Ford, Orbitz, Priceline Trade Higher

Mayank Mehta
03 Aug, 2009
New York City

Ford Motor Company led gainers in the S&P 500 index with a rise of 9.8% after auto sales increased. Barnes Group Inc second quarter net falls to $10.4 million but Humana second quarter profit rises. Tyson Foods beats earnings estimate on rising volume.

[R]1:30 PM New York – Ford Motor Company led gainers in the S&P 500 index with a rise of 9.8% after auto sales increased. Barnes Group Inc second quarter net falls to $10.4 million but Humana second quarter profit rises. Tyson Foods beats earnings estimate on rising volume.[/R]

S&P 500 index traded above 1,000, eight-month high after construction spending increased 0.3% in June after falling 0.8% in May. The private index for manufacturing showed a slower decline in July also added to trading enthusiasm.

The familiar commentators also made positive remarks. Former Federal Reserve Chairman Greenspan said on a television interview this weekend that the economy is likely to rebound at a faster pace in the second half than most economists estimate.

Commodities prices edged higher after professor Roubini estimated a rise in commodities prices could be extended till 2010.

Of the stocks in S&P 500 index, 326 increased, 166 declined and 8 were unchanged.

The Clorox Company led the decliners in the S&P 500 index with a loss of 4.5% followed by losses in O’Reilly Automotive, Inc of 3.2%, in Coventry Health Care, Inc of 2.3%, in Family Dollar Stores, Inc of 2.2% and in Cigna Corporation of 2.2%.

Ford Motor Company led gainers in the S&P 500 index with a rise of 9.8% followed by gains in Freeport-McMoran Copper & Gold Inc 6.2%, in Zions Bancorporation of 5.9% and Tenet Healthcare Corporation of 5.9%.

Other Movers

3M Company ((MMM)) advanced 1.6% or $1.15 to $71.67 after the industrial and consumer products was upgraded to “buy” from “neutral” at Goldman Sachs Group Inc.

Administaff, Inc ((ASF)) declined 2.1% or 56 cents to $25.06 after the professional employer organization reported second quarter sales fell 3.9% to $404.3 million from $420.5 million a year ago. Net income in the quarter fell 51% to $5.4 million or 22 cents per diluted share compared to net income of $11 million or 43 cents per share a year ago.

Banco Bradesco S.A ((BBD)) dropped 0.9% or 15 cents to $15.77 after the Brazil''s second largest private-sector bank reported first-half net interest income rose 27.8% to R$14.7 billion from R$11.5 billion a year ago. Net income in the first-half rose 2.8% to R$4.02 billion compared to net income of R$3.91 billion a year ago.

Barnes Group Inc ((B)) rose 0.3% or 5 cents to $14.07 an aerospace and industrial parts maker reported second quarter sales fell 33% to $255.2 million from $378.9 million a year ago. Net income in the quarter fell 69% to $10.4 million or 19 cents per diluted share compared to net income of $33.5 million or 58 cents per share a year ago.

Bank of America Corporation ((BAC)) gained 3.8% or 59 cents to $15.38.

The Clorox Company ((CLX)) slipped 2.0% or $1.16 to $59.85 after the manufacturer and marketer of consumer products reported fourth quarter sales were flat at $1.5 billion from $1.5 billion a year ago. Net income in the quarter rose 7.6% to $170 million or $1.20 per diluted share compared to net income of $158 million or $1.13 per share a year ago.

CNA Financial Corporation ((CNA)) added 2.2% or 37 cents to $17.05 after the insurer reported second quarter net income fell 42% to $105 million or 27 cents per diluted share compared to net income of $181 million or 67 cents per share a year ago.

Ducommun Incorporated ((DCO)) decreased 1.0% or 18 cents to $17.28 after the aircraft parts maker reported second quarter sales rose 1% to $103.8 million from $102.9 million a year ago. Net income in the quarter fell 21% to $4.6 million or 44 cents per diluted share compared to net income of $5.8 million or 55 cents per share a year ago.

eBay Inc ((EBAY)) added 3.0% or 65 cents to $21.9 on media speculation.

Ford Motor Company ((F)) climbed 8.6% or 70 cents to $8.70.

Genzyme Corporation ((GENZ)) fell 2.3% or $1.22 to $50.67 after the biotechnology company was downgraded to “neutral” from “buy” at UBS.

Humana Inc ((HUM)) surged 7.0% or $2.20 to $35.05 after the health insurer reported second quarter revenues rose 7.5% to $7.9 billion from $7.35 billion a year ago. Net income in the quarter rose 34% to $281.8 million or $1.67 per diluted share compared to net income of $209.9 million or $1.24 per share a year ago.

Huron Consulting Group Inc ((HURN)) sank 68.0% or $30.17 to $14.18 after the financial and accounting consultant said that the company will restate its financial statements for the fiscal years 2006 through 2008 and the first quarter of 2009 to correct the accounting for certain acquisition-related payments and distribution. The chief executive also resigned.

Intel Corporation ((INTC)) the world’s largest maker of computer chips rose 0.5% to 11 cents to $19.36.

Loews Corporation ((L)) gained 0.8% or 24 cents to $30.26 after the diversified company reported second quarter revenues fell 10% to $3.53 billion from $3.92 billion a year ago. Net income in the quarter fell 93% to $340 million or 78 cents per diluted share compared to net income of $4.96 billion or $9.54 per share a year ago.

Molson Coors Brewing Company ((TAP)) rose $45.21 after the beer company reported second quarter sales rose 1.6% to $2.14 billion from $2.10 billion a year ago. Net income in the quarter rose 74.6% to $304.9 million compared to net income of $174.6 million a year ago.

Orbitz Worldwide Inc surged 15.4% to $3.00 and Priceline.com Inc increased 3% to $133.51 after analyst upgraded stocks on estimates of higher earnings after Expedia reported better than expected results last week.

Tyson Foods, Inc ((TSN)) rose 2.7% or 28 cents to $11.70 after the world''s largest meat maker reported third quarter sales fell 3% to $6.66 billion from $6.85 billion a year ago. Net income in the quarter was $134 million or 35 cents per diluted share compared to net income of $9 million or 3 cents per share a year ago.