Radian, MGIC, Radio Shack, Palm Surge

Mayank Mehta
26 Mar, 2010
New York City

RadioShack Corporation led gainers in the S&P 500 index. Accenture second quarter net falls 3%. American Apparel, Inc net hit by production and finance issues. Oracle Corp third quarter revenues rose 17%. Home loans insurers surge more than 7% for the second day.

[R]11:55 AM New York – RadioShack Corporation led gainers in the S&P 500 index. Accenture second quarter net falls 3%. American Apparel, Inc net hit by production and finance issues. Oracle Corp third quarter revenues rose 17%. Home loans insurers surge more than 7% for the second day.[/R]

Of the stocks in S&P 500 index, 345 increased, 142 declined and 13 were unchanged.

Consol Energy Inc led the decliners in the S&P 500 index with a loss of 1.6% followed by losses in Western Digital Corporation of 1.4% and in Ross Stores, Inc of 1.3%, in EOG Resources, Inc of 1.2% and in Oracle Corporation of 1.2%.

RadioShack Corporation led gainers in the S&P 500 index with a rise of 6.7% followed by gains in Urban Outfitters, Inc 4.1%, in The Progressive Corporation of 3.3% and in Coach, Inc 3.2%.

Bond insurers surged for the second day after Bank of American said it will work aggressively to modify mortgage loans. Bank of America said it will forgive $3 billion of mortgage loans to 45,000 home loan borrowers.

Today, Obama administration expanded foreclosure avoidance programs and offered new subsidies to banks that hold second liens on homes. The plan expands the Treasury Department and Federal Housing Administration focus and also allocates funds from Troubled Asset Relief Program.

Radian Group Inc, the PMI Group and MGC Investment Corp added more than 10%. Triad Guarantee Inc and MBIA Inc increased more than 5%.

Other Movers

Accenture plc ((ACN)) decreased 1.5% or 64 cents to $40.88 after the technology outsourcing and consulting company said second quarter revenues fell 2% to $5.54 billion from $5.66 billion a year ago. Net income in the quarter fell 3% to $399.8 million or 60 cents per diluted share compared to net income of $411.4 million or 63 cents per share a year ago.

American Apparel, Inc ((APP)) added 6.0% or 22 cents to $3.84 after the clothing retailer said fourth quarter sales rose 8.6% to $158.1 million from $145.6 million a year ago. Net income in the quarter fell 23% to $3.0 million or 4 cents per diluted share compared to net income of $3.9 million or 5 cents per share a year ago.

Apple Inc ((AAPL)) the maker of the iPhone and Macintosh added 1.1% or $2.55 to $229.20.

ATC Technology Corporation ((ATAC)) the auto-parts supplier plunged 16.6% or $3.92 to $19.65.

Brinker International, Inc ((EAT)) rose 3.3% or 67 cents to $20.94 after the owner of the Chili’s Grill & Bar restaurant chain has entered into a purchase agreement with OTB Acquisition LLC, an affiliate of Golden Gate Capital, to sell its On the Border Mexican Grill & Cantina brand.

Chesapeake Energy Corporation ((CHK)) rose 0.5% or 7 cents to $22.50.

Coach, Inc ((COH)) rose 2.9% or $1.13 to $39.83 after the maker of luxury leather handbags was upgraded to “overweight” from “neutral” at JPMorgan Chase & Co.

CVS Caremark Corporation ((CVS)) fell 0.1% or 6 cents to $36.36.

The Finish Line, Inc ((FINL)) gained 6.8% or $1.00 to $15.66 after the mall-based specialty retailer said fourth quarter sales rose 9% to $374.5 million from $344.1 million a year ago. Net income in the quarter was $30.6 million or 55 cents per diluted share compared to net loss of $1.4 million or 3 cents per share a year ago.

GLG Partners, Inc ((GLG)) increased 4.4% or 12 cents to $2.80.

Hydrogenics Corporation ((HYGSD)) fell 0.3% or 2 cents to $5.99 after the developer and manufacturer of hydrogen generation products reported fourth quarter revenues fell 53% to $4.2 million from $8.9 million a year ago. Net income in the quarter was $6.1 million or $1.64 per diluted share compared to net loss of $2.0 million or 53 cents per share a year ago.

