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Market Update : 
Barnes & Noble, Fifth Third Fall; Rambus Surges
Author: Mayank Mehta
123jump.com
Last Update: 12:06 PM ET August 14 2009



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11:40 AM New York Barnes & Noble plunges after negative comments from a broker. Abercrombie & Fitch Co declares quarterly dividend. Nordstrom second quarter sales decreased 6% and net profit fell 27%. Rambus surges 10% in weak chip sector stocks.

Of the stocks in S&P 500 index, 114 increased, 380 declined and 6 were unchanged.

American International Group, Inc led the decliners in the S&P 500 index with a loss of 5.3% followed by losses in Genworth Financial, Inc of 4.9%, in Masco Corporation of 3.8%, in Fifth Third Bancorp of 3.3% and in Southwest Airlines Co of 3.2%.

Regions Financial Corporation led gainers in the S&P 500 index with a rise of 5.1% followed by gains in Autodesk, Inc 5.1%, in Abercrombie & Fitch Co of 4.8% and Avery Dennison Corporation of 3.7%.

Other Movers

Abercrombie & Fitch Co (ANF) rose 4.8% or $1.59 to $34.55 after the specialty retailer reported second quarter sales fell 23% to $648.5 million from $845.8 million a year ago. Net loss in the quarter was $26.7 million or 30 cents per diluted share compared to net income of $77.8 million or 87 cents per share a year ago.

American Apparel, Inc (APP) added 2.0% or 8 cents to $4.00 after the teen clothing retailer said second quarter sales rose 2% to $136.1 million from $133.0 million a year ago. Net income in the quarter fell 34% to $4.5 million or 6 cents per diluted share compared to net income of $6.8 million or 10 cents per share a year ago.

Ares Capital Corporation (ARCC) fell 7.1% or 69 cents to $9.02 after the investment company that it plans to make a public offering of 8 million shares of its common stock. Ares Capital Corporation has also granted the underwriters an option to purchase up to an additional 1,200,000 shares of common stock to cover over-allotments, if any.

Autodesk, Inc (ADSK) decreased 2.1% or 53 cents to $24.20 after the software company said second quarter revenues fell 33% to $415 million from $619.5 million a year ago. Net income in the quarter fell 88% to $10.5 million or 5 cents per diluted share compared to net income of $89.8 million or 39 cents per share a year ago.

Barnes & Noble, Inc (BKS) decreased 8.2% to $21.09 after Credit Suisse lowered its rating and said the recent purchase of college book store chain controlled by its chief executive will eliminate the possibility of any dividend.

Blockbuster Inc (BBI) fell 13.0% to $0.750 after the movie-rental chain adjusted net loss applicable to common stockholders for the second quarter totaled $36.9 million or 19 cents per diluted share.

The Boeing Company (BA) slipped 4.6% or $2.18 to $44.44 after the company halted production on 787 Dreamliner composite material fuselage from an Italian contractor.

Citigroup Inc (C) the lender fell 3.2% or 13 cents to $3.93.

China GrenTech Corporation Limited (GRRF) the wireless products and services company climbed 44.4% or $1.80 to $5.86.

Lifeway Foods, Inc (LWAY) the maker of dairy products surged 8.0% or $1.01 to $13.86 after it reported second quarter earnings of 15 cents a share or $2.53 million compared to $0.91 million or 5 cents a share a year ago quarter. Sales in the quarter rose 26% to $14.48 million.

J. C. Penney Company, Inc (JCP) fell 2.5% or 84 cents to $32.50 after the department store chain reported second quarter sales fell 8% to $3.94 billion from $4.28 billion a year ago. Net loss in the quarter was $1 million or break even per diluted share compared to net income of $117 million or 52 cents per share a year ago.

Nordstrom, Inc (JWN) advanced 1.1% or 34 cents to $29.76 after the luxury retailer said second quarter revenues fell 6% to $2.14 billion from $2.29 billion a year ago. Net income in the quarter fell 27% to $105 million or 48 cents per diluted share compared to net income of $143 million or 65 cents per share a year ago.

Chipmakers traded lower with Intel, AMD and intellectual property licensor Qualcomm leading the decliners. Rambus Inc (RMBS) surged 10.8% to $17.56. Nvidia Corp declined 3% to $13.38.

Southwest Airlines Co (LUV) declined 3.2% to $8.95 after Republic Airways Holdings won the bankruptcy auction of Frontier Airlines. Republic increased 6% to $6.36.

TAM S.A (TAM) rose 3.7% or 53 cents to $14.71 after the Brazil's airline reported second quarter sales fell 8% to R$2.3 billion from R$2.5 billion a year ago. Net income in the quarter rose 134% to R$788.9 million compared to net income of R$337 million a year ago.




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Market data: BATS Exchange. Inc.

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