United, Continental Surge; Monsanto Falls

123jump.com Staff
10 Sep, 2009
New York City

Monsanto Company fell after it reaffirmed earnings at the low end of its previous estimate. Korn/Ferry first quarter sales fell and swung to a loss. Lululemon increased after second quarter revenues increased. Airlines surged after positive comments from JP Morgan analyst.

[R]12:00 PM New York – Monsanto Company fell after it reaffirmed earnings at the low end of its previous estimate. Korn/Ferry first quarter sales fell and swung to a loss. Lululemon increased after second quarter revenues increased. Airlines surged after positive comments from JP Morgan analyst.[/R]

Of the stocks in S&P 500 index, 128 increased, 364 declined and 8 were unchanged.

Monsanto Company led the decliners in the S&P 500 index with a loss of 5.1% followed by losses in American International Group, Inc of 4.4%, in Cardinal Health, Inc of 3.1%, in Expedia, Inc of 2.4% and in MBIA Inc of 2.4%.

RadioShack Corporation led gainers in the S&P 500 index with a rise of 4.6% followed by gains in The Procter & Gamble Company 3.7%, in Yahoo! Inc of 3.5% and in Southwest Airlines Co of 2.9%.

Other Movers

American International Group, Inc ((AIG)) fell 2.5% or $1.00 to $37.87.

Cardinal Health, Inc ((CAH)) the provider of products and services to healthcare industry decreased 3.0% or 83 cents to $26.00.

The Descartes Systems Group Inc ((DSGX)) increased 2.3% or 11 cents to $4.73 after the global on-demand software-as-a-service logistics solutions provider reported second quarter revenues rose 8.8% to $18.6 million from $17.1 million a year ago. Net income for the quarter fell 43% to $0.8 million or 2 cents per diluted share compared to net income of $1.4 million or 3 cents per share a year ago.

Korn/Ferry International ((KFY)) added 7.4% or 99 cents to $14.31 after the staffing company said first quarter sales fell 43% to $123.3 million from $217.5 million a year ago. Net loss in the quarter was $14.3 million or 33 cents per diluted share compared to net income of $15.9 million or 36 cents per share a year ago.

Lululemon athletica Inc ((LULU)) increased 3.4% or 74 cents to $22.35 after the yoga-inspired athletic apparel company reported second quarter revenues rose 14% to $97.7 million from $85.5 million a year ago. Net income for the quarter fell 16.8% to $9.24 million or 13 cents per diluted share compared to net income of $11.1 million or 16 cents per share a year ago.

MDS Inc ((MDZ)) fell 2.7% or 22 cents to $7.94 after the provider of products and services to the global life sciences markets reported third quarter revenues fell 21% to $199 million from $252 million a year ago. Net loss for the quarter was $62 million or 51 cents per diluted share compared to net loss of $10 million or 8 cents per share a year ago.

The Men’s Wearhouse, Inc ((MW)) decreased 4.3% or $1.19 to $26.32 after the seller of men''s clothing said second quarter revenues fell 3% to $526.2 million from $545.3 million a year ago. Net income in the quarter rose 20% to $39.5 million or 75 cents per diluted share compared to net income of $32.8 million or 63 cents per share a year ago.

Monsanto Company ((MON)) dropped 6.4% or $5.36 to $78.12 after the global provider of agricultural fertilizers reaffirmed the earnings outlook for the fiscal 2009 at the low end of the range between $4.40 and $4.50 a share and for fiscal 2010 between $3.10 and $3.30 a share. Gross profit from Roundup herbicide and other glyphosate based products is expected in the range $650 million and $750 million.

Navistar International Corporation ((NAV)) declined 8.9% or $4.09 to $41.46 after the manufacturer of commercial trucks reported third quarter revenues fell 36.5% to $2.51 billion from $3.95 billion a year ago. Net loss for the quarter was $12 million or 16 cents per diluted share compared to net income of $331 million or $4.47 per share a year ago.

Photronics, Inc ((PLAB)) decreased 16.3% to $4.07 after it planned to sell $50 million of convertible debt maturing in 2014 and place 6.3 million of shares to refinance its debt. Morgan Stanley is acting as the sole book-runner for both offering.

The Procter & Gamble Company ((PG)) rose 4.3% or $2.32 to $56.08 after the branded consumer packaged goods maker confirmed previous guidance for organic sales growth of 1% to 3% and fiscal 2010 earnings per share between $3.99 and $4.12 a share.

RadioShack Corporation ((RSH)) the retail sale of consumer electronics goods and services increased 6.9% or $1.11 to $17.12.

Shuffle Master, Inc ((SHFL)) advanced 4.5% or 35 cents to $8.04 after the casino equipment maker said third quarter revenues fell 8.9% to $45.1 million from $49.5 million a year ago. Net income in the quarter rose 87% to $5.6 million or 10 cents per diluted share compared to net income of $3 million or 8 cents per share a year ago.

Smith & Wesson Holding Corporation ((SWHC)) surged 15.8% or 89 cents to $6.50 after the pistol maker said first quarter revenues rose 30% to $102.2 million from $78.5 million a year ago. Net income in the quarter rose 448% to $12.6 million or 21 cents per diluted share compared to net income of $2.3 million or 5 cents per share a year ago.

Stewart Enterprises, Inc ((STEI)) fell 4.7% or 25 cents to $5.05 after the provider of products and services in the death care industry reported third quarter revenues fell 9.7% to $117.8 million from $130.4 million a year ago. Net income for the quarter rose 18.7% to $10.8 million or 12 cents per diluted share compared to net income of $9.1 million or 10 cents per share a year ago.

UAL Corp ((UAUA)) surged 20% to $7.75 and AMR Corp ((AMR)) increased 7.8% to $6.47 after JP Morgan analyst made positive comments on the airline industry. Continental Airlines ((CAL)) increased 7.7% to $14.77.

Yahoo! Inc ((YHOO)) increased 4.8% or 72 cents to $15.50 after Bank of America lifted the rating on the stock to ‘buy’ from ‘neutral.’