Thursday's biggest stock gainers and decliners
Thursday October 19, 6:16 pm ET
Accentia Biopharmaceuticals Inc. (NASDAQ:ABPI - News) shares soared 42% Thursday after the Tampa, Fla.-based company said a new study has shown that its BiovaxID drug, when given to patients with relapsed follicular non-Hodgkins lymphoma following chemotherapy, with or without Rituxan, can induce complete long-lasting remissions. In the study, the company said 80% of the patients achieved an immune response to the BiovaxID formulation. Shares of Biovest International Inc. also jumped on the news.
Answers Corp. (NASDAQ:ANSW - News) shares rose 21% after the New York-based company said Microsoft Corp. (NASDAQ:MSFT - News) has chosen the company's 1-Click Answers application to appear on its list of recommend add-ons for the newly released Internet Explorer 7 Web browser. The 1-Click Answers application provides information to users about any word or phrase highlighted on a web page.
Apple's (NASDAQ:AAPL - News) shares surged 6% after the company reported fourth-quarter profit rose 27% on higher sales of the company's line of iPod digital media players and its signature Macintosh computers. See related story.
Applica Inc. (NYSE:APN - News) shares climbed 5.4% after the company said it has agreed to be acquired by affiliates of Harbinger Capital Partners for $6 a share in cash. Harbinger already owns 40% of the Miramar, Fla.-based home appliance maker's shares. Applica said its board determined that the Harbinger's offer was superior to its previous merger agreement with Nacco Industries Inc. and its HB-PS Holding Co. unit.
Avocent Corp. (NASDAQ:AVCT - News) shares surged 15% after the Huntsville, Ala.-based software company reported third-quarter net earnings of $2.55 million, or 5 cents a share, down from $16.4 million, or 33 cents a share, last year. Excluding items related to the company's acquisition of LANDesk and certain other charges, Avocent reported earnings of $30.4 million, or 64 cents a share, compared with $18 million, or 36 cents a share, last year. Revenue rose to $141.8 million from $96.8 million. Analysts polled by Thomson First Call had forecast a per-share profit of 52 cents on revenue of $140.4 million.
Albemarle Corp. (NYSE:ALB - News) shares add 9.6% after the company posted third-quarter net earnings of $2.3 million, or 5 cents a share, compared with $26.3 million, or 55 cents a share, in the same period last year. Excluding a $1.20-a-share charge related to the divestiture of a facility in Thann, France, per-share earnings were $1.25.
Barnes Group Inc. (NYSE:B - News) shares gained 15% after the company said its third-quarter net income rose 22.7% to $18.9 million, or 35 cents a share, as revenue rose 19% to $322 million. Analysts polled by Thomson First Call had been expecting earnings of 31 cents a share. Barnes said its revenue was supported by double digit organic growth in each of its divisions. The firm also increased its estimate for 2006 earnings per share to a range of $1.33 to $1.35
Boston Scientific Corp. (NYSE:BSX - News) shares climbed 5.8% after the company reported net income of $76 million, or 5 cents a share, on revenue of $2.03 billion for the quarter ended Sept. 30. In the same period last year, the medical device maker lost $269 million, or 33 cents a share, on revenue of $1.51 billion. See related story.
Shares of Consumer Portfolio Services (NASDAQ:CPSS - News) shares rose 7.4% after the company late Wednesday reported third-quarter net earnings of $4.27 million, or 18 cents a share, up from $1.4 million, or 6 cents a share, during the year-ago period. The Irvine, Calif.-based specialty finance company posted revenue of $73.7 million vs. $49.4 million.
Covalent Group Inc. (NASDAQ:CVGR - News) shares rose 10% after the Wayne, Pa.-based company announced the signing of multiple Phase 1 and Phase 2 trial contracts with a combined value of $8.2 million, and issued a third-quarter revenue forecast. Covalent said all of the contracts are with the same client and relate to the development of an agent to treat multiple types of influenza. Under the contracts, Covalent will provide consulting services on clinical trial design and protocol development, along with data management and biostatistical support. Covalent also said it expects third-quarter revenue in the range of $3.6 million to $3.7 million and net income of $625,000 to $675,000.
C.R. Bard (NYSE:BCR - News) vaulted 8.3% after the medical products maker reported earnings that beat expectations, topped off with a surprise double-digit jump in sales.
EBay (NASDAQ:EBAY - News) shares gained 7% after the company said third-quarter net profit rose to $280.9 million, or 20 cents a share, from $255 million, or 18 cents, a year earlier, when eBay didn't include option costs on its income statement. Excluding stock option expenses, eBay said net income would have risen 30% to $332 million, or 23 cents a share. See related story.
Horizon Lines Inc. (NYSE:HRZ - News) shares added 10% after the company said it now expects third-quarter per-share earnings of $1.57 to $1.59, up from its previous outlook of 40 cents to 42 cents. The increase is due to the company's decision to adopt the tonnage tax in lieu of the regular federal corporate income tax.
