FedEx Guides Higher; National Semi Falls

Mayank Mehta
11 Sep, 2009
New York City

Campbell fourth quarter net income declines 25%. National Semiconductor led the decliners in S&P 500 index after fiscal first quarter revenues fell 32%. FedEx surged after it guided higher fiscal first quarter earnings. UPS and Expeditors International rise as well.

[R]11:30 AM New York –Campbell fourth quarter net income declines 25%. National Semiconductor led the decliners in S&P 500 index after fiscal first quarter revenues fell 32%. FedEx surged after it guided higher fiscal first quarter earnings. UPS and Expeditors International rise as well.[/R]

Of the stocks in S&P 500 index, 270 increased, 222 declined and 8 were unchanged.

National Semiconductor Corporation led the decliners in the S&P 500 index with a loss of 5.5% followed by losses in Fifth Third Bancorp of 4.7%, in AutoNation, Inc of 2.3%, in Citigroup Inc of 2.3% and in RadioShack Corporation of 2.2%.

Chesapeake Energy Corporation led gainers in the S&P 500 index with a rise of 5.4% followed by gains in FedEx Corporation 5.2%, in Textron Inc of 4.6% and in Wynn Resorts, Limited of 4.4%.

Other Movers

Aceto Corporation ((ACET)) decreased 8.7% or 64 cents to $6.65 after the distributor of chemically-derived pharmaceuticals reported fourth quarter revenues fell 28.6% to $74.8 million from $104.7 million a year ago. Net income for the quarter fell 86.8% to $1.1 million or 4 cents per diluted share compared to net income of $8.0 million or 32 cents per share a year ago.

Advance Auto Parts ((AAP)) decreased 5.5% to $38.39.

American International Group, Inc ((AIG)) fell 0.2% or 14 cents to $37.71 after the insurer was downgraded to “underperform” from “market perform” at Wells Fargo & Co.

Best Buy Co., Inc ((BBY)) declined 2.6% or $1.09 to $39.96 after the electronics retailer was downgraded to “market perform” from “outperform” at Oppenheimer & Co.

Brady Corporation ((BRC)) fell 5.7% or $1.91 to $31.15 after the maker of labels, signs and safety devices reported fourth quarter revenues fell 27.6% to $287.2 million from $396.8 million a year ago. Net income for the quarter fell 45% to $19.2 million or 37 cents per diluted share compared to net income of $34.8 million or 64 cents per share a year ago.

Campbell Soup Company ((CPB)) increased 2.4% or 82 cents to $33.94 after the global manufacturer and marketer of food products reported fourth quarter revenues fell 11% to $1.53 billion from $1.72 billion a year ago. Net income for the quarter fell 22.5% to $69 million or 20 cents per diluted share compared to net income of $89 million or 24 cents per share a year ago.

FedEx Corp ((FDX)) surged 7.2% to $77.79 after it reported fiscal first quarter profit of 58 cents a share earnings per share ahead of its guidance between 30 cents and 45 cents on better than expected international package shipping volume.

United Parcel Service Inc ((UPS)) increased 2.4% to $58.69 and Expeditors International of Washington ((EXPD)) added 3.6% to $35.97.

Finisar Corporation ((FNSR)) decreased 4.9% or 5 cents to $1.02 after the maker of fiber-optic subsystems and other data networking equipment said first quarter revenues rose 11% to $128.7 million from $115.8 million a year ago. Net income in the quarter rose 828.6% to $26.0 million or 2 cents per diluted share compared to net income of $2.8 million or 1 cent per share a year ago.

Garmin Ltd ((GRMN)) rose 2.6% or 94 cents to $37.00 after the maker of navigation devices was upgraded to “buy” from “underperform” at Bank of America.

Hooker Furniture Corporation ((HOFT)) fell 1.1% or 15 cents to $13.42 after the furniture maker said second quarter revenues fell 29% to $46 million from $64.6 million a year ago. Net loss in the quarter was $463,000 or 4 cents per diluted share compared to net income of $2.1 million or 18 cents per share a year ago.

Las Vegas Sands Corp ((LVS)) increased 5.5% to $17.14 after the casino operator was upgraded ahead of its Hong Kong listing by Sterne, Agee & Leach.

Morgan Stanley ((MS)) declined 0.07% or 2 cents to $28.62 after the company appointed Co-President James P. Gorman as its new Chief Executive, effective January 1, 2010, while Chairman and CEO John J. Mack will continue to serve as Chairman. Gorman will join Morgan Stanley''s Board of Directors at year end.

National Semiconductor Corporation ((NSM)) declined 0.7% or 12 cents to $15.85 after the chip maker said first quarter revenues fell 32% to $314.4 million from $465.6 million a year ago. Net income in the quarter fell 63% to $29.8 million or 13 cents per diluted share compared to net income of $79.6 million or 33 cents per share a year ago.

Plum Creek Timber Company, Inc ((PCL)) rose 2.5% or 77 cents to $30.68 after the forest-products company was upgraded to “neutral” from “underperform” at Credit Suisse Group AG.

Quidel Corporation ((QDEL)) increased 5.0% or 85 cents to $17.55 after the maker of tests for pregnancy and infectious diseases guided higher revenues and earnings for the third quarter.