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Market Update : 
In Focus: Chico's, Autodesk, Longtop
Author: Mayank Mehta
123jump.com
Last Update: 12:33 PM ET November 18 2009


MBIA Inc led gainers in the S&P 500 index with a rise of 7.2%. Autodesk increases profitability in third quarter fiscal 2010. BJ’s Wholesale Club third quarter net income tumbles 37%. La-Z-Boy Incorporated swings to second quarter profit. Chico''s FAS, Inc. comparable store sales increased 12.8%.

 
12:00 AM New York – MBIA Inc led gainers in the S&P 500 index with a rise of 7.2%. Autodesk, Inc increases profitability in third quarter fiscal 2010. BJ’s Wholesale Club, Inc third quarter net income tumbles 37%. La-Z-Boy Incorporated swings to second quarter profit. Chico''s FAS, Inc. comparable store sales increased 12.8%.

Of the stocks in S&P 500 index, 186 increased, 305 declined and 9 were unchanged.

Autodesk, Inc led the decliners in the S&P 500 index with a loss of 8.7% followed by losses in Sprint Nextel Corporation of 2.6%, in Pall Corporation of 2.5%, in Coventry Health Care, Inc of 2.4% and in Salesforce.com, inc of 2.3%.

MBIA Inc led gainers in the S&P 500 index with a rise of 7.2% followed by gains in Pulte Homes, Inc 4.9%, in Deere & Company of 4.3% and in SLM Corporation of 4.3%.

Other Movers

Autodesk, Inc (ADSK) decreased 9.4% or $2.54 to $24.46 after the design and engineering software maker said third quarter revenues fell 31.3% to $416.9 million from $607.1 million a year ago. Net income in the quarter fell 72% to $29.5 million or 13 cents per diluted share compared to net income of $104.5 million or 45 cents per share a year ago.

Autoliv, Inc (ALV) added 1.5% or 64 cents to $41.30 after the maker of automotive airbags said Delphi announced that it planned to exit its Occupant Protection Safety business in North America, Europe and Asia by December 31, 2009.

BJ’s Wholesale Club, Inc (BJ) fell 1.7% or 64 cents to $35.70 after the wholesale club operator reported third quarter sales rose 2% to $2.45 billion from $2.40 billion a year ago. Net income in the quarter fell 37% to $17.7 million or 32 cents per diluted share compared to net income of $28.2 million or 48 cents per share a year ago.

Chico’s FAS, Inc (CHS) rose 7.9% or $1.07 to $14.55 after the women''s clothing and accessories retailer reported third quarter sales rose 13.3% to $446.9 million from $394.2 million a year ago. Net income in the quarter was $22.7 million or 13 cents per diluted share compared to net income of $2.0 million or 1 cent per share a year ago.

China Sunergy Co., Ltd (CSUN) increased 8.7% or 37 cents to $4.60 after the specialized solar cell manufacturer reported third quarter sales fell 32.7% to $80.1 million from $119.0 million a year ago. Net income in the quarter was $7.8 million or 19 cents per diluted share compared to net income of $211,000 or 1 cent per share a year ago.

The Cheesecake Factory Incorporated (CAKE) the restaurant chain advanced 3.5% or 68 cents to $19.62.

Concur Technologies, Inc (CNQR) plunged 10.4% or $4.28 to $36.80 after the maker of software for managing travel expenses expects earnings per share for the first quarter of fiscal 2010 to be11 cents, assuming an estimated effective tax rate of 36.5%, and non-GAAP pre-tax earnings per share to be 27 cents.

DryShips Inc (DRYS) fell 3.5% or 25 cents to $6.80 after the Greek owner of deep-water drilling rigs and ships said that it has commenced a public offering of $300 million aggregate principal amount of convertible senior notes.

E-House (China) Holdings Limited (EJ) added 0.3% or 7 cents to $20.38 after the real estate services company said third quarter revenues rose 119% to $86.2 million from $39.3 million a year ago. Net income in the quarter rose 220% to $34.9 million or 43 cents per diluted share compared to net income of $10.9 million or 13 cents per share a year ago.

Emergency Medical Services Corporation (EMS) dropped 4.2% or $2.18 to $49.50 after the provider of ambulances and emergency- medical personnel said that it intends to commence a public secondary offering of 6 million shares of class A common stock.

La-Z-Boy Incorporated (LZB) climbed 1.6% or 12 cents to $7.30 after the furniture seller said second quarter sales fell 9.4% to $300.7 million from $331.9 million a year ago. Net income in the quarter was $5.9 million or 11 cents per diluted share compared to net loss of $53.7 million or $1.05 per share a year ago.

LDK Solar Co., Ltd (LDK) surged 13.7% or 92 cents to $7.63 after the Chinese maker of silicon wafers said that it has entered into an agreement to sell a 15% ownership stake in its 15,000 metric ton (MT) annualized capacity polysilicon plant in Xinyu City, China.

Longtop Financial Technologies Limited (LFT) rose 7.9% or $2.57 to $34.79 after the Chinese maker of banking software priced its offering of 3.7 million American depositary shares, or ADSs, each representing one ordinary share of the company, was priced at $31.25 per ADS.

Perry Ellis International, Inc (PERY) gained 9.2% or $1.38 to $16.26 an apparel company reported third quarter revenues fell 20% to $178.6 million from $222.8 million a year ago. Net income in the quarter fell 18% to $4.1 million or 31 cents per diluted share compared to net income of $5.0 million or 33 cents per share a year ago.

Pulte Homes, Inc (PHM) the homebuilder added 4.1% or 40 cents to $10.00. Other home builders traded higher despite weak housing starts and completion monthly report.

Salesforce.com, Inc (CRM) fell 4.0% or $2.63 to $62.98 after the provider of software on demand said third quarter revenues rose 19.5% to $330.5 million from $276.5 million a year ago. Net income in the quarter rose 105% to $20.7 million or 16 cents per diluted share compared to net income of $10.1 million or 8 cents per share a year ago.




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Market data: BATS Exchange. Inc.

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