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Market Update

First Solar, Dun & Bradstreet Plunge; ITT Leads


Author: Mayank Mehta
ticker.com
Last Update: 11:36 AM ET July 31 2009

11:00AM New York The Dun & Bradstreet dropped 14% after it lowered annual earnings outlook. Dolby Laboratories third quarter results exceed estimates. ITT led the gainers after it posted profit and lifted annual earnings outlook to as high as $3.70 a share. First Solar plunged after earnings increased less than expected and the margins remain weak.

Of the stocks in S&P 500 index, 360 increased, 133 declined and 7 were unchanged.

The Dun & Bradstreet Corporation led the decliners in the S&P 500 index with a loss of 14.2% followed by losses in Perkinelmer, Inc of 13.5%, in Iron Pitney Bowes Inc of 10.7%, in Lincoln National Corporation of 3.5% and in The Walt Disney Company of 3.2%.

ITT Corporation led gainers in the S&P 500 index with a rise of 5.6% followed by gains in McAfee, Inc 4.1%, in Johnson Controls, Inc of 4.0% and The Goodyear Tire & Rubber Company of 3.9%.

Other Movers

Abaxis, Inc (ABAX) surged 16.4% or $3.61 or $25.45 after the maker of portable medical analysis systems said diluted net income per share of 17 cents for the first quarter compared to 12 cents a year.

Avery Dennison Corporation (AVY) decreased 10.6% or $3.16 to $26.65 after the adhesive label maker and office supply company said second quarter sales fell 20% to $1.46 billion from $1.83 billion a year ago. Net income in the quarter fell 57% to $39.8 million or 38 cents per diluted share compared to net income of $92.4 million or 93 cents per share a year ago.

Amerigroup Corporation (AGP) sank 10.9% or $3.1 to $25.54 after the health insurer said second quarter revenues rose 15.2% to $1.29 billion from $1.12 billion a year ago. Net income in the quarter was $49.6 million or 94 cents per diluted share compared to net loss of $164 million or $3.10 per share a year ago.

AutoNation, Inc (AN) fell 2.5% or 53 cents to $20.10 after the nation''s largest auto dealership chain said second quarter revenues fell 28.7% to $2.61 billion from $3.66 billion a year ago. Net income in the quarter fell 29% to $36.7 million or 21 cents per diluted share compared to net income of $51.8 million or 29 cents per share a year ago.

Bankrate, Inc (RATE) rose 0.3% or 11 cents to $28.91 after the consumer finance web site operator said second quarter revenues fell 23% to $31 million from $40.2 million a year ago. Net income in the quarter fell 54% to $1.9 million or 10 cents per diluted share compared to net income of $4.1 million or 21 cents per share a year ago.

Brush Engineered Materials Inc (BW) climbed 9.4% or $1.78 to $20.61 after the manufacturer of engineered materials said second quarter revenues fell 29% to $174.1 million from $246.6 million a year ago. Net loss in the quarter was $0.8 million or 4 cents per diluted share compared to net income of $7.2 million or 35 cents per share a year ago.

Chevron Corporation (CVX) jumped 0.3% or 19 cents to $68.85 an oil company said second quarter revenues fell 51% to $40 billion from $81 billion a year ago. Net income in the quarter fell 71% to $1.75 billion or 87 cents per diluted share compared to net income of $5.98 billion or $2.90 per share a year ago.

Constellation Energy Group Inc (CEG) slipped 1.3% or 40 cents to $28.64 an energy company said second quarter revenues fell 19% to $3.86 billion from $4.76 billion a year ago. Net income in the quarter fell 84% to $28.3 million or 4 cents per diluted share compared to net income of $175 million or 95 cents per share a year ago.

Dolby Laboratories, Inc (DLB) added 3.0% or $1.26 to $42.85 an audio technology licensor said third quarter revenues fell 11% to $171 million from $154.3 million a year ago. Net income in the quarter rose 10% to $51.1 million or 44 cents per diluted share compared to net income of $46.4 million or 40 cents per share a year ago.

Dover Downs Gaming & Entertainment, Inc (DDE) fell 2.6% or 15 cents to $5.61 after the gaming and Entertainment Company said second quarter revenues fell 2.4% to $58.5 million from $60 million a year ago. Net income in the quarter fell 31.6% to $3.9 million or 12 cents per diluted share compared to net income of $5.7 million or 18 cents per share a year ago.

Dominion Resources, Inc (D) fell 0.6% or 23 cents to $34.31 after the producers and transporters of energy said second quarter revenues rose 2.9% to $3.5 billion from $3.4 billion a year ago. Net income in the quarter rose 52.3% to $454 million or 76 cents per diluted share compared to net income of $298 million or 51 cents per share a year ago.

drugstore.com, inc (DSCM) rose 7.1% or 14 cents to $2.10 an online retailer of health, beauty, vision, and pharmacy products said second quarter revenues rose 9% to $100.3 million from $92.2 million a year ago. Net income in the quarter was $1.0 million or 1 cent per diluted share compared to net loss of $2.3 million or 2 cents per share a year ago.

The Dun & Bradstreet (DNB)) plunged 13.5% to $71.59 after the company lowered the annual earnings outlook for diluted earnings per share to between 1% to 5% from previous estimate of 9% to 12% increase, excluding non-core gains and charges.

Dynamic Materials Corporation (BOOM) dropped 10.1% or $1.71 to $16.79 after provider of explosion-welded clad metal plates said second quarter sales fell 40.2% to $37.8 million from $63.2 million a year ago. Net income in the quarter fell 76% to $1.5 million or 12 cents per diluted share compared to net income of $6.2 million or 49 cents per share a year ago.

Evergreen Solar, Inc (ESLR) the maker of solar power wafers dropped 12.2% or 29 cents to $2.09.

First Solar, Inc (FSLR) declined 3.7% or $6.50 to $167.05 after the nation''s largest solar panel maker said second quarter sales rose 97% to $525.9 million from $267 million a year ago. Net income in the quarter rose 159% to $180.6 million or $2.11 per diluted share compared to net income of $69.7 million or 85 cents per share a year ago.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc