Black & Decker, Burlington Northern Surge

Mayank Mehta
03 Nov, 2009
New York City

Burlington Northern Santa Fe Corporation led gainers in the S&P 500 index with a rise of 28.4%. Black & Decker surges 25% after it agrees to be acquired by Stanley Works. Banks declined after UBS reported wider than expected loss. Cognizant Technology Solutions Corp guides higher earnings.

[R]12:10 PM New York – Burlington Northern Santa Fe Corporation led gainers in the S&P 500 index with a rise of 28.4%. Black & Decker surges 25% after it agrees to be acquired by Stanley Works. Banks declined after UBS reported wider than expected loss. Cognizant Technology Solutions Corp guides higher earnings. Dana Holding Corp quarterly loss narrows.[/R]

Of the stocks in S&P 500 index, 161 increased, 332 declined and 7 were unchanged.

Novellus Systems, Inc led the decliners in the S&P 500 index with a loss of 5.3% followed by losses in SanDisk Corporation of 4.9%, in Rockwell Collins, Inc of 4.7%, in KLA-Tencor Corporation of 4.5% and in Expeditors International of Washington, Inc of 4.5%.

Burlington Northern Santa Fe Corporation led gainers in the S&P 500 index with a rise of 28.4% followed by gains in The Black and Decker Corporation 23.9%, in Cognizant Technology Solutions Corporation of 8.6% and in CSX Corporation of 7.3%.

Other Movers

Acorda Therapeutics, Inc ((ACOR)) added 1.2% or 26 cents to $21.99 after the biopharmaceutical company reported third quarter sales rose 4% to $12.9 million from $12.4 million a year ago. Net loss in the quarter was $19.4 million or 51 cents per diluted share compared to net loss of $18.9 million or 53 cents per share a year ago.

AmerisourceBergen Corporation ((ABC)) added 1.6% or 36 cents to $22.51 after the pharmaceutical wholesaler reported fourth quarter sales rose 9% to $18.7 billion from $17.2 billion a year ago. Net income in the quarter rose 13% to $130.1 million or 44 cents per diluted share compared to net income of $114.9 million or 36 cents per share a year ago.

Argo Group International Holdings, Ltd ((AGII)) added 1.2% or 42 cents to $34.38 after the insurance company said third quarter revenues rose 9.2% to $383.8 million from $351.4 million a year ago. Net income in the quarter was $27.6 million or 89 cents per diluted share compared to net loss of $8.8 million or 29 cents per share a year ago.

ATS Medical, Inc ((ATSI)) advanced 9.1% or 25 cents to $2.99 after the maker and marketer of medical devices for the treatment of structural heart disease said third quarter sales rose 17.5% to $18.8 million from $16.0 million a year ago. Net loss in the quarter was $975,000 or 1 cent per diluted share compared to net loss of $3.7 million or 6 cents per share a year ago.

Avis Budget Group, Inc ((CAR)) climbed 6.5% or 55 cents to $9.00 after the car-rental company said third quarter revenues fell 13.5% to $1.47 billion from $1.70 billion a year ago. Net income in the quarter was $57 million or 54 cents per diluted share compared to net loss of $1.0 billion or $9.91 per share a year ago.

Axis Capital Holdings Limited ((AXS)) rose 0.04% or 1 cent to $28.77 after the insurer said third quarter revenues fell 29% to $451.7 million from $637.7 million a year ago. Net loss in the quarter was $96 million or 70 cents per diluted share compared to net loss of $249.3 million or $1.79 per share a year ago.

Bill Barrett Corporation ((BBG)) closed unchanged at $31.51 after the producer of natural gas and crude oil reported third quarter revenues fell 9.5% to $148.8 million from $164.4 million a year ago. Net income in the quarter fell 98% to $718,000 or 2 cents per diluted share compared to net income of $35.3 million or 78 cents per share a year ago.

The Black and Decker Corporation ((BDK)) surged 24.4% or $11.68 to $59.02 after the maker of power tools agreed to be acquired by Stanley Works for $3.4 billion in an all-stock transaction.

BRE Properties, Inc ((BRE)) increased 2.4% or 67 cents to $27.90 after the real estate investment trust said third quarter revenues fell 1.6% to $86.5 million from $87.9 million a year ago. Net income in the quarter fell 58.5% to $16.6 million or 31 cents per diluted share compared to net income of $40 million or 77 cents per share a year ago.