KHD Humboldt Wedag International Ltd ((KHD)) gained 5.8% or 85 cents to $15.37 an industrial plant engineering and equipment supplier said fourth quarter sales rose 28.4% to $210.2 million from $163.7 million a year ago. Net income in the quarter was $39.5 million or $1.30 per diluted share compared to net loss of $64.9 million or $2.12 per share a year ago.

Lions Gate Entertainment Corp ((LGF)) the independent film studio rose 1.5% or 10 cents to $6.40.

Oracle Corporation ((ORCL)) dropped 0.5% or 14 cents to $25.90 after the software company said third quarter revenues rose 17.4% to $6.40 billion from $5.45 billion a year ago. Net income in the quarter fell 10.5% to $1.19 billion or 23 cents per diluted share compared to net income of $1.33 billion or 26 cents per share a year ago.

Palm, Inc ((PALM)) rose 2.4% or 9 cents to $3.80 after the maker of the Pre and Pixi smartphones was upgraded to “market perform” from “underperform” at BMO Capital Markets Ltd.

Pfizer Inc ((PFE)) the drugmaker rose 0.06% or 1 cent to $17.40.

Rambus Inc ((RMBS)) the technology licensing company fell 0.09% or 2 cents to $22.64.

RadioShack Corporation ((RSH)) the electronics chain gained 5.9% or $1.30 to $23.10 on a media speculation that the company may be sold for as much as $3 billion.

Rubio’s Restaurants, Inc ((RUBO)) rose 1.1% or 9 cents to $7.92 after the restaurant chain reported fourth quarter revenues rose 0.9% to $45.4 million from $45.0 million a year ago. Net loss in the quarter was $852,000 or 8 cents per diluted share compared to net loss of $295,000 or 3 cents per share a year ago.

Saba Software, Inc ((SABA)) slipped 5.4% or 31 cents to $5.35 an employee management software company said third quarter revenues rose 2% to $26.7 million from $26.1 million a year ago. Net income in the quarter fell 67% to $430,000 or 1 cent per diluted share compared to net income of $1.3 million or 5 cents per share a year ago.

SLM Corporation ((SLM)) the student lender rose 1.6% or 20 cents to $12.25.

SMART Modular Technologies (WWH), Inc ((SMOD)) surged 14.5% or $1.04 to $8.20 after the maker of memory storage devices said second quarter sales rose 46.7% to $160.1 million from $109.1 million a year ago. Net income in the quarter was $16.1 million or 25 cents per diluted share compared to net loss of $1.9 million or 3 cents per share a year ago.

Spectrum Control, Inc ((SPEC)) fell 3.7% or 45 cents to $11.58 after the specialty manufacturer of defense and medical electronics said first quarter sales rose 14.5% to $37.9 million from $33.1 million a year ago. Net income in the quarter rose 9% to $2.4 million or 19 cents per diluted share compared to net income of $2.2 million or 17 cents per share a year ago.

Synnex Corporation ((SNX)) slipped 4.8% or $1.55 to $30.20 after the business services provider said first quarter revenues rose 13% to $1.94 billion from $1.72 billion a year ago. Net income in the quarter rose 83.6% to $34.7 million or 98 cents per diluted share compared to net income of $18.9 million or 58 cents per share a year ago.

Tibco Software Inc ((TIBX)) rose 3.6% or 39 cents to $11.00 after the business software maker said first quarter revenues rose 16.6% to $155.0 million from $132.9 million a year ago. Net income in the quarter rose 85.7% to $10.4 million or 6 cents per diluted share compared to net income of $5.6 million or 3 cents per share a year ago.

The Wet Seal, Inc ((WTSLA)) rose 4.0% or 19 cents to $4.87 after the teen clothing retailer said fourth quarter sales fell 2.5% to $151.0 million from $154.9 million a year ago. Net income in the quarter was $80.8 million or 79 cents per diluted share compared to net income of $4.3 million or 4 cents per share a year ago.

Urban Outfitters, Inc ((URBN)) advanced 2.0% or 77 cents to $37.62 after the trendy apparel retailer was upgraded to “overweight” from “neutral” at JPMorgan.