Aetna, Valero, JetBlue Fall; TiVo Surges

Mayank Mehta
03 Jun, 2009
New York City

Aetna dropped 7% after it lowered its earnings outlook for the year. Tivo surged after it won a court ruling in its favor. Valero fell after it estimated quarterly loss and proposed to sell 40 million shares. Williams-Sonoma first quarter sales dropped 22% and swings to loss.

[R]12:30PM New York – Aetna dropped 7% after it lowered its earnings outlook for the year. Tivo surged after it won a court ruling in its favor. Valero fell after it estimated quarterly loss and proposed to sell 40 million shares. Williams-Sonoma first quarter sales dropped 22% and swings to loss.[/R]

Of the stocks in S&P 500 index, 49 increased, 447 declined and 3 were unchanged.

Valero Energy Corporation led the decliners in the S&P 500 index with a loss of 15.4% followed by losses in Tesoro Corporation of 11.6%, in Cardinal Health, Inc of 8.7%, in Aetna Inc. of 8.4% and in Sunoco, Inc of 5.9%.

FirstEnergy Corp led gainers in the S&P 500 index with a rise of 3.5% followed by gains in of 4.1%, in SunTrust Banks, Inc of 3.0 % and Cephalon, Inc of 2.0%.

Other Movers

Aetna Inc ((AET)) sank 7.6% or $2.09 to $25.18 after the third-largest U.S. health insurer lowered its 2009 operating earnings per share guidance from a range of $3.85 to $3.95 to a range of $3.55 to $3.70.

Alloy, Inc ((ALOY)) added 12.1% or 62 cents to $5.71 after the advertising agency said first quarter sales fell 13% to $43 million from $49.1 million a year ago. Net loss in the quarter was $2.7 million or 22 cents per diluted share compared to net loss of $1.6 million or 12 cents per a year ago.

Bob Evans Farms, Inc ((BOBE)) rose 6.1% or $1.65 to $28.45 after the restaurant operator said fourth quarter sales fell 1.2% to $431.0 million from $436.4 million a year ago. Net income in the quarter rose 31% to $21.1 million or 69 cents per diluted share compared to net income of $16.1 million or 52 cents per a year ago.

Data Domain, Inc ((DDUP)) rose 3.0% or 92 cents to $32.50 after NetApp Inc revised its offer to match $1.8 billion offer from EMC.

Hovnanian Enterprises, Inc ((HOV)) fell 3.3% or 10 cents to $2.92 after the homebuilder said second quarter revenues fell 49% to $398 million from $776.4 million a year ago. Net loss in the quarter was $118.6 million or $1.50 per diluted share compared to net loss of $340.7 million or $5.29 per a year ago.

JetBlue Airways Corporation ((JBLU)) slipped 12.1% or 62 cents to $4.42 after the New York-based airline carrier announced a plan to sell 20 million shares of common stock and $150 million of convertible debentures maturing in 2039.

Mitcham Industries, Inc ((MIND)) climbed 10.6% or 62 cents to $6.42 after the geophysical equipment supplier said first quarter revenues fell 43% to $10.6 million from $18.5 million a year ago. Net loss in the quarter was $80,000 or 1 cent per diluted share compared to net income of $4.3 million or 41 cents per a year ago.

Shanda Interactive Entertainment Limited ((SNDA)) lost 3.6% or $2.23 to $58.17 after the China’s biggest online-games provider reported first quarter sales rose 42% to Rmb 1.11 billion from Rmb 779.8 million a year ago. Net income in the quarter rose 25% to Rmb 361 million or Rmb 5.28 per diluted share compared to net income of Rmb 288.8 million or Rmb 3.94 per share a year ago.

Steel Dynamics, Inc ((STLD)) lost 8.3% or $1.33 to $14.26 after the third-largest U.S.-based steelmaker planned to sell 27 million shares of common stock and $150 million of convertible secured senior notes due 2014.

Tessera Technologies, Inc ((TSRA)) advanced 7.8% or $1.93 to $26.38 after the designer of packaging for computer chips Motorola, Inc. has signed a pre-negotiated license agreement with Tessera, settling all outstanding litigation between the companies.

TiVo Inc ((TIVO)) surged 45.8% or $3.20 to $10.17 after the U.S. District court in Texas ruled that DISH network and Echostar violated Tivo patents. The both corporations in a press release are expected to file an appeal.

Valero Energy Corporation ((VLO)) slid 17.2% or $3.84 to $18.52 after the largest U.S. refiner estimated second quarter net loss of 50 cents and proposed to sell 40 million shares in a secondary offering.

VeriFone Holdings, Inc ((PAY)) declined 3.1% or 26 cents to $7.92 after the provider of electronic payment services said second quarter revenues fell 14% to $201.6 million from $233.0 million a year ago. Net income in the quarter was $18.6 million or 22 cents per diluted share compared to net loss of $18 million or 21 cents per a year ago.

Williams-Sonoma, Inc ((WSM)) slid 2.0% or 30 cents to $14.30 after the home decor retailer reported first quarter sales fell 22% to $611.6 million from $781.8 million a year ago. Net loss in the quarter was $18.7 million or 18 cents per diluted share compared to net income of $10.4 million or 10 cents per share a year ago.