Medtronic, Rambus Rise; ING, Brocade Fall

Mayank Mehta
24 Nov, 2009
New York City

Barnes & Noble, Inc meets analyst expectations. Brocade Communications Systems, Inc fourth quarter profit slips and sales increased 31%. ING declines 9%. Medtronic gains after it lifts earnings outlook.

[R]11:30 AM New York – The Interpublic Group of Companies, Inc led the decliners in the S&P 500 index with a loss of 3.5%. Barnes & Noble, Inc meets analyst expectations. Brocade Communications Systems, Inc fourth quarter profit slips and sales increased 31%. ING declines 9%. Medtronic gains after it lifts earnings outlook.[/R]

Of the stocks in S&P 500 index, 185 increased, 301 declined and 14 were unchanged.

The Interpublic Group of Companies, Inc led the decliners in the S&P 500 index with a loss of 3.5% followed by losses in Zions Bancorporation of 3.4%, in Fifth Third Bancorp of 2.6%, in Rowan Companies, Inc of 2.5% and in Dell Inc of 2.4%.

Medtronic, Inc led gainers in the S&P 500 index with a rise of 7.1% followed by gains in Analog Devices, Inc 7.0%, in St. Jude Medical, Inc of 3.4% and in Tellabs, Inc of 3.3%.

Other Movers

American Eagle Outfitters, Inc ((AEO)) added 5.6% or 80 cents to $15.35 after the clothing retailer reported third quarter sales fell 0.7% to $749.0 million from $754.0 million a year ago. Net income in the quarter rose 39% to $59.2 million or 28 cents per diluted share compared to net income of $42.6 million or 21 cents per share a year ago.

American Italian Pasta Company ((AIPC)) rose 3.2% or 95 cents to $30.50 after the maker of dry pasta said fourth quarter net of $15.8 million or 73 cents per diluted share compared with net income of $7.3 million or 36 cents.

Amylin Pharmaceuticals, Inc ((AMLN)) rose 6.6% or 83 cents to $13.26 after the drugmaker was upgraded to “overweight” from “equal-weight” at Barclays Capital.

Analog Devices, Inc ((ADI)) added 1.6% or 46 cents to $27.94 after the semiconductor company said fourth quarter revenues fell 13.5% to $571.6 million from $660.7 million a year ago. Net income in the quarter fell 26.6% to $105.6 million or 36 cents per diluted share compared to net income of $143.9 million or 49 cents per share a year ago.

Atwood Oceanics, Inc ((ATW)) advanced 2.6% or 97 cents to $37.96 after the drilling contractor said fourth quarter revenues fell 18.5% to $131.0 million from $160.7 million a year ago. Net income in the quarter fell 35.4% to $48.3 million or 75 cents per diluted share compared to net income of $74.8 million or $1.16 per share a year ago.

Barnes & Noble, Inc ((BKS)) declined 6.8% or $1.62 to $21.90 after the bookseller reported second quarter sales rose 4.5% to $1.16 billion from $1.11 billion a year ago. Net loss in the quarter was $24 million or 43 cents per diluted share compared to net loss of $16 million or 34 cents per share a year ago.

Brocade Communications Systems, Inc ((BRCD)) declined 3.8% or 30 cents to $7.50 after the networking gear maker said fourth quarter revenues rose 31% to $521.8 million from $398.5 million a year ago. Net income in the quarter fell 5.6% to $33.6 million or 7 cents per diluted share compared to net income of $35.6 million or 9 cents per share a year ago.

Cracker Barrel Old Country Store, Inc ((CBRL)) increased 7.7% or $2.73 to $38.10 after the restaurant operator reported first quarter revenues rose 1% to $581.2 million from $573.9 million a year ago. Net income in the quarter rose 40.6% to $18.0 million or 78 cents per diluted share compared to net income of $12.8 million or 57 cents per share a year ago.

Citi Trends, Inc ((CTRN)) dropped 1.7% or 49 cents to $27.50 after the clothing retailer said third quarter sales rose 21.4% to $127.4 million from $104.9 million a year ago. Net income in the quarter was $606,000 or 4 cents per diluted share compared to net loss of $687,000 or 5 cents per share a year ago.

