Visa, Panera Bread Surge; Apollo Falls

Mayank Mehta
28 Oct, 2009
New York City

Apollo Group plunged after SEC opened an informal revenue recognition inquiry. Panera Bread rose after its quarterly net surged 38%. Visa Inc swung to a quarterly profit of 69 cents a share. Harris Corporation led gainers in the S&P 500 index with a rise of 8.3%.

[R]11:45 AM New York – Apollo Group plunged after SEC opened an informal revenue recognition inquiry. Panera Bread rose after its quarterly net surged 38%. Visa Inc swung to a quarterly profit of 69 cents a share. Harris Corporation led gainers in the S&P 500 index with a rise of 8.3%.[/R]

Of the stocks in S&P 500 index, 191 increased, 298 declined and 11 were unchanged.

Apollo Group, Inc led the decliners in the S&P 500 index with a loss of 16.1% followed by losses in The Goodyear Tire & Rubber Company of 13.1%, in Massey Energy Company of 7.4%, in Total System Services, Inc of 6.9% and in Fiserv, Inc of 5.2%.

Harris Corporation led gainers in the S&P 500 index with a rise of 8.3% followed by gains in Norfolk Southern Corporation 6.4%, in Sealed Air Corporation of 5.0% and in The Interpublic Group of Companies, Inc of 4.0%.

Other Movers

ACE Limited ((ACE)) added 2.3% or $1.23 to $54.50 after the property and casualty insurer said third quarter net premiums written fell 3.7% to $3.16 billion from $3.28 billion a year ago. Net income in the quarter rose 815% to $494 million or $1.46 per diluted share compared to net income of $54 million or 16 cents per share a year ago.

ACCO Brands Corporation ((ABD)) added 0.3% or 2 cents to $6.50 after the supplier of select categories of branded office products reported third quarter sales fell 21.5% to $322.5 million from $410.8 million a year ago. Net income in the quarter was $1.3 million or 2 cents per diluted share compared to net loss of $32.7 million or 60 cents per share a year ago.

Apollo Group, Inc ((APOL)) plunged 17% or $12.41 to $60.54 after the SEC opened informal inquiry into its revenue recognition. The company said it in a conference call that it does not know the nature of investigation and is in compliance with the GAAP standards. The company also estimated $80 million for legal costs and settlement related to its recruitment practices.

The private education provider said fourth quarter revenues rose 30% to $1.08 billion from $831.4 million a year ago. Net income in the quarter fell 60% to $91.5 million or 59 cents per diluted share compared to net income of $229.6 million or $1.43 per share a year ago.

American Campus Communities, Inc ((ACC)) rose 0.1% or 3 cents to $26.74 after the real estate investment trust said third quarter sales rose 8.7% to $78.4 million from $72.1 million a year ago. Net loss in the quarter was $5.8 million or 11 cents per diluted share compared to net loss of $13.1 million or 31 cents per share a year ago.

Amkor Technology, Inc ((AMKR)) dropped 1.4% or 10 cents to $6.64 after the microchip packaging and testing company said third quarter sales fell 14.4% to $616.2 million from $719.7 million a year ago. Net income in the quarter rose 177% to $80.9 million or 31 cents per diluted share compared to net income of $29.2 million or 15 cents per share a year ago.

Ashland Inc ((ASH)) rose 1.6% or 64 cents to $40.00 after the chemicals maker reported third quarter sales fell 5% to $2.11 billion from $2.22 billion a year ago. Net income in the quarter was $93 million or $1.22 per diluted share compared to net loss of $10 million or 15 cents per share a year ago.

Avista Corporation ((AVA)) decreased 0.2% or 5 cents to $20.20 an energy company reported third quarter revenues fell 17.8% to $314.7 million from $382.7 million a year ago. Net income in the quarter rose 9.5% to $8.1 million or 15 cents per diluted share compared to net income of $7.4 million or 13 cents per share a year ago.

Boston Properties, Inc ((BXP)) decreased 2.2% or $1.43 to $60.91 after the real estate investment trust said third quarter revenues rose 5.4% to $377.3 million from $358 million a year ago. Net income in the quarter rose 52.7% to $65.8 million or 47 cents per diluted share compared to net income of $43.1 million or 35 cents per share a year ago.

Buffalo Wild Wings, Inc ((BWLD)) fell 2.8% or $1.19 to $40.46 after the restaurant operator said third quarter revenues rose 25% to $132.7 million from $106.1 million a year ago. Net income in the quarter rose 50% to $6.9 million or 38 cents per diluted share compared to net income of $4.6 million or 25 cents per share a year ago.

Chiquita Brands International, Inc ((CQB)) surged 13.0% or $1.93 to $16.68 after the bananas and vegetable distributor estimated third quarter earnings per share of 20 cents.

E*TRADE Financial Corporation ((ETFC)) rose 0.6% or 1 cent to $1.58 after the online brokerage company said third quarter revenues rose 52.4% to $575.3 million from $377.7 million a year ago. Net loss in the quarter was $831.7 million or 66 cents per diluted share compared to net loss of $50.5 million or 9 cents per share a year ago.

