Kroger, Best Buy Drop; Teradyne, Yahoo Rise

Mayank Mehta
15 Sep, 2009
New York City

Best Buy second quarter earnings dropped 22% on 12% decline in revenues. The Kroger declined after latest quarter net fell 8%. eBay and Yahoo gained on ratings revision. Cracker Barrel Old Country Store quarterly net rises 8.6%.

[R]12:00 PM New York – Best Buy second quarter earnings dropped 22% on 12% decline in revenues. The Kroger declined after latest quarter net fell 8%. eBay and Yahoo gained on rating revision.[/R]

Of the stocks in S&P 500 index, 282 increased, 210 declined and 8 were unchanged.

The Kroger Co led the decliners in the S&P 500 index with a loss of 7.6% followed by losses in Safeway Inc of 3.5%, in Thermo Fisher Scientific Inc of 3.4%, in Coventry Health Care, Inc of 2.8% and in Supervalu Inc of 2.5%.

Teradyne, Inc led gainers in the S&P 500 index with a rise of 9.4% followed by gains in Genworth Financial, Inc 6.5%, in CBS Corporation of 5.4% and in Xerox Corporation of 4.4%.

Other Movers

Best Buy Co., Inc ((BBY)) fell 0.3% or 14 cents to $40.27 after the retailer of consumer electronics reported second quarter revenues rose 12% to $11.0 billion from $9.8 billion a year ago. Net income for the quarter fell 22% to $158 million or 37 cents per diluted share compared to net income of $202 million or 48 cents per share a year ago.

Cracker Barrel Old Country Store, Inc ((CBRL)) decreased 0.09% or 3 cents to $32.06 after the restaurant operator reported fourth quarter revenues fell 1% to $595.6 million from $601.8 billion a year ago. Net income for the quarter rose 8.6% to $22.8 million or 99 cents per diluted share compared to net income of $21.0 million or 93 cents per share a year ago.

eBay Inc ((EBAY)) rose 0.7% or 18 cents to $24.00 pence after the online marketplace operator was upgraded to “buy” from “neutral” at UBS AG.

Equinix, Inc ((EQIX)) rose 1.1% or $1.00 to $89.98 after the data-center operator was upgraded to “strong buy” from “buy” at Needham & Co.

The Kroger Co ((KR)) declined 7.7% or $1.72 to $20.39 after the retail grocery chains reported second quarter revenues fell 2.2% to $17.7 billion from $18.1 billion a year ago. Net income for the quarter fell 8% to $254.4 million or 39 cents per diluted share compared to net income of $276.5 million or 42 cents per share a year ago.

Legacy Reserves LP ((LGCY)) fell 3.8% or 64 cents to $16.23 after the Midland, Texas-based oil and natural-gas property developer announced that it has priced an underwritten public offering of 3,300,000 units at $15.85 per unit. The underwriters have been granted a 30-day option to purchase up to 495,000 additional units.

The Lubrizol Corporation ((LZ)) the maker of lubricant additives rose 0.8% or 58 cents to $67.45.

Martha Stewart Living Omnimedia, Inc ((MSO)) added 5.8% or 40 cents to $7.25 an integrated media and merchandising company and Home Depot agreed to develop an exclusive Martha Stewart Living brand of home improvement products in select categories.

Majesco Entertainment Co ((COOL)) decreased 11.1% or 22 cents to $1.76 after the video game publisher said third quarter revenues rose 19% to $17.2 million from $14.5 million a year ago. Net loss in the quarter was $5.2 million or 18 cents per diluted share compared to net income of $0.5 million or 2 cents per share a year ago.

National Technical Systems, Inc ((NTSC)) declined 8.2% or 44 cents to $4.90 after the diversified technical services company said second quarter sales fell 6.2% to $28.7 million from $30.6 million a year ago. Net income in the quarter fell 25% to $0.85 million or 9 cents per diluted share compared to net income of $1.13 million or 12 cents per share a year ago.

Pall Corporation ((PLL)) increased 1.2% or 40 cents to $33.00 after the filtration specialist said fourth quarter sales fell 10% to $651.9 million from $723.2 million a year ago. Net income in the quarter fell 0.6% to $69.5 million or 57 cents per diluted share compared to net income of $69.9 million or 61 cents per share a year ago.

Royal Caribbean Cruises Ltd ((RCL)) the cruise operator increased 4.2% or 93 cents to $22.68.

Solutia Inc ((SOA)) advanced 4.5% or 55 cents to $12.50 after the chemical maker raised its full-year 2009 adjusted operating earnings guidance from continuing operations to a range of $340 million to $360 million and its full-year 2009 cash from operations less capital expenditures guidance to approximately $125 million.

Teradyne, Inc ((TER)) rose 11.2% or 93 cents to $9.23 after the maker of test equipment for electronics manufacturers was upgraded to “outperform” from “market perform” at Oppenheimer & Co.

Xerox Corporation ((XRX)) added 4.0% or 37 cents to $9.54 after the maker of high-speed color printers was upgraded to “overweight/neutral” from “equal-weight/neutral” at Barclays Plc.

Yahoo! Inc ((YHOO)) increased 3.2% or 49 cents to $16.08 after The U.S. Internet search engine was upgraded to “outperform” from “marketperform” at Sanford C. Bernstein & Co.

Alibaba.com, the online listing company based in China and Hong Kong dropped 11% in Hong Kong after Yahoo began selling its stake in the company. Yahoo plans to lower its stake in the company by selling 57.5 million shares.