Clearwire, Macy's Drop; Toll, LV Sands Rise

Mayank Mehta
11 Nov, 2009
New York City

Clearwire Corp plunged 13% after it said to prepare a rights offering $1.5 billion. Macy

[R]12:45 PM New York – Clearwire Corp plunged 13% after it said to prepare a rights offering $1.5 billion. Macy’s declined after the quarterly sell declined. Maidenform Brands, Inc profits jump in third quarter. Toll Brothers surged on quarterly results and lower than expected cancellation rate.[/R]

Of the stocks in S&P 500 index, 426 increased, 61 declined and 13 were unchanged.

Macy's, Inc led the decliners in the S&P 500 index with a loss of 5.5% followed by losses in Adobe Systems Incorporated of 3.4%, in American International Group, Inc of 3.1%, in GameStop Corp of 2.4% and in Priceline.com Incorporated of 1.7%.

MBIA Inc led gainers in the S&P 500 index with a rise of 5.9% followed by gains in Lennar Corporation 4.1%, in Pulte Homes, Inc of 3.8% and in KB Home of 3.7%.

Other Movers

Aixtron AG ((AIXG)) the provider of deposition equipment to the semiconductor industry advanced 8.4% or $2.55 to $32.72.

Adobe Systems Incorporated ((ADBE)) the maker of graphic-design programs fell 3.4% or $1.26 to $35.34.

Baytex Energy Trust ((BTE)) decreased 0.04% or 1 cent to $26.31 an investment trust said third quarter revenue fell 42.6% to $208.2 million from $363.0 million a year ago. Net income in the quarter fell 70.3% to $40.7 million or 37 cents per diluted share compared to net income of $137.2 million or $1.39 per share a year ago.

Bob Evans Farms, Inc ((BOBE)) declined 1.0% or 30 cents to $27.51 after the restaurant-chain operator said second quarter sales fell 2.5% to $424.8 million from $435.5 million a year ago. Net income in the quarter rose 37% to $15.5 million or 50 cents per diluted share compared to net income of $11.3 million or 37 cents per share a year ago. Comparable same-store sales decreased 2.8%.

Clearwire Corporation ((CLWR)) dropped 13.1% to $6.30 after it plans to raise $1.5 billion in rights offering that will sell to existing shareholders a right to buy 0.4336 shares of Class A common stock at a price of $7.33.

CAE Inc ((CAE)) slipped 1.1% or 10 cents to $8.50 after the supplier of simulation tools and equipment reported second quarter revenues fell 10.4% to $364.5 million from $406.7 million a year ago. Net income in the quarter fell 20.2% to $39.1 million or 15 cents per diluted share compared to net income of $49.0 million or 19 cents per share a year ago.

China Digital TV Holding Co., Ltd ((STV)) plunged 12.4% or 88 cents to $6.17 after the supplier of smart cards for digital television access said based on information available as of November 10, 2009, the company expects smart card shipments for the fourth quarter of 2009 to be in the range of 2.2 million to 2.4 million. Net revenues for the fourth quarter of 2009 are expected to be in the range of $12.5 million to $13.6 million, representing a year-over-year decrease in the range of 25% to 19%.

Clearwire Corporation ((CLWR)) added 6.6% or 45 cents to $7.25 after the operator of wireless broadband networks said third quarter revenues rose 13% to $68.8 million from $60.8 million a year ago. Net loss in the quarter was $82.4 million or 43 cents per diluted share compared to net loss of $137.6 million or 45 cents per share a year ago.

Flowers Foods, Inc ((FLO)) dropped 0.7% or 19 cents to $23.86 after the bakery product maker reported third quarter sales rose 4.6% to $602.6 million from $575.9 million a year ago. Net income in the quarter rose 16.4% to $31.9 million or 34 cents per diluted share compared to net income of $27.4 million or 29 cents per share a year ago.

