CSX, Kraft, Coach Schawb Fall

Mayank Mehta
20 Jan, 2010
New York City

CSX Corporation led the decliners in the S&P 500 index with a loss of 6.3%. The Charles Schwab Corp fourth quarter profit declines 47%. Bank of America loss widens to $5.2 billion and Bank of New York Mellon fourth quarter net jumps.

[R]1:30 PM New York – CSX Corporation led the decliners in the S&P 500 index with a loss of 6.3%. ADTRAN, Inc declares quarterly cash dividend. The Charles Schwab Corp fourth quarter profit declines 47%. Bank of America loss widens to $5.2 billion and Bank of New York Mellon fourth quarter net jumps.[/R]

Of the stocks in S&P 500 index, 69 increased, 428 declined and 3 were unchanged.

CSX Corporation led the decliners in the S&P 500 index with a loss of 6.3% followed by losses in Coach, Inc of 5.5% and in Union Pacific Corporation of 5.2%, in Big Lots, Inc of 3.8% and in Cliffs Natural Resources Inc of 3.8%.

State Street Corporation led gainers in the S&P 500 index with a rise of 5.3% followed by gains in Northern Trust Corporation 4.2%, in Zions Bancorporation of 3.6% and in Darden Restaurants, Inc 3.1%.

Other Movers

Adtran, Inc ((ADTN)) decreased 0.9% or 22 cents to $22.65 after the provider of networking and communications equipment said fourth quarter sales rose 10.4% to $124.2 million from $112.4 million a year ago. Net income in the quarter rose 11.4% to $18.6 million or 29 cents per diluted share compared to net income of $16.7 million or 27 cents per share a year ago.

Applied Industrial Technologies, Inc ((AIT)) rose 0.1% or 4 cents to $24.30 after the industrial parts distributor reported second quarter sales fell 11% to $446.3 million from $502.4 million a year ago. Net income in the quarter fell 35% to $10.5 million or 24 cents per diluted share compared to net income of $16.2 million or 38 cents per share a year ago.

BancFirst Corporation ((BANF)) declined 1.1% or 43 cents to $36.63 after the bank said fourth quarter net interest income rose 1% to $34.1 million from $33.7 million a year ago. Net income in the quarter rose 21% to $9.8 million or 63 cents per diluted share compared to net income of $8.1 million or 52 cents per share a year ago.

Bank of America Corporation ((BAC)) rose 0.6% or 10 cents to $16.42 after the bank reported fourth quarter revenues rose 60% to $25.08 billion from $15.68 billion a year ago. Net loss in the quarter was $5.2 billion or 60 cents per diluted share compared to net loss of $2.4 billion or 48 cents per share a year ago.

The Bank of New York Mellon Corporation ((BK)) added 2.1% or 64 cents to $30.17 after the bank reported fourth quarter net interest revenues fell 31% to $724 million from $1.05 billion a year ago. Net income in the quarter was $593 million or 49 cents per diluted share compared to net income of $28 million or 2 cents per share a year ago.

The Boeing Company ((BA)) dropped 2.2% or $1.39 to $59.26 and the commercial- plane builder signed a $34 million contract with Italian defense company Oto Melara to co-produce weapon system for the Italian Air Force.

Brinker International, Inc ((EAT)) increased 8.4% or $1.29 to $16.60 after the parent company of Chili''s Grill & Bar reported second quarter revenues fell 17.6% to $781.9 million from $949.4 million a year ago. Net income in the quarter was $18.3 million or 18 cents per diluted share compared to net loss of $21.8 million or 21 cents per share a year ago.

The Charles Schwab Corporation ((SCHW)) fell 2.5% or 49 cents to $18.80 after the brokerage company said fourth quarter revenues fell 23% to $986 million from $1.28 billion a year ago. Net income in the quarter fell 47% to $164 million or 14 cents per diluted share compared to net income of $308 million or 27 cents per share a year ago.

Coach, Inc ((COH)) dropped 5.5% or $2.09 to $35.36 after the luxury handbag maker reported second quarter sales rose 11.4% to $1.07 billion from $960.3 million a year ago. Net income in the quarter rose 11% to $241 million or 75 cents per diluted share compared to net income of $217 million or 67 cents per share a year ago.

Cree, Inc ((CREE)) surged 10.8% or $5.90 to $60.11 after the maker of LED light bulbs and lamps said second quarter sales rose 35% to $199.5 million from $147.6 million a year ago. Net income in the quarter rose 216% to $33.8 million or 32 cents per diluted share compared to net income of $10.7 million or 12 cents per share a year ago.

CSX Corporation ((CSX)) slipped 3.2% or $1.65 to $48.86 after the railroad operator said fourth quarter sales fell 13% to $2.32 billion from $2.67 billion a year ago. Net income in the quarter rose 23.5% to $305 million or 77 cents per diluted share compared to net income of $247 million or 63 cents per share a year ago.

Dearborn Bancorp ((DEAR)) surged 217% to %1.93 on a trading volume surge of 2.3 million after it reported fourth quarter earnings of 55 cents a share compared to a loss of $3.77 a share in the quarter a year ago. The latest quarterly profit placed the bank to the “adequately capitalized” category under the regulatory guidelines for risk based capital according to the company.

International Business Machines Corporation ((IBM)) dropped 1.7% or $2.34 to $131.80 after the information technology company said fourth quarter revenues rose 0.8% to $27.2 billion from $27.0 billion a year ago. Net income in the quarter rose 8.6% to $4.81 billion or $3.59 per diluted share compared to net income of $4.43 billion or $3.27 per share a year ago.

Inergy, L.P ((NRGY)) fell 3.0% or $1.13 to $36.40 after the bottled-gas distributor announced today that it has priced, in an underwritten public offering, 5,000,000 common units representing limited partner interests at $36.25 per unit.

Jefferies Group, Inc ((JEF)) gained 5.2% or $1.36 to $27.19 an investment bank reported fourth quarter revenues rose 150% to $622.0 million from $249 million a year ago. Net income in the quarter was $93.5 million or 46 cents per diluted share compared to net loss of $440 million or $2.39 per share a year ago.

Kraft Foods Inc ((KFT)) slipped 2.2% or 67 cents to $28.74 after the company revised its offer which was accepted by Cadbury Plc. Kraft largest shareholder in an interview with the CNBC said that if the deal was put to shareholder vote he will vote against it. He also said that selling frozen pizza business to Nestle that earned $280 million a year for $2.7 billion was not the best price company received.

Pfizer Inc ((PFE)) the drug maker fell 0.05% or 1 cent to $19.98.

Rambus Inc ((RMBS)) surged 11.7% or $2.49 to $23.62 after the designer of computer memory chips and Samsung Electronics announced today that they have reached agreement settling all claims between them and licensing Rambus’ patent portfolio covering all Samsung semiconductor products including a perpetual fully paid-up license to certain current DRAM products.

Dr. Reddy’s Laboratories Limited ((RDY)) fell 1.2% or 33 cents to $25.84 after the pharmaceutical company reported third quarter sales fell 6% to $373 million from $397 million a year ago. Net loss in the quarter was $112 million or 7 cents per diluted share compared to net income of $53 million or 3 cents per share a year ago.

Washington Federal, Inc ((WSFL)) rose 0.6% or 14 cents to $20.50 after the finance company said first quarter net interest income rose 8.7% to $97.8 million from $90.0 million a year ago. Net income in the quarter fell 61% to $7.9 million or 7 cents per diluted share compared to net income of $20.2 million or 23 cents per share a year ago.