Stocks in Motion: Mamma.com Runs

Disney, Texas Instruments see active trading.
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Updated from 12:31 p.m. EDT

Mamma.com

(MAMA)

roared up the

Nasdaq

leader board Thursday after the search-engine company swung to a first-quarter profit.

The company earned -- after excluding items -- 4 cents a share on revenue of $4.2 million,

a 135% jump vs. a year ago. "We are very pleased with our first-quarter results," the company said. "Our industry normally experiences a downturn in the first quarter compared to the fourth quarter, and we realized a 38% quarter-on-quarter growth rate. We believe that this is a result of our positioning strategy and the industry's strong growth rate."

As of March 31, the company had $11.3 million in cash and no debt. Shares of Mamma.com traded up $2.78, or 26.7%, to $13.21, on volume of 22.6 million shares.

Disney

(DIS) - Get Report

shares rose after the media company delivered better-than-expected second-quarter earnings and upbeat earnings guidance for 2004. The company earned 26 cents a share on revenue of $7.19 billion. Analysts surveyed by Thomson First Call were looking for

21 cents a share on revenue of $6.92 billion.

Looking ahead, Disney said it expected to deliver earnings growth of 50% vs. the 40% previously forecast. The 50% growth would bring the company's earnings in line with analysts' expectations of 98 cents a share. More than 17.7 million shares exchanged hands. Disney traded up 30 cents, or 1.3%, to $23.30.

Texas Instruments

(TXN) - Get Report

traded actively Thursday after Deutsche Securities

upgraded shares of the chipmaker. Deutsche raised its rating from sell to hold a day after Texas Instruments met with analysts to discuss its business prospects. The company traded down 28 cents, or 1.1%, to $25.70, on volume of 10.9 million shares.

In addition to Mamma.com, Nasdaq companies on the high-volume list included

Microsoft

(MSFT) - Get Report

,

Intel

(INTC) - Get Report

and

Cisco

(CSCO) - Get Report

.

In addition to Disney,

NYSE

high-volume leaders included

Lucent

(LU)

,

Calpine

(CPN)

,

Nortel

(NT)

and

General Electric

(GE) - Get Report

.

Looking at Nasdaq price movers,

Astea International

(ATEA)

soared after it swung to a first-quarter profit. The Horsham, Pa.-based company earned 51 cents a share on revenue of $5.9 million. That compares with a loss of 16 cents a share in the year-ago period on revenue of $4 million.

The service management solutions company also announced that it had concluded its search for a new chief financial officer. George Rapp joined Astea at the beginning of the second quarter. He'll be responsible for financial planning and investor relations. Shares of Astea traded up $3.33, or 97.7%, to $6.74.

Decision Sends Pegasus Aloft

Shares of

Pegasus Communications

(PGTV)

vaulted after a federal court dismissed

DirecTV

's

(DTV)

claim against Pegasus. DirecTV had argued that Pegasus' right to exclusively distribute DirecTV services would expire when DirecTV removed its first satellite, DBS-1, from service. Pegasus had argued that it has exclusive distribution rights until 2016 or beyond. Shares of Pegasus traded up $2.54, or 14.7%, to $19.83.

IMAX

(IMAX) - Get Report

jumped after the entertainment-technology concern announced that management purchased more than $1 million worth of stock. According to a press release, 11 officers and directors purchased more than 250,000 shares between May 10 and May 12. All of the purchases were made for investment purposes, the company said. Shares of IMAX traded up 83 cents, or 19.1%, to $5.18.

Shares of

Pathmark Stores

(PTMK)

fell after the company announced preliminary first-quarter results. It expects to report a loss of 6 cents to 10 cents a share and a sales decline of 1.5%. Analysts were looking for the company to earn 10 cents a share.

The "first quarter was negatively impacted by sales and gross-profit pressures from steep inflation in certain categories, unproductive sales promotions and increases in medical costs," the company said.

Pathmark also offered revised guidance for fiscal 2004, saying that earnings would be 28 cents to 47 cents a share. Previously, it said that earnings would be 53 cents to 60 cents a share. Analysts were expecting 58 cents a share. Pathmark traded down $1.63, or 19.1%, to $6.91.

