H&R Block, Garmin Plunge; Bowne Soars

Mayank Mehta
24 Feb, 2010
New York City

H&R Block, Inc plunged 15% after the company said it will not meet its 2010 estimates. Bowne & Co. soared 60% after it agreed to be acquired by Donnelley & Sons Co. Dolan Media Co sees revenue above estimates. Eaton Vance profit jumps 87%.

[R]12:30 PM New York – H&R Block, Inc plunged 15% after the company said it will not meet its 2010 estimates. Bowne & Co. soared 60% after it agreed to be acquired by Donnelley & Sons Co. Dolan Media Co sees revenue above estimates. Eaton Vance profit jumps 87%.[/R]

Of the stocks in S&P 500 index, 378 increased, 113 declined and 9 were unchanged.

H&R Block, Inc led the decliners in the S&P 500 index with a loss of 18.2% followed by losses in Integrys Energy Group, Inc of 2.2% and in AK Steel Holding Corporation of 2.2%, in Pulte Homes, Inc of 1.4% and in State Street Corporation of 1.4%.

Autodesk, Inc led gainers in the S&P 500 index with a rise of 9.4% followed by gains in Pactiv Corporation 5.1%, in R.R. Donnelley & Sons Company of 3.6% and in Eastman Kodak Company 3.5%.

Other Movers

American Tower Corporation ((AMT)) rose 0.02% or 1 cent to $42.82 after the wireless and broadcast communications infrastructure company reported fourth quarter revenues rose 9.7% to $448.0 million from $408.3 million a year ago. Net income in the quarter fell 25% to $64.4 million or 16 cents per diluted share compared to net income of $85.8 million or 21 cents per share a year ago.

American International Group, Inc ((AIG)) rose 3.6% or 99 cents to $27.77.

Autodesk, Inc ((ADSK)) added 6.7% or $1.74 to $25.66 after the software and services company said fourth quarter revenues fell 7% to $456.1 million from $489.8 million a year ago. Net income in the quarter was $50.1 million or 21 cents per diluted share compared to net loss of $105.3 million or 47 cents per share a year ago.

The company reported adjusted earnings in the quarter of 30 cents, ahead of expectations.

Bowne & Co. ((BNE)) soared 60% to $11.15 after it agreed to be acquired by R.R. Donnelley & Sons Co. for $481 million or $11.50 a share.

Chico’s FAS, Inc ((CHS)) rose 0.5% or 8 cents to $14.00 after the specialty retailer reported fourth quarter sales rose 16.7% to $435.7 million from $373.4 million a year ago. Net income in the quarter was $17.5 million or 10 cents per diluted share compared to net loss of $40.5 million or 23 cents per share a year ago.

Daktronics, Inc ((DAKT)) rose 3.5% or 26 cents to $7.54 an electronic scoreboards supplier reported third quarter sales fell 44% to $72.4 million from $128.7 million a year ago. Net loss in the quarter was $8.4 million or 20 cents per diluted share compared to net income of $4.2 million or 10 cents per share a year ago.

Dollar Tree, Inc ((DLTR)) gained 7.8% or $3.90 to $53.59 an operator of discount variety stores reported fourth quarter sales rose 12% to $1.56 billion from $1.39 billion a year ago. Net income in the quarter rose 28.3% to $135.0 million or $1.52 per diluted share compared to net income of $105.2 million or $1.15 per share a year ago.

Eaton Vance Corp ((EV)) rose 1.4% or 45 cents to $31.03 an asset manager reported first quarter sales rose 30% to $272.0 million from $209.5 million a year ago. Net income in the quarter rose 87% to $46.2 million or 37 cents per diluted share compared to net income of $24.7 million or 21 cents per share a year ago.

FirstService Corporation ((FSRV)) dropped 1.7% or 34 cents to $18.67 after the commercial real estate services provider reported fourth quarter revenues rose 11.5% to $465.8 million from $417.9 million a year ago. Net loss in the quarter was $9.4 million or 32 cents per diluted share compared to net loss of $60.3 million or $1.36 per share a year ago.

Frontier Communications Corporation ((FTR)) rose 0.02% to $7.70 after the communications company reported fourth quarter revenues fell 5% to $521.0 million from $547.4 million a year ago. Net income in the quarter fell 87% to $4.4 million or 1 cent per diluted share compared to net income of $34.3 million or 11 cents per share a year ago.

Garmin Ltd ((GRMN)) decreased 6.2% to $32.25 after the navigation device makers reported adjusted fourth quarter earnings of $1.43 a share.

H&R Block Inc ((HRB)) dropped 14.6% or $2.90 to $16.84 after it indicated that the company is unlikely to meet its previously guided 2010 estimate on lower than expected same-store tax filings in the first six weeks compared to a year ago.

Papa John’s International, Inc ((PZZA)) advanced 1.5% or 37 cents to $23.57 after the pizza chain said fourth quarter revenues rose 0.3% to $280.5 million from $279.6 million a year ago. Net income in the quarter rose 7% to $13.7 million or 49 cents per diluted share compared to net income of $12.8 million or 46 cents per share a year ago.

Dolan Media Company ((DM)) rose 1.4% or 15 cents to $10.90 after the legal newspaper publisher said fourth quarter revenues rose 18% to $69.6 million from $59.0 million a year ago. Net income in the quarter rose 138% to $8.1 million or 27 cents per diluted share compared to net income of $3.4 million or 12 cents per share a year ago.

STEC, Inc ((STEC)) plunged 23.3% or $3.13 to $10.28 after the maker of flash-memory drives was downgraded to “neutral” from “overweight” at JPMorgan Chase & Co.

The TJX Companies, Inc ((TJX)) rose 1.2% or 47 cents to $39.65 an off-price retailer of apparel and home fashions reported fourth quarter sales rose 10% to $5.94 billion from $5.38 billion a year ago. Net income in the quarter rose 57.6% to $395.0 million or 94 cents per diluted share compared to net income of $250.7 million or 58 cents per share a year ago.

Verigy Ltd ((VRGY)) dropped 5.6% or 61 cents to $10.21 after the maker of semiconductor-testing equipment said revenue for the first quarter was $106 million, an increase of $9 million, or 9%, from the prior quarter, and an increase of $38 million, or 56%, from the prior year period.

The Washington Post Company ((WPO)) added 3.1% or $12.94 to $425.50 after the education and media company reported fourth quarter revenues rose 7% to $1.24 billion from $1.16 billion a year ago. Net income in the quarter rose 334% to $81.7 million or $8.71 per diluted share compared to net income of $18.8 million or $2.01 per share a year ago.

Toll Brothers Inc ((TOLL)) decreased 1.2% to $18.67 after it reported lower than expected adjusted earnings of 25 cents a share.