Metro PCS, Acorda, CardioNet Fall; Oshkosh Gains

Mayank Mehta
01 Jul, 2009
New York City

Constellation Brands, Inc led gainers in the S&P 500 index with a rise of 7.4%. Sealy Corp reported second quarter net loss on charges. Synnex Corp posts higher second quarter profit and lower sales. UniFirst Corp third quarter results beat street views.

[R]11:00AM New York – Constellation Brands, Inc led gainers in the S&P 500 index with a rise of 7.4%. Sealy Corp reported second quarter net loss on charges. Synnex Corp posts higher second quarter profit and lower sales. UniFirst Corp third quarter results beat street views.[/R]

Of the stocks in S&P 500 index, 375 increased, 118 declined and 7 were unchanged.

MetroPCS Communications, Inc led the decliners in the S&P 500 index with a loss of 4.3% followed by losses in DeVry Inc of 3.8%, in The Nasdaq OMX Group, Inc of 3.2%, in The Charles Schwab Corporation of 2.4% and in Marriott International, Inc of 2.3%.

Constellation Brands, Inc led gainers in the S&P 500 index with a rise of 7.4% followed by gains in Ball Corporation 6.3%, in Cabot Oil & Gas Corporation of 4.8% and Cooper Industries, Ltd of 4.8%.

Other Movers

Acorda Therapeutics, Inc ((ACOR)) retreated 11.5% or $3.21 to $24.98 after the drugmaker signed a deal with Biogen Idec to co-develop Acorda''s multiple sclerosis drug candidate Fampridine-SR. Acorda will receive $110 million upfront up to $400 million in milestone payments and double digit royalties on non-U.S. sales. The stock fell because investors were looking Acorda to market the drug and earn higher profits.

Amag Pharmaceuticals, Inc ((AMAG)) rose 3.3% or $1.86 to $56.50 after the drugmaker said that the U.S. Food and Drug Administration has granted marketing approval for Feraheme Injection for intravenous use as an iron replacement therapy for the treatment of iron deficiency anemia in adult patients with chronic kidney disease.

Ball Corporation ((BLL)) advanced 8.2% or $3.71 to $48.87 after the metal and plastic packaging maker announced today that it has an agreement with Anheuser Busch InBev to acquire certain of AB InBev''s beverage can manufacturing assets for $577 million. The business is expected to add $680 million in annual revenues.

CardioNet, Inc ((BEAT)) fell 36.9% or $6.14 to $10.18 after the provider of patient monitoring equipment was downgraded from “buy” to “hold” at Citigroup.

CBL & Associates Properties, Inc ((CBL)) gained 5.5% or 30 cents to $5.69 after the real estate investment trust was upgraded from “underweight” to “equal weight” at Barclays Capital.

Constellation Brands, Inc ((STZ)) climbed 3.7% or 47 cents to $13.15 after the marketer of wine and spirits reported first quarter sales fell 15% to $791.6 million from $931.8 million a year ago. Net income in the quarter fell 85% to $6.5 million or 3 cents per diluted share compared to net income of $44.6 million or 19 cents per share a year ago.

General Mills, Inc ((GIS)) increased 2.2% or $1.23 to $57.25 after the food maker reported fourth quarter sales rose 5% to $3.65 billion from $3.47 billion a year ago. Net income in the quarter rose 93.7% to $358.8 million or $1.07 per diluted share compared to net income of $185.2 million or 53 cents per share a year ago.

Lindsay Corporation ((LNN)) surged 6.5% or $2.15 to $33.10 after the provider of irrigation systems and infrastructure products reported third quarter revenues fell 41% to $84.6 million from $143.6 million a year ago. Net income in the quarter fell 62.4% to $5.3 million or 42 cents per diluted share compared to net income of $14.1 million or $1.15 per share a year ago.

Myriad Genetics, Inc ((MYGN)) declined 25.2% or $8.99 to $26.66 after the maker of tests for detecting inherited breast cancer said it expected total molecular diagnostic revenue for the full 2009 fiscal year to grow more than 48% over fiscal 2008 to approximately $330 million, lower than many analysts’ estimates.

The Company now is projecting that molecular diagnostic revenue for the fiscal year ending June 30, 2009 will be approximately $326 million, or a 46% increase over the prior fiscal year.

Oshkosh Corp ((OSK)) gained 23.3% or $3.40 to $17.93 after the Wisconsin based maker of military vehicles beat out three rival teams for an Army order of 2,244 bomb resistant vehicles to outfit ground forces in Afghanistan.

Sealy Corporation ((ZZ)) declined 7.1% or 14 cents to $1.82 after the manufacturer of mattress and bedding said second quarter sales fell 20.5% to $298.5 million from $375.4 million a year ago. Net loss in the quarter was $5.2 million or 6 cents per diluted share compared to net income of $12 million or 13 cents per share a year ago.

Synnex Corporation ((SNX)) added 8.0% or $2.00 to $26.99 after the business services provider said second quarter revenues fell 4% to $1.81 billion from $1.88 billion a year ago. Net income in the quarter rose 4% to $19.2 million or 57 cents per diluted share compared to net income of $18.5 million or 56 cents per share a year ago.

UniFirst Corporation ((UNF)) advanced 5.9% or $2.21 to $39.38 after the provider of workplace uniforms and protective work wear clothing reported third quarter revenues fell 10% to $252.1 million from $254.6 million a year ago. Net income in the quarter rose 28% to $21.7 million or $1.12 per diluted share compared to net income of $16.9 million or 87 cents per share a year ago.

YUM! Brands, Inc ((YUM)) the owner of the Taco Bell and KFC chains gained 5.0% or $1.67 to $35.01 on a “buy” rating from Goldman Sachs.