Harman Int Plunges; Research in Motion Up

Mayank Mehta
16 Jun, 2009
New York City

Harman International dropped 11% after it proposed to sell 9 million shares. Bruker Corp filed to offer 70 million shares. Best Buy first quarter revenues declined 12% and net income fell 14.5%. Tyco Electronics surges 8% on revised operating earnings outlook.

[R]11:00AM New York – Harman International dropped 11% after it proposed to sell 9 million shares. Bruker Corp filed to offer 70 million shares. Best Buy first quarter revenues declined 12% and net income fell 14.5%. Tyco Electronics surges 8% on revised operating earnings outlook.[/R]

Harman International Industries, Incorporated led the decliners in the S&P 500 index with a loss of 8.3%. Casella Waste Systems, Inc fourth quarter loss widens on charges. La-Z-Boy Incorporated reports fourth quarter profit. Best Buy Co., Inc shares slide after earnings.[/R]

Of the stocks in S&P 500 index, 285 increased, 202 declined and 13 were unchanged.

Harman International Industries, Incorporated led the decliners in the S&P 500 index with a loss of 8.3% followed by losses in Genzyme Corporation of 5.7%, in Lincoln National Corporation of 3.2%, in Nordstrom, Inc of 2.8% and in Best Buy Co., Inc of 2.8%.

Tyco Electronics Ltd led gainers in the S&P 500 index with a rise of 11.1% followed by gains in of Sprint Nextel Corporation 6.9%, in The Manitowoc Company, Inc of 6.6% and AK Steel Holding Corporation of 5.2%.

Other Movers

Amgen Inc ((AMGN)) added 3.5% or $1.72 to $51.16 after the world’s largest biotechnology company was upgraded from “market perform” to “outperform” at Sanford C. Bernstein & Co.

A-Power Energy Generation Systems, Ltd ((APWR)) declined 6.8% or 90 cents to $12.19 after the provider of distributed power generation systems in China reported first quarter revenues fell 3.4% to $31.2 million from $32.3 million a year ago. Net income in the quarter fell 48.3% to $1.5 million or 4 cents per diluted share compared to net income of $2.9 million or 14 cents per share a year ago.

Best Buy Co., Inc ((BBY)) decreased 3.3% or $1.29 to $37.40 after the retailer of consumer electronics reported first quarter revenues rose 12% to $10.1 billion from $9.0 billion a year ago. Net income in the quarter fell 14.5% to $153 million or 36 cents per diluted share compared to net income of $179 million or 43 cents per share a year ago.

Bruker Corporation ((BRKR)) sank 6.0% or 51 cents to $7.90 after the maker of scientific instruments announced today that it has filed to sell 70 million shares.

Casella Waste Systems, Inc ((CWST)) fell 2.0% or 5 cents to $2.79 after the regional solid waste, recycler said fourth quarter revenues fell 15.7% to $117.6 million from $139.6 million a year ago. Net loss in the quarter was $68.5 million or $2.67 per diluted share compared to net loss of $7.8 million or 31 cents per a year ago.

Casey’s General Stores, Inc ((CASY)) added 2.0% or 45 cents to $25.70 after the convenience stores operator said fourth quarter revenues fell 26.7% to $883.02 million from $1.20 billion a year ago. Net income in the quarter rose 8.3% to $15.6 million or 31 cents per diluted share compared to net income of $14.4 million or 28 cents per a year ago.

FactSet Research Systems Inc ((FDS)) surged 2.1% or $1.08 to $52.00 after the financial data provider reported third quarter revenues rose 5% to $154.4 million from $147.4 million a year ago. Net income in the quarter rose 18.5% to $38.5 million or 79 cents per diluted share compared to net income of $32.5 million or 65 cents per share a year ago.

Harman International ((HAR)) declined 10.6% to $20.85 after it planned 9 million stocks offering with an option to sell additional 1.35 million shares to underwriters. JP Morgan Securities is the sole book running manager.

La-Z-Boy Incorporated ((LZB)) rose 23.0% or 84 cents to $4.48 after the furniture maker said fourth quarter sales fell 23% to $284.5 million from $368 million a year ago. Net income in the quarter was $5.3 million or 10 cents per diluted share compared to net loss of $4.4 million or 9 cents per a year ago.

Majesco Entertainment Company ((COOL)) dropped 4.3% or 9 cents to $2.00 after the provider of interactive entertainment products said second quarter revenues rose 60.8% to $20.5 million from $12.8 million a year ago. Net loss in the quarter was $1.7 million or 6 cents per diluted share compared to net loss of $0.3 million or 1 cent per a year ago.

Research In Motion Limited ((RIMM)) advanced 3.0% or $2.29 to $82.67 after the smart phone maker released a phone that works in several countries and operates on 3G technology.

Smithfield Foods, Inc ((SFD)) climbed 2.3% or 26 cents to $11.44 after the nation's largest hog producer and pork processor reported fourth quarter sales fell 1% to $2.85 billion from $2.87 billion a year ago. Net loss in the quarter was $78.8 million or 55 cents per diluted share compared to net income of $2.4 million or 2 cents per share a year ago.

Sun Healthcare Group, Inc ((SUNH)) the Irvine, California-based long-term care provider gained 7.8% or 62 cents to $8.64 on ratings revision from a regional broker.

Tenneco Inc ((TEN)) jumped 8.5% or 80 cents to $10.27 after the world’s largest maker of emission and ride control products was upgraded from “neutral” to “overweight” at JP Morgan.

Tyco Electronics Ltd ((TEL)) jumped 7.4% or $1.44 to $20.69 after the world’s largest maker of electronic connectors estimated earnings per share from continuing operations not to exceed 7 cents including restructuring charges of approximately 10 cents per share. Adjusted earnings per share from continuing operations are expected to be between 10 cents and17 cents compared to prior guidance between 1 cent and 6 cents.