QLogic, Emulex, Infosys Rise; Alcoa Falls

Mayank Mehta
12 Jan, 2010
New York City

Alcoa Inc led the decliners in the S&P 500 index with a loss of 8.4%. Alcoa posts narrower loss. Great Atlantic & Pacific loses $14.35 a share. KBH swings to quarterly profit on tax benefit. Infosys reports growth in third quarter profit. Emulex surged more than 13% and QLogic Corp added 9.4%.

[R]11:10 AM New York – Alcoa Inc led the decliners in the S&P 500 index with a loss of 8.4%. Alcoa posts narrower loss. Great Atlantic & Pacific loses $14.35 a share. KBH swings to quarterly profit on tax benefit. Infosys reports growth in third quarter profit.[/R]

Of the stocks in S&P 500 index, 72 increased, 424 declined and 4 were unchanged.

Alcoa Inc led the decliners in the S&P 500 index with a loss of 8.4% followed by losses in Electronic Arts Inc of 8.0% and in Titanium Metals Corporation of 5.1%, in Salesforce.com, inc of 5.0% and in Advanced Micro Devices, Inc of 4.4%.

QLogic Corporation led gainers in the S&P 500 index with a rise of 10.5% followed by gains in The Hartford Financial Services Group, Inc 8.7%, in Supervalu Inc of 7.0% and in Comerica Incorporated 2.8%.

Other Movers

Alcoa Inc ((AA)) decreased 5.9% or $1.04 to $16.41 after the aluminum producer said fourth quarter sales fell 4.6% to $5.43 billion from $5.69 billion a year ago. Net loss in the quarter was $277 million or 28 cents per diluted share compared to net loss of $1.19 billion or $1.49 per share a year ago.

Audiovox Corporation ((VOXX)) fell 1.07% or 8 cents to $7.38 after the provider of consumer electronics accessories said third quarter sales fell 20.4% to $155.7 million from $195.6 million a year ago. Net income in the quarter rose 94% to $12.6 million or 55 cents per diluted share compared to net income of $6.5 million or 29 cents per share a year ago.

Electronic Arts Inc ((ERTS)) fell 7.1% or $1.31 to $16.96 after the video-game publisher announced that it expects GAAP and non-GAAP net revenue and earnings per share for the fiscal year ending March 31 to be below the financial guidance previously provided on November 9.

Revised fiscal year 2010 expectations are primarily the result of weakness for EA and the overall packaged goods sector in Europe in December, and a product mix shift to lower margin distribution products in the December quarter, primarily in North America.

Emulex Corporation ((ELX)) the chipmaker surged 13.3% or $1.48 to $12.62.

The Great Atlantic & Pacific Tea Company, Inc. ((GAP)) plunged 14.6% or $1.89 to $10.99 after the grocery retailer reported third quarter sales fell 7.5% to $1.96 billion from $2.12 billion a year ago. Net loss in the quarter was $559.6 million or $14.35 per diluted share compared to net loss of $14.4 million or $1.90 per share a year ago.

Infosys Technologies Limited ((INFY)) added 4.2% or $2.36 to $57.19 after the technology firm reported third quarter revenues rose 5% to $1.23 billion from $1.17 billion a year ago. Net income in the quarter rose 0.6% to $334 million or 59 cents per diluted share compared to net income of $332 million or 58 cents per share a year ago.

Johnson Controls, Inc ((JCI)) the maker of automotive seats rose 1.8% or 53 cents to $29.51.

KB Home ((KBH)) dropped 2.9% or 48 cents to $15.90 after the home builder reported fourth quarter revenues fell 26.6% to $674.6 million from $919.0 million a year ago. Net income in the quarter was $100.7 million or $1.31 per diluted share compared to net loss of $307.3 million or $3.96 per share a year ago.

KKR Financial Holdings LLC ((KFN)) the debt-investment affiliate of buyout firm dropped 6.4% or 43 cents to $6.25.

Legacy Reserves LP ((LGCY)) fell 4.1% or 88 cents to $20.62 after the oil and natural-gas property developer today announced that it has priced an underwritten public offering of 4,250,000 units at $20.42 per unit. The underwriters have been granted a 30-day option to purchase up to 637,500 additional units.

MGM Mirage ((MGM)) surged 9.8% or $1.07 to $11.97 after the casino owner was upgraded to “buy” from “neutral” by Goldman Sachs Group Inc.

Multi-Fineline Electronix, Inc ((MFLX)) plunged 13.9% or $3.89 to $24.01 after the maker of flexible circuit boards for mobile devices expects to report net sales in the first quarter of approximately $229 million, the highest quarterly amount in the Company''s history and an increase of approximately 6% from net sales of $216.6 million in the same period last year.

Supervalu Inc ((SVU)) advanced 7.5% or 97 cents to $13.90 after the grocery chain reported third quarter sales fell 9.6% to $9.22 billion from $10.2 billion a year ago. Net income in the quarter was $109 million or 51 cents per diluted share compared to net loss of $2.94 billion or $13.95 per share a year ago.

WD-40 Company ((WDFC)) dropped 1.5% or 50 cents to $32.00 after the consumer products company said first quarter sales fell 7% to $77.7 million from $83.4 million a year ago. Net income in the quarter rose 22% to $9.4 million or 56 cents per diluted share compared to net income of $7.7 million or 46 cents per share a year ago.