Burlington Northern Santa Fe Corporation ((BNI)) surged 28.0% or $21.36 to $97.43 after the freight rail road operator agreed to be acquired by Berkshire Hathaway for $100 per share in cash and stock the remaining 77.4% of outstanding BNI shares not currently owned.

The transaction values BNSF at $44 billion, including $10 billion of outstanding debt, making it the largest acquisition in Berkshire Hathaway history.

Boise Inc ((BZ)) surged 10.8% or 51 cents to $5.22 after the manufacturer of packaging products and papers reported third quarter sales fell 19.7% to $508.3 million from $633.1 million a year ago. Net income in the quarter rose 995% to $48.2 million or 57 cents per diluted share compared to net income of $4.4 million or 6 cents per share a year ago.

Chesapeake Energy Corporation ((CHK)) fell 1.0% or 26 cents to $23.88 after the producer of natural gas said third quarter revenues fell 76% to $1.81 billion from $7.49 billion a year ago. Net income in the quarter fell 94.3% to $186 million or 30 cents per diluted share compared to net income of $3.29 billion or $5.62 per share a year ago.

Church & Dwight Co., Inc ((CHD)) dropped 3.7% or $2.20 to $56.11 after the maker of personal care and specialty products reported third quarter sales rose 2.5% to $646.2 million from $630.7 million a year ago. Net income in the quarter rose 43% to $70 million or 98 cents per diluted share compared to net income of $49 million or 69 cents per share a year ago.

The Clorox Company ((CLX)) rose 0.8% or 48 cents to $59.88 after the maker of consumer products said first quarter sales fell 0.7% to $1.37 billion from $1.38 billion a year ago. Net income in the quarter rose 22.7% to $157 million or $1.11 per diluted share compared to net income of $128 million or 90 cents per share a year ago.

Cognizant Technology Solutions Corporation ((CTSH)) rose 3.6% or $1.40 to $40.22 after the provider of IT consulting and technology services reported third quarter revenues rose 16% to $853.5 million from $734.7 million a year ago. Net income in the quarter rose 21% to $136.6 million or 45 cents per diluted share compared to net income of $112.8 million or 38 cents per share a year ago.

Dana Holding Corporation ((DAN)) increased 2.4% or 14 cents to $5.80 after the supplier of automotive parts reported third quarter sales fell 31% to $1.33 billion from $1.93 billion a year ago. Net loss in the quarter was $46 million or 45 cents per diluted share compared to net loss of $264 million or $2.66 per share a year ago.

Emerson Electric Co ((EMR)) climbed 1.0% or 40 cents to $38.15 after the technology company reported fourth quarter sales fell 20.6% to $5.32 billion from $6.70 billion a year ago. Net income in the quarter fell 26.5% to $506 million or 67 cents per diluted share compared to net income of $688 million or 88 cents per share a year ago.

Kinross Gold Corporation ((KGC)) dropped 2.4% or 44 cents to $17.85 after the gold miner said third quarter sales rose 15.6% to $582.3 million from $503.7 million a year ago. Net loss in the quarter was $21.5 million or 3 cents per diluted share compared to net income of $64.7 million or 10 cents per share a year ago.

Novellus Systems, Inc ((NVLS)) the maker of fabrication equipment of integrated circuits decreased 5.2% or $1.10 to $19.68.

Principal Financial Group, Inc ((PFG)) added 2.3% or 59 cents to $25.60 after the finance company said third quarter sales fell 9.7% to $2.27 billion from $2.51 billion a year ago. Net income in the quarter rose 105% to $184.7 million or 57 cents per diluted share compared to net income of $90.1 million or 35 cents per share a year ago.

SanDisk Corporation ((SNDK)) fell 3.8% or 81 cents to $20.05.

Vulcan Materials Company ((VMC)) fell 0.7% or 37 cents to $46.75 after the producer of construction aggregates said third quarter sales fell 23% to $738.7 million from $958.8 million a year ago. Net income in the quarter fell 8.3% to $54.2 million or 43 cents per diluted share compared to net income of $59.1 million or 53 cents per share a year ago.