Metro PCS Plunges; Brinker International Drops

Mayank Mehta
06 Aug, 2009
New York City

MetroPCS Communications, Inc led the decliners in the S&P 500 index with a loss of 27.5%. AmeriCredit posts fourth quarter profit. Eagle Bulk Shipping Inc second quarter earnings fall.

[R]11:00 AM New York – MetroPCS Communications, Inc led the decliners in the S&P 500 index with a loss of 27.5%. AmeriCredit posts fourth quarter profit. Eagle Bulk Shipping Inc second quarter earnings fall.[/R]

Of the stocks in S&P 500 index, 315 increased, 173 declined and 12 were unchanged.

MetroPCS Communications, Inc led the decliners in the S&P 500 index with a loss of 27.5% followed by losses in Sunoco, Inc of 2.9%, in Darden Restaurants, Inc of 3.2%, in SunTrust Banks, Inc of 3.0% and in Fifth Third Bancorp of 2.8%.

American International Group, Inc led gainers in the S&P 500 index with a rise of 29.2% followed by gains in MBIA Inc 21.1%, in Limited Brands, Inc of 14.8% and Macy''s, Inc of 10.4%.

Other Movers

Abiomed Inc ((ABMD)) fell 0.8% or 6 cents to $7.43 after the provider of breakthrough heart support technologies reported first quarter revenues rose 21% to $19.9 million from $16.4 million a year ago. Net loss in the quarter was $7.8 million or 21 cents per diluted share compared to net loss of $9.1 million or 28 cents per share a year ago.

Ameren Corporation ((AEE)) added 4.3% or $1.08 to $26.82 after the owner of the electric utility in Missouri said second quarter net income fell to $165 million or 77 cents a share from $206 million or 98 cents a share in the year-ago period. firm said core earnings rose to 75 cents a share from 67 cents a share.

AmeriCredit Corp ((ACF)) advanced 2.5% or 42 cents to $16.66 an automobile finance company said fourth quarter revenues fell 24% to $454.4 million from $598.4 million a year ago. Net income in the quarter was $31.3 million or 23 cents per diluted share compared to net loss of $150.2 million or $1.30 per share a year ago.

American Vanguard Corporation ((AVD)) fell 0.7% or 7 cents to $8.95 after the diversified specialty and agricultural products company reported second quarter sales fell 18% to $47.5 million from $57.9 million a year ago. Net income in the quarter was break even compared to net income of $4.3 million or 16 cents per share a year ago.

American Express Company ((AXP)) rose 4.0% or $1.25 to $31.61 after the U.S. credit-card company was upgraded from “hold” to “buy” at Citigroup.

Bank of America Corporation ((BAC)) rose 0.8% or 14 cents to $16.80.

Blackboard Inc ((BBBB)) fell 3.0% or $1.04 to $33.33 after the software developer said second quarter revenues rose 22% to $92.1 million from $75.5 million a year ago. Net loss in the quarter was $4.1 million or 13 cents per diluted share compared to net loss of $134,000 or break even per share a year ago.

Bristow Group Inc ((BRS)) jumped 2.5% or 83 cents to $33.94 after the provider of helicopter services to the energy industry reported first quarter revenues rose 2% to $290.5 million from $284.1 million a year ago. Net income in the quarter rose 5% to $23.7 million or 66 cents per diluted share compared to net income of $22.6 million or 72 cents per share a year ago.

Brinker International, Inc ((EAT)) fell 13.2% or $2.42 to $15.91 after the owner of the Chili’s Grill & Bar chain announced fourth quarter fiscal 2009 earnings per diluted share of 52 cents compared to 42 cents a year ago.

CardioNet, Inc ((BEAT)) rose 6.1% or 43 cents to $7.47 after the wireless medical technology company said second quarter revenues rose 30.7% to $38.3 million from $29.3 million a year ago. Net income in the quarter fell 3.7% to $1.57 million or 7 cents per diluted share compared to net income of $1.63 million or 7 cents per share a year ago.

Canadian Solar Inc ((CSIQ)) rallied 9.8% or $1.56 to $17.70 after the Chinese manufacturer of solar power cells and modules reported increase in second quarter 2009 sales came from all geographic markets important to the solar industry.

