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Market Update : 
Pep Boys, Texas Instruments Rise
Author: Mayank Mehta
123jump.com
Last Update: 12:09 PM ET June 09 2009



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The Men''s Wearhouse surged after it reported better than expected earnings. Harley Davidson and Hartford Financial declined after negative comments from brokers. FuelCell Energy surged after it reported smaller than expected loss. Pep Boys-Manny, Moe & Jack increased 7% on steady sales.

 
11:45AM New York – Texas Instruments led gainers in the S&P 500 index with a rise of 6.6%. Blyth, Inc first quarter profit rises. Pall Corp reports third quarter net earnings of $44.2 million. Titan Machinery Inc first quarter profit falls.

Of the stocks in S&P 500 index, 376 increased, 119 declined and 5 were unchanged.

Harley-Davidson, Inc led the decliners in the S&P 500 index with a loss of 7.8% followed by losses in Jabil Circuit, Inc of 7.1%, in Masco Corporation of 5.0%, in CIGNA Corporation of 3.9% and in St. Jude Medical, Inc of 2.3%.

Texas Instruments Incorporated led gainers in the S&P 500 index with a rise of 6.6% followed by gains in of LSI Corporation 5.4%, in Motorola, Inc of 5.1% and E*TRADE Financial Corporation of 4.7%.

Other Movers

Alliance One International, Inc (AOI) climbed 16.2% or 79 cents to $5.65 after the global independent leaf tobacco merchant said full-year sales rose 12.4% to $2.26 billion from $2.01 billion a year ago. Net income in the year rose 685% to $132.6 million or $1.50 per diluted share compared to net income of $16.9 million or 19 cents per a year ago.

Blyth, Inc (BTH) decreased 4.0% or $1.43 to $35.04 after the home fragrance and decorative accessories provider said first quarter sales fell 14% to $214.7 million from $249.8 million a year ago. Net income in the quarter rose 110% to $2.44 million or 27 cents per diluted share compared to net income of $1.16 million or 13 cents per a year ago.

CRA International, Inc (CRAI) added 11.1% or $3.08 to $30.85 an economic and management consulting services firm reported second quarter revenues fell 23.2% to $801.6 million from $661.4 million a year ago. Net income in the quarter was $1.7 million or 16 cents per diluted share compared to net loss of $512,000 or 5 cents per share a year ago.

Ceradyne, Inc (CRDN) sank 12.6% or $2.95 to $20.10 after the maker of ceramic body armor for U.S. soldiers said it expects to earn 70 cents per share in 2009 far below previous guidance of about $1.60 a share.

FuelCell Energy, Inc (FCEL) surged 17.2% or 70 cents to $4.76 after the manufacturer of power plants reported second quarter revenues fell 27.5% to $22.9 million from $31.6 million a year ago. Net loss in the quarter was $19.9 million or 29 cents per diluted share compared to net loss of $25.8 million or 38 cents per share a year ago.

GigaMedia Limited (GIGM) fell 2.2% or 14 cents to $6.01 after the provider of online entertainment software and services reported first quarter revenues fell 13.3% to $44.4 million from $51.2 million a year ago. Net income in the quarter fell 60% to $4.84 million or 8 cents per diluted share compared to net income of $12.08 million or 20 cents per share a year ago.

The Hartford Financial Services Group, Inc (HIG) lost 3.1% or 47 cents to $14.31 after the insurer was downgraded from “buy” to “hold” at Citigroup.

Lakeland Industries, Inc (LAKE) dropped 4.9% or 42 cents to $8.06 after the manufactures of safety garments and accessories reported first quarter revenues fell 12.1% to $24.0 million from $27.3 million a year ago. Net income in the quarter fell 89% to $0.1 million or 2 cents per diluted share compared to net income of $0.9 million or 16 cents per share a year ago.

The Men’s Wearhouse, Inc (MW) added 15.7% or $2.81 to $20.68 after the men’s suits retailer and tuxedos renter said first quarter sales fell 6% to $464.1 million from $491.1 million a year ago. Net income in the quarter fell 47% to $5.3 million or 10 cents a diluted share compared to net income of $9.9 million or 19 cents per a year ago.

Pall Corporation (PLL) declined 2.0% or 55 cents to $26.30 after the water filtration company said third quarter revenues fell 16% to $555.9 million from $661.7 million a year ago. Net income in the quarter fell 30% to $44.2 million or 37 cents per diluted share compared to net income of $63.3 million or 13 cents per a year ago.

The Pep Boys-Manny, Moe & Jack (PBY) surged 6.8% or 58 cents to $9.00 an automotive service and retail chain said first quarter sales fell 0.3% to $496.5 million from $498 million a year ago. Net income in the quarter rose 132% to $10.9 million or 21 cents a diluted share compared to net income of $4.7 million or 9 cents per a year ago.

Satyam Computer Services Limited (SAY) rose 26.0% or 71 cents to $3.43 after the global information technology services provider posted a consolidated net profit of 1.6 billion rupees or $33.5 million.

The Talbots, Inc (TLB) rose 8.8% or 44 cents to $5.44 after the women''s apparel retailer reported first quarter revenues fell 26% to $306.2 million from $414.8 million a year ago. Net loss in the quarter was $23.6 million or 44 cents per diluted share compared to net income of $1.6 million or 3 cents per share a year ago.

Titan Machinery Inc (TITN) slid 3.3% or 36 cents to $14.68 after the network of agricultural and construction equipment stores reported first quarter revenues rose 9% to $166.3 million from $152.6 million a year ago. Net income in the quarter fell 47% to $1.8 million or 10 cents per diluted share compared to net income of $3.4 million or 24 cents per share a year ago.

Texas Instruments Incorporated (TXN) gained 5.3% or $1.06 to $20.83 after the second-largest U.S. chipmaker raised and narrowed its expected ranges for revenue and earnings per share.

Quiksilver, Inc (ZQK) lost 12.7% or 46 cents to $3.16 after the maker of outdoor clothing and equipment said second quarter revenues fell 17% to $494.2 million from $596.3 million a year ago. Net income in the quarter was $2.8 million or 2 cents a diluted share compared to net loss of $206.2 million or $1.59 per a year ago.


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