Gymboree, IMAX Rise; Men's Wearhouse Falls

Mayank Mehta
11 Mar, 2010
New York City

Hot Topic quarterly profit declined on weak sales and Men

[R]11:15 AM New York – Hot Topic quarterly profit declined on weak sales and Men’s Wearhouse swung to a quarterly loss. Gymboree soared after the children’s apparel retailer reported higher than expected fourth quarter earnings. Devon Energy sold its portfolio of energy fields to BP Plc.[/R]

Of the stocks in S&P 500 index, 82 increased, 406 declined and 12 were unchanged.

Western Digital Corporation led the decliners in the S&P 500 index with a loss of 3.8% followed by losses in Leggett & Platt, Incorporated of 2.6% and in Altria Group, Inc of 2.5%, in Analog Devices, Inc of 2.3% and in AK Steel Holding Corporation of 2.2%.

Dr Pepper Snapple Group, Inc led gainers in the S&P 500 index with a rise of 3.4% followed by gains in Huntington Bancshares Incorporated 3.4%, in Fifth Third Bancorp of 2.8% and in American International Group, Inc 1.7%.

Other Movers

American International Group, Inc ((AIG)) added 3.3% or $1.21 to $37.45 after the insurer today announced that an underwritten public offering of 8,466,693 shares of Transatlantic Holdings, Inc. common stock owned by American Home Assurance Company, a subsidiary of AIG, was priced at a public offering price of $53.35 per share.

In addition, the troubled insurer agreed to share losses of $450 million with the Federal Reserve of New York to complete the sale of its life insurance division to MetLife.

Bed Bath & Beyond Inc ((BBBY)) fell 1.5% or 66 cents to $41.01 after the home-furnishings retailer was downgraded to “underperform” from “market perform” at FBR Capital Markets Corp.

The Buckle, Inc ((BKE)) added 1.9% or 69 cents to $35.28 after the apparel retailer reported fourth quarter sales rose 9% to $274.4 million from $251.4 million a year ago. Net income in the quarter rose 22.7% to $42.1 million or 90 cents per diluted share compared to net income of $34.3 million or 74 cents per share a year ago.

Bucyrus International, Inc ((BUCY)) decreased 2.1% or $1.51 to $64.35 after the maker of mining equipment was downgraded to “neutral” from “buy” at Broadpoint AmTech Inc.

CA, Inc ((CA)) fell 0.4% or 8 cents to $22.52 after the maker of software for mainframe computers today announced it has signed a definitive agreement to acquire privately-held Nimsoft, Inc.

Clarient, Inc ((CLRT)) plunged 9.6% or 24 cents to $2.25 an oncology diagnostics services company reported fourth quarter sales rose 6.4% to $23.3 million from $21.9 million a year ago. Net loss in the quarter was $2.7 million or 3 cents per diluted share compared to net loss of $2.2 million or 3 cents per share a year ago.

Devon Energy Corporation ((DVN)) rose 2.2% or $1.59 to $73.44 after the oil and gas producer today announced that it has entered into agreements to sell all of its assets in the deepwater Gulf of Mexico, Brazil and Azerbaijan to BP for $7.0 billion.

Dr Pepper Snapple Group, Inc ((DPS)) rose 3.0% or $1.03 to $34.69 after the soda maker was upgraded to “buy” from “neutral” at UBS AG.

EnergySolutions, Inc ((ES)) gained 5.2% or 31 cents to $6.25 after the provider of services to the nuclear industry announced today that it has been selected to provide waste management systems to new CPR1000 reactors being built as a part of the extensive nuclear new build program in China.

FuelCell Energy, Inc ((FCEL)) gained 6.7% or 20 cents to $3.15 after the maker of fuel-cell power plants reported its hybrid power plant attained an average electrical efficiency of 62.5%, equipment up-time of 93% and reduced greenhouse gas emissions of up to 45%.

The Gymboree Corporation ((GYMB)) increased 5.4% or $2.52 to $48.81 after the children’s clothing retailer reported fourth quarter sales increased 4% to $299.6 million from $288.7 million a year ago.

Hi-Tech Pharmacal Co. Inc ((HITK)) added 5.9% or $1.52 to $27.02 after the manufacturer of branded and generic liquid pharmaceutical products reported third quarter sales rose 32% to $38.8 million from $29.4 million a year ago. Net income in the quarter rose 305% to $8.5 million or 67 cents per diluted share compared to net income of $2.1 million or 18 cents per share a year ago.

