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Market Update

U.S. Movers: Citigroup, Gannett, M&T Bank, Mattel, Charles Schwab


Author: Mukesh Buch
ticker.com
Last Update: 11:49 AM ET April 16 2012

11:40 PM New York Citigroup first quarter net dropped 2% to $2.9 billion but improving economic outlook helped revenues by 2%. Gannett first quarter net declined 24.6% on advertising revenues. M&T Bank first quarter net fell to $206.5 million. Mattel net tumbled 53%. Stratasys soar on first quarter outlook.

Citigroup Inc. (C) advanced 2.1% or 71 cents to $34.12 after the bank reported first quarter revenue fell 2% to $19.4 billion from $19.7 billion in the same quarter last year. Net income in the quarter dropped 2% to $2.9 billion or 95 cents per diluted share compared to $3.0 billion or $1.11 per share in the year ago.

Chemical Financial Corporation (CHFC) increased 1.4% or 31 cents to $21.65 after the financial holding company reported first quarter total interest income slipped 2.2% to $52.7 million from $53.7 million in the same quarter last year. Net income in the quarter increased to $12.4 million or 45 cents per diluted share compared to $9.2 million or 33 cents per share in the year ago.

Cass Information Systems, Inc. (CASS) gained 2.7% or $1.06 to $39.28 after the first quarter net sales grew 9% to $28.4 million from $26.1 million in the same quarter last year. Net income in the quarter rose 3.3% to $5.9 million or 56 cents per diluted share compared to $5.7 million or 55 cents per share in the year ago earlier.

Gannett Co., Inc. (GCI) declined 8.3% or $1.26 to $13.78 after the media and marketing company reported first quarter total revenue income decreased 2.6% to $1.22 billion from $1.25 billion in the same quarter last year. Net income in the quarter declined 24.6% to $68.2 million or 28 cents per diluted share compared to $90.5 million or 37 cents per share in the year ago earlier.

Classified advertising total revenues at domestic publishing operations fell by 6.6% in the quarter and retail advertising declined 7.6%.

M&T Bank Corporation (MTB) rose 1% or 92 cents to $85.35 after the bank holding company reported first quarter net interest income grew 9% to $620.4 million from $568.8 million in the same quarter last year. Net income in the quarter nearly flat to $206.5 million or $1.50 per diluted share compared to $206.3 million or $1.59 per share in the year ago.

Mattel, Inc. (MAT) dropped 7.6% or $2.63 to $31.50 after the toys maker reported first quarter net sales fell 2% to $928.4 million from $951.9 million in the same quarter last year. Net income in the quarter tumbled 53% to $7.8 million or 2 cents per diluted share compared to $16.6 million or 5 cents per share in the year ago earlier.

Net declined mainly due to acquisition of HIT Entertainment and sales fell in its brands Barbie and Hot Wheels by 6%.

Stratasys, Inc. (SSYS) surged 20.2% or $7.29 to $43.27 after the 3D printers maker estimated first quarter revenues increased 31% to $45 million compared with $34.3 million in the same period of last year. GAAP net income expected to be $4.3 to $4.7 million or 20 to 22 cents per share.

The company also signed a merger agreement with privately held Objet Ltd., a leading manufacturer of 3D printers for rapid prototyping valued at $1.4 billion.

The Charles Schwab Corporation (SCHW) decreased 1.3% or 19 cents to $13.68 after the financial service provider reported first quarter net revenues edged down 1% to $1.19 billion from $1.21 billion in the same quarter last year. Net income in the quarter declined 20% to $195 million or 15 cents per diluted share compared to $243 million or 20 cents per share in the year ago earlier.

New account increased 19% to 44,000.

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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