LTX

(LTXX)

fell after the company announced third-quarter earnings and issued a profit warning for its fourth quarter. In the third quarter LTX earned 7 cents a share on revenue of $70.3 million. Analysts were looking for it to earn 7 cents a share on revenue of $70.25 million.

Looking ahead, the company said fourth-quarter profit would be between 12 cents to 14 cents a share on revenue of $77 million to $80 million. Analysts were looking for it to earn 14 cents a share on revenue of $81.5 million. Shares traded down $1.48, or 12.7%, to $10.14.

Shares of

Panera Bread

(PNRA)

lost some air after the bakery operator delivered in-line first-quarter results but offered weaker-than-expected second-quarter guidance. Panera earned 31 cents a share on revenue of $129.9 million. Analysts were looking for Panera to earn 31 cents a share on revenue of $129.6 million.

During the second quarter, the company said it expects to earn 21 cents to 22 cents a share. Analysts, however, were looking for it to earn 25 cents a share. For the full year, it expects to earn $1.28 to $1.30 a share, which is in line with the consensus estimate of $1.29 a share. Panera shares traded down $4.42, or 11.7%, to $33.45.

Over on the Big Board,

Dillard's

(DDS) - Get Report

rose after the company delivered stellar first-quarter earnings results. The giant retailer earned 64 cents a share (after excluding an impairment charge of 4 cents a share) on revenue of $1.85 billion. Analysts were expecting earnings of 22 cents a share on revenue of $1.9 billion. Gross margins improved 280 basis points vs. the year-ago period. Shares of Dillard's traded up $1.45, or 9%, to $17.55.

Shares of

Select Medical

(SEM) - Get Report

rebounded a day after its shares lost nearly 20% of their value. On Wednesday the company warned of Medicare changes that could torpedo its acute-care operations.

The Centers for Medicare and Medicaid Services outlined proposals that, if adopted, could lower the rate at which Select's long-term acute-care centers receive government reimbursement. The rules apply to centers that are run inside of hospitals and would cut payments to facilities that receive more than 25% of their admissions from their host.

"Most of Select's long-term acute-care hospitals currently would not meet this proposed requirement, and therefore would be subject to lower levels of reimbursement," the company said in a press release Wednesday. In response, analysts at Thomas Weisel Partners, Legg Mason and Merrill Lynch downgraded Select. Shares of the company traded up 80 cents, or 7.1%, to $12.

Amerigroup

(AGP)

rose after the company resolved a premium issue with the state of Maryland and reaffirmed its 2004 earnings outlook. Maryland health officials, in consultation with legislative members, determined that Amerigroup would have to give back less than $1 million in premiums that it was overpaid by the state of Maryland.

The take-back, says the company, will have no impact on 2004 earnings. The managed health care concern said that it expects to deliver earnings of $3.09 to $3.14 during 2004. Analysts are looking for the company to earn $3.13. Shares of Amerigroup traded up $1.99, or 5%, to $41.94.

Cole National

(CNJ)

slumped after the eyewear maker said that its plans to be acquired by Moulin International for $25 a share could fall through. Moulin informed Cole that one of Moulin's "financing sources was not prepared to provide senior debt financing on the terms originally proposed, which were contemplated in Moulin's acquisition proposal."

In January 2004, Luxottica Group agreed to buy Cole for $22.50 a share.

On April 15, however, Moulin submitted an unsolicited offer of $25 a share. Cole representatives say that Luxottica's original deal still remains on the table and that Cole's board has not withdrawn its recommendation of the Luxottica merger. Shares of Cole traded down $3.36, or 13.1%, to $22.39, close to Luxottica's $22.50 a share offer.

Continuing its recent slide, shares of

Salton

(SFP)

fell for a ninth straight day on Thursday. Tuesday, Salton got hammered after the company announced poor third-quarter results and a loan-covenant violation.

After reporting a loss of $5.14 a share on revenue of $191.4 million, the company said it "failed to comply with the consolidated fixed charge ratio contained in its senior secured revolving credit facility for the month ended March 27, 2004, and anticipates future near-term noncompliance with certain financial covenants."

It added that senior lenders "have agreed to a forbearance of their rights, until June 10, 2004." Shares of Salton traded down 51 cents, or 15.6%, to $2.77.