Celgene Corporation ((CELG)) fell 3.7% or $2.05 to $54.42 after the global biopharmaceutical company was downgraded from “neutral” to “underperform” at Cowen & Co.

Cisco Systems, Inc ((CSCO)) dropped 3.3% or 75 cents to $21.42 after the maker of computer networking gear said fourth quarter sales fell 18% to $8.5 billion from $10.4 billion a year ago. Net income in the quarter fell 46% to $1.1 billion or 19 cents per diluted share compared to net income of $2 billion or 33 cents per share a year ago.

Copa Holdings, S.A ((CPA)) gained 3.2% or $1.38 to $44.00 after the provider of airline passenger and cargo service said second quarter revenues fell 6.8% to $277.6 million from $297.9 million a year ago. Net income in the quarter rose 81.3% to $55.2 million or $1.26 per diluted share compared to net income of $30.4 million or 70 cents per share a year ago.

Eagle Bulk Shipping Inc ((EGLE)) dropped 3.6% or 22 cents to $5.85 after the global owner of supramax dry bulk vessels said second quarter revenues rose 42% to $53.0 million from $37.2 million a year ago. Net income in the quarter fell 10.7% to $13.3 million or 26 cents per diluted share compared to net income of $14.9 million or 32 cents per share a year ago.

Fortress Investment Group LLC ((FIG)) jumped 3.0% or 15 cents to $5.00 an alternative asset manager said second quarter revenues fell 26% to $139.1 million from $188.1 million a year ago. Net loss in the quarter was $171.3 million or 41 cents per diluted share compared to net loss of $250 million or 67 cents per share a year ago.

Home Inns & Hotels Management Inc ((HMIN)) surged 15.4% or $3.08 to $23.00 an economy hotel chain in China said second quarter revenues rose 43% to Rmb 602.6 million from Rmb 421.7 million a year ago. Net income in the quarter was Rmb 100.4 million or Rmb 0.70 per diluted share compared to net income of Rmb 7.5 million or Rmb 0.10 per share a year ago.

Kendle International Inc ((KNDL)) rose 2.0% or 24 cents to $11.87 after the global full service clinical research organization said second quarter revenues fell 19.8% to $142.2 million from $177.4 million a year ago. Net income in the quarter fell 49.2% to $3.2 million or 21 cents per diluted share compared to net income of $6.3 million or 42 cents per share a year ago.

Metro PCS ((PCS)) plunged more than 26% after it reported net income of $26.2 million or 7 cents a share compared to $50.5 million or 14 cents a share. Revenues increased 27% to $859.6 million and the wireless carrier added 205,585 net new subscribers. Churn rate increased to 5.8% from 4.5%. The competition in the pre-paid wireless segment is expected to rise.

Tenaris S.A ((TS)) fell 2.6% or 82 cents to $30.75 after the global manufacturer and supplier of steel pipe products said second quarter sales fell 32% to $2.1 billion from $3.1 billion a year ago. Net income in the quarter fell 67% to $336.4 million or 29 cents per diluted share compared to net income of $1.03 billion or 84 cents per share a year ago.

Tesco Corporation ((TESO)) slipped 6.4% or 63 cents to $9.15 after the provider of technology based solutions for the energy industry said second quarter sales fell 30% to $88.4 million from $126.2 million a year ago. Net loss in the quarter was $3.6 million or 10 cents per diluted share compared to net income of $12.7 million or 34 cents per share a year ago.

The Allstate Corporation ((ALL)) lost 3.3% or 95 cents to $27.28 after the property and casualty insurer said second quarter sales rose 14.5% to $8.49 billion from $7.42 billion a year ago. Net income in the quarter was $389 million or 72 cents per diluted share compared to net income of $25 million or 5 cents per share a year ago.

ViaSat, Inc ((VSAT)) declined 1.2% or 35 cents to $27.03 after the producer of satellite and other wireless communications said first quarter revenues rose 3.5% to $158.4 million from $153.0 million a year ago. Net income in the quarter rose 31.7% to $8.3 million or 25 cents per diluted share compared to net income of $6.3 million or 20 cents per share a year ago.