Green Plains, Smith International, Quanta Rise

Mayank Mehta
22 Feb, 2010
New York City

Smith International gained after it agreed to be acquired by Schlumberger for $11 billion. Green Plains Renewable Energy Inc surged after it swung to a quarterly profit. Lowe

[R]11:30 AM New York – Smith International gained after it agreed to be acquired by Schlumberger for $11 billion. Green Plains Renewable Energy Inc surged after it swung to a quarterly profit. Lowe’s Co declined after it estimated lower than expected first quarter earnings.[/R]

Of the stocks in the S&P 500 index, 176 increased and 32 declined and 4 were unchanged.

Schlumberger Ltd led the decliners in the S&P 500 index with a loss of 5.9% followed by losses in H&R Block Inc 4.6%, in First Solar Inc of 4.2%, in Nabor Industries Ltd of 3.9%.

Quanta Services led gainers in the S%P 500 index with a rise of 7.8% followed by an increase in AIG of 7.2%, in Smith International Inc of 6.5%, in Humana Inc of 4% and in JDS Uniphase of 3.4%.

Other Movers

Energy Solutions Inc ((ES)) increased nearly 5% after it estimated current fiscal year earnings to be as low as 62 cents a share.

Cabot Oil & Gas ((COG)) increased 4 cents to $41.36 reported fourth quarter revenues rose 0.4% to $233.5 million from $232.5 million a year ago. Net income in the quarter fell 16.7% to $36.4 million or 35 cents per diluted share compared to net income of $43.7 million or 42 cents per share a year ago.

Commercial Metals Company ((CMC)) increased 10.3% to $16.66.

Constellation Energy Group, Inc ((CEG)) increased 1.1% to $34.97 reported fourth quarter revenues fell 30.6% to $3.4 billion from $4.9 billion a year ago. Net income in the quarter was $4.4 billion or $21.96 per diluted share compared to net loss of $1.4 billion or $7.75 per share a year ago.

Green Plains Renewable Energy Inc ((GRPE)) increased 17% to $16.50 after it swung to net income of $23.1 million or 91 cents a share compared to a loss of $1.8 million or 8 cents a share. For the year net income was $19.8 million or 79 cents a share.

Lowe’s Cos. ((LOW)) declined 0.5% to $23.01 after it estimated fiscal first quarter adjusted earnings per share between 27 cents and 29 cents.

Oil States International Inc ((OIS)) surged 4.1% to $39.19 after it reported higher than expected earnings on its investments in Canadian oil sands fields. Fourth quarter earnings increased to $39.9 million or 78 cents a share compared to net income of $6 million or 12 per share.

Quanta Services, Inc ((PWR)) increased 6.9% to $19.11 after the provider of specialty contracting services reported fourth quarter revenues rose 7% to $985.4 million from $921.5 million a year ago. Net income in the quarter fell 5.6% to $43.9 million or 21 cents per diluted share compared to net income of $46.5 million or 24 cents per share a year ago.

Schlumberger Ltd ((SLB)) declined 3% after the company agreed to acquire Smith International for $11 billion.

Smith International ((SII)) increased 6.3% to $40.07.

Valassis Communications, Inc ((VCI)) dropped 5% to $25.22 after it reported smaller than expected fourth quarter earnings on smaller than expected revenues at the direct mailing company.