Dollar Tree, Inc ((DLTR)) rose 5.4% or $2.68 to $51.78 after the discount retailer reported third quarter sales rose 12.6% to $1.25 billion from $1.11 billion a year ago. Net income in the quarter rose 58% to $68.2 million or 76 cents per diluted share compared to net income of $43.1 million or 47 cents per share a year ago.

DSW Inc ((DSW)) climbed 4.6% or 93 cents to $21.46 after the footwear retailer reported third quarter sales rose 13.6% to $444.6 million from $391.4 million a year ago. Net income in the quarter rose 101.5% to $26.6 million or 60 cents per diluted share compared to net income of $13.2 million or 30 cents per share a year ago.

Dycom Industries, Inc ((DY)) slipped 7.0% or 61 cents to $8.00 an engineering and construction services firm said first quarter revenues fell 22.4% to $259.1 million from $334 million a year ago. Net income in the quarter fell 66.7% to $3.5 million or 9 cents per diluted share compared to net income of $10.5 million or 27 cents per share a year ago.

Fred’s, Inc ((FRED)) fell 1.1% or 15 cents to $10.44 after the discount retailer reported third quarter sales rose 1.1% to $422.4 million from $418.0 million a year ago. Net income in the quarter fell 18% to $5.0 million or 13 cents per diluted share compared to net income of $6.1 million or 15 cents per share a year ago.

Genesco Inc ((GCO)) decreased 6.6% or $1.89 to $26.65 after the shoe and hat retailer reported third quarter sales rose 0.1% to $390.3 million from $389.8 million a year ago. Net income in the quarter rose 26.7% to $11.4 million or 50 cents per diluted share compared to net income of $9.0 million or 43 cents per share a year ago.

Hewlett-Packard Company ((HPQ)) fell 0.6% or 32 cents to $50.70 after the hardware and technology services company said fourth quarter revenues fell 8.3% to $30.8 billion from $33.6 billion a year ago. Net income in the quarter rose 14.2% to $2.41 billion or 99 cents per diluted share compared to net income of $2.11 billion or 84 cents per share a year ago.

Hillenbrand, Inc ((HI)) dropped 5.6% or $1.13 to $18.82 after the funeral services company reported fourth quarter revenues fell 3.6% to $153.1 million from $158.8 million a year ago. Net income in the quarter rose 17.7% to $22.6 million or 37 cents per diluted share compared to net income of $19.2 million or 31 cents per share a year ago.

ING Groep N.V. ((ING)) declined 8.9% to $12.99 and Wells Fargo analyst speculated that Prudential Financial Inc may bid for its Asian insurance operation and retirement business in the U.S.

Medtronic, Inc ((MDT)) increased 5.9% or $2.38 to $42.69 after the standalone medical device maker reported second quarter sales rose 7.6% to $3.84 billion from $3.57 billion a year ago. Net income in the quarter rose 59% to $868 million or 78 cents per diluted share compared to net income of $547 million or 48 cents per share a year ago.

Nuance Communications, Inc ((NUAN)) increased 1.8% or 25 cents to $14.00 after the speech recognition technology supplier said fourth quarter revenues rose 4% to $263.3 million from $253.4 million a year ago. Net income in the quarter fell 71.4% to $6.3 million or 2 cents per diluted share compared to net income of $22.0 million or 9 cents per share a year ago.

Quaker Chemical Corporation ((KWR)) the maker of specialty chemicals slipped 4.2% or 95 cents to $21.21.

Rambus Inc ((RMBS)) gained 4.4% or 75 cents to $17.47 after the seller of memory-chip designs said that Judge Richard A. Kramer of the San Francisco Superior Court has issued recommendations that the company antitrust case against certain memory manufacturers and the Tessera Technologies and antitrust case against Hynix be coordinated and assigned to the San Francisco Superior Court.

Warner Music Group Corp ((WMG)) plunged 9.7% or 68 cents to $6.36 after music content company reported fourth quarter revenues rose 1% to $861 million from $854 million a year ago. Net loss in the quarter was $18 million or 12 cents per diluted share compared to net income of $6 million or 4 cents per share a year ago.