GameStop Plunges; Lennar, Sears, InfoSpace Surge

Mayank Mehta
07 Jan, 2010
New York City

GameStop Corp led the decliners in the S&P 500 index with a loss of 16.9% after it reported same store sales declined. Bed Bath & Beyond profit surged 72.5%. Ruby Tuesday swings to profit in second quarter. Same-store sales at JC Penney fell 3.8% but gained 1% at Macy

[R]11:30 AM New York – GameStop Corp led the decliners in the S&P 500 index with a loss of 16.9% after it reported same store sales declined. Bed Bath & Beyond profit surged 72.5%. Ruby Tuesday swings to profit in second quarter. Same-store sales at JC Penney fell 3.8% but gained 1% at Macy’s.[/R]

Of the stocks in S&P 500 index, 198 increased, 291 declined and 11 were unchanged.

GameStop Corp led the decliners in the S&P 500 index with a loss of 16.9% followed by losses in J. C. Penney Company, Inc of 5.7% and in Abercrombie & Fitch Co of 5.3%, in Constellation Brands, Inc of 3.2% and in Yahoo! Inc of 2.9%.

Sears Holdings Corporation led gainers in the S&P 500 index with a rise of 12.9% followed by gains in Lennar Corporation 10.8%, in Bed Bath & Beyond Inc of 9.9% and in D.R. Horton, Inc of 5.4%.

Other Movers

Alcoa Inc ((AA)) fell 3.0% or 53 cents to $16.43 after the aluminum producer was downgraded to “hold” from “buy” at Citigroup Inc.

Bank of America Corporation ((BAC)) added 1.7% or 28 cents to $16.67 after the lender was upgraded to “outperform” from “neutral” at Credit Suisse Group AG.

Barnes & Noble, Inc ((BKS)) dropped 1.2% or 24 cents to $18.95 after the bookstore chain today reported store sales were $1.1 billion, a 5% decrease over the same period a year ago, with comparable store sales decreasing 5.4%. Barnes & Noble.com sales increased 17% for the holiday selling season and totaled $134 million.

Bed Bath & Beyond Inc ((BBBY)) added 7.8% or $3.08 to $42.31 after the housewares retailer said third quarter sales rose 11% to $1.98 billion from $1.78 billion a year ago. Net income in the quarter rose 72.5% to $151.3 million or 58 cents per diluted share compared to net income of $87.7 million or 34 cents per share a year ago.

Christopher & Banks Corporation ((CBK)) decreased 8.8% or 68 cents to $6.98 after the women''s apparel retailer said third quarter sales fell 7.7% to $132 million from $143 million a year ago. Net income in the quarter rose 75% to $7.0 million or 19 cents per diluted share compared to net income of $4.0 million or 11 cents per share a year ago. Comparable same-store sales fell 8.4%.

The Chubb Corporation ((CB)) rose 1.7% or 83 cents to $48.95 after the insurer was upgraded to “neutral” from “underperform” by Credit Suisse Group AG.

Constellation Brands, Inc ((STZ)) fell 0.2% or 4 cents to $16.09 after the wine and spirits maker reported third quarter sales fell 6% to $1.23 billion from $1.31 billion a year ago. Net income in the quarter fell 47% to $44.1 million or 20 cents per diluted share compared to net income of $83.5 million or 38 cents per share a year ago.

GameStop Corp ((GME)) plunged 15.1% or $3.63 to $20.41 after the video-game retailer today reported total sales for the period were $2.86 billion, flat from prior year sales. Comparable store sales for the period decreased 8.6%.

Hot Topic, Inc ((HOTT)) declined 7.2% or 43 cents to $5.53 after the teen clothing and music retailer announced that as a result of the lower than expected quarter-to-date sales performance, it now estimates earnings per diluted share for the fourth quarter of 2009 ending January 30 in the range of 18 cents to 20 cents.

