What’s Moving These Shares February 23rd?
The Dow Jones (NYSE:DIA) is dropping another 1% to under 12,115, the S&P 500 (NYSE:SPY) is down to 1308 and the Nasdaq (NASDAQ:QQQQ) is lower at 2,728 on the 36th trading day of 2011, and here is a group of stocks making moves on our radar and the reasons why:
1) Frontier Communications Corp (NYSE:FTR): Frontier Communications Corporation provides communications services to rural areas and small and medium-sized towns and cities. The Company offers a variety of voice, data, and Internet, and television services. Shares are almost 8% to $8.47 per share today after a very disappointing earnings release. The company earned $46 million, or $.05 cents per share, in the October-to-December period. That was up from $4.4 million, or $.01 cent per share, a year ago. Revenue more than doubled to $1.36 billion from $521 million a year ago. Analysts polled by FactSet were expecting higher earnings of $.10 cents per share on total revenue of nearly $1.39 billion. Investors are selling shares today.
2) DIRECTV (NASDAQ:DTV): DIRECTV provides digital television entertainment in the United States and Latin America. The Company acquires, promotes, sells and distributes digital entertainment programming via satellite to residential and commercial subscribers. Shares are up almost 3% to $45.54 per share today. The company reported net income was $618 million, or $.74 cents per share. That compares with a loss of $32 million, or $.03 cents per share, in the same period a year ago. Revenue grew 11% to $6.62 billion from $5.98 billion, beating the average analyst estimate of $6.52 billion. In the U.S., it added 289,000 subscribers, more than double the 119,000 subscribers it added a year ago. It also exceeded analyst expectations around 250,000.
3) Saks Inc. (NYSE:SKS): Saks, Inc. operates department stores in the United States. The stores offer a wide variety of branded and private label merchandise including luxury apparel, shoes, accessories, cosmetics, and decorative home furnishings. Shares are down over 3% to $11.76 per share today after the company reported net income of $25 million, or $.14 cents per share. A year ago the company lost $4.6 million, or $.03 cents per share. Revenue rose 7% to $866.3 million from $811.3 million, beating Wall Street’s estimate of $854.4 million. Looking ahead, the company anticipates revenue at stores open at least a year will rise in the mid-single digits for the full year.
4) Lowe’s Companies (NYSE:LOW): Lowe’s Companies, Inc. is a home improvement retailer that distributes building materials and supplies through stores in the United States. The Company offers a complete line of products and services for home decorating, maintenance, repair, remodeling, and property maintenance. Shares are down 1.62% to $25.57 per share today following their latest quarterly earnings report. The company said its quarterly profit rose to $285 million, or $.21 cents a share, from $205 million, or $.14 cents a share, in the year-earlier period. Revenues increased 3.1% to $10.5 billion.
5) Vertex Pharmaceuticals (NASDAQ:VRTX): Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes novel, small molecule pharmaceuticals for the treatment of diseases for which there are currently limited or no effective treatments. The Company is developing drugs for the treatment of viral diseases, multidrug resistance in cancer, inflammatory and autoimmune diseases, and neurodegenerative diseases. Shares are up over 14% to $43.66 per share today. The company said its potential cystic fibrosis drug improved lung function in a key late-stage study.
6) Denbury Resouces (NYSE:DNR): Denbury Resources Inc. acquires, develops, operates and explores oil, and gas properties, primarily in the Gulf Coast region of the United States. Shares are up 4.5% to $23.85 per share today. In the fourth-quarter, the company earned $.22 cents a share on an adjusted basis, on revenue of $485.3 million. Polled analysts were expecting $.19 cents a share on revenue of $491.78 million.
7) Oclaro Inc. (NASDAQ:OCLR): Oclaro Inc. develops, manufactures, and provides optical solutions designs. The Company manufactures and markets optical components, modules, and subsystems used in a range of diversified markets, including telecommunications, data communications, aerospace, consumer optics, and semiconductors. Shares are up over 7% to $16.32 per share. This stock was Jim Cramer’s old fav at a Harvard Mad Money show when it was under the name Bookham. Apparently, optical networking stocks are back in play.
8) Fluor Corporation (NYSE:FLR): Fluor Corporation is a professional services company. The Company provides engineering, procurement, construction and maintenance as well as project management services on a global basis. Fluor also provides outsourcing of maintenance services and asset operations, equipment rental and sales, business support services, and other services. Shares are down over 2% to $68.66 per share today after quarterly net profit declined to $117 million, or $.65 cents per share, from $149 million, or $.82 cents per share, in the same quarter a year before, Fluor said on Wednesday. Revenue dropped 4%to $5.27 billion.
9) Polypore International (NYSE:PPO): Polypore International, Inc. develops, manufactures, and markets specialized polymer-based membranes used in separation and filtration processes. The Company serves customers globally with manufacturing facilities in North America, Europe, and Asia. Shares are down over 3.5% to $48.72 per share today, ahead of this afternoon’s highly anticipated earnings announcement. The company is expected to deliver $.34 cents earnings per share on $160.31 million in revenues.
10) Eaton Vance (NYSE:EV): Eaton Vance Corp. creates, markets, and manages mutual funds. The Company also provides management and counseling services to individual and institutional clients. Shares are down 3.86% to $31.65 per share today after the company delivered net income of $37.5 million, or $.30 cents per share, compared with $46.2 million, or $.37 cents per share, a year ago. Revenue climbed nearly 15% to $312.3 million from $272 million. Shareholders are taking profits today.