Netflix Soars; Qualcomm, Motorola Fall

Mayank Mehta
28 Jan, 2010
New York City

T. Rowe Price Group reported a surge in earnings and revenues as markets rebound. Qualcomm Incorporated led the decliners in the S&P 500 index with a loss of 13.8%. 3M Co fourth quarter net rises. AT&T Inc profit leaps 26% on gains in the wireless division. Textron Inc posts narrower losss.

[R]11:40 AM New York – T. Rowe Price Group reported a surge in earnings and revenues as markets rebound. Qualcomm Incorporated led the decliners in the S&P 500 index with a loss of 13.8%. 3M Co fourth quarter net rises. AT&T Inc profit leaps 26% on gains in the wireless division. Textron Inc posts narrower fourth quarter net loss.[/R]

Of the stocks in S&P 500 index, 218 increased, 270 declined and 12 were unchanged.

Qualcomm Incorporated led the decliners in the S&P 500 index with a loss of 13.8% followed by losses in Motorola, Inc of 13.5% and in LSI Corporation of 9.3%, in Symantec Corporation of 5.0% and in Norfolk Southern Corporation of 3.4%.

Eastman Kodak Company led gainers in the S&P 500 index with a rise of 16.8% followed by gains in EQT Corporation %, in Cardinal Health, Inc of 5.1% and in SunTrust Banks, Inc 4.8%.

Other Movers

1-800-FLOWERS.COM, Inc ((FLWS)) rose 0.4% or 1 cent to $2.20 after the provider of flowers and plants reported second quarter revenues fell 5.2% to $238.5 million from $251.6 million a year ago. Net income in the quarter was $15.3 million or 24 cents per diluted share compared to net loss of $5.1 million or 8 cents per share a year ago.

3M Company ((MMM)) added 2% or $1.69 to $83.99 after the technology company reported fourth quarter sales rose 11% to $6.12 billion from $5.51 billion a year ago. Net income in the quarter rose 74.4% to $935 million or $1.30 per diluted share compared to net income of $536 million or 77 cents per share a year ago.

Align Technology, Inc ((ALGN)) surged 13.7% or $2.30 to $18.99 after the dental products company said fourth quarter revenues rose 17% to $86.6 million from $74.1 million a year ago. Net income in the quarter fell 82.4% to $11.5 million or 15 cents per diluted share compared to net income of $65.5 million or 98 cents per share a year ago.

Alaska Air Group, Inc ((ALK)) decreased 1.7% or 64 cents to $35.86 after the airline company reported fourth quarter sales rose 2.3% to $846.1 million from $827.1 million a year ago. Net income in the quarter was $24.1 million or 67 cents per diluted share compared to net loss of $75.2 million or $2.08 per share a year ago.

AT&T Inc ((T)) rose 0.7% or 20 cents to $25.89 after the communications company reported fourth quarter sales fell 0.6% to $30.9 billion from $31.1 billion a year ago. Net income in the quarter rose 26% to $3.02 billion or 51 cents per diluted share compared to net income of $2.40 billion or 41 cents per share a year ago.

Avnet, Inc ((AVT)) fell 0.6% or 20 cents to $27.66 after the technology distributor reported second quarter sales rose 13% to $4.83 billion from $4.27 billion a year ago. Net income in the quarter was $103.9 million or 68 cents per diluted share compared to net loss of $1.21 billion or $7.99 per share a year ago.

Ball Corporation ((BLL)) advanced 1.9% or 96 cents to $51.56 after the maker of metal and plastic packaging reported fourth quarter sales rose 7.5% to $1.86 billion from $1.73 billion a year ago. Net income in the quarter rose 141% to $81.4 million or 85 cents per diluted share compared to net income of $33.8 million or 36 cents per share a year ago.

Bally Technologies, Inc ((BYI)) fell 0.2% or 11 cents to $42.49 after the slot machine maker said second quarter revenues fell 8.5% to $213.5 million from $233.3 million a year ago. Net income in the quarter fell 1% to $33.3 million or 58 cents per diluted share compared to net income of $33.6 million or 59 cents per share a year ago.

