Varian Surges 29%; Mylan Falls 11%

Mayank Mehta
27 Jul, 2009
New York City

Mylan Inc led the decliners in the S&P 500 index with a loss of 7.2%. ACCO Brands Corp second quarter profit beats market. Honeywell International lowered its annual revenues outlook. Varian surges after it agreed to be acquired by Agilent Technologies.

[R]11:30AM New York – Mylan Inc led the decliners in the S&P 500 index with a loss of 7.2%. ACCO Brands Corp second quarter profit beats market. Honeywell International Inc CFO sees cost cuts paying off in fourth quarter.[/R]

Of the stocks in S&P 500 index, 210 increased, 279 declined and 11 were unchanged.

Mylan Inc led the decliners in the S&P 500 index with a loss of 7.2% followed by losses in RadioShack Corporation of 4.1%, in Tellabs, Inc of 5.5%, in Coach, Inc of 4.7% and in Aetna Inc of 4.0%.

E*Trade Financial Corporation led gainers in the S&P 500 index with a rise of 7.0% followed by gains in Regions Financial Corporation 7.0%, in The New York Times Company Home of 5.2% and The Hartford Financial Services Group, Inc of 5.8%.

Other Movers

ACCO Brands Corporation ((ABD)) added 16.0% or 59 cents to $4.26 an office supply products maker reported second quarter sales fell 27% to $303.8 million from $414.0 million a year ago. Net loss for the quarter was $121.4 million or $2.23 per diluted share compared to net loss of $46.7 million or 86 cents per share a year ago.

Alberto Culver Company ((ACV)) dropped 6.2% or $1.59 to $24.00 after the manufacturer and marketer of personal care products reported third quarter sales fell 3.6% to $351.6 million from $364.9 million a year ago. Net profit for the quarter rose 32.7% to $28 million or 28 cents per diluted share compared to net profit of $21.1 million or 21 cents per share a year ago.

Boardwalk Pipeline Partners, LP ((BWP)) advanced 0.3% or 9 cents to $23.04 an interstate transportation and natural gas storage company reported second quarter revenues rose 6% to $201.4 million from $190.3 million a year ago. Net income for the quarter fell 69% to $20.3 million or 12 cents per diluted share compared to net income of $64.7 million or 50 cents per share a year ago.

Cal-Maine Foods, Inc ((CALM)) decreased 9.0% or $2.70 to $27.45 after an egg producer reported fourth quarter sales fell 9% to $213.6 million from $235.6 million a year ago. Net income for the quarter fell 72% to $10.3 million or 43 cents per diluted share compared to net income of $36.6 million or $1.54 per share a year ago.

Corning Incorporated ((GLW)) slid 4.4% or 76 cents to $16.24 after the specialty glass maker reported second quarter sales fell 18% to $1.4 billion from $1.69 billion a year ago. Net income for the quarter fell 81% to $611 million or 39 cents per diluted share compared to net income of $3.2 billion or $2.01 per share a year ago.

Cott Corporation ((COT)) lost 4.6% or 36 cents to $7.37 after the world''s largest non-alcoholic beverage company reported second quarter sales fell 6% to $438.8 million from $466.5 million a year ago. Net income for the quarter was $33.7 million or 48 cents per diluted share compared to net loss of $1.8 million or 3 cents per share a year ago.

Honeywell International Inc ((HON)) fell 1.0% or 26 cents to $33.72 after the world''s largest non-alcoholic beverage company reported second quarter sales fell 6% to $438.8 million from $466.5 million a year ago. Net income for the quarter was $33.7 million or 48 cents per diluted share compared to net loss of $1.8 million or 3 cents per share a year ago. The company also lowered its annual guidance.

Las Vegas Sands ((LVS)) added 4.4% to $11.36 after the new Macau leader pledged to turn the city into a gambling hub.

Lorillard, Inc ((LO)) rose 0.1% or 9 cents to $71.99 after the manufacturer of cigarettes reported second quarter sales rose 42% to $1.52 billion from $1.07 billion a year ago. Net income for the quarter rose 32% to $286 million or $1.71 per diluted share compared to net income of $217 million or $1.25 per share a year ago.

Mylan Inc ((MYL)) decreased 12% to $12.19 after Post-Gazette based in Pittsburgh said that manufacturing plant in West Virginia routinely overlooked quality control requirements mandated by the FDA.

Plantronics, Inc ((PLT)) rose 4.6% or 94 cents to $21.14 after Barron’s speculated that its share prices could surge as much as 50% as wireless earpieces make the move indoors and into offices.

Sohu.com Inc ((SOHU)) plunged 7.6% or $4.88 to $58.75 after the Chinese media company reported second quarter sales rose 24.6% to $127.1 million from $102.0 million a year ago. Net income for the quarter fell 16.7% to $33.5 million or 79 cents per diluted share compared to net income of $40.2 million or $1.02 per share a year ago.

Travelzoo Inc ((TZOO)) declined 2.0% or 26 cents to $12.87 an Internet media company reported second quarter revenues rose 11.5% to $24.3 million from $21.8 million a year ago. Net loss for the quarter was $191,000 or 1 cent per diluted share compared to net loss of $1.2 million or 8 cents per share a year ago.

Varian Inc ((VARI)) increased 29% or $11.31 to $50.51 after Agilent Technologies agreed to acquire the company for $52 a share. Agilent estimated $75 million in annual savings and achieve 20% return on invested capital within four to five years.

Verizon Communications Inc ((VZ)) fell 3.0% or 91 cents to $30.61 after the nation''s largest wireless carrier reported second quarter revenues rose 11% to $26.86 billion from $24.1 billion a year ago. Net profit for the quarter fell 21% to $1.48 billion or 52 cents per diluted share compared to net profit of $1.88 billion or 66 cents per share a year ago.