ING, Sohu.com, Atlas Air Fall; RadioShack Rises

Mayank Mehta
26 Oct, 2009
New York City

RadioShack Corporation led gainers in the S&P 500 index with a rise of 12.5%. Alberto Culver Co profits exceed expectations. Bank of Hawaii Corp declares dividend. Lorillard, Inc quarterly net edged lower. China based Sohu.com and Changyou.com declined on earnings outlook.

[R]12:25 PM New York – RadioShack Corporation led gainers in the S&P 500 index with a rise of 12.5%. Alberto Culver Co profits exceed expectations. Bank of Hawaii Corp declares dividend. Lorillard, Inc quarterly net edged lower. China based Sohu.com and Changyou.com declined on earnings outlook.[/R]

Of the stocks in S&P 500 index, 450 increased, 47 declined and 3 were unchanged.

Lorillard, Inc led the decliners in the S&P 500 index with a loss of 5.2% followed by losses in SunTrust Banks, Inc of 4.6%, in Fifth Third Bancorp of 3.9%, in Zions Bancorporation of 2.9% and in Pitney Bowes Inc of 2.9%.

RadioShack Corporation led gainers in the S&P 500 index with a rise of 12.5% followed by gains in Pioneer Natural Resources Company 6.2%, in Noble Energy, Inc of 5.0% and in MetroPCS Communications, Inc of 4.5%.

Other Movers

Allied Capital Corp ((ALD)) surged 27.9% to $3.49 after it agreed to be acquired by Ares Capital in an all stock transaction that valued the company at $648 million. Ares Capital ((ARCC)) increased 9.3% to $11.68.

Alberto Culver Company ((ACV)) decreased 2.4% or 66 cents to $26.05 after the manufacturer of personal care products reported fourth quarter sales fell 0.2% to $385.2 million from $386 million a year ago. Net income in the quarter fell 78.5% to $31.7 million or 32 cents per diluted share compared to net income of $147.1 million or $1.48 per share a year ago.

Amerigroup Corporation ((AGP)) fell 2.3% or 52 cents to $22.07 after the manager of government health plans announced today that it expects to report earnings for the third quarter of 2009 in the range of 42 cents to 44 cents per diluted share. The new guidance for the third quarter primarily reflects elevated medical costs associated with the onset of a severe flu season due to the H1N1 virus.

Atlas Air Worldwide Holdings, Inc ((AAWW)) dropped 16.2% to $29.70 after it offered to sell 5.25 million shares in an offering managed by Morgan Stanley and Goldman Sachs.

Bank of Hawaii Corporation ((BOH)) added 0.05% or 2 cents to $42.70 after the bank reported third quarter net interest income rose 5% to $108.9 million from $103.6 million a year ago. Net income in the quarter fell 23% to $36.5 million or 76 cents per diluted share compared to net income of $47.4 million or 99 cents per share a year ago.

BioCryst Pharmaceuticals, Inc ((BCRX)) jumped 13.0% or $1.26 to $10.92 after the maker of an experimental intravenous antiviral drug Peramivir said that the Food and Drug Administration in response to a request from the Centers for Disease Control and Prevention has issued an emergency use authorization in certain adult and pediatric patients with confirmed or suspected H1N1 influenza infection.

Boardwalk Pipeline Partners, LP ((BWP)) declined 0.1% or 3 cents to $26.50 after the operator of natural gas pipelines and storage facilities reported third quarter revenues rose 7.2% to $205.4 million from $191.6 million a year ago. Net income in the quarter fell 74.5% to $18.8 million or 10 cents per diluted share compared to net income of $73.6 million or 47 cents per share a year ago.

Changyou.com Limited ((CYOU)) decreased 9.7% to $31.63 after it estimated fourth quarter earnings per share between 78 cents and 80 cents and revenues between $69 million and $71 million.

Gentex Corporation ((GNTX)) increased 7.0% or $1.19 to $17.68 after the auto parts and mirror maker was upgraded to “outperform” from “market perform” at Wells Fargo.

ING Groep NV ((ISG)) decreased 17.3% to $16.44 after it won EU concession for a loan and guarantee on it mortgage backed assets. The company also plans to raise as much as 7.5 billion euros in a rights offering and sell its insurance units.

KBR Inc ((KBR)) fell 3.0% or 72 cents to $23.30 after the engineering firm was downgraded to “hold” from “buy” at Stifel Nicolaus.

Lorillard, Inc ((LO)) fell 6.0% or $4.82 to $75.00 after the cigarette maker reported third quarter sales rose 26.5% to $1.42 billion from $1.13 billion a year ago. Net income in the quarter fell 0.8% to $235 million or $1.44 per diluted share compared to net income of $237 million or $1.38 per share a year ago.

National Oilwell Varco, Inc ((NOV)) dropped 2.9% or $1.39 to $45.50 after the maker of drilling equipment reported third quarter revenues fell 14.4% to $3.09 billion from $3.61 billion a year ago. Net income in the quarter fell 29.7% to $385 million or 92 cents per diluted share compared to net income of $548 million or $1.31 per share a year ago.

RadioShack Corporation, the electronics retailer increased 14.2% $17.90 after third quarter sales fell 3% to $990.0 million from $1.02 billion a year ago. Net income in the quarter fell 24% to $37.4 million or 30 cents per diluted share compared to net income of $49.1 million or 38 cents per share a year ago.

Riverbed Technology, Inc ((RVBD)) increased 5.8% or $1.29 to $22.45 after the maker of computer backup and networking equipment was upgraded to “overweight” from “neutral” at Piper Jaffray Companies.

Sohu.com Inc ((SOHU)) slipped 16.3% or $1.55 to $59.80 an Internet media company reported third quarter revenues rose 13.2% to $136.6 million from $120.7 million a year ago. Net income in the quarter fell 7.2% to $37.4 million or 88 cents per diluted share compared to net income of $40.3 million or $1.02 per share a year ago.

Tellabs, Inc ((TLAB)) decreased 3.0% or 20 cents to $6.46 after the maker of network equipment reported third quarter revenues fell 8.2% to $389.3 million from $424.1 million a year ago. Net income in the quarter was $29.3 million or 7 cents per diluted share compared to net loss of $998.5 million or $2.51 per share a year ago.

The TJX Companies, Inc ((TJX)) the discount apparel retailer rose 1.4% or 59 cents to $40.39.

Verizon Communications Inc ((VZ)) added 0.5% or 16 cents to $29.01 after the phone company reported third quarter revenues rose 10% to $27.3 billion from $24.8 billion a year ago. Net income in the quarter fell 9.4% to $2.9 billion or 41 cents per diluted share compared to net income of $3.2 billion or 59 cents per share a year ago.

Vivus Inc ((VVUS)) the maker of treatments for sexual dysfunction and obesity surged 14.3% or $1.32 to $10.50.