SAIC, Rite Aid Decline; Dollar General Rises

Mayank Mehta
31 Mar, 2010
New York City

SAIC, Inc declined after it missed quarterly earnings and lowered the annual earnings outlook. Rite Aid Corporation declined after it reported narrower quarterly loss but margins and sales were weaker than expected. Ford Motor Company declined ahead of warrants sale.

[R]1:00 PM New York – SAIC, Inc declined after it missed quarterly earnings and lowered the annual earnings outlook. Rite Aid Corporation declined after it reported narrower quarterly loss but margins and sales were weaker than expected. Ford Motor Company declined ahead of warrants sale.[/R]

Of the stocks in S&P 500 index, 110 increased, 380 declined and 10 were unchanged.

SAIC, Inc led the decliners in the S&P 500 index with a loss of 5.0% followed by losses in Limited Brands, Inc of 4.3% and in Ford Motor Company of 2.9%, in LSI Corporation of 2.2% and in Citigroup Inc of 1.9%.

JDS Uniphase Corporation led gainers in the S&P 500 index with a rise of 3.5% followed by gains in Lexmark International, Inc 2.0%, in Genworth Financial, Inc of 1.9% and in Massey Energy Company 1.8%.

Other Movers

3Com Corporation ((COMS)) rose 0.1% or 1 cent to $7.72 after the networking systems maker said third quarter sales rose 6.5% to $345.9 million from $324.7 million a year ago. Net income in the quarter was to $41.4 million or 10 cents per diluted share compared to net income of $1.9 million or break even per share a year ago.

Ameron International Corporation ((AMN)) slipped 5.2% or $3.52 to $63.82 after the manufacturer of engineered products reported first quarter sales fell 25.3% to $109.0 million from $146.0 million a year ago. Net income in the quarter fell 71% to $1.1 million or 12 cents per diluted share compared to net income of $3.8 million or 41 cents per share a year ago.

A-Power Energy Generation Systems, Ltd ((APWR)) fell 8.4% or $1.02 to $11.02 an energy company reported fourth quarter revenues rose 54.6% to $125.9 million from $81.4 million a year ago. Net loss in the quarter was $23.9 million or 69 cents per diluted share compared to net income of $10.0 million or 30 cents per share a year ago.

ArQule, Inc ((ARQL)) surged 104.5% or $3.61 to $7.07 after the maker of cancer therapies today announced that ARQ 197, when used in combination with erlotinib, demonstrated a 66% improvement in patients under certain conditions.

Acuity Brands, Inc ((AYI)) fell 2.9% or $1.13 to $41.11 after the maker of lighting fixtures reported second quarter sales fell 0.7% to $383.5 million from $386.1 million a year ago. Net income in the quarter fell 46% to $7.8 million or 17 cents per diluted share compared to net income of $14.4 million or 34 cents per share a year ago.

BPZ Resources, Inc ((BPZ)) added 2.6% or 19 cents to $7.43 and oil and gas company said fourth quarter revenues fell 16.6% to $15.1 million from $18.1 million a year ago. Net loss in the quarter was $10.0 million or 9 cents per diluted share compared to net loss of $6.2 million or 8 cents per share a year ago.

Chiquita Brands International, Inc ((CQB)) dropped 2.4% or 41 cents to $16.10 after the seller of bananas said first quarter banana prices are 11% lower than a year ago quarter.

Cypress Bioscience, Inc ((CYPB)) fell 0.9% or 5 cents to $5.02 after the provider of medicine services reported fourth quarter revenues rose 754% to $8.1 million from $949,000 a year ago. Net loss in the quarter was $5.0 million or 13 cents per diluted share compared to net loss of $7.2 million or 19 cents per share a year ago.

Dollar General Corporation ((DG)) added 2.7% or 71 cents to $26.50 after the discount retailer reported fourth quarter sales rose 12% to $3.19 billion from $2.85 billion a year ago. Net income in the quarter rose 6.5% to $87.2 million or 26 cents per diluted share compared to net income of $81.9 million or 26 cents per share a year ago.

FSI International, Inc ((FSII)) gained 5.1% or 19 cents to $3.88 after the maker of semiconductor devices said second quarter sales rose 120% to $18.9 million from $8.6 million a year ago. Net income in the quarter was $609,000 or 2 cents per diluted share compared to net loss of $9.4 million or 30 cents per share a year ago.

Ford Motor Company ((F)) declined 4.3% to $12.70 after it canceled analysts meeting as the UAW Retiree Medical Benefits Trust is planning to sell the company warrants.

H.B. Fuller Company ((FUL)) increased 4.2% or $1.00 to $24.32 after the specialty chemical products maker said first quarter revenues rose 11% to $309.4 million from $278.6 million a year ago. Net income in the quarter rose 211.5% to $19.0 million or 38 cents per diluted share compared to net income of $6.1 million or 13 cents per share a year ago.