Jakks Pacific Inc. (NASDAQ:JAKK - News) shares surged 21% after the Malibu-based toy maker reported third-quarter net earnings of $40.5 million, or $1.26 a share, up 24% from $32.8 million, or $1.05 a share, in the year-ago period. Excluding items, profit came in at $43.6 million, or $1.35 a share. Revenue rose to $295.8 million from $233.5 million. Analysts polled by Thomson First Call had forecast a per-share profit of $1.18 on revenue of $276 million. Jakks said it still expects 2006 earnings of $2.32 a share on revenue of $775 million.
Landstar Systems Inc. (NASDAQ:LSTR - News) shares climbed 7% after the company said its third-quarter net income fell to $30.6 million, or 53 cents a share, from $34.6 million, or 58 cents a share in the year-earlier period. Revenue at the Jacksonville, Fla., transportation company fell 4% to $649.2 million from $676.1 million in the quarter ended Sept. 30. Analysts polled by Thomson First Call forecast earnings, on average, of 50 cents a share and revenue of $658.1 million.
Shares of Logitech International SA (NASDAQ:LOGI - News) rose 14% after the company late Wednesday reported second-quarter net earnings of $49.2 million, or 26 cents a share, up 36% from $36.2 million, or 18 cents a share, during the year-ago period. The Swiss computer peripherals maker posted revenue of $502 million vs. $422.1 million. Analysts polled by Thomson First Call had forecast second-quarter earnings of 21 cents a share on revenue of $494 million. Additionally, Logitech increased its targets for the current fiscal year, ending March 31, 2007. The company said it now expects revenue to rise 17% compared with a year ago, up from its previous outlook of a 15% rise. Also, gross margin is expected to be above the mid-point of the long-term range of 32% to 34%, Logitech said. The company had previously expected gross margin to be at the low end of the range.
The McGraw-Hill Companies Inc. (NYSE:MHP - News) shares surged 6.4% after the company said third-quarter net income rose 0.3% to $382.3 million, or $1.06 a share, from $381.2 million, or $1 a share in the year-ago period. Revenue increased 0.8% to $1.99 billion. The latest period's earnings included charges of 3 cents a share for incremental stock-based compensation and 3 cents a share for restructuring. The company cited record results at its financial services unit and cost management. Analysts surveyed by Thomson First Call forecast earnings of $1 a share and revenue of $2.03 billion, on average. The company forecast 2006 earnings of $2.53-$2.55 a share, higher than its earlier view of $2.44 to $2.49 a share.
Shares of Peabody Energy Corp. (NYSE:BTU - News) rose 6.3% after the giant coal company announced a third-quarter profit that waltzed past Wall Street's expectations.
PLX Technology Inc. (NASDAQ:PLXT - News) shares rose 19% after the Sunnyvale, Calif.-based company reported third-quarter net earnings of $1.02 million, or 4 cents a share. In the same quarter last year, the company reported a net loss of $510,000, or 2 cents a share. Excluding the effect of acquisition-related amortization and stock-option expense, the PLX reported a third-quarter 2006 profit of $2.6 million, or 9 cents a share. Revenue in the quarter climbed to $21 million from $12.9 million. PLX expects fourth-quarter revenue of $20.5 million to $21.5 million
Teradyne Inc. (NYSE:TER - News) shares gained 6.1% after the company swung to a third-quarter net profit of $60.6 million, or 31 cents a share, as the company's gross profit almost doubled and expenses fell. In the same period last year, the Boston-based maker of automatic test equipment posted a net loss of $35.4 million, or 18 cents a share.
UnitedHealth Group Inc. (NYSE:UNH - News) shares climbed 5.4% after the company posted third-quarter earnings that came in ahead of consensus expectations and raised its profit forecast for the year.
Advanced Micro Devices Inc. (NYSE:AMD - News) shares lost 13% Thursday after the company said its quarterly profit rose 76% as it sold more chips used in personal computers and corporate servers. AMD said third-quarter net income was $134 million, or 27 cents a share, versus net income of $76 million, or 18 cents a share, in last year's same period. See related story.
Avici Systems Inc. (NASDAQ:AVCI - News) shares fell 15% after the North Billerica, Mass.-based networking company reported third-quarter net earnings of $2.72 million, or 20 cents a share. In the same quarter last year, the company reported a net loss of $7.77 million, or 60 cents a share. Excluding items, Avici reported earnings for the three months ended Sept. 30 of $5.7 million, or 41 cents a share, compared with a loss of $7.2 million, or 56 cents a share, last year. Revenue more than doubled, surging to $20.2 million from $8.2 million.
Briggs & Stratton Corp. (NYSE:BGG - News) shares sank 10% after the company swung to a fiscal first-quarter loss of $18 million, or 36 cents a share, after sales fell 34% to $338 million. It earned $4.73 million in the year-ago quarter. A lack of landed-hurricane activity hurt sales of generators, as did reduced demand for engines for lawn and garden equipment. It said fiscal year net income will be between $75 million and $85 million, or $1.51 to $1.71 a share, with second-quarter net income between breakeven and a $5 million loss. Analysts polled by Thomson First Call had expected a loss of 23 cents a share for the first quarter and a profit of $2.37 a share for the year.
