AutoZone Falls; ATP Oil, Goodrich Placements

Mayank Mehta
23 Sep, 2009
New York City

Private education providers decreased for the second day in a row after lawmakers tighten student loans from banks. ATP Oil & Gas fell after it proposed convertible offering of $125 million. Goodrich Petroleum completed $190 million. AutoZone fell after reporting flat quarterly sales.

[R]12:15 PM New York – Private education providers decreased for the second day in a row after lawmakers tighten student loans from banks. ATP Oil & Gas fell after it proposed convertible offering of $125 million. Goodrich Petroleum completed $190 million. AutoZone fell after reporting flat quarterly sales.[/R]

Of the stocks in S&P 500 index, 222 increased, 263 declined and 15 were unchanged.

Tellabs, Inc led the decliners in the S&P 500 index with a loss of 4.6% followed by losses in Cintas Corporation of 4.5%, in Massey Energy Company of 4.4%, in AutoZone, Inc of 4.0% and in Moody’s Corporation of 3.9%.

Xilinx, Inc led gainers in the S&P 500 index with a rise of 6.0% followed by gains in General Mills, Inc 5.3%, in Jabil Circuit, Inc of 5.1% and in American International Group, Inc of 4.5%.

Other Movers

ATP Oil & Gas Corporation ((ATPG)) fell 8.7% or $1.96 to $20.20 after the energy producer said that it has commenced a private offering of approximately $125 million of a new series of convertible perpetual preferred stock.

Aar Corp ((AIR)) added 2.0% or 38 cents to $18.99 an aviation supplier said first quarter sales fell 5% to $341.5 million from $359.9 million a year ago. Net income in the quarter fell 32% to $10.2 million or 27 cents per diluted share compared to net income of $15 million or 38 cents per share a year ago.

AutoZone, Inc ((AZO)) declined 3.9% or $6.05 to $146.87 after the auto parts retailer reported fourth quarter sales rose 1% to $2.23 billion from $2.21 billion a year ago. Net income in the quarter fell 3.1% to $236.1 million or $4.43 per diluted share compared to net income of $243.7 million or $3.88 per share a year ago.

Cintas Corporation ((CTAS)) the provider of corporate identity uniforms through rental and sales programs fell 3.7% or $11.3 to $28.65 after the brokerage firm Robert W. Baird Ltd downgraded the company to “underperform” from “neutral.”

Corinthian Colleges, Inc ((COCO)) decreased 7.6% to $17.54 after the U.S. House Representatives passed a bill that effectively limits student loans issued by private lenders. The bill still needs upper the U.S. Senate approval. For the second day Apollo Group, Strayer Education, DeVry Inc and Education Management LLC declined.

Goodrich Petroleum Corporation ((GDP)) declined 6.2% or $1.67 to $24.99 after the oil and gas explorer today announced the pricing of $190 million of 5% convertible senior notes. The offering size was increased on market demand.

General Mills, Inc ((GIS)) increased 5.4% or $3.33 to $64.30 after the manufacturer of branded consumer foods reported first quarter sales rose 0.6% to $3.52 billion from $3.50 billion a year ago. Net income in the quarter rose 51% to $420.6 million or $1.25 per diluted share compared to net income of $278.5 million or 79 cents per share a year ago.

H.B. Fuller Company ((FUL)) increased 5.5% or $1.17 to $22.45 after the maker of adhesives and other specialty chemicals said third quarter revenues fell 13% to $315.3 million from $362 million a year ago. Net income in the quarter rose 63% to $35.4 million or 72 cents per diluted share compared to net income of $21.7 million or 44 cents per share a year ago.

Incyte Corporation ((INCY)) fell 8.9% or 73 cents to $7.40 after the developer of medicines for immune system diseases said that it intends to offer to sell, subject to market and other conditions 18 million shares and as much as $287 million in convertible debt.

Jarden Corporation ((JAH)) the maker of Coleman lanterns increased 4.4% or $1.19 to $28.03 after Goldman Sachs added the company to its “conviction buy” list.

Seagate Technology ((STX)) fell 0.5% or 8 cents to $15.60 after the maker of hard-disk drives said for its first fiscal quarter company now expects revenue to be at or slightly above the high end of its original guidance between $2.4 and $2.6 billion.

Tellabs, Inc ((TLAB)) decreased 6.2% or 45 cents to $6.81 after Robert W. Baird Ltd downgraded the stock.

Xilinx, Inc ((XLNX)) advanced 5.0% or $1.15 to $23.87 after the company estimated second quarter revenue sequential increase of 10%, up from a previous forecast of an increase between 2% and 6%.