Honeywell International Inc ((HON)) added 1.4% or 65 cents to $45.60 after the maker of controls for planes and buildings first quarter earnings per share guidance to 45 cents to 49 cents.

Immersion Corporation ((IMMR)) climbed 3.2% or 14 cents to $4.49 after the provider of touch feedback technology said fourth quarter revenues rose 6% to $6.9 million from $6.5 million a year ago. Net loss in the quarter was $4.3 million or 15 cents per diluted share compared to net loss of $10.7 million or 38 cents per share a year ago.

Jos. A. Bank Clothiers, Inc ((JOSB)) rose 4.7% or $2.45 to $54.17 after the retailer of men’s clothing reported full year 2009 sales rose 10.7% to $770.3 million from $695.9 million a year ago. Net income for the year rose 22% to $71.2 million or $3.84 per diluted share compared to net income of $58.4 million or $3.17 per share a year ago.

Landec Corporation ((LNDC)) decreased 6.3% or 45 cents to $6.68 after the maker of agricultural and food packaging products said third quarter sales rose 8% to $58.1 million from $53.9 million a year ago. Net income in the quarter rose 13% to $1.7 million or 7 cents per diluted share compared to net income of $1.5 million or 6 cents per share a year ago.

Lindsay Corporation ((LNN)) fell 0.07% or 3 cents to $42.63 after the manufacturer of irrigation systems reported second quarter revenues rose 31% to $85.2 million from $65.1 million a year ago. Net income in the quarter was $6 million or 48 cents per diluted share compared to net income of $150,000 or 1 cent per share a year ago.

Och-Ziff Capital Management Group LLC ((OZM)) rose 2.7% or 41 cents to $15.35 after the hedge-fund firm was upgraded to “outperform” from “market perform” at William Blair & Co.

Peabody Energy Corporation ((BTU)) fell 1.8% or 82 cents to $44.85 after the coal company confirmed that it has submitted a non-binding indicative proposal to Macarthur Coal Limited. Under Peabody''s proposal, Macarthur shareholders would receive a cash price of A$13 per share, representing a total equity value of A$3.3 billion or $3.0 billion.

Macarthur rejected the offer and said it undervalues the company.

Rite Aid Corporation ((RAD)) dropped 5.3% or 9 cents to $1.60 after the retail drugstore chain reported fourth quarter revenues fell 3.7% to $6.46 billion from $6.71 billion a year ago. Net loss in the quarter was $208.4 million or 24 cents per diluted share compared to net loss of $2.29 billion or $2.67 per share a year ago.

SAIC, Inc ((SAI)) fell 3.9% or 75 cents to $18.23 after the provider of scientific, engineering, technology and intelligence services said fourth quarter revenues rose 6.3% to $2.68 billion from $2.52 billion a year ago. Net income in the quarter rose 2.5% to $123 million or 31 cents per diluted share compared to net income of $120 million or 29 cents per share a year ago.

Sealy Corporation ((ZZ)) dropped 3.8% or 14 cents to $3.51 after the mattress maker said first quarter sales rose 9.5% to $339.6 million from $310.0 million a year ago. Net income in the quarter rose 32.5% to $5.7 million or 3 cents per diluted share compared to net income of $4.3 million or 5 cents per share a year ago.

SmartHeat Inc ((HEAT)) plunged 13.9% or $1.73 to $10.82 after the manufacturer of plate heat exchangers reported full year 2009 sales rose 152.6% to $82.6 million from $32.7 million a year ago. Net income for the year rose 144.4% to $15.4 million or 58 cents per diluted share compared to net income of $6.3 million or 29 cents per share a year ago.

Team, Inc ((TISI)) rose 1.3% or 22 cents to $16.76 after the provider of pipe maintenance services said third quarter revenues fell 0.2% to $104.1 million from $104.3 million a year ago. Net loss in the quarter was $427,000 or 2 cents per diluted share compared to net income of $2.2 million or 11 cents per share a year ago.

Unilever N.V ((UN)) rose 2.0% or 61 cents to $30.40 after the maker of food and detergent was upgraded to “buy” from “neutral” at Bank of America Merrill Lynch Global Research.

UniFirst Corporation ((UNF)) dropped 2.3% or $1.28 to $52.25 after the supplier of uniforms reported second quarter revenues fell 1.4% to $253.6 million from $257.3 million a year ago. Net income in the quarter fell 11.5% to $16.2 million or 83 cents per diluted share compared to net income of $18.3 million or 94 cents per share a year ago.

WellPoint, Inc ((WLP)) rose 0.4% or 30 cents to $64.99 after the health insurer was upgraded to “outperform” from “market perform” at BMO Capital Markets Ltd.