Citrix Systems Inc. (NASDAQ:CTXS - News) shares plunged 20% after the company reported third-quarter net earnings of $46.6 million, or 25 cents a share, compared with $41 million, or 23 cents a share, on the back of higher demand for the company's application networking and online products. Analysts polled by Thomson First Call had expected per share earnings of 33 cents. The Fort Lauderdale, Fla.-based provider of infrastructure software and services said revenue rose 22% to $277.9 million from $226.9 million. Analysts had forecast revenue of $281 million. Citrix expects fourth-quarter per-share net earnings in the range of 27 cents to 28 cents, on revenue of $307 million to $315 million. For fiscal 2006, the company sees net earnings of $1 to $1.01 a share, on revenue of $1.12 billion to $1.13 billion. End of Story
Cosi Inc. (NASDAQ:COSI - News) shares sank 22% after the company said third-quarter comparable sales fell 4.2% from last year due to lower customer frequency. As a result, the Deerfield, Ill.-based franchise owner and restaurant operator expects a per-share third-quarter loss of 5 cents excluding stock-based compensation.
Cypress Semiconductor Corp. (NYSE:CY - News) swung to a third-quarter profit as sales of its chips used in a wide range of electronic devices increased. But, it said it will no longer pursue a sale of the company, sending its shares down 10%.
EarthLink Inc. (NASDAQ:ELNK - News) shares fell 8.2% after the company said it swung to a third-quarter loss Thursday. The Atlanta-based provider of Internet services posted a net loss of $3.18 million, or 2 cents a share. In the same period last year, EarthLink reported net earnings of $36.4 million, or 27 cents a share. Revenue rose 5% to $331.3 million from $317 million. The company expects a fourth-quarter net loss of $15 million to $25 million, or adjusted earnings before interest, tax, depreciation and amortization of $20 million to $25 million. Earth link sees revenue for the period of $330 million to $335 million, and plans to add 25,000 to 50,000 subscribers.
Fairchild Semiconductor (NYSE:FCS - News) said its third-quarter net income amounted to $25.1 million, or 20 cents a share, compared with a loss of from $20.8 million, or 17 cents a share, in the year-earlier period. Revenue at the South Portland, Maine, semiconductor supplier rose more than 20% in the three months ended Oct. 1 to $417 million from $345.5 million. Analysts polled by Thomson First Call forecast earnings, on average, of 23 cents a share and revenue of $410.8 million. Fairchild said fourth quarter revenue would be flat to up 2% sequentially.
Hypercom Corp. (NYSE:HYC - News) shares dropped 18% after the company said it expects to post close to breakeven results in the third-quarter. The Phoenix-based company sees revenue for the period of $56 and $58 million, below its prior expectations.
Labor Ready Inc. (NYSE:LRW - News) shares dropped 9.5% after the company reported third-quarter net income of $24.8 million, or 48 cents a share, up from $21.8 million, or 40 cents, earned in the same period last year. Quarterly revenue for the Tacoma, Wash.-based provider of blue-collar temporary workers rose 4%, reaching $374.1 million from $360.4 million. Analysts, on average, had been looking for earnings of 47 cents a share on revenue of $384 million, according to estimates compiled by Thomson First Call. For the fourth quarter, Labor Ready said it sees earnings of 29 cents to 31 cents a share on revenue of $342 million to $345 million; Wall Street's averages stand at 34 cents a share and $357 million, respectively
Radian Group Inc. (NYSE:RDN - News) shares lost 9.5% after the company reported third-quarter net earnings of $112 million, or $1.36 a share, down 31% from $162.6 million, or $1.88 a share, in the year-ago period. Revenue at the credit risk management company fell to $321.8 million from $382.6 million, while net written premiums dropped to $254.8 million from $313.9 million.
Spansion Inc. (NASDAQ:SPSN - News) shares fell 7.1% after the memory-chip maker reported a wider-than-expected third-quarter loss due in part to manufacturing problems that caused its chip-production efficiency to fall. The company, formerly a unit of Advanced Micro Devices Inc. , also said order lead times have decreased to a range of 6 to 8 weeks, down from 12 to 16 weeks, causing some analysts to believe that supplies of flash-memory chips like those made by Spansion are rising faster than demand, which could put downward pressure on prices.
United PanAm Financial Corp. (NASDAQ:UPFC - News) shares tumbled 22% after the Newport Beach, California.-based provider of financial services said third-quarter net income fell to $4.5 million, or 25 cents a share, from $6.97 million, or 37 cents a share, in the same period last year. Net interest income rose 17% to $41.1 million from $35.1 million. The company expects 2006 per-share earnings from continuing operations of $1.13 to $1.18. For 2007, United PanAm sees per-share earnings from continuing operations of $1.30 to $1.40.
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