BMC Software, Inc ((BMC)) climbed 2.0% or 76 cents to $38.00 after the software vendor said third quarter revenues rose 4% to $508.1 million from $488.4 million a year ago. Net income in the quarter rose 32% to $110.7 million or 59 cents per diluted share compared to net income of $83.8 million or 44 cents per share a year ago.

Bristol-Myers Squibb Company ((BMY)) rose 1.1% or 11 cents to $24.38 after the manufacturer of pharmaceutical and nutritional products reported fourth quarter sales rose 11% to $5.03 billion from $4.54 billion a year ago. Net income in the quarter rose 548% to $8.03 billion or $4.06 per diluted share compared to net income of $1.24 billion or 63 cents per share a year ago.

Eastman Kodak Company ((EK)) surged 18.7% or 89 cents to $5.58 after the inventor of the digital camera fourth quarter revenues increased 6% and profit surge.

E*Trade Financial Corporation ((ETFC)) rose 1.2% or 2 cents to $1.67 after the finance company said fourth quarter revenues rose 7.6% to $523.4 million from $486.4 million a year ago. Net loss in the quarter was $67.1 million or 4 cents per diluted share compared to net loss of $275.6 million or 50 cents per share a year ago.

The company reported its smallest quarterly loss in the last four quarters.

Flextronics International Limited ((FLEX)) fell 1.6% or 12 cents to $6.98 after the contract electronics manufacturer said third quarter sales fell 19.5% to $6.56 billion from $8.15 billion a year ago. Net income in the quarter was $92.9 million or 11 cents per diluted share compared to net loss of $6.02 billion or $7.43 per share a year ago.

The company forecasted fourth quarter adjusted earnings between 13 cents and 16 cents.

Harris Corporation ((HRS)) increased 2.5% or $1.20 to $48.00 after the maker of radios and communication devices said second quarter revenues fell 8.3% to $1.22 billion from $1.33 billion a year ago. Net income in the quarter was $139.5 million or $1.06 per diluted share compared to net loss of $38.6 million or 29 cents per share a year ago.

Hexcel Corporation ((HXL)) fell 1.4% or 18 cents to $12.25 after the high-performance materials company said fourth quarter sales fell 8% to $266.6 million from $289.5 million a year ago. Net income in the quarter fell 80% to $5.7 million or 6 cents per diluted share compared to net income of $28.3 million or 29 cents per share a year ago.

Invesco Ltd. ((IVZ)) declined 6% to $20.27 after it reported fourth quarter net income of 25 cents a share.

Intersil Corporation ((ISIL)) rose 1.1% or 17 cents to $14.40 after the chipmaker said fourth quarter revenues fell rose 35.5% to $177.7 million from $131.1 million a year ago. Net income in the quarter was $22.4 million or 18 cents per diluted share compared to net loss of $1.2 billion or $9.74 per share a year ago.

LSI Corporation ((LSI)) slipped 7.1% or 43 cents to $6.00 after the chip maker said fourth quarter revenues rose 4.5% to $637.8 million from $610.0 million a year ago. Net income in the quarter was $64.8 million or 10 cents per diluted share compared to net loss of $606.3 million or 94 cents per share a year ago.

Murphy Oil Corporation ((MUR)) fell 1.6% or 85 cents to $51.02 after the oil and gas exploration and production company said fourth quarter revenues rose 33% to $5.87 billion from $4.41 billion a year ago. Net income in the quarter rose 150.3% to $318.9 million or $1.65 per diluted share compared to net income of $127.4 million or 67 cents per share a year ago.

Netflix, Inc ((NFLX)) surged 19.6% or $9.79 to $60.76 after the provider of online movie rental subscription service said fourth quarter revenues rose 23.6% to $444.5 million from $359.6 million a year ago. Net income in the quarter rose 36% to $30.9 million or 56 cents per diluted share compared to net income of $22.7 million or 38 cents per share a year ago.

The Procter & Gamble Company ((PG)) advanced 3.2% or $1.99 to $62.79 after the consumer-products company delivered net sales growth of 6% for the October - December quarter to $21.0 billion. Organic sales grew 5% which was at the top of the Company''s guidance range.

