Best Buy Rallies as Dollar Thrifty Gets a Flat

by Anthony John Agnello | June 14, 2011 1:17 pm

Good news for Best Buy as the company’s mobile phone division helps an otherwise troubling earnings report. Meanwhile, Kellogg falls after an FDA warning, no mercy for mixed earnings from FactSet and AngioDynamics, and the Dollar General takeover is up in the air.

Best Buy (NYSE: BBY[1]) was up more than 4% to top $30 on more than 18 million shares midday. The electronics retailer reported promising first quarter earnings despite a 12% fall in net income to $136 million. Still, that meant 35 cents EPS versus analyst expectations of 33 cents. Sales of TVs were down but mobile phone revenues stood strong.

Kellogg Company (NYSE: K[2]) dropped almost 2% to near $54 on close to 4 million shares midday. The FDA warned the food manufacturer that listeria bacteria had been discovered in one of the company’s cookie plants.

Dollar Thrifty Automotive Group (NYSE: DTG[3]) fell almost 9% to near $73 on eight times typical trading volume. Avis Budget Group (NASDAQ: CAR[4]) announced it would spend about $1 billion to buy Avis Europe, raising questions about the Avis bid for Dollar Thrifty.  Meanwhile, Hertz Global (NYSE: HTZ[5]) is up more than 11% to almost $16 as some believe it may get back into buying Dollar Thrifty. DTG recently reported a nearly 42% decline in quarterly earnings year-on-year.

FactSet Research (NYSE: FDS[6]), the market analysis firm, fell nearly 5% after reporting its quarterly earnings. FDS reported EPS of 92 cents, an  improvement from 81-cents in the same period in 2010. Revenue was up 15% as well. Shares hovering around $100.

AngioDynamics (NASDAQ: ANGO[7]), a pharmaceutical specializing in low-invasion surgical tools and cancer treatment, fell almost 6% to trade under $14 this morning on more than 700,000 shares. ANGO’s preview of its quarterly earnings late Monday disclosed net sales of around $56 million compared with more than $60 million a year ago.

As of this writing, Anthony John Agnello did not own a position in any of the stocks named here. Follow him on Twitter at @ajohnagnello[8] and become a fan of InvestorPlace on Facebook.[9]

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