Immucor, Inc ((BLUD)) rose 2.1% or 45 cents to $21.09 after the blood-testing products maker said second quarter sales rose 13% to $82.6 million from $73.0 million a year ago. Net income in the quarter rose 14% to $19.7 million or 28 cents per diluted share compared to net income of $17.3 million or 24 cents per share a year ago.

Lennar Corporation ((LEN)) rose 5.4% or 75 cents to $14.45 after the homebuilder reported fourth quarter revenues fell 28.6% to $913.7 million from $1.28 billion a year ago. Net income in the quarter was $35.6 million or 19 cents per diluted share compared to net loss of $811 million or $5.12 per share a year ago.

Macy''s, Inc ((M)) rose 1.6% or 29 cents to $17.38 after the department-store chain today reported total sales of $4.426 billion for the five weeks ended January 2, 2010, an increase of 0.7% compared with total sales of $4.397 billion in the five weeks ended Jan. 3, 2009. On a same-store basis, Macy''s, Inc. sales were up 1% in December.

MSC Industrial Direct Co., Inc ((MSM)) slipped 0.1% or 9 cents to $49.30 after the direct marketer and distributor of metalworking and maintenance reported first quarter sales fell 11% to $384.8 million from $433.0 million a year ago. Net income in the quarter fell 30.4% to $31.4 million or 50 cents per diluted share compared to net income of $45.1 million or 72 cents per share a year ago.

MSCI Inc ((MXB)) slipped 2.7% or 87 cents to $31.23 after the provider of investment decision support tools reported fourth quarter revenues rose 10.6% to $118.8 million from $107.4 million a year ago. Net income in the quarter rose 91.4% to $24.5 million or 24 cents per diluted share compared to net income of $12.8 million or 13 cents per share a year ago.

Reynolds American Inc ((RAI)) fell 1.8% or 98 cents to $53.01 after the tobacco company was downgraded to “sell” from “neutral” by Goldman Sachs Group Inc.

Resources Connection, Inc ((RECN)) added 0.8% or 19 cents to $21.65 an international professional services firm said second quarter revenues fell 36% to $121.5 million from $190.2 million a year ago. Net loss in the quarter was $1.9 million or 4 cents per diluted share compared to net income of $9.5 million or 21 cents per share a year ago.

Ruby Tuesday, Inc ((RT)) increased 8.2% or 63 cents to $8.30 after the restaurant operator said second quarter revenues fell 5.6% to $273.5 million from $289.8 million a year ago. Net income in the quarter was $431,000 or 1 cent per diluted share compared to net loss of $37.4 million or 73 cents per share a year ago.

Sears Holdings Corporation ((SHLD)) surged 12.9% or $11.49 to $100.47 after the department-store company today announced we currently expect net income attributable to Holdings'' shareholders for the quarter ending January 30, 2010 will be between $385 million and $465 million, or between $3.36 and $4.06 per diluted share.

Sonus Networks, Inc ((SONS)) increased 5.6% or 13 cents to $2.45 after the maker of software used for Internet-based phone calls was upgraded to “buy” from “hold” at Cantor Fitzgerald.

Standard Microsystems Corporation ((SMSC)) dropped 1.6% or 38 cents to $22.69 after the chipmaker said third quarter sales rose 3.4% to $87.2 million from $84.3 million a year ago. Net income in the quarter fell 25% to $6.8 million or 30 cents per diluted share compared to net income of $9.1 million or 41 cents per share a year ago.

Texas Industries, Inc ((TXI)) fell 0.5% or 19 cents to $36.95 after the supplier of heavy construction materials reported second quarter sales fell 35.6% to $142.9 million from $221.8 million a year ago. Net loss in the quarter was $3.7 million or 13 cents per diluted share compared to net income of $3.1 million or 11 cents per share a year ago.

Vivus, Inc ((VVUS)) advanced 5.2% or 48 cents to $9.74 after the drugmaker today announced positive results from a phase 2 study evaluating the safety and efficacy of Qnexa, an investigational drug, for the treatment of obstructive sleep apnea.

Zumiez Inc ((ZUMZ)) the specialty sports-apparel retailer surged 19.3% or $2.48 to $15.12.