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Market Update

U.S. Movers: Analog Devices, DTE Energy, DISH, Dell, Owens Corning


Author: Mukesh Buch
ticker.com
Last Update: 10:14 AM ET February 20 2013

10:05 AM New York Analog Devices first quarter net plunged 31% and DTE Energy net tumbled 46%. DISH Network fourth quarter net declined 33% on lower subscribers. Dell net plunged 31% and Owens Corning net swung to a loss.

Analog Devices, Inc. (ADI) slid 17 cents to $46.84 after the chip maker said revenues in the first quarter ending on February 2 slipped 4% to $622.1 million from $648.1 million in the same period of last year. Net earnings in the quarter plunged 31% to $131.2 million or 42 cents a diluted share compared to $139.4 million or 46 cents a share a year ago earlier.

The chip maker expects second quarter revenue to increase in the range of 4% to 8% sequentially and gross margin to be about 64% and diluted earnings per share between 49 cents to 55 cents.

CF Industries Holdings, Inc. (CF) dropped 2.1% or $4.61 to $213.92 after the fertilizer products maker stated net sales in the fourth quarter ending in December declined 14% to $1.48 billion from $1.72 billion in the same period of last year. Net earnings in the quarter jumped 7% to $470.7 million or $7.40 a diluted share compared to $438.9 million or $6.66 a share a year ago period.

The company said net sales for the quarter in nitrogen segment dropped 16% to $1.2 billion and net sales of phosphate segment nearly flat to $255.8 million.

DTE Energy Company (DTE) fell 2 cents to $64.73 after the diversified energy producer said total revenue in the fourth quarter ending in December jumped 14% to $2.08 billion from $1.82 billion in the same period of last year. Net income in the quarter tumbled 46% to $81 million or 47 cents a diluted share compared to $150 million or 88 cents a share a year ago period.

DTE Energy reaffirmed operating earnings per diluted share guidance for fiscal 2013 between $3.85 and $4.15.

DISH Network Corporation (DISH) slipped 23 cents to $35.89 after the pay-television services provider reported total revenue in the third quarter ending in December slipped to $3.59 billion from $3.63 billion in the same period of last year. Net income in the quarter declined 33% to $209 million or 46 cents diluted share compared to net income of $313 million or 70 cents a share a year ago earlier.

For the year, gross new pay-TV subscriber additions increase 6.3% and pay-TV churn slipped to 1.57% from 1.63% a year ago. The company added about 14,000 net new pay-TV subscribers in the quarter.

For the full year, DISH added nearly 2.74 million gross new pay TV subscriber activations compared to 2.58 million and added about 78,000 net broadband subscribers in 2012.

Devon Energy Corporation (DVN) decreased 1.4% or 98 cents to $59.59 after the energy company reported total revenue in the third quarter ending in December was nearly flat at $2.58 billion. Net loss in the quarter swung to $357 million or 89 cents diluted share compared to net income of $507 million or $1.25 a share a year ago quarter.

Dell, Inc. (DELL) fell 1 cent to $13.80 after the computer maker reported revenues in the fourth quarter ending in December dropped 11% to $14.31 billion from $16.03 billion in the same period of last year. Net earnings in the quarter plunged 31% to $530 million or 30 cents a diluted share compared to $764 million or 43 cents a share a year ago.

Revenue from enterprise solutions and services in the quarter climbed 6% to $5.2 billion. Dell server revenue increased 5% and revenue from networking segment surged 42%. Dell desktop and mobility revenue declined 20%. Consumer revenue jumped 24% to $2.8 billion.

Fidelity National Financial Inc (FNF) gained 1.1% or 29 cents to $25.88 after the diversified services company said total revenue in the fourth quarter ending in December surged 9% to $2.24 billion from $1.27 billion in the same period of last year. Net earnings in the quarter slumped 67% to $151.8 million or 66 cents diluted per share compared to $172.7 million or 78 cents a share a year ago period.

MGM Resorts International (MGM) increased 2.1% or 27 cents to $12.99 after the hospitality company reported revenues in the fourth quarter ending in December were nearly flat at $1.39 billion from $1.37 billion in the same period of last year. Net loss in the quarter widened to $1.22 billion or $2.50 a diluted share compared to $113.7 million or 23 cents a share a year ago.

Owens Corning (OC) declined 4% or $1.75 to $41.51 after the personal and household products maker reported net sales in the fourth quarter ending in December decreased 3% to $1.16 billion from $1.20 billion in the same period of last year. Net loss in the quarter swung to $56 million or 47 cents a diluted share compared to net income of $50 million or 41 cents a share a year ago period.

Rockwood Holdings, Inc. (ROC) slumped 1.7% or $1.06 to $59.88 after the chemical maker stated net sales in the fourth quarter ending in December increased 1.8% to $829 million from $814.4 million in the same period of last year. Net income in the quarter plunged 66% to $21.2 million or 26 cents diluted per share compared to $62.9 million or 79 cents a share a year ago period.

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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