Sherwin-Williams, MGIC Rise; Cigna Falls

Mayank Mehta
26 Jan, 2010
New York City

United States Steel Corporation led the decliners in the S&P 500 index after it reported fourth quarterly loss in a row. Mortgage insurers increased after MGIC Corp reported lower than anticipated loss. Cigna declined on a downgrade. Sherwin-Williams surged after it offer higher annual outlook.

[R]12:50 PM New York – United States Steel Corporation led the decliners in the S&P 500 index after it reported fourth quarterly loss in a row. Apple Inc traded higher ahead of new product release tomorrow. Mortgage insurers increased after MGIC Corp reported lower than anticipated loss. Cigna declined on a downgrade.[/R]

Of the stocks in S&P 500 index, 135 increased, 357 declined and 8 were unchanged.

United States Steel Corporation led the decliners in the S&P 500 index with a loss of 7.5% followed by losses in Regions Financial Corporation of 3.8% and in Cigna Corporation of 3.7%, in Johnson Controls, Inc of 3.5% and in Corning Incorporated of 3.3%.

Zions Bancorporation led gainers in the S&P 500 index with a rise of 11.8% followed by gains in The Sherwin-Williams Company 8.2%, in Lexmark International, Inc of 6.3% and in Tellabs, Inc 6.1%.

Other Movers

Albemarle Corporation ((ALB)) added 1.1% or 41 cents to $36.50 after the specialty chemicals maker said fourth quarter sales rose 8% to $558.2 million from $517.7 million a year ago. Net income in the quarter rose 375.5% to $62.3 million or 68 cents per diluted share compared to net income of $13.1 million or 14 cents per share a year ago.

Amgen Inc ((AMGN)) advanced 0.8% or 49 cents to $56.20 after the biotechnology company said fourth quarter revenues rose 1.6% to $3.81 billion from $3.75 billion a year ago. Net income in the quarter rose 0.6% to $931 million or 92 cents per diluted share compared to net income of $925 million or 87 cents per share a year ago.

AmerisourceBergen Corporation ((ABC)) gained 4.3% or $1.19 to $28.30 after the drug distributor reported first quarter sales rose 11.5% to $19.3 billion from $17.3 billion a year ago. Net income in the quarter rose 36% to $151.3 million or 52 cents per diluted share compared to net income of $111.1 million or 36 cents per share a year ago.

Ametek, Inc ((AME)) rose 0.6% or 24 cents to $37.37 after the electronic instruments maker reported fourth quarter sales fell 16% to $523.5 million from $623.7 million a year ago. Net income in the quarter rose 18.4% to $51.9 million or 48 cents per diluted share compared to net income of $43.8 million or 41 cents per share a year ago.

A. O. Smith Corporation ((AOS)) added 2.3% or $1.00 to $43.85 after the manufacturer of water heating equipment and electric motors reported fourth quarter sales rose 0.2% to $509.6 million from $508.6 million a year ago. Net income in the quarter was $22.7 million or 74 cents per diluted share.

Allegiant Travel Company ((ALGT)) dropped 0.2% or 13 cents to $50.86 after the travel company reported fourth quarter revenues rose 10% to $134.7 million from $122.4 million a year ago. Net income in the quarter fell 42.3% to $10.5 million or 52 cents per diluted share compared to net income of $18.2 million or 88 cents per share a year ago.

Apple Inc ((AAPL)) climbed 1.9% or $3.94 to $207.01 after the manufacturer of computers and mobile communication devices said first quarter sales rose 32% to $15.68 billion from $11.88 billion a year ago. Net income in the quarter rose 49.5% to $3.38 billion or $3.67 per diluted share compared to net income of $2.26 billion or $2.50 per share a year ago.

Atheros Communications, Inc ((ATHR)) decreased 2.3% or 80 cents to $33.50 after the maker of semiconductors for wireless networks said fourth quarter revenues rose 89% to $185.7 million from $98.3 million a year ago. Net income in the quarter was $15.6 million or 24 cents per diluted share compared to net loss of $4.8 million or 8 cents per share a year ago.

Ashland Inc ((ASH)) increased 3.5% or $1.42 to $41.05 after the specialty chemical maker reported first quarter sales rose 2.5% to $2.02 billion from $1.97 billion a year ago. Net income in the quarter was $86 million or $1.10 per diluted share compared to net loss of $119 million or $1.73 per share a year ago.

Baker Hughes Incorporated ((BHI)) added 3.8% or $1.71 to $46.30 after the oil services company reported fourth quarter sales fell 24% to $2.43 billion from $3.19 billion a year ago. Net income in the quarter fell 80.5% to $84 million or 27 cents per diluted share compared to net income of $432 million or $1.41 per share a year ago.

Barnes & Noble Inc surged 15.3% to $20.03 ahead of Apple announcement of the release of a touch-device tomorrow. Two companies are working closely to incorporate the bookstore in the new device according to a TechCruch report.

Crane Co ((CR)) slipped 0.5% or 18 cents to $31.76 after the industrial product maker said fourth quarter sales fell 7.5% to $545.0 million from $589.3 million a year ago. Net income in the quarter was $47.7 million or 81 cents per diluted share compared to net loss of $8.3 million or 14 cents per share a year ago.

Carpenter Technology Corporation ((CRS)) fell 0.5% or 17 cents to $28.91 after the manufacturer of specialty metals reported second quarter sales fell 27% to $263.8 million from $361.8 million a year ago. Net income in the quarter fell 88% to $3.5 million or 8 cents per diluted share compared to net income of $29.8 million or 68 cents per share a year ago.

