UAL, Jabil Rise; Ctrip.com Falls

Mayank Mehta
22 Dec, 2009
New York City

Airlines traded higher on the expectations of strong holiday season. Jabil Circuit, Inc swings to fiscal first quarter profit and led the gainers in the outsourcing sector. Navistar International Corp fourth quarter sales declined 15%. China related travel companies declined.

[R]11:45 AM New York – Airlines traded higher on the expectations of strong holiday season. Jabil Circuit, Inc swings to fiscal first quarter profit and led the gainers in the outsourcing sector. Navistar International Corp fourth quarter sales declined 15%. Commercial Metals Co swings to first quarter loss. China related travel companies declined.[/R]

Of the stocks in S&P 500 index, 433 increased, 57 declined and 10 were unchanged.

Wells Fargo & Company led the decliners in the S&P 500 index with a loss of 1% followed by losses in GameStop Corp of 0.9% and in Target Corporation of 0.9%, in Family Dollar Stores, Inc of 0.8% and in FedEx Corporation of 0.7%.

Jabil Circuit, Inc led gainers in the S&P 500 index with a rise of 6.7% followed by gains in American International Group, Inc 3.2%, in Lincoln National Corporation of 2.6% and in Teradyne, Inc of 2.3%.

Airlines traded higher on strong holiday travel season.

UAL Corp ((UAUA)) increased 9.3% to $12.60, U.S. Airways Group ((LCC)) gained 8.7%, AMR Corp ((AMR)) added 5.7% to $8.08 and JetBlue Airways Corp ((JBLU)) advanced 4.9% to $5.78.

Other Movers

Amkor Technology, Inc ((AMKR)) added 8.3% or 54 cents to $7.05 after the provider of packaging and tests for semiconductors said “Due to higher than expected customer demand across our product lines, net sales for the fourth quarter are expected to be up around 6% from the third quarter of 2009, representing an improvement over our previous guidance of flat, plus or minus 2%,” said Ken Joyce, company’s President and Chief Executive Officer.

Ctrip.com International, Ltd ((CTRP)) decreased 5.7% or $4.30 to $69.01 after China linked travel companies decline in Shanghai and Hong Kong trading.

Commercial Metals Company ((CMC)) decreased 6.6% or $1.14 to $16.03 after the steel maker reported first quarter sales fell 39% to $1.45 billion from $2.37 billion a year ago. Net loss in the quarter was $31.2 million or 28 cents per diluted share compared to net income of $62.0 million or 54 cents per share a year ago.

ConAgra Foods, Inc ((CAG)) rose 2.3% or 51 cents to $22.34 after the food maker estimated fiscal 2010 full-year diluted earnings per share from continuing operations, excluding certain one-time items to $1.73.

Ennis, Inc ((EBF)) decreased 0.4% or 7 cents to $14.71 after the label, business forms and apparel maker said third quarter revenues fell 10.3% to $127.8 million from $142.5 million a year ago. Net income in the quarter fell 7% to $9.2 million or 36 cents per diluted share compared to net income of $9.9 million or 38 cents per share a year ago.

Ford Motor Company ((F)) rose 0.9% or 9 cents to $9.76.

Frontline Ltd ((FRO)) the operator of supertankers decreased 2.0% or 60 cents to $28.48.

Jabil Circuit, Inc ((JBL)) increased 6.1% or 93 cents to $15.95 after the electronics parts maker said first quarter revenues fell 8.6% to $3.09 billion from $3.38 billion a year ago. Net income in the quarter was $28.3 million or 13 cents per diluted share compared to net loss of $275.9 million or $1.34 per share a year ago.

Lindsay Corporation ((LNN)) added 2.8% or $1.09 to $39.00 after the provider of irrigation systems and infrastructure products reported first quarter revenues fell 24% to $86.0 million from $113.1 million a year ago. Net income in the quarter rose 6.3% to $6.7 million or 53 cents per diluted share compared to net income of $6.3 million or 51 cents per share a year ago.

MannKind Corporation ((MNKD)) the drug-maker slipped 1.6% or 16 cents to $9.34.

Navistar International Corporation ((NAV)) increased 3.2% or $1.17 to $36.68 after the truck and engine maker said fourth quarter sales fell 15% to $3.29 billion from $3.87 billion a year ago. Net income in the quarter was $86 million or $1.19 per diluted share compared to net loss of $343 million or $4.81 per share a year ago.

Park Electrochemical Corp ((PKE)) increased 4.2% or $1.07 to $26.00 after the circuit materials maker reported third quarter sales fell 6.3% to $46.1 million from $49.2 million a year ago. Net income in the quarter rose 148% to $7.2 million or 35 cents per diluted share compared to net income of $2.9 million or 14 cents per share a year ago.

Progress Software Corporation ((PRGS)) rose 5.0% or $1.31 to $27.20 after the business software maker reported fourth quarter revenues fell 2% to $136.8 million from $139.4 million a year ago. Net income in the quarter rose 157% to $16.7 million or 40 cents per diluted share compared to net income of $6.5 million or 16 cents per share a year ago.

TD Ameritrade Holding Corporation ((AMTD)) advanced 2.0% or 39 cents to $19.09 after the discount online broker was upgraded to “outperform” from “market perform” at Keefe, Bruyette & Woods.

Take-Two Interactive Software, Inc ((TTWO)) dropped 2.9% or 28 cents to $9.14 after the maker of video games signed a definitive asset purchase agreement to sell its Jack of All Games distribution business to SYNNEX Corporation, a business process services company whose activities include the distribution of IT systems and software.