Fiserv, Inc ((FISV)) declined 2.6% or $1.28 to $47.80 after the provider of IT services and systems said third quarter revenues fell 4.6% to $992 million from $1.04 billion a year ago. Net income in the quarter rose 47.4% to $115 million or 74 cents per diluted share compared to net income of $78 million or 48 cents per share a year ago.

General Dynamics Corporation ((GD)) rose 0.8% or 53 cents to $66.31 after the supplier of products and services in aviation business reported third quarter sales rose 8.5% to $7.7 billion from $7.1 billion a year ago. Net income in the quarter fell 10% to $572 million or $1.47 per diluted share compared to net income of $634 million or $1.59 per share a year ago.

The Goodyear Tire & Rubber Company ((GT)) fell 2.0% or 24 cents to $16.74 after 39 billion from $5.17 billion a year ago. Net income in the quarter rose 132% to $72 million or 30 cents per diluted share compared to net income of $31 million or 13 cents per share a year ago.

GulfMark Offshore, Inc ((GLF)) dropped 8.9% or $2.94 to $29.85 after the transports drilling materials and supplies to offshore oil facilities said third quarter net income $12.7 million, or 50 cents per diluted share reflecting weaker margins in the Americas and the North Sea, increased dry dock activity ahead of the previously identified plan, higher than normal professional fees and a higher revised tax rate.

Harris Corporation ((HRS)) increased 5.3% or $2.04 to $39.98 after the communications and information technology company said first quarter revenues rose 2.6% to $1.20 billion from $1.17 billion a year ago. Net income in the quarter fell 12% to $104.5 million or 79 cents per diluted share compared to net income of $118.7 million or 88 cents per share a year ago.

Mercury Computer Systems, Inc ((MRCY)) fell 3.9% or 41 cents to $10.00 after the maker of technology for image, sensor and signal processing applications said first quarter revenues rose 5.8% to $47.4 million from $44.8 million a year ago. Net income in the quarter was $4.4 million or 19 cents per diluted share compared to net loss of $1.3 million or 6 cents per share a year ago.

Owens Corning ((OC)) climbed 5.4% or $1.20 to $23.36 after the maker of building and engineered materials reported third quarter sales fell 17% to $1.35 billion from $1.63 billion a year ago. Net income in the quarter was $80 million or 63 cents per diluted share compared to net loss of $807 million or $6.35 per share a year ago.

Panera Bread Company ((PNRA)) rose 5.2% or $2.89 to $57.99 after the bakery-cafe operator said third quarter sales rose 6.3% to $335 million from $315.2 million a year ago. Net income in the quarter rose 38% to $18.9 million or 61 cents per diluted share compared to net income of $13.7 million or 45 cents per share a year ago.

Peet''s Coffee & Tea, Inc ((PEET)) rose 5.4% or $1.53 to $29.80 after the coffee chain operator said third quarter revenues rose 8% to $73.9 million from $68.5 million a year ago. Net income in the quarter rose 25% to $2.5 million or 19 cents per diluted share compared to net income of $2.0 million or 15 cents per share a year ago.

Praxair, Inc ((PX)) declined 1.5% or $1.28 to $80.25 after the industrial gas supplier reported third quarter sales fell 19.6% to $2.29 billion from $2.85 billion a year ago. Net income in the quarter fell 8.5% to $325 million or $1.04 per diluted share compared to net income of $355 million or $1.11 per share a year ago.

Qwest Communications International Inc ((Q)) rose 1.8% or 5 cents to $3.50 after the telephone operator reported third quarter revenues fell 10% to $3.05 billion from $3.38 billion a year ago. Net income in the quarter fell 6.2% to $136 million or 8 cents per diluted share compared to net income of $145 million or 8 cents per share a year ago.

The Standard Register Company ((SR)) plunged 13.4% or $1.06 to $6.84 after the provider of custom-printed documents said third quarter sales fell 13.5% to $163.5 million from $189 million a year ago. Net loss in the quarter was $5.5 million or 19 cents per diluted share compared to net income of $2.2 million or 7 cents per share a year ago.

Visa Inc ((V)) increased 4.1% or $3.08 to $76.98 after the payments network said the company announces that its board of directors has authorized a $1 billion share repurchase plan through September 30. Visa also swung to a quarterly profit of 69 cents a share on higher processing charges.

ValueClick, Inc ((VCLK)) plunged 15.7% or $1.97 to $10.52 after the Internet advertising company was downgraded to “hold” from “buy” at Needham & Co.

Willis Group Holdings Limited ((WSH)) fell 2.5% or 67 cents to $25.40 after the insurance broker said third quarter revenues rose 25.2% to $725 million from $579 million a year ago. Net income in the quarter rose 119.4% to $79 million or 47 cents per diluted share compared to net income of $36 million or 25 cents per share a year ago.

Wyndham Worldwide Corporation ((WYN)) rose 1.3% or 23 cents to $16.92 after the franchiser of Days Inn hotels and Super 8 motels said company’s guidance for the fourth quarter of 2009, the company expects adjusted earnings per share of 35 cents -38 cents, based on weighted average shares of 184 million.