Novell, Joy Global Rise; Costco Falls

Mayank Mehta
03 Mar, 2010
New York City

Novell, Inc led gainers in the S&P 500 index with a rise of 27.3%. VeriFone swings to profit in fiscal first quarter. Kenneth Cole Productions, Inc fourth quarter loss expands fourfold. Royal Bank of Canada declares dividends. Wholesale club Costco and BJ

[R]11:55 AM New York – Novell, Inc led gainers in the S&P 500 index with a rise of 27.3%. VeriFone swings to profit in fiscal first quarter. Kenneth Cole Productions, Inc fourth quarter loss expands fourfold. Royal Bank of Canada declares dividends. Wholesale club Costco and BJ’s reported weaker margins.[/R]

Of the stocks in S&P 500 index, 292 increased, 192 declined and 16 were unchanged.

Safeway Inc led the decliners in the S&P 500 index with a loss of 3.6% followed by losses in Western Digital Corporation of 3.1% and in Staples, Inc of 2.3%, in The Kroger Co of 2.3% and in eBay Inc of 1.8%.

Novell, Inc led gainers in the S&P 500 index with a rise of 27.3% followed by gains in Big Lots, Inc 4.0%, in Titanium Metals Corporation of 2.5% and in Janus Capital Group Inc 2.3%.

Other Movers

Arena Resources, Inc ((ARD)) plunged 17.5% or $7.47 to $35.22 after the oil and natural gas company said fourth quarter revenues rose 28.5% to $42.4 million from $33.0 million a year ago. Net income in the quarter fell 31.6% to $9.3 million or 24 cents per diluted share compared to net income of $13.6 million or 35 cents per share a year ago.

Big Lots, Inc ((BIG)) added 3.0% or $1.05 to $35.00 after the closeout retailer reported fourth quarter sales rose 6.5% to $1.46 billion from $1.37 billion a year ago. Net income in the quarter rose 34% to $105.4 million or $1.27 per diluted share compared to net income of $78.8 million or 96 cents per share a year ago.

BJ’s Wholesale Club, Inc ((BJ)) decreased 2.9% or $1.07 to $35.40 after the warehouse club operator reported fourth quarter sales rose 9.6% to $2.74 billion from $2.50 billion a year ago. Net income in the quarter rose 4.5% to $55.1 million or $1.01 per diluted share compared to net income of $52.7 million or 91 cents per share a year ago.

Costco Wholesale Corp ((COST)) declined 0.6% or 39 cents to $61 after it reported second quarter earnings increase of 4.5% but adjusted earnings were below expectations.

The Blackstone Group L.P ((BX)) added 1.9% or 27 cents to $14.40 after the private-equity company was upgraded to “Outperform” from “Market Perform” at Oppenheimer & Co.

Brown Shoe Company, Inc ((BWS)) rose 0.1% or 2 cents to $14.35 after the footwear company reported fourth quarter sales rose 8.6% to $566.0 million from $521.0 million a year ago. Net income in the quarter was $5.0 million or 12 cents per diluted share compared to net loss of $153.0 million or $3.68 per share a year ago.

Churchill Downs Incorporated ((CHDN)) decreased 0.02% or 1 cent to $36.10 an owner and operator of pari-mutuel wagering properties and businesses said fourth quarter revenues fell 1% to $85.0 million from $85.9 million a year ago. Net loss in the quarter was $6.9 million or 51 cents per diluted share compared to net loss of $4.1 million or 30 cents per share a year ago.

Joy Global Inc ((JOYG)) surged 7.7% or $3.96 to $55.45 after it reported better than expected adjusted quarterly earnings of 73 cents a share.

Kenneth Cole Productions, Inc ((KCP)) added 4.7% or 57 cents to $12.59 after the clothing maker said fourth quarter revenues fell 13.6% to $109.4 million from $126.6 million a year ago. Net loss in the quarter was $52.0 million or $2.88 per diluted share compared to net loss of $12.0 million or 67 cents per share a year ago.

Maidenform Brands, Inc ((MFB)) gained 7.0% or $1.26 to $19.16 after the marketer of intimate apparel products reported fourth quarter sales rose 15% to $109.1 million from $94.8 million a year ago. Net income in the quarter rose 221% to $7.7 million or 32 cents per diluted share compared to net income of $2.4 million or 10 cents per share a year ago.

Netflix, Inc ((NFLX)) fell 2.8% or $1.98 to $67.00 after the mail-order movie-rental service was downgraded to “neutral” from “positive” at Susquehanna Financial Group LLLP.

Royal Bank of Canada ((RY)) rose 0.6% or 35 cents to $56.50 after the bank reported first quarter revenues rose 3% to $7.3 billion from $7.1 billion a year ago. Net income in the quarter rose 33.6% to $1.43 billion or $1.00 per diluted share compared to net income of $1.07 billion or 78 cents per share a year ago.

VeriFone Holdings, Inc ((PAY)) declined 6.5% or $1.35 to $19.30 after the maker of electronic payment equipment said first quarter revenues rose 4.4% to $223.4 million from $214.0 million a year ago. Net income in the quarter was $10.6 million or 12 cents per diluted share compared to net loss of $182.6 million or $2.16 per share a year ago.

VisionChina Media Inc ((VISN)) plunged 36.1% or $2.96 to $5.24 after the Chinese operator of digital television advertising networks on mass transportation was downgraded to “negative” from “neutral” at Piper Jaffray.

WellCare Health Plans, Inc increased 4.0% or $1.12 to $29.01 after the insurer specializing in Medicare and Medicaid benefits was upgraded to “buy” from “hold” at Stifel Nicolaus.