Lennar, MF Global Surge; Jabil Drops

Mayank Mehta
24 Mar, 2010
New York City

Lennar surged after it reported sharply smaller loss in the first quarter. Adobe Systems soared 6% after it quarterly sales increased 9% and net surged 19%. MF Global surged after it appointed former chairman of Goldman Sachs chief Jon S. Corzine as new chairman and CEO.

[R]12:20 PM New York – Lennar surged after it reported sharply smaller loss in the first quarter. Adobe Systems soared 6% after it quarterly sales increased 9% and net surged 19%. MF Global surged after it appointed former chairman of Goldman Sachs chief Jon S. Corzine as new chairman and CEO.[/R]

Of the stocks in S&P 500 index, 79 increased, 413 declined and 8 were unchanged.

Jabil Circuit, Inc led the decliners in the S&P 500 index with a loss of 7.8% followed by losses in Genzyme Corporation of 4.6% and in Xilinx, Inc of 3.2%, in Teradyne, Inc of 2.5% and in NRG Energy, Inc of 2.5%.

Sprint Nextel Corporation led gainers in the S&P 500 index with a rise of 5.8% followed by gains in Adobe Systems Incorporated 4.9%, in Lennar Corporation of 4.3% and in American International Group, Inc 3.1%.

Other Movers

Adobe Systems Incorporated ((ADBE)) added 6.1% or $2.18 to $37.40 after the software company said first quarter revenues rose 9% to $858.7 million from $786.4 million a year ago. Net income in the quarter fell 18.7% to $127.2 million or 24 cents per diluted share compared to net income of $156.4 million or 30 cents per share a year ago.

AK Steel Holding Corporation ((AKS)) fell 1.4% or 33 cents to $22.84 after the steelmaker said that it will record a non-cash charge of approximately $31 million in the first quarter of 2010 resulting from the recently-enacted Patient Protection and Affordable Care Act.

Antares Pharma, Inc ((AIS)) advanced 2.7% or 4 cents to $1.52 after the product developer and pipeline company with drug delivery platforms said fourth quarter revenues rose 44.4% to $2.6 million from $1.8 million a year ago. Net loss in the quarter was $2.4 million or 3 cents per diluted share compared to net loss of $2.7 million or 4 cents per share a year ago.

Baidu, Inc ((BIDU)) rose 0.2% or $1.18 to $596.06 and Google Inc redirected search traffic from China to Hong Kong based uncensored search site defying China order.

Commercial Metals Company ((CMC)) dropped 1.7% or 30 cents to $16.65 after the manufacturer of steel and metal products reported second quarter sales fell 12.6% to $1.32 billion from $1.51 billion a year ago. Net loss in the quarter was $173.3 million or $1.53 per diluted share compared to net loss of $35.3 million or 32 cents per share a year ago.

Consol Energy Inc ((CNX)) rose 1.3% or 54 cents to $45.41 after the coal and natural gas producer was upgraded to “overweight” from “neutral” at JPMorgan Chase & Co.

ConocoPhillips ((COP)) rose 1.0% or 54 cents to $53.05 after the oil company today announced plans to increase shareholder value and said it will repurchase $5 billion of its stock.

Darden Restaurants, Inc ((DRI)) dropped 0.07% or 3 cents to $43.88 after the restaurant chain said third quarter sales rose 4% to $1.87 billion from $1.80 billion a year ago. Net income in the quarter rose 25% to $134.3 million or 94 cents per diluted share compared to net income of $107.5 million or 78 cents per share a year ago.

General Mills, Inc ((GIS)) fell 1.0% or 74 cents to $72.83 after the maker of branded consumer food reported third quarter sales rose 2.5% to $3.63 billion from $3.54 billion a year ago. Net income in the quarter rose 15% to $332.5 million or 96 cents per diluted share compared to net income of $288.9 million or 85 cents per share a year ago.

Jabil Circuit, Inc ((JBL)) slipped 5.2% or 96 cents to $17.40 after the electronic parts maker said second quarter sales rose 4% to $3.0 billion from $2.89 billion a year ago. Net income in the quarter was $29.8 million or 14 cents per diluted share compared to net loss of $866.1 million or $4.19 per share a year ago.

