06 after Dow Jones reported that Abu Dhabi based sovereign investment fund sold more than 11% or Barclays with a profit of 3.5 billion pounds.

Cameron International Corp ((CAM)) dropped 5.8% or $1.90 to $30.55 after the second-largest U.S. maker of oilfield equipment said it agreed to acquire oil services company Natco Group Inc. in an all-stock transaction valued at about $780 million.

Daktronics, Inc ((DAKT)) dropped 13.0% or $1.20 to $8.00 after the supplier of electronic display systems reported fourth quarter sales fell 5.7% to $121.8 million from $129.1 million a year ago. Net income in the quarter fell 95% to $0.3 million or 1 cent per diluted share compared to net income of $5.7 million or 14 cents per share a year ago.

Data Domain, Inc ((DDUP)) jumped 19.0% or $5.01 to $31.36.

DeVry Inc ((DV)) added 4.9% or $2.18 to $46.42 after the provider of technical education will replace General Motors Corp.

EnerSys ((ENS)) declined 13.8% or $2.38 to $14.85 an industrial battery maker said fourth quarter sales fell 32% to $393.2 million from $581.9 million a year ago. Net income in the quarter fell 83% to $3.3 million or 7 cents per diluted share compared to net income of $19.5 million or 39 cents per a year ago.

JPMorgan Chase & Co ((JPM)) slipped 3.0% or $1.08 to $35.03 after the second-largest U.S. bank today announced that it priced an offering of 142 million shares of its common stock at a price to the public of $35.25 per share or $5 billion in the aggregate. J.P. Morgan Securities Inc. served as sole manager and underwriter for the transaction.

Morgan Stanley ((MS)) fell 3.4% or $1.02 to $28.87 after the sixth- largest U.S. bank announced today that it intends to raise $2.2 billion in common equity so that it can return the TARP funds.

Navarre Corporation ((NAVR)) added 44.4% or 0.4 cents to $1.3 after the multi-media software publisher said fourth quarter sales fell 8.2% to $147.1 million from $160.2 million a year ago. Net income in the quarter rose 359% to $3.17 million or 9 cents per diluted share compared to net income of $0.69 million or 2 cents per a year ago.

The Pepsi Bottling Group, Inc ((PBG)) rose 2.8% or 94 cents to $34.15 after the soda distributor today announced that it has raised its second quarter and 2009 earnings guidance. The company estimated diluted earnings per share 70 cents to 74 cents in the second quarter a 5 cent increase from its previous guidance range. For the full-year the company now expects earnings per share in the range of $2.30 to $2.40 up 10 cents from the previous estimate.

PLATO Learning, Inc ((TUTR)) rose 13.2% or 41 cents to $3.51 after the a provider of K–adult e-learning solutions said second quarter revenues fell 4.3% to $15.5 million from $16.2 million a year ago. Net income in the quarter was $123,000 or 1 cent per diluted share compared to net loss of $6.5 million or 27 cents per a year

United Natural Foods, Inc ((UNFI)) surged 10% or $2.13 to $25.58 after the distributor of natural and specialty foods reported third quarter sales rose 0.3% to $889.5 million from $887.0 million a year ago. Net income in the quarter rose 29.2% to $16.8 million or 39 cents per diluted share compared to net income of $13.0 million or 30 cents per share a year ago.