AmEx, BofA, Saks Rise; Delphi Financial Plunges

Mayank Mehta
18 Aug, 2009
New York City

American Express and Bank of America gained after net loss rates for credit card loans declined in July. The TJX Companies fell after it offered cautious outlook for the third quarter. Saks reported net loss in the second quarter. Cardinal Health quarterly net dropped 14%.

[R]12:45 AM New York – American Express and Bank of America gained after net loss rates for credit card loans declined in July. The TJX Companies fell after it offered cautious outlook for the third quarter. Saks reported net loss in the second quarter. Cardinal Health quarterly net dropped 14%.[/R]

Of the stocks in S&P 500 index, 317 increased, 177 declined and 6 were unchanged.

The TJX Companies, Inc led the decliners in the S&P 500 index with a loss of 4.1% followed by losses in MetroPCS Communications, Inc of 3.4%, in Coventry Health Care, Inc of 2.5%, in GameStop Corp of 2.3% and in Tenet Healthcare Corporation of 2.0%.

Agilent Technologies, Inc led gainers in the S&P 500 index with a rise of 7.7% followed by gains in Target Corporation 5.2%, in Office Depot, Inc of 4.3% and International Game Technology of 4.0%.

Other Movers

Agilent Technologies, Inc ((A)) added 2.1% or 51 cents to $24.07 after the testing instrument maker said third quarter sales fell 27% to $1.06 billion from $1.44 billion a year ago. Net loss in the quarter was $19 million or 6 cents per diluted share compared to net income of $169 million or 45 cents per share a year ago.

American Express ((AXP)) increased 4.4% to $31.79 after July net loss rate declined to 8.9% from 10.18%.

Bank of America ((BAC)) increased 2.9% to $17.04 after net loss rate for credit card loans decreased to 7.92% from 8.04%.

Cardinal Health, Inc ((CAH)) added 1.3% or 44 cents to $33.80 after the drug wholesaler reported fourth quarter revenues rose 10% to $25.2 billion from $22.9 billion a year ago. Net income in the quarter fell 14% to $273.2 million or 75 cents per diluted share compared to net income of $318 million or 88 cents per share a year ago.

CDC Corporation ((CHINA)) 6.3% or 16 cents to $2.70 after the business software company said second quarter revenues fell 26% to $81.7 million from $111 million a year ago. Net income in the quarter was $3.2 million or 3 cents per diluted share compared to net loss of $10 million or 9 cents per share a year ago.

CIT Group Inc ((CIT)) climbed 5.1% or 7 cents to $1.44 after the commercial lender successfully completed tender offer for its $1 billion of Floating Rate Senior Secured Notes due August 17, 2009.

Dillard''s, Inc ((DDS)) added 2.2% or 22 cents to $10.21 after the department-store chain said net loss for the thirteen weeks ended August 1, 2009 was $26.7 million 36 cents compared to the net loss for the thirteen weeks ended August 2, 2008 of $38.3 million 51 cents.

Delphi Financial Group, Inc ((DFG)) fell 9.9% or $2.31 to $20.97 after the workers-compensation and group-life insurer filed to sell 3 million shares of its Class A common stock in public offering.

Geron Corporation ((GERN)) declined 12.7% or 92 cents to $6.31 after the cell therapy for sub-acute spinal cord injury has been placed on clinical hold by the FDA pending the agency''s review of new nonclinical animal study data submitted by the company.

The Goldman Sachs Group, Inc ((GS)) added 1.8% or $2.85 to $160.10 after the investment bank was upgraded to “buy” from “neutral” at Pali International.

The Home Depot, Inc ((HD)) advanced 3.9% or $1.05 to $27.16 after the home-improvement retailer reported second quarter revenues fell 9% to $19.07 billion from $21 billion a year ago. Net income in the quarter fell 7% to $1.12 billion or 66 cents per diluted share compared to net income of $1.20 billion or 71 cents per share a year ago.

Saks Incorporated ((SKS)) gained 4.8% or 26 cents to $5.61 after the fashion retail company reported second quarter revenues fell 14.5% to $561.7 million from $657 million a year ago. Net loss in the quarter was $54.5 million or 39 cents per diluted share compared to net loss of $32.7 million or 24 cents per share a year ago.

The TJX Companies, Inc ((TJX)) fell 3.8% to $34.02 after it reported second quarter sales fell 4% to $4.7 billion and net income from continuing operations increased 20% to $261 million or 61cents a share compared to 45 cents a share. The company offered earnings per share in the third quarter between 62 cents and 68 cents a share, below the estimates of some analysts of at least 64 cents a share.

Target Corporation ((TGT)) climbed 6.2% or $2.59 to $43.80 after the discount retailer reported second quarter revenues fell 2.6% to $15.07 billion from $15.47 billion a year ago. Net income in the quarter fell 6.3% to $594 million or 79 cents per diluted share compared to net income of $634 million or 82 cents per share a year ago.

TechTarget Inc ((TTGT)) decreased 1.0% or 6 cents to $5.65 an online information technology media company said second quarter revenues fell 21% to $21.7 million from $27.6 million a year ago. Net loss in the quarter was $543,000 or 1 cent per diluted share compared to net income of $1.1 million or 2 cents per share a year ago.

Trina Solar Limited ((TSL)) increased 2.0% or 50 cents to $26.92 after the Chinese solar power company said second quarter sales fell 27% to $150 million from $204.2 million a year ago. Net income in the quarter rose 11% to $18.9 million or 71 cents per ADS compared to net income of $17.1 million or 68 cents per ADS a year ago.