Jacobs Engineering Group Inc ((JEC)) rose 1.4% or 66 cents to $44.90 after the publicly traded engineering company was upgraded to “overweight” from “neutral” at JPMorgan.

Kaman Corporation ((KAMN)) slipped 2.2% or 60 cents to $25.69 after the aerospace company announced today that it expects revenue to be approximately $270 million to $275 million and diluted earnings per share to be between 5 cents to 10 cents for the quarter ending April 2.

Lennar Corporation ((LEN)) gained 6.6% or $1.14 to $18.20 after the homebuilder reported first quarter revenues fell 3% to $574.4 million from $593.1 million a year ago. Net loss in the quarter was $6.5 million or 4 cents per diluted share compared to net loss of $155.9 million or 98 cents per share a year ago.

Lime Energy Co ((LIME)) plunged 15.9% or 83 cents to $4.36 after the provider of energy efficiency and renewable energy solutions said fourth quarter revenues fell 29% to $20.3 million from $28.7 million a year ago. Net loss in the quarter was $6.5 million or 28 cents per diluted share compared to net loss of $1.4 million or 16 cents per share a year ago.

MF Global Holdings Ltd ((MF)) surged 13.8% or $1.01 to $8.33 after the broker offering customized solutions in global cash and derivatives markets, today announced that its board of directors has appointed Jon S. Corzine as chairman and chief executive officer, effective immediately.

NRG Energy, Inc ((NRG)) fell 1.6% or 35 cents to $21.23 after the power producer in Texas was downgraded from the “conviction buy” list at Goldman Sachs Group Inc.

Progress Software Corporation ((PRGS)) rose 0.03% or 1 cent to $33.00 after the business software maker said first quarter revenues rose 5.5% to $127.5 million from $120.9 million a year ago. Net loss in the quarter was $1 million or 2 cents per diluted share compared to net income of $3.6 million or 9 cents per share a year ago.

Puda Coal, Inc ((PUDA)) closed unchanged at $10.00 after the supplier of metallurgical coking coal reported fourth quarter revenues fell 6.6% to $60.2 million from $64.5 million a year ago. Net income in the quarter fell 32.3% to $2.3 million or 14 cents per diluted share compared to net income of $3.4 million or 22 cents per share a year ago.

Pulte Homes, Inc ((PHM)) the homebuilder added 1.1% or 13 cents to $11.60.

Robbins & Myers, Inc ((RBN)) declined 7.5% or $2.00 to $24.51 after the diversified manufacturer reported second quarter sales fell 20.7% to $129.9 million from $163.8 million a year ago. Net income in the quarter fell 72% to $4.2 million or 13 cents per diluted share compared to net income of $15.1 million or 46 cents per share a year ago.

Sonic Corp ((SONC)) fell 1.6% or 18 cents to $11.01 after the drive-in restaurant chain said second quarter revenues fell 33% to $112.8 million from $169.0 million a year ago. Net loss in the quarter was $642,000 or 1 cent per diluted share compared to net income of $8.7 million or 14 cents per share a year ago.

Sprint Nextel Corporation ((S)) climbed 5.4% or 21 cents to $4.05.

Starbucks Corporation ((SBUX)) dropped 0.08% or 2 cents to $25.39 ahead of its annual meeting.

Tyson Foods, Inc ((TSN)) rose 0.4% or 8 cents to $18.41 after the processor of chicken, beef and pork was upgraded to “buy” from “hold” at BB&T Corp.

Under Armour, Inc ((UA)) decreased 2.6% or 80 cents to $30.00 after the maker of specialized fitness apparel was downgraded to “market perform” from “outperform” at FBR Capital Markets Corp.

USEC Inc ((USU)) increased 6.1% or 33 cents to $5.69 after the supplier of enriched uranium to U.S. nuclear reactors announced an agreement to provide $45 million in funding for on-going American Centrifuge technology demonstration and manufacturing activities.