Hot Topic, Inc ((HOTT)) added 1.3% or 9 cents to $6.64 after the teen clothing retailer reported fourth quarter sales fell 10% to $214.2 million from $238.0 million a year ago. Net income in the quarter fell 43.6% to $8.0 million or 18 cents per diluted share compared to net income of $14.2 million or 32 cents per share a year ago.

Inter Parfums, Inc ((IPAR)) declined 0.6% or 9 cents to $13.47 after the perfume maker reported fourth quarter sales rose 12.5% to $112.9 million from $100.4 million a year ago. Net income in the quarter rose 8% to $5.5 million or 18 cents per diluted share compared to net income of $5.1 million or 17 cents per share a year ago.

IMAX Corporation ((IMAX)) surged 9.2% or $1.48 to $17.61 after the giant-screen movie theater operator reported fourth quarter revenues rose 98% to $54.2 million from $27.4 million a year ago. Net income in the quarter was $4.0 million or 6 cents per diluted share compared to net loss of $9.0 million or 21 cents per share a year ago.

Jo-Ann Stores, Inc ((JAS)) fell 0.7% or 28 cents to $39.73 after the fabric retailer reported fourth quarter same-store sales increase 4.4%.

The Men’s Wearhouse, Inc ((MW)) decreased 7.3% or $1.82 to $23.01 after the retailer of men’s suits and attire estimated fiscal first quarter year diluted earnings per share in a range of 12 cents to 16 cents. The retailer swung to a loss in the fiscal fourth quarter on a write-down and a decline in margins.

The New York Times Company ((NYT)) rose 0.4% or 5 cents to $11.74.

Piedmont Natural Gas Company, Inc ((PNY)) closed unchanged at $26.96 an energy services company reported first quarter sales fell 13.6% to $673.7 million from $779.6 million a year ago. Net income in the quarter rose 40.5% to $113.7 million or $1.55 per diluted share compared to net income of $80.9 million or $1.10 per share a year ago.

Semtech Corporation ((SMTC)) rose 0.5% or 10 cents to $17.45 after the chip maker reported fourth quarter sales rose 35.5% to $85.0 million from $62.7 million a year ago. Net income in the quarter rose 51% to $9.5 million or 15 cents per diluted share compared to net income of $6.3 million or 10 cents per share a year ago.

Smithfield Foods, Inc ((SFD)) rose 2.4% or 36 cents to $19.35 after the meat processor reported third quarter sales fell 14% to $2.88 billion from $3.35 billion a year ago. Net income in the quarter was $37.3 million or 22 cents per diluted share compared to net loss of $105.7 million or 74 cents per share a year ago.

Synta Pharmaceuticals Corp ((SNTA)) advanced 3.7% or 17 cents to $4.70 after the biopharmaceutical company reported fourth quarter sales rose 639% to $4.7 million from $636,000 a year ago. Net loss in the quarter was $7.0 million or 21 cents per diluted share compared to net loss of $26.0 million or 77 cents per share a year ago.

Stewart Enterprises, Inc ((STEI)) added 1.3% or 7 cents to $5.19 after the provider of funeral, and cemetery products and services reported first quarter sales rose 4% to $124.4 million from $119.3 million a year ago. Net income in the quarter rose 56% to $7.5 million or 8 cents per diluted share compared to net income of $4.8 million or 5 cents per share a year ago.

TechTarget Inc ((TTGT)) dropped 3.1% or 17 cents to $5.23 after the technology Internet site operator reported fourth quarter revenues fell 13% to $23.2 million from $26.7 million a year ago. Net loss in the quarter was $827,000 or 2 cents per diluted share compared to net income of $441,000 or 1 cent per share a year ago.

Western Gas Partners, LP ((WES)) rose 1.6% or 37 cents to $22.87 after the operator and developer of midstream energy assets reported fourth quarter revenues fell 4.4% to $62.5 million from $65.4 million a year ago. Net income in the quarter fell 12.3% to $19.3 million or 33 cents per diluted share compared to net income of $22.0 million or 30 cents per share a year ago.

Yahoo! Inc ((YHOO)) fell 1.4% or 25 cents to $16.54 after the Internet portal and search engine was downgraded to “hold” from “buy” at Benchmark Company LLC.