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%.
Abercrombie & Fitch Co
) 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
) 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
) 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.
) 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
) 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.
) 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
) slipped 4.6% or $2.18 to $44.44 after the company halted production on 787 Dreamliner composite material fuselage from an Italian contractor.
) the lender fell 3.2% or 13 cents to $3.93.
China GrenTech Corporation Limited
) the wireless products and services company climbed 44.4% or $1.80 to $5.86.
Lifeway Foods, Inc
) 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
) 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.
) 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
) declined 3.2% to $8.95 after Republic Airways Holdings won the bankruptcy auction of Frontier Airlines. Republic increased 6% to $6.36.
) 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.