Qualcomm Incorporated ((QCOM)) plunged 9.4% or $4.44 to $42.76 after the maker of cellphone chips said first quarter revenues rose 6% to $2.67 billion from $2.52 billion a year ago. Net income in the quarter rose 146.6% to $841 million or 50 cents per diluted share compared to net income of $341 million or 20 cents per share a year ago.

The chipmaker lowered its 2010 sales outlook and said second quarter adjusted profit of as high as 53 cents a share.

Raytheon Company ((RTN)) fell 1.4% or 93 cents to $52.69 after the maker of missiles and radar systems reported fourth quarter sales rose 10% to $6.67 billion from $6.64 billion a year ago. Net income in the quarter rose 19.7% to $504 million or $1.30 per diluted share compared to net income of $421 million or $1.01 per share a year ago.

Symantec Corporation ((SYMC)) fell 3.4% or 64 cents to $17.97 after the computer security company said third quarter revenues rose 2% to $1.54 billion from $1.51 billion a year ago. Net income in the quarter was $300 million or 37 cents per diluted share compared to net loss of $6.8 billion or $8.25 per share a year ago.

T. Rowe Price Group Inc ((TROW)) declined 5.6% or $2.95 to $49.68 after it reported lower than expected revenues. In the quarter the company attracted $7.3 billion in new cash of which $4 billion for mutual funds and $3.8 billion for fixed income funds. Assets under management increased 41% to $391.3 billion at the end of 2009 from a year ago end.

Net income increased to $153 million or 57 cents a share compared to $24.3 million or 9 cents a share. Net quarterly revenues increased more than 33% to $542.6 million from a year ago quarter.

Tetra Tech, Inc ((TTEK)) plunged 11.4% or $2.87 to $22.20 after the engineering consulting firm said first quarter revenues fell 15% to $542 million from $638.7 million a year ago. Net income in the quarter rose 14.7% to $18.7 million or 30 cents per diluted share compared to net income of $16.3 million or 27 cents per share a year ago.

The consulting company forecasted second quarter adjusted profit of 23 cents lower than market estimate of 28 cents per share.

Teledyne Technologies Incorporated ((TDY)) dropped 3.4% or $1.37 $38.44 after the provider of electronic components and subsystems reported fourth quarter sales fell 2% to $454.4 million from $464.8 million a year ago. Net income in the quarter rose 62% to $32.2 million or 88 cents per diluted share compared to net income of $19.9 million or 54 cents per share a year ago.

Time Warner Cable Inc ((TWC)) gained 4.5% or $1.97 to $45.56 after the cable operator reported fourth quarter revenues rose 3% to $4.53 billion from $4.40 billion a year ago. Net income in the quarter was $322 million or 91 cents per diluted share compared to net loss of $8.2 billion or $25.07 per share a year ago.

Textron Inc ((TXT)) fell 2.4% or 51 cents to $20.63 after the multi-industry company fourth quarter revenues fell 21% to $2.8 billion from $3.5 billion a year ago. Net loss in the quarter was $63 million or 23 cents per diluted share compared to net loss of $209 million or 86 cents per share a year ago.

Tyco International Ltd ((TYC)) rose 0.6% or 20 cents to $36.70 after the diversified global provider of security products and services reported first quarter revenues fell 4.5% to $4.2 billion from $4.4 billion a year ago. Net income in the quarter rose 9% to $302 million or 63 cents per diluted share compared to net income of $277 million or 58 cents per share a year ago.

WESCO International, Inc ((WCC)) rose 0.05% or 1 cent to $28.51 after the electrical construction products distributor reported fourth quarter sales fell 21% to $1.13 billion from $1.43 billion a year ago. Net income in the quarter fell 45% to $21.8 million or 51 cents per diluted share compared to net income of $39.7 million or 94 cents per share a year ago.

Zimmer Holdings, Inc ((ZMH)) closed unchanged at $59.88 after the maker of orthopedic devices reported fourth quarter sales rose 7% to $1.1 billion from $1.03 billion a year ago. Net income in the quarter fell 7.3% to $155.2 million or 74 cents per diluted share compared to net income of $167.5 billion or 75 cents per share a year ago.