Caterpillar Surges; Peabody, Regions Plunge

123jump.com Staff
21 Jul, 2009
New York City

Fed Chairman Bernanke in his prepared remarks for lawmakers indicated that unemployment will remain high till 2011 and slow economic recovery in 2010 will accelerate in 2011. Regions Financial plunged on wider than expected loss in the second quarter. Caterpillar surged on positive outlook.

[R]10:20 AM New York – Fed Chairman Bernanke in his prepared remarks for lawmakers indicated that unemployment will remain high till 2011 and slow economic recovery in 2010 will accelerate in 2011. Regions Financial plunged on wider than expected loss in the second quarter. Caterpillar surged on positive outlook.[/R]

U.S. stocks edged lower in the morning trading after the Fed Chairman suggested that the economic recovery will take time and unemployment will remain high till 2011.

S&P 500 index increased 3.69 to 954.36 and of the stocks in the index, 232 increased, 265 decreased and 3 were unchanged.

Other Movers

Boston Scientific Corporation increased 0.5% to $10.35 after the medical device maker said second quarter sales rose 2.5% to $2.07 billion from $2.02 billion a year ago. Net income in the quarter rose 61% to $158 million or 10 cents per diluted share compared to net income of $98 million or 7 cents per share a year ago.

Brown & Brown, Inc decreased 1.7% to $19 after the insurance broker said second quarter revenues rose 2% to $246.4 million from $241.7 million a year ago. Net income in the quarter rose 0.7% to $40.7 million or 29 cents per diluted share compared to net income of $40.4 million or 29 cents per share a year ago.

Canadian National Railway Company increased 2.7% to $45.90 after the railroad said second quarter revenues fell 14.3% to C$1.8 billion from C$2.1 billion a year ago. Net income in the quarter fell 15.7% to C$387 million or 82 cents per diluted share compared to net income of C$459 million or 95 cents per share a year ago.

Caterpillar Inc surged 11% to $40.90 after second quarter earnings declined to 60 cents a share compared to $1.74 a share a year ago.

Forward Air Corporation decreased 2.5% to $21.16 after the cargo shipper said second quarter revenues fell 18% to $99.7 million from $121.6 million a year ago. Net income in the quarter fell 76% to $2.8 million or 10 cents per diluted share compared to net income of $12.1 million or 42 cents per share a year ago.

Halliburton Company, the world''s second largest oilfield-services company said second quarter revenues fell 22% to $3.5 billion from $4.5 billion a year ago. Net income in the quarter fell 48% to $262 million or 29 cents per diluted share compared to net income of $504 million or 55 cents per share a year ago.

Legg Mason, Inc increased 3.9% to $25.91 after the asset manager said first quarter revenues fell 42% to $613.1 million from $1.05 billion a year ago. Net income in the quarter was $50.1 million or 35 cents per diluted share compared to net loss of $330.2 million or $2.33 per share a year ago.

Packaging Corporation of America surged 9% to $19.68 after the maker of containerboard and corrugated products said second quarter sales fell 11% to $549.4 million from $616.2 million a year ago. Net income in the quarter rose 209% to $108.9 million or $1.07 per diluted share compared to net income of $35.2 million or 34 cents per share a year ago.

Peabody Energy Corporation decreased 6.2% to $32.67 after it reported second quarter earnings per share of 29 cents compared to 86 cents a year ago.

Regions Financial Corp plunged 11.1% to $3.59 after it reported loss of 28 cents a share compared to 20 cents a year ago.

Saba Software, Inc decreased 13.9% to $2.78 after the human resource software developer said fourth quarter revenues fell 9.2% to $25.6 million from $28.2 million a year ago. Net loss in the quarter was $1.1 million or 4 cents per diluted share compared to net loss of $0.3 million or 1 cent per share a year ago.

Texas Instruments Incorporated decreased 3.9% $22.68 after the chip maker said second quarter revenues fell 27% to $2.46 billion from $3.35 billion a year ago. Net income in the quarter fell 56% to $260 million or 20 cents per diluted share compared to net income of $588 million or 44 cents per share a year ago.

Zions Bancorporation plunged 10.4% to $10.95 after the regional bank said second quarter net interest income rose 2% to $493.7 million from $484.7 million a year ago. Net loss in the quarter was $40.7 million or 35 cents per diluted share compared to net income of $69.7 million or 43 cents per share a year ago.