Cigna Corp dropped 4.3% to $34.80 after an analyst at Oppenheimer & Co. lowered its rating on the stock and cited lower than expected revenues on its Medicare plans.

Corning Incorporated ((GLW)) dropped 1.6% or 31 cents to $18.21 after the maker of liquid-crystal-display glass reported fourth quarter sales rose 41.6% to $1.53 billion from $1.08 billion a year ago. Net income in the quarter rose 197% to $740 million or 47 cents per diluted share compared to net income of $249 million or 16 cents per share a year ago.

Delta Air Lines, Inc ((DAL)) dropped 3.3% or 44 cents to $12.89 an airline service provider reported fourth quarter revenues rose l 1.5% to $6.8 billion from $6.7 billion a year ago. Net loss in the quarter was $25 million or 3 cents per diluted share compared to net loss of $1.4 billion or $2.11 per share a year ago.

E. I. du Pont de Nemours and Company ((DD)) added 2.1% or 71 cents to $33.53 after the chemical company reported fourth quarter sales rose 10.3% to $6.42 billion from $5.82 billion a year ago. Net income in the quarter was $441 million or 48 cents per diluted share compared to net loss of $629 million or 70 cents per share a year ago.

EMC Corporation ((EMC)) added 1.4% or 25 cents to $17.19 after the maker of data-storage machines reported fourth quarter sales rose 2% to $4.1 billion from $4.02 billion a year ago. Net income in the quarter rose 58% to $426.5 million or 20 cents per diluted share compared to net income of $269.9 million or 13 cents per share a year ago.

F.N.B. Corporation ((FNB)) rose 0.3% or 3 cents to $7.24 after the bank said fourth quarter net interest income rose 1.8% to $69.6 million from $68.4 million a year ago. Net income in the quarter was $4.6 million or 4 cents per diluted share compared to net loss of $18.9 million or 21 cents per share a year ago.

Graco Inc ((GGG)) gained 1.5% or 47 cents to $30.46 after the maker of fluid handling systems said fourth quarter sales fell 12.2% to $146.3 million from $166.7 million a year ago. Net income in the quarter rose 71% to $17.3 million or 28 cents per diluted share compared to net income of $10.1 million or 17 cents per share a year ago.

Live Nation, Inc ((LYV)) surged 16% or $1.69 to $12.20 after Liberty Media Corp plans to acquire 34.5 million shares of the company at $12 a share. The largest concert promoter recently agreed to merge with Ticketmaster.

MGIC Investment Corp ((MTG)) surged 14.2% to $6.92 and the mortgage insurance company reported a net loss of $280.1 million compared to $275.6 million a year ago. Loss per share in the fourth quarter was $2.25 compared to $2.23.

Other mortgage insurers increased on the lower than expected loss from MGIC. The PMI Group increased 9%, Radian Group increased 10%, and Triad Guarantee Inc soared 20%.

Olin Corporation ((OLN)) increased 2.3% or 40 cents to $17.15 after the chemical and ammunition maker said fourth quarter sales fell 19.2% to $350.9 million from $434.2 million a year ago. Net income in the quarter fell 54% to $21.8 million or 28 cents per diluted share compared to net income of $47.2 million or 61 cents per share a year ago.

Packaging Corporation of America ((PKG)) slipped 3.9% or 84 cents to $20.70 after the cardboard box maker said fourth quarter sales fell 2.5% to $532.2 million from $546.1 million a year ago. Net income in the quarter rose 94.4% to $58.7 million or 57 cents per diluted share compared to net income of $30.2 million or 30 cents per share a year ago.

Sherwin-Williams Co. ((SHW)) surged 7.9% to $63.56 after the largest paint retailer reported fourth quarter net sales declined 5.9% to $1.6 billion and earnings per share increased 38% to 58 cents. The company guided earnings per share between $4.05 and $4.45 in 2010.

Texas Instruments Incorporated ((TXN)) fell 1.6% or 40 cents to $23.29 after the chipmaker said fourth quarter sales rose 20% to $3.0 billion from $2.5 billion a year ago. Net income in the quarter rose 512% to $655 million or 52 cents per diluted share compared to net income of $107 million or 8 cents per share a year ago.

The Travelers Companies, Inc ((TRV)) rose 3.8% or $1.90 to $50.79 after the insurer reported fourth quarter net income of $1.285 billion or $2.36 per diluted share compared to $801 million or $1.35 per diluted share a year ago.

U.S. Steel Corp ((X)) dropped 9.6% or $5.38 to $50.85 after it reported fourth quarter net loss of $267 million or $1.86 a share. For the year net loss was $1.4 billion or $10.42 a share.

VMware, Inc ((VMW)) surged 18.4% or $7.74 to $49.74 after the virtualization software maker said fourth quarter sales rose 18% to $608.2 million from $514.6 million a year ago. Net income in the quarter fell 49.4% to $56.4 million or 14 cents per diluted share compared to net income of $111.5 million or 29 cents per share a year ago.

Verizon Communications Inc ((VZ)) slipped 2.0% or 62 cents to $30.06 after the mobile-phone carrier today reported continued strong cash flow in the fourth quarter 2009, fueled by quarterly growth in strategic areas. Verizon Wireless added a net of 2.2 million total customers, including 1.2 million retail customers, and reported increased data revenue.

Zions Bancorporation ((ZION)) gained 4.4% or 80 cents to $18.72 after the regional bank said fourth quarter net interest income fell 10% to $456.9 million from $508.4 million a year ago. Net loss in the quarter was $176.5 million or $1.26 per diluted share compared to net loss of $498.1 million or $4.37 per share a year ago.