HPQ, COMS, CSCO, WMT, TTEK, AAP, SWM, ANW Popular Stocks
U.S. stocks were lower Thursday as the Dow Jones Industrial Average fell 63 points to 10228, the Standard & Poor’s 500 declined 8 points to 1091 and the Nasdaq Composite slid 10 points to 2157.
Hewlett-Packard Co. (NYSE:HPQ, $49.70, -$0.30, -0.60%) will acquire networking-equipment maker NASDAQ:COMS ($7.48, +$1.79, 31.46%) for $2.7 billion as the computer giant looks to become a one-stop IT shop. H-P, the world’s largest computer maker, also announced preliminary fiscal fourth-quarter results above its August forecast. The deal values 3Com at a 39% premium to Wednesday’s closing price. Cisco Systems Inc. (NASDAQ:CSCO, $23.40, -$0.52, -2.17%) shares were also down on competition concerns.
Wal-Mart Stores Inc. (NYSE:WMT, $53.59, +$0.62, 1.17%) posted a 3.2 percent increase in third-quarter profit, helped by cost-cutting measures like slashing inventories, and raised its full-year earnings outlook. The discounter, based in Bentonville, Ark., on Thursday reported a profit of $3.24 billion, or 84 cents per share, for the period ended Oct. 31. That compares with $3.14 billion, or 80 cents per share, in the year-ago period. Revenue rose to $99.4 billion from $98.3 billion. Analysts surveyed by Thomson Reuters expected earnings of 81 cents per share on revenue of $99.9 billion.
Tetra Tech Inc. (NASDAQ:TTEK, $25.21, -$1.96, -7.21%) beat views on its fiscal fourth-quarter but played its guidance conservative, giving fiscal first-quarter and fiscal 2010 earnings views that only meet consensus at the top of the range. Wedbush said the company, which provides consulting, engineering and technical services, is being prudent with guidance as it’s still waiting on all those stimulus funds to get to it. Firm also noted that backlog was short of estimates, and lower than last year, as there are fewer wind projects on order right now. Still, the firm kept its rating in neutral and said it expects that backlog to get back to normal in 2010.
Advance Auto Parts Inc.’s (NYSE:AAP, $38.30, -$1.98, -4.92%) fiscal third-quarter earnings rose 10% as the company recorded strong growth in sales to commercial repair shops. But Oppenheimer warned it expects comparable-store sales to soften further in coming quarters as macro conditions improve and comparisons turn more challenging.
Schweitzer-Mauduit International Inc. (NYSE:SWM, $63.43, +$2.56, 4.21%) announced the pricing of 1.8 million shares of its common stock at $60, a slight discount to Wednesday’s closing price of $60.87.
Aegean Marine Petroleum Network Inc.’s (NYSE:ANW, $26.00, +$1.35, +5.48%) third-quarter profit jumped 49% as lower petroleum product costs helped the Greek shipping fuel supplier post higher margins. Results easily topped expectations.
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