Earnings at JP Morgan Up 36%, Marriott Down 76%

Mayank Mehta
16 Jul, 2009
New York City

CIT Group led the decliners in the S&P 500 index with a loss of 74.7%. Kinder Morgan Energy Partners second quarter net profit slumps. Stanley Furniture second quarter loss widens. Brightpoint announces pricing of a 15 million common stock offering by a shareholder.

[R]12:20 PM New York – CIT Group led the decliners in the S&P 500 index with a loss of 74.7%. Kinder Morgan Energy Partners second quarter net profit slumps. Stanley Furniture second quarter loss widens. Brightpoint announces pricing of a 15 million common stock offering by a shareholder.[/R]

Of the stocks in S&P 500 index, 212 increased, 272 declined and 16 were unchanged.

CIT Group Inc led the decliners in the S&P 500 index with a loss of 74.7% followed by losses in Marriott International, Inc of 6.3%, in Starwood Hotels & Resorts Worldwide, Inc of 6.0%, in Xilinx, Inc of 5.6% and in American International Group, Inc of 5.3%.

SanDisk Corporation led gainers in the S&P 500 index with a rise of 5.7% followed by gains in PPG Industries, Inc 5.6%, in Harley-Davidson, Inc of 4.9% and Whirlpool Corporation of 3.8%.

Other Movers

Bank of America Corporation ((BAC)) the biggest U.S. bank fell 2.2% or 29 cents to $13.12.

Brightpoint, Inc ((CELL)) fell 4.3% or 24 cents to $5.25 after the wholesaler of mobile phones today announced the pricing of its previously announced offering of 15 million shares of the Company''s common stock by one of its shareholders NC Telecom Holding A/S, at a price to the public of $5.00 per share.

Cintas Corporation ((CTAS)) increased 3.5% or 80 cents to $23.12 after the corporate uniform supplier said fourth quarter revenues fell 13% to $878.9 million from $1.01 billion a year ago. Net income in the quarter fell 96% to $4.1 million or 3 cents per diluted share compared to net income of $89.7 million or 58 cents per share a year ago.

Genuine Parts Company ((GPC)) dropped 1.4% or 48 cents to $33.92 after the distributor of automotive replacement parts reported second quarter revenues fell 11.5% to $2.54 billion from $2.87 billion a year ago. Net income in the quarter fell 22% to $103.6 million or 65 cents per diluted share compared to net income of $133.1 million or 81 cents per share a year ago.

JPMorgan Chase & Co ((JPM)) fell 1.4% or 53 cents to $35.74 after the second largest financial institution reported second quarter revenues rose 39% to $25.6 billion from $18.4 billion a year ago. Net income in the quarter rose 36% to $2.72 billion or 28 cents per diluted share compared to net income of $2 billion or 53 cents per share a year ago.

Kinder Morgan Energy Partners, L.P ((KMP)) added 3.5% or $1.82 to $53.67 after the pipeline transportation and energy storage company said second quarter revenues fell 54.3% to $1.6 billion from $3.5 billion a year ago. Net income in the quarter fell 10.6% to $323.8 million or 33 cents per diluted share compared to net income of $362.2 million or 65 cents per share a year ago.

Knology, Inc ((KNOL)) lost 0.6% or 5 cents to $8.00 an office furniture maker reported second quarter revenues fell 31% to $202.2 million from $292.5 million a year ago. Net income in the quarter fell 61% to $8.1 million or 18 cents per diluted share compared to net income of $20.9 million or 44 cents per share a year ago.

Legg Mason, Inc ((LM)) declined 4.2% or $1.05 to $23.84 after the asset management company said an offer to exchange its equity units in the form of corporate units in order to increase its equity capital levels and reduce the amount of its outstanding debt and related interest expense.

Marriott International, Inc ((MAR)) slid 7.8% or $1.72 to $20.08 after the hotel operator reported second quarter revenues fell 20% to $2.56 billion from $3.19 billion a year ago. Net income in the quarter fell 76% to $37 million or 10 cents per diluted share compared to net income of $157 million or 42 cents per share a year ago.

MGIC Investment Corporation ((MTG)) dropped 7.3% or 27 cents to $4.21 after the largest U.S. mortgage insurer reported a net loss for the quarter ended June 30, 2009 of $339.8 million compared with a net loss of $99.9 million for the same quarter a year ago.

Novartis AG ((NVS)) added 3.0% or $1.15 to $42.10 after the Swiss drugmaker reported second quarter revenues fell 2% to $10.55 billion from $10.7 billion a year ago. Net income in the quarter fell 10% to $2.04 billion or 89 cents per diluted share compared to net income of $2.27 million or 98 cents per share a year ago.

Polycom, Inc ((PLCM)) climbed 3.2% or 68 cents to $21.75 after the video conferencing products maker said second quarter revenues fell 15% to $230.7 million from $271.6 million a year ago. Net income in the quarter fell 14% to $15.3 million or 18 cents per diluted share compared to net income of $17.8 million or 20 cents per share a year ago.

PPG Industries, Inc ((PPG)) surged 5.9% or $2.72 to $48.82 after the maker of paints, optical products and coatings reported second quarter revenues fell 30% to $3.1 billion from $4.5 billion a year ago. Net income in the quarter fell 42% to $146 million or 89 cents per diluted share compared to net income of $250 million or $1.51 per share a year ago.

Schawk, Inc ((SGK)) surged 2.0% or 14 cents to $7.30 after the provider of brand point management services said first quarter revenues fell 17% to $105.1 million from $126.4 million a year ago. Net loss in the quarter was $2.3 million or 9 cents per diluted share compared to net income of $4.3 million or 15 cents per share a year ago.

Stanley Furniture Company, Inc ((STLY)) advanced 2.0% or 21 cents to $10.91 after the furniture company said second quarter sales fell 28% to $42.3 million from $59.1 million a year ago. Net loss in the quarter was $3 million or 29 cents per diluted share compared to net loss of $68,000 or 1 cent per share a year ago.

Sonoco Products Company ((SON)) rose 5.9% or $1.49 to $26.64 after the packaging company reported second quarter revenues fell 20% to $864.2 million from $1.09 billion a year ago. Net income in the quarter fell 42% to $33.6 million or 33 cents per diluted share compared to net income of $58 million or 57 cents per share a year ago.

Texas Industries, Inc ((TXI)) added 4.8% or $1.54 to $33.55 after the cement maker said fourth quarter sales fell 32% to $182.4 million from $266.4 million a year ago. Net loss in the quarter was $42.4 million or $1.53 per diluted share compared to net income of $26.1 million or 94 cents per share a year ago.

Universal Forest Products, Inc ((UFPI)) rose 5.0% or $1.65 to $34.66 after the producer of lumber, wood packaging and other products said second quarter sales fell 27% to $514.9 million from $708.5 million a year ago. Net income in the quarter rose 38% to $16.1 million or 83 cents per diluted share compared to net loss of $11.7 million or 61 cents per share a year ago.

Xilinx, Inc ((XLNX)) surged 4.1% or $83 cents to $20.66 after the chip maker said first quarter revenues fell 23% to $376.2 million from $488.2 million a year ago. Net income in the quarter fell 56% to $38 million or 14 cents per diluted share compared to net income of $86.3 million or 31 cents per share a year ago.