Apple, BioFuel Energy Rise; Lennar Drops

Mayank Mehta
30 Mar, 2010
New York City

Apple Inc advanced ahead of the release of iPad this weekend. BJ

[R]12:40 PM New York – Apple Inc advanced ahead of the release of iPad this weekend. BJ’s Wholesale Club increases shares repurchase authorization by $200 million. BioFuel Energy soared after it swung to net profit in the latest quarter. Home builders declined and retailers traded higher after January home price index increased.[/R]

Of the stocks in S&P 500 index, 265 increased, 222 declined and 13 were unchanged.

Cephalon, Inc led the decliners in the S&P 500 index with a loss of 2.8% followed by losses in Southwestern Energy Company of 2.5% and in Boston Scientific Corporation of 2.3%, in Range Resources Corporation of 1.9% and in Genzyme Corporation of 1.7%.

Danaher Corporation led gainers in the S&P 500 index with a rise of 3.8% followed by gains in 3M Company 2.2%, in Verizon Communications Inc of 2.0% and in Apple Inc 1.7%.

Other Movers

Apple Inc ((AAPL)) added 2.0% or $4.86 to $237.25 after the company said its electronic book reader iPad will go on sale on April 3 at company stores and Best Buy retail stores.

BioFuel Energy Corp ((BIOF)) added 4.7% or 14 cents to $3.08 an ethanol maker said fourth quarter sales rose 35.2% to $120.4 million from $89.0 million a year ago. Net income in the quarter was $6.8 million or 21 cents per diluted share compared to net loss of $6.9 million or 43 cents per share a year ago.

BJ’s Wholesale Club ((BJ)) rose 0.1% or 5 cents to $36.67 after the retailer announced that its Board of Directors has authorized the repurchase of up to an additional $200 million of the company’s common stock.

Blockbuster Inc ((BBI)) the video-rental chain plunged 9.7% or 3 cents to $0.28.

Cal-Maine Foods, Inc ((CALM)) dropped 3.0% or $1.10 to $34.80 after the egg producer was downgraded to “hold” from “buy” at Jesup & Lamont Inc.

Cephalon, Inc ((CEPH)) fell 2.9% or $2.12 to $70.50 after the biopharmaceutical company today announced the company has received a complete response letter from the U.S. Food and Drug Administration for its supplemental new drug application for NUVIGIL(R) (armodafinil) Tablets [C-IV] in the treatment of patients with excessive sleepiness associated with jet lag disorder resulting from eastbound travel.

Charming Shoppes, Inc ((CHRS)) closed unchanged at $6.70 after the clothing retailer reported fourth quarter sales fell 14.7% to $539.0 million from $631.9 million a year ago. Net loss in the quarter was $28.0 million or 24 cents per diluted share compared to net loss of $114.0 million or 99 cents per share a year ago.

Danaos Corporation ((DAC)) fell 1.0% or 5 cents to $4.55 after the container shipping company said fourth quarter revenues rose 8.4% to $85.3 million from $78.7 million a year ago. Net loss in the quarter was $16.2 million or 30 cents per diluted share compared to net income of $23.6 million or 43 cents per share a year ago.

Danaher Corporation ((DHR)) climbed 3.9% or $3.03 to $80.40 after the maker of Craftsman tools first quarter 2010 adjusted diluted earnings per share is anticipated to be at or above 90 cents.

Generac Holdings Inc ((GNRC)) rose 2.2% or 33 cents to $14.75 after the maker of generators was upgraded new “outperform” at Robert W. Baird & Co.

Hecla Mining Company ((HL)) rose 0.5% or 3 cents to $5.45 after the silver producer was upgraded to “neutral” from “underperform” at Bank of America Corp.

KIT digital, Inc ((KITD)) rose 0.2% or 3 cents to $13.15 after the provider of on-demand software solutions reported fourth quarter revenues rose 79% to $16.1 million from $9.0 million a year ago. Net loss in the quarter was $15.6 million or $1.50 per diluted share compared to net loss of $2.5 million or 75 cents per share a year ago.

Layne Christensen Company ((LAYN)) added 2.8% or 81 cents to $28.98 after the drilling and construction services provider reported fourth quarter revenues fell 1% to $227.2 million from $229.4 million a year ago. Net income in the quarter was $2.4 million or 12 cents per diluted share compared to net loss of $11.4 million or 59 cents per share a year ago.

Maguire Properties, Inc ((MPG)) dropped 3.5% or 12 cents to $3.27 after the office landlord was downgraded to “sell” from “hold” at Stifel Nicolaus & Co.

MI Developments Inc ((MIM) rose 0.7% or 10 cents to $12.90 after the a real estate operating company said fourth quarter revenues fell 62.7% to $58.0 million from $155.5 million a year ago. Net loss in the quarter was $72.8 million or $1.56 per diluted share compared to net loss of $54.5 million or $1.17 per share a year ago.

Myriad Genetics, Inc ((MYGN)) fell 9.2% or $2.30 to $22.60 after the company today announced that Judge Robert W. Sweet of the Federal District Court for the Southern District of New York ruled that certain claims covering isolated DNA sequences in seven of the 23 patents covering BRACAnalysis(R) are invalid.

Neutral Tandem, Inc ((TNDM)) declined 7.8% or $1.37 to $16.00 after the provider of tandem interconnection services for wireless and cable telephone carriers was downgraded to “market perform” from “outperform” at Oppenheimer & Co.

Oxford Industries, Inc. ((OXM)) plunged 14.7% or $3.46 to $20.05 an apparel maker said fourth quarter sales fell 4.7% to $190.5 million from $199.9 million a year ago. Net income in the quarter was $3.9 million or 24 cents per diluted share compared to net loss of $288.4 million or $18.19 per share a year ago.

Qualcomm Incorporated ((QCOM)) the maker of mobile-phone chips rose 1.2% or 52 cents to $42.28.

Sanderson Farms, Inc ((SAFM)) dropped 1.1% or 64 cents to $55.50 after the company begins public offering of 2 million common shares.

Verizon Communications Inc ((VZ)) increased 2.4% or 75 cents to $31.20 and the company is in negotiations with Vodafone Group Plc to decide how to unlock the value in their joint venture.

WSP Holdings Limited ((WH)) decreased 6.1% or 18 cents to $2.76 after the manufacturer of seamless pipes reported fourth quarter revenues fell 56.6% to $129.8 million from $299.3 million a year ago. Net loss in the quarter was $16.3 million or 16 cents per ADS compared to net income of $27.8 million or 27 cents per ADS a year ago.