Tiffany, Baidu, Micron Up; ArcelorMittal Drops

Mayank Mehta
10 Feb, 2010
New York City

Tiffany led gainers in the S&P 500 index with a rise of 3.5%. Marsh & McLennan''s quarterly net falls. ArcelorMittal swings to profit but sales decline 16% and estimates lower than expected quarterly sales. Baidu Inc guides higher quarterly sales. Dean Foods Co. adjusted profit below expectations.

[R]11:00 AM New York – Tiffany & Co led gainers in the S&P 500 index with a rise of 3.5%. Marsh & McLennan''s quarterly net falls. ArcelorMittal swings to profit but sales decline 16% and estimates lower than expected quarterly sales. Baidu Inc guides higher quarterly sales. Dean Foods Co. adjusted profit was below expectations. Micron gains on flash memory acquisition.[/R]

Of the stocks in S&P 500 index, 130 increased, 358 declined and 12 were unchanged.

Dean Foods Company led the decliners in the S&P 500 index with a loss of 11.4% followed by losses in Scripps Networks Interactive, Inc of 6.3% and in EOG Resources, Inc of 5.6%, in CareFusion Corporation of 5.3% and in Micron Technology, Inc of 4.9%.

Tiffany & Co led gainers in the S&P 500 index with a rise of 3.5% followed by gains in Legg Mason, Inc 3.0%, in Adobe Systems Incorporated of 2.9% and in NYSE Euronext 2.1%.

Other Movers

Adobe Systems Incorporated ((ADBE)) added 1.5% or 47 cents to $32.78 after the maker of the Flash video software was upgraded to “buy” from “hold” at Jefferies & Company Inc.

ArcelorMittal ((MT)) dropped 5.1% or $2.03 to $37.43 after the steel producer reported fourth quarter sales fell 16% to $18.6 billion from $22.1 billion a year ago. Net income in the quarter was $1.07 billion or 68 cents per diluted share compared to net loss of $2.63 billion or $1.93 per share a year ago.

Baidu, Inc ((BIDU)) added 8.9% or $38.99 to $474.00 after the Chinese Internet search company said fourth quarter revenues rose 39.7% to Rmb 1.26 billion from Rmb 902.1 million a year ago. Net income in the quarter rose 48% to Rmb 427.9 million or Rmb 12.27 per diluted share compared to net income of Rmb 288.7 million or Rmb 8.31 per share a year ago.

Cerner Corporation ((CERN)) rose 0.6% or 54 cents to $79.50 after the health care information technology company said fourth quarter revenues rose 0.1% to $466.3 million from $465.7 million a year ago. Net income in the quarter fell 15.4% to $60.5 million or 71 cents per diluted share compared to net income of $71.5 million or 86 cents per share a year ago.

Coca-Cola Enterprises Inc ((CCE)) rose 0.7% or 16 cents to $20.50 after the bottler reported fourth quarter revenues fell 2.3% to $5.12 billion from $5.24 billion a year ago. Net income in the quarter was $110 million or 22 cents per diluted share compared to net loss of $1.45 billion or $2.99 per share a year ago.

Dean Foods Company ((DF)) fell 7.8% or $1.39 to $16.25 after the dairy operator reported fourth quarter sales fell 3% to $3.0 billion from $3.1 billion a year ago. Net income in the quarter fell 24% to $50.3 million or 27 cents per diluted share compared to net income of $66.4 million or 42 cents per share a year ago.

Dell Inc ((DELL)) advanced 1.7% or 25 cents to $13.80 after the maker of personal computers was upgraded to “buy” from “neutral” at Bank of America Corp.

Diodes Incorporated ((DIOD)) gained 4.9% or 89 cents to $18.78 after the semiconductor parts maker said fourth quarter sales rose 49.5% to $130.3 million from $87.1 million a year ago. Net income in the quarter rose 63% to $14.2 million or 32 cents per diluted share compared to net income of $8.7 million or 21 cents per share a year ago.

drugstore.com, Inc ((DSCM)) advanced 4.7% or 13 cents to $2.88 after the online drug store said fourth quarter sales rose 25% to $117.4 million from $93.9 million a year ago. Net loss in the quarter was $1.6 million or 2 cents per diluted share compared to net income of $289,000 or break even per share a year ago.

