Tiffany, J Crew, Marvell Rise; Novell Drops

Mayank Mehta
28 Aug, 2009
New York City

Intel revised to current quarter sales outlook higher. Dell reported better than expected earnings. J. Crew, Inc increased after its quarterly revenues and income increased. Tiffany & Co surged on revised sales and earnings outlook. Toll Brothers offered weak revenue outlook for the fourth quarter.

[R]11:00AM New York – Intel revised to current quarter sales outlook higher. Dell reported better than expected earnings. J. Crew, Inc increased after its quarterly revenues and income increased. Tiffany & Co surged on revised sales and earnings outlook. Toll Brothers offered weak revenue outlook for the fourth quarter.[/R]

Of the stocks in S&P 500 index, 315 increased, 178 declined and 7 were unchanged.

Novell, Inc led the decliners in the S&P 500 index with a loss of 5.1% followed by losses in The Goodyear Tire & Rubber Company of 2.1%, in Bristol-Myers Squibb Company of 2.1%, in SLM Corporation of 2.0% and in Pall Corporation of 1.6%.

American International Group, Inc led gainers in the S&P 500 index with a rise of 14.5% followed by gains in E*Trade Financial Corporation 8.9%, in QLogic Corporation of 8.0% and Tiffany & Co of 7.9%.

Other Movers

American International Group, Inc ((AIG)) advanced 13.3% or $6.39 to $54.12 on the hopes that former chief executive and the largest individual investor Maurice Greenberg will cooperate with the recently appointed Robert Benmosche in rebuilding the company.

bebe stores, inc ((BEBE)) decreased 5.1% or 41 cents to $7.51 an apparel retailer said fourth quarter sales fell 24% to $130.2 million from $171.5 million a year ago. Net loss in the quarter was $0.3 million or break even per diluted share compared to net loss of $16 million or 18 cents per share a year ago.

Bristol-Myers Squibb Company ((BMY)) fell 1.9% or 45 cents to $22.33 after the pharmaceutical company said that 87.7% of shareholders of Medarex, Inc tendered their shares.

Dell Inc ((DELL)) increased 3.0% 48 cents to $16.13 after the computer maker said second quarter sales fell 22% to $12.8 billion from $16.4 billion a year ago. Net income in the quarter fell 23% to $472 million or 24 cents per diluted share compared to net income of $616 million or 31 cents per share a year ago.

Dollar Financial Corp ((DLLR)) climbed 6.5% or $1.09 to $17.75 an international financial services company said fourth quarter revenues fell 17.2% to $124.4 million from $150.3 million a year ago. Net loss in the quarter was $31.2 million or $1.30 per diluted share compared to net income of $12.3 million or 50 cents per share a year ago.

The Goodyear Tire & Rubber Company ((GT)) declined 3.0% or 52 cents to $16.48 after the manufacturer of tires release new waste industry tyre.

Intel Corp ((INTC)) increased 4% to $20.25 after the company lifted its sales outlook for the current quarter to $9 billion with the margin of error of $200 million from the previous estimate of $850 million with the margin of $500 million.

J.Crew Group, Inc ((JCG)) rose 5.0% or $1.64 to $34.40 after the clothing retailer said second quarter revenues rose 6% to $357.6 million from $336.3 million a year ago. Net income in the quarter rose 2.8% to $18.6 million or 29 cents per diluted share compared to net income of $18.1 million or 28 cents per share a year ago.

Marvell Technology Group Ltd ((MRVL)) added 9.0% or $1.32 to $15.95 after the microchip designer said second quarter revenues fell 24% to $640.6 million from $842.6 million a year ago. Net income in the quarter fell 18% to $58.5 million or 9 cents per diluted share compared to net income of $71.4 million or 11 cents per share a year ago.

Novell, Inc ((NOVL)) lost 2.7% or 13 cents to $4.58 after the business software maker said third quarter revenues fell 12% to $216.1 million from $245.2 million a year ago. Net income in the quarter was $16.7 million or 5 cents per diluted share compared to net loss of $15.1 million or 4 cents per share a year ago.

Pacer International, Inc ((PACR)) increased 1.7% to $4.05 after the company’s lender agreed to a revised terms of lending but at higher fees.

PetroChina Company Limited ((PTR)) slid 0.4% or 54 cents to $114.26 after the oil firm said first-half revenues fell 25% to Rmb 415.28 billion from Rmb 551.34 billion a year ago. Net income for the first-half fell 7.2% to Rmb 50.50 billion or Rmb 0.28 per diluted share compared to net income of Rmb 54.44 billion or Rmb 0.3 per share a year ago.

Tiffany & Co ((TIF)) rose 7.7% or $2.63 to $36.35 after the luxury retailer reported second quarter sales fell 16% to $612.5 million from $729.6 million a year ago. Net income in the quarter fell 30% to $56.8 million or 46 cents per diluted share compared to net income of $80.8 million or 63 cents per share a year ago.

Tiffany offered annual sales to decline 10% and continuing earnings from operations per share between $1.65 and $1.75 from the previous outlook of $1.50 and $1.60 a share.

Toll Brothers, Inc ((TOL)) fell 1.1% or 27 cents to $22.87 after the luxury builder said third quarter revenues fell 42% to $461.4 million from $796.7 million a year ago. Net loss in the quarter was $472.3 million or $2.93 per diluted share compared to net loss of $29.3 million or 18 cents per share a year ago.