Accenture, Palm Rise; Micron Drops

Mayank Mehta
26 Jun, 2009
New York City

KB Home led the decliners in the S&P 500 index with a loss of 4.0%. Accenture Ltd third quarter net down 5.4% on lower revenue. The Finish Line, Inc falls to loss in first quarter. KB Home second quarter net falls.

[R]1:00 PM New York – KB Home led the decliners in the S&P 500 index with a loss of 4.0%. Accenture Ltd third quarter net down 5.4% on lower revenue. The Finish Line, Inc falls to loss in first quarter. KB Home second quarter net falls.[/R]

Of the stocks in S&P 500 index, 186 increased, 302 declined and 11 were unchanged.

KB Home led the decliners in the S&P 500 index with a loss of 4.0% followed by losses in CBS Corp of 3.1%, in Windstream Corporation of 3.1%, in Medtronic, Inc of 2.3% and in Kraft Foods Inc of 2.2%.

Office Depot, Inc led gainers in the S&P 500 index with a rise of 3.8% followed by gains in Dr Pepper Snapple Group, Inc 3.4%, in Pioneer Natural Resources Company of 2.9% and Illinois Tool Works Inc of 2.4%.

Other Movers

Accenture Limited ((ACN)) added 4.9% or $1.55 to $33.19 after the business consultant and outsourcing company said third quarter sales fell 15.6% to $5.15 billion from $6.10 billion a year ago. Net income in the quarter fell 5.4% to $444 million or 68 cents per diluted share compared to net income of $469.1 million or 74 cents per a year ago.

American Software, Inc ((AMSWA)) climbed 5.2% or 26 cents to $5.25 after the supplier of collaborative solutions to optimize the supply chain said fourth quarter sales fell 12% to $18.9 million from $21.6 million a year ago. Net income in the quarter rose 28% to $1.16 million or 5 cents per diluted share compared to net income of $0.9 million or 3 cents per a year ago.

AZZ incorporated ((AZZ)) dropped 5.0% or $1.56 to $31.80 an electrical products maker reported first quarter sales fell 4.5% to $95.5 million from $100 million a year ago. Net income in the quarter fell 2% to $9.9 million or 80 cents per diluted share compared to net income of $10.1 million or 82 cents per share a year ago.

The Finish Line, Inc ((FINL)) dropped 4.3% or 33 cents to $7.35 after the mall based specialty retailer said first quarter sales fell 7.2% to $267.2 million from $287.9 million a year ago. Net loss in the quarter was $608,000 or 1 cent per diluted share compared to net income of $868,000 or 2 cents per a year ago.

Gerber Scientific, Inc ((GRB)) fell 11.3% or 29 cents to $2.54 after the graphic design equipment maker reported fourth quarter revenues fell 31% to $120.1 million from $173.7 million a year ago. Net loss in the quarter was $2.3 million or 10 cents per diluted share compared to net income of $6.1 million or 26 cents per share a year ago.

Illinois Tool Works Inc ((ITW)) gained 3.0% or 98 cents to $37.47 after the maker of Hobart food mixers was upgraded from “market perform” to “outperform” at Wachovia Capital.

KB Home ((KBH)) lost 3.8% or 57 cents to $14.20 after the homebuilder reported second quarter revenues fell 40% to $384.5 million from $639.1 million a year ago. Net loss in the quarter was $78.4 million or $1.03 per diluted share compared to net loss of $255.9 million or $3.30 per share a year ago.

Micron Technology, Inc ((MU)) plunged 3.2% or 17 cents to $5.13 after the chip maker said third quarter sales fell 26% to $1.1 billion from $1.5 billion a year ago. Net loss in the quarter was $290 million or 36 cents per diluted share compared to net loss of $236 million or 30 cents per a year ago.

Navistar International Corporation ((NAV)) advanced 2.4% or $1.15 to $48.18 after the maker of diesel trucks and engines was upgraded from “market perform” to “outperform” at Wachovia Capital.

Palm, Inc ((PALM)) surged 13.4% or $1.88 to $15.90 after the smart phone maker said fourth quarter sales fell 71% to $86.8 million from $296.2 million a year ago. Net loss in the quarter was $105 million or 78 cents per diluted share compared to net loss of $43.4 million or 40 cents per a year ago.

Robbins & Myers, Inc ((RBN)) lost 3.0% or 61 cents to $20.84 after the maker of industrial equipment said third quarter sales fell 29% to $143.4 million from $200.9 million a year ago. Net income in the quarter fell 61% to $10.3 million or 31 cents per diluted share compared to net income of $26.5 million or 76 cents per a year ago.

Smart Modular Technologies, Inc ((SMOD)) slid 5.0% or 13 cents to $2.45 after the provider of memory products said third quarter sales fell 45.3% to $91.6 million from $167.6 million a year ago. Net loss in the quarter was $2.4 million or 4 cents per diluted share compared to net loss of $11 million or 18 cents per a year ago.

Standard Microsystems Corporation ((SMSC)) added 6.8% or $1.32 to $20.60 after the chip maker said first quarter revenues fell 33% to $62.5 million from $92.8 million a year ago. Net loss in the quarter was $9.2 million or 42 cents per diluted share compared to net income of $4.5 million or 20 cents per a year ago.

Spectrum Control, Inc ((SPEC)) declined 3.0% or 27 cents to $8.75 an electronic components and systems maker said second quarter revenues rose 3% to $33.6 million from $32.6 million a year ago. Net income in the quarter rose 1.8% to $2.22 million or 18 cents per diluted share compared to net income of $2.18 million or 16 cents per a year ago.

Tibco Software Inc ((TIBX)) rose 6.6% or 45 cents to $7.25 after the software maker said second quarter revenues fell 5% to $142.7 million from $150 million a year ago. Net income in the quarter rose 188.6% to $10.1 million or 6 cents per diluted share compared to net income of $3.5 million or 2 cents per a year ago.