Home Depot, Target, Sina in Focus

Mayank Mehta
17 Nov, 2009
New York City

Jacobs Engineering Group Inc led the decliners in the S&P 500 index with a loss of 12.1%. The Home Depot, Inc third quarter profit falls 9% but ahead of expectations. Target net increase 18% and sales rise 1.4%.

[R]12:30 PM New York – Jacobs Engineering Group Inc led the decliners in the S&P 500 index with a loss of 12.1%. The Home Depot, Inc third quarter profit falls 9% but ahead of expectations. Target net increase 18% and sales rise 1.4%[/R]

Of the stocks in S&P 500 index, 132 increased, 355 declined and 13 were unchanged.

Jacobs Engineering Group Inc led the decliners in the S&P 500 index with a loss of 12.1% followed by losses in Smith International, Inc of 9.8%, in Wynn Resorts, Limited of 4.9%, in Comcast Corporation of 2.4% and in The Home Depot, Inc of 2.1%.

MBIA Inc led gainers in the S&P 500 index with a rise of 8.2% followed by gains in Sprint Nextel Corporation 4.5%, in Ciena Corporation of 3.4% and in State Street Corporation of 2.9%.

Other Movers

American Oriental Bioengineering, Inc ((AOB)) decreased 7.4% or 32 cents to $3.97 after the drug and nutritional product company said third quarter revenues rose 11.6% to $78.8 million from $70.6 million a year ago. Net income in the quarter fell 38.7% to $10.0 million or 13 cents per diluted share compared to net income of $16.3 million or 21 cents per share a year ago.

Assured Guaranty Ltd ((AGO)) declined 2.0% or 45 cents to $21.21 after the finance company said third quarter revenues rose 161% to $388.5 million from $149.1 million a year ago. Net loss in the quarter was $35 million or 22 cents per diluted share compared to net loss of $63.3 million or 69 cents per share a year ago.

Canadian Solar Inc ((CSIQ)) added 4.0% or 79 cents to $20.49 after the Chinese manufacturer of solar power cells and modules said third quarter revenues increased 87% to $213.1 million from $114.2 million.

CapitalSource Inc ((CSE)) rose 5.0% or 19 cents to $3.90 after the commercial lender today announced that it has entered into a definitive agreement to sell substantially its entire healthcare net lease portfolio to Omega Healthcare Investors, Inc.

Dillard''s, Inc ((DDS)) increased 8.4% or $1.12 to $14.45 after the department-store chain said third quarter net loss of $8.0 million.

Genzyme Corporation ((GENZ)) rose 1.6% or 81 cents to $50.31 after the maker of enzyme therapies for genetic disorders announced that data from the phase 3 study of mipomersen in patients with homozygous familial hypercholesterolemia were presented today at the American Heart Association’s Scientific Sessions.

The Home Depot, Inc ((HD)) fell 1.9% or 53 cents to $27.12 after the home improvement retailer reported third quarter sales fell 8% to $16.4 billion from $17.8 billion a year ago. Net income in the quarter fell 8.9% to $689 million or 41 cents per diluted share compared to net income of $756 million or 45 cents per share a year ago.

Jacobs Engineering Group Inc ((JEC)) plunged 12.2% or $5.59 to $39.90 after the publicly traded engineering company said fourth quarter net income of $79.3 million or 63 cents diluted per share compared to net income of $114.4 million or 92 cents per share a year ago.

Jinpan International Limited ((JST)) increased 8.1% or $2.72 to $35.92 after the distributor of cast resin transformers for high voltage distribution equipment reported third quarter sales fell 2% to $43.9 million from $44.7 million a year ago. Net income in the quarter rose 81% to $9.4 million or $1.15 per diluted share compared to net income of $5.2 million or 63 cents per share a year ago.

Pacific Sunwear of California, Inc ((PSUN)) plunged 18.7% or 94 cents to $4.07 after the teen clothing retailer said third quarter sales fell 17% to $268.3 million from $323.6 million a year ago. Net loss in the quarter was $10.9 million or 17 cents per diluted share compared to net loss of $2.5 million or 4 cents per share a year ago.

Palm, Inc ((PALM)) added 4.8% or 57 cents to $12.41 after the maker of the Pre touch-screen phone was upgraded to “buy” from “hold” at Kaufman Bros.

SINA Corporation ((SINA)) increased 4.8% or $2.06 to $44.97 an online media company said third quarter revenues fell 8.5% to $96.4 million from $105.4 million a year ago. Net income in the quarter fell 11.6% to $16.7 million or 29 cents per diluted share compared to net income of $18.9 million or 31 cents per share a year ago.

Saks Incorporated ((SKS)) increased 7.3% or 47 cents to $6.88 after the luxury department store retailer reported third quarter sales fell 8.5% to $631.4 million from $690.3 million a year ago. Net income in the quarter was $1.9 million or 1 cent per diluted share compared to net loss of $43.7 million or 32 cents per share a year ago.

SunPower Corporation ((SPWRA)) plunged 18.4% or $5.03 to $22.20 after the supplier of solar modules said that based upon an internal review of its Philippine manufacturing operations, the company believes there may have been unsubstantiated accounting entries made in the first three quarters of 2009, some of which relate to the company''s fiscal year ended December 28, 2008.

SVB Financial Group ((SIVB)) fell 3.4% or $1.47 to $41.34 after the financial services company said that it intends to offer approximately $300 million of common stock and with 15% to cover overallotment.

Target Corporation ((TGT)) rose 0.2% or 11 cents to $50.40 after the retailer reported third quarter sales rose 1.4% to $14.8 billion from $14.6 billion a year ago. Net income in the quarter rose 18% to $436 million or 58 cents per diluted share compared to net income of $369 million or 49 cents per share a year ago.

The TJX Companies, Inc ((TJX)) dropped 1.5% or 62 cents to $38.90 after the off-price retailer of apparel and home fashion reported third quarter sales rose 10% to $5.24 billion from $4.76 billion a year ago. Net income in the quarter rose 47.5% to $347.8 million or 81 cents per diluted share compared to net income of $235.8 million or 54 cents per share a year ago.

Tween Brands, Inc ((TWB)) fell 0.9% or 9 cents to $9.00 after the kids clothing retailer said third quarter revenues rose 2% to $259.3 million from $254.3 million a year ago. Net income in the quarter was $5.9 million or 23 cents per diluted share compared to net loss of $831,000 or 3 cents per share a year ago.

WuXi PharmaTech (Cayman) Inc ((WX)) added 4.3% or 64 cents to $15.50 after the pharmaceutical and biotechnology research and development outsourcing company reported third quarter revenues rose 10% to $70.0 million from $63.8 million a year ago. Net income in the quarter rose 96% to $14.3 million or 19 cents per diluted share compared to net income of $7.3 million or 10 cents per share a year ago.

Zoom Technologies, Inc ((ZOOM)) the maker of equipment for connecting to the Internet surged 28.4% or $2.27 to $10.25.