EOG Resources, Inc ((EOG)) dropped 2.7% or $2.64 to $91.90 after the oil and natural gas producer said fourth quarter sales rose 8% to $1.76 billion from $1.63 billion a year ago. Net income in the quarter fell 13% to $400.4 million or $1.58 per diluted share compared to net income of $461.5 million or $1.84 per share a year ago.

Finisar Corporation ((FNSR)) increased 6.3% or 65 cents to $10.82 after the maker of fiber-optic transmission gear announced that, on the basis of preliminary financial results, it expects to report revenues of $166 to $167 million for its fiscal third quarter ended January 31, 2010, compared to revenue guidance of $148 to $158 million provided by the company early in the quarter.

IntercontinentalExchange, Inc ((ICE)) fell 3.3% or $3.30 to $95.57 after the operator of regulated global exchanges reported fourth quarter revenues rose 24% to $256.6 million from $207.3 million a year ago. Net income in the quarter rose 72.4% to $84.3 million or $1.13 per diluted share compared to net income of $48.9 million or 67 cents per share a year ago.

Level 3 Communications, Inc ((LVLT)) rose 0.7% or 1 cent to $1.37 after the communications company reported fourth quarter sales fell 12% to $924 million from $1.05 billion a year ago. Net loss in the quarter was $182 million or 11 cents per diluted share compared to net income of $43 million or net loss of 4 cents per share a year ago.

Lions Gate Entertainment Corp ((LGF)) the independent film studio fell 4.2% or 22 cents to $4.97.

Marsh & McLennan Companies, Inc ((MMC)) fell 0.9% or 24 cents to $21.95 after the insurance broker reported fourth quarter revenues rose 3.4% to $2.73 billion from $2.64 billion a year ago. Net income in the quarter fell 52.5% to $38 million or 7 cents per diluted share compared to net income of $80 million or 15 cents per share a year ago.

Micron Technology, Inc ((MU)) dropped 7.2% or 66 cents to $8.42 after the memory maker agreed to acquire privately held Numonyx in an all-stock transaction valuing Numonyx at approximately $1.27 billion.

Netgear, Inc ((NTGR)) the maker of networking equipment for homes and small businesses surged 14.4% or $3.15 to $24.91.

Scripps Networks Interactive, Inc ((SNI)) dropped 6.5% or $2.87 to $40.89 after the lifestyle content and interactive services company reported fourth quarter revenues rose 6% to $429.7 million from $405.3 million a year ago. Net income in the quarter was $94.4 million or 57 cents per diluted share compared to net loss of $153.5 million or 94 cents per share a year ago.

Sprint Nextel Corporation ((S)) the wireless carrier slipped 8.7% or 32 cents to $3.33.

Tiffany & Co ((TIF)) rose 2.1% or 82 cents to $40.89 after the luxury-jewelry retailer was upgraded to “buy” from “neutral” at Bank of America Corp.

Valence Technology, Inc ((VLNC)) fell 4.7% or 3 cents to $0.780 after the manufacturer and supplier of high-energy power systems said third quarter revenues fell 13% to $4.1 million from $4.7 million a year ago. Net loss in the quarter was $5.6 million or 4 cents per diluted share compared to net loss of $5.2 million or 4 cents per share a year ago.

The Walt Disney Company ((DIS)) decreased 1.2% or 36 cents to $29.48 after the worldwide entertainment company said first quarter revenues rose 1% to $9.74 billion from $9.60 billion a year ago. Net income in the quarter fell 0.1% to $844 million or 44 cents per diluted share compared to net income of $845 million or 45 cents per share a year ago.

Wyndham Worldwide Corporation ((WY)) rose 3.6% or 78 cents to $22.00 after the hospitality company reported fourth quarter revenues rose 0.2% to $913 million from $911 million a year ago. Net income in the quarter was $73 million or 40 cents per diluted share compared to net loss of $1.4 billion or $7.63 per share a year ago.

XL Capital Ltd ((XL)) fell 0.1% or 2 cents to $17.00 after the provider of insurance and reinsurance coverage said fourth quarter revenues rose 30.6% to $1.45 billion from $1.11 billion a year ago. Net loss in the quarter was $40.3 million or 12 cents per diluted share compared to net loss of $1.43 billion or $4.33 per share a year ago.