Ciena, Costco, Del Monte Rise; Hovnanian Falls

Mayank Mehta
03 Sep, 2009
New York City

Family Dollar Stores led the decliners in the S&P 500 index with a loss of 10.7%. SAIC, Inc profit increases on new government contracts. UTi Worldwide Inc second quarter profit declines. American Eagle Outfitters and Costco increase on better than expected August sales.

[R]11:15 AM New York – Family Dollar Stores led the decliners in the S&P 500 index with a loss of 10.7%. SAIC, Inc profit increases on new government contracts. UTi Worldwide Inc second quarter profit declines. American Eagle Outfitters and Costco increase on better than expected August sales.[/R]

Of the stocks in S&P 500 index, 320 increased, 173 declined and 7 were unchanged.

Family Dollar Stores, Inc led the decliners in the S&P 500 index with a loss of 10.7% followed by losses in Abercrombie & Fitch Co of 3.4%, in Moody’s Corporation of 2.7%, in Motorola, Inc of 2.6% and in Qualcomm Incorporated of 2.2%.

American International Group, Inc led gainers in the S&P 500 index with a rise of 8.4% followed by gains in Costco Wholesale Corporation 8.0%, in Ciena Corporation of 6.8% and in The Gap, Inc of 5.2%.

Other Movers

American Software, Inc ((AMSWA)) added 0.3% or 2 cents to $6.13 after the software company said first quarter sales fell 7% to $17.8 million from $19.2 million a year ago. Net income in the quarter rose 100% to $1.2 million or 5 cents per diluted share compared to net income of $0.6 million or 2 cents per share a year ago.

American Eagle Outfitters, Inc ((AEO)) rose 6.4% or 88 cents to $14.45 after the retailer of clothing reported August sales of $307.7 million.

Abercrombie & Fitch Co ((ANF)) fell 4.6% or $1.48 to $30.61 after the teen clothing retailer said that August sales at stores open at least a year fell 29% from a year ago month.

Allos Therapeutics, Inc ((ALTH)) the drugmaker gained 6.6% or 52 cents to $7.34.

Ciena Corporation ((CIEN)) gained 5.2% or 64 cents to $12.91 after the network specialist reported third quarter revenues fell 35% to $164.8 million from $253.2 million a year ago. Net loss for the quarter was $26.5 million or 29 cents per diluted share compared to net income of $11.7 million or 12 cents per share a year ago.

Collective Brands, Inc ((PSS)) decreased 0.2% or 4 cents to $15.73 after the shoe retailer and wholesaler said second quarter sales fell 8% to $836.3 million from $911.7 million a year ago. Net income in the quarter rose 131% to $18.7 million or 29 cents per diluted share compared to net income of $8.1 million or 13 cents per share a year ago.

Costco Wholesale Corporation ((COST)) rose 7.6% or $3.91 to $54.51 after the August sales increased more than expected.

Del Monte Foods Company ((DLM)) surged 13.4% or $1.39 to $11.75 after the branded food and pet products company reported first quarter revenues rose 12% to $813.7 million from $726.2 million a year ago. Net income for the quarter was $58.6 million or 29 cents per diluted share compared to net loss of $10.1 million or 5 cents per share a year ago.

Family Dollar Stores, Inc ((FDO)) fell 8.1% or $2.51 to $28.48 after the discount retailer said that its fourth quarter sales at stores open at least one year rose 1%. Net sales for the quarter ended Aug. 29 rose 2.6% to $1.81 billion.

Hovnanian Enterprises, Inc ((HOV)) declined 9.4% or 44 cents to $4.21 after the homebuilder said third quarter revenues fell 46% to $387.1 million from $716.5 million a year ago. Net loss in the quarter was $168.9 million or $2.16 per diluted share compared to net loss of $202.5 million or $2.67 per share a year ago.

Martek Biosciences Corporation ((MATK)) lost 4.9% or $1.19 to $22.81 after the maker of nutritional products said third quarter revenues fell 12% to $77.8 million from $88.4 million a year ago. Net income in the quarter fell 4% to $8.9 million or 27 cents per diluted share compared to net income of $9.3 million or 28 cents per share a year ago.

Oxford Industries, Inc ((OXM)) climbed 6.5% or 92 cents to $15.02 an apparel company said second quarter sales fell 16% to $192.9 million from $230.5 million a year ago. Net income in the quarter fell 64% to $533,000 or 3 cents per diluted share compared to net income of $1.5 million or 9 cents per share a year ago.

Peregrine Pharmaceuticals, Inc ((PPHM)) tumbled 3.5% or 0.030 cents to $0.850 after the clinical-stage biopharmaceutical company reported first quarter revenues rose 344% to $6.75 million from $1.52 million a year ago. Net loss for the quarter was $2.43 million or 1 cent per diluted share compared to net income of $5.09 million or 2 cents per share a year ago.

SAIC, Inc ((SAI)) rose 2.0% or 37 cents to $18.45 after the defense logistics and Internet security company said second quarter revenues rose 8% to $2.75 billion from $2.55 billion a year ago. Net income in the quarter rose 13% to $123 million or 31 cents per diluted share compared to net income of $109 million or 27 cents per share a year ago.

Teekay Corporation ((TK)) added 1.8% or 32 cents to $18.00 after the operator of crude oil and LNG shipping fleet reported second quarter revenues fell 34.3% to $532.5 million from $810.8 million a year ago. Net income for the quarter fell 13% to $159.4 million or $2.19 per diluted share compared to net income of $183.4 million or $2.50 per share a year ago.

The TJX Companies, Inc ((TJX)) rose 0.5% or 19 cents to $35.02 after the owner of the T.J. Maxx and Marshalls clothing store chains reported sales for the four week period ended August 29, 2009, were $1.6 billion, up 6% over the $1.5 billion achieved during the four week period ended August 30, 2008.

Urban Outfitters, Inc ((URBN)) rose 2.8% or 79 cents to $28.21 after the clothing and housewares retailer was upgraded to “buy” from “neutral” at Sun Trust Robinson Humphrey.

UTi Worldwide Inc ((UTIW)) fell 3.0% or 38 cents to $12.30 after the logistics company reported second quarter revenues fell 33% to $840.5 million from $1.26 billion a year ago. Net income for the quarter fell 65% to $11.8 million or 12 cents per diluted share compared to net income of $33.7 million or 33 cents per share a year ago.