Las Vegas Sands Corp ((LVS)) increased 3.1% to $17.50 after the company is preparing plans to restart the casino construction in Macau China as it arranges financing with several banks and prepares a listing on the Hong Kong Stock Exchange.

Maidenform Brands, Inc ((MFB)) advanced 2.5% or 40 cents to $16.19 an intimate apparel company said third quarter sales rose 14.3% to $128.7 million from $112.6 million a year ago. Net income in the quarter rose 90.5% to $16.0 million or 67 cents per diluted share compared to net income of $8.4 million or 36 cents per share a year ago.

Macy's, Inc ((M)) fell 3.7% or 68 cents to $18.75 after the department-store operator reported third quarter sales fell 4% to $5.28 billion from $5.49 billion a year ago. Net loss in the quarter was $35 million or 8 cents per diluted share compared to net loss of $44 million or 10 cents per share a year ago.

The Progressive Corporation ((PGR)) rose 2.6% or 44 cents to $17.21 an insurance company reported third quarter net premiums written rose 3% to $1.30 billion from $1.26 billion a year ago. Net income in the quarter fell 26.4% to $106.7 million or 16 cents per diluted share compared to net income of $145 million or 22 cents per share a year ago.

Pioneer Southwest Energy Partners L.P ((PSE)) fell 4.4% or 96 cents to $20.70 after the oil and gas property developer today announced that it has priced a public offering of 2,700,000 common units representing limited partner interests at a price to the public of $20.74 per unit.

Regeneron Pharmaceuticals, Inc ((REGN)) surged 19.8% or $3.13 to $18.93 after the drugmaker and Sanofi-aventis have entered into agreements to expand and extend their existing global collaboration to discover and commercialize fully-human therapeutic monoclonal antibodies.

Reed Elsevier NV ((ENL)) dropped 3.4% or 86 cents to $23.81 after the publisher of variety magazine said business trends seen in the second half are expected to continue for the rest of the year and into 2010.

Systemax Inc ((SYX)) increased 4.1% or 58 cents to $14.62 an online seller of computers, electronics and industrial products said third quarter sales rose 2% to $753.9 million from $739.5 million a year ago. Net income in the quarter rose 11.5% to $12.6 million or 34 cents per diluted share compared to net income of $11.3 million or 30 cents per share a year ago.

Semiconductor Manufacturing International] ((SMI)) surged 54.5% to $3.74 after the company and Taiwan Semiconductor agreed to settle legal issues.

Tata Motors Limited ((TTM)) the Mumbai-based carmaker added 4.0% or 51 cents to $13.22.

Toll Brothers, Inc ((TOL)) surged 15.7% or $2.90 to $21.29 after the luxury homebuilder was upgraded to “outperform” from “market perform” at Wells Fargo & Co. The luxury home builder reported 42% increase in contracts for new homes in the quarter and 62% increase when measured in dollars. The cancellation rate in the fiscal quarter was 6.9%. The contract backlog declined 25% to 1,531 units and fell 34% to $874.8 million.

Tyson Foods, Inc ((TSN)) rose 0.4% or 6 cents to $13.25 after the meat producer was downgraded to “neutral” from “overweight” at JPMorgan Chase & Co.

Ultrapetrol (Bahamas) Limited ((ULTR)) fell 4.4% or 23 cents to $4.97 an industrial shipping company said third quarter revenues fell 31% to $58.5 million from $84.6 million a year ago. Net loss in the quarter was $4.2 million or 14 cents per diluted share compared to net income of $15.1 million or 46 cents per share a year ago.

ZOLL Medical Corporation ((ZOLL)) fell 0.1% or 2 cents to $20.23 after the manufacturer of resuscitation devices and software solutions reported fourth quarter sales rose 2% to $107.9 million from $105.6 million a year ago. Net income in the quarter fell 62% to $3.4 million or 16 cents per diluted share compared to net income of $8.9 million or 41 cents per share a year ago.