Stocks are heading lower this afternoon as weak data from the ISM non-manufacturing report has investors on edge ahead of Friday’s jobs data. Growth in the service sector fell to 53.5 in April from 56.0 in March according to the ISM non-manufacturing report.
There was some good news today as weekly claims for jobless benefits fell 27,000 to 365,000. Economists were expecting claims to fall to 380,000. Tomorrow’s jobs report will be closely watched by everyone on Wall Street. Estimates call for 170,000 new jobs, up from March’s 120,000.
The Dow is currently down 64 points, the Nasdaq is down 34 points and the S&P 500 is down 10 points.
Health Net, Inc. (NYSE:HNT) is down 25% today at $27.25. HNT has traded 6.2 million shares so far today, way above its daily average of 1.02 million shares. Health Net shares are dipping today after posting a first quarter loss and cutting its 2012 earnings forecast. HNT posted a loss of $0.32 per share with adjusted earnings of $0.10 per share. Revenue came in at $2.83 billion, less than the $2.91 billion expected by analysts. The company has a market cap of 2.25 billion.
ValueClick, Inc. (NASDAQ:VCLK) is down 25.23% this afternoon at $16.14. VCLK has traded 6.2 million shares so far today, way above its daily average of 844 thousand shares ValueClick posted first quarter results earlier today with revenue of $152.9 million and GAAP EPS of $0.26 per share. Revenue came in below estimates of $157.8 million, while EPS beat estimates of $0.23 per share. Guidance for the second quarter is weak with revenue of $155 million to $160 million, less than estimates of $167.9 million. The company has a market cap of 1.30 billion.
Callidus Software Inc. (NASDAQ:CALD) is down 19.74% today at $6.23. CALD has traded 2.2 million shares so far today, above its daily average of 311 thousand shares. CALD reported first quarter results earlier today. Total revenue for the first quarter was $22 million. GAAP net loss was $0.20 per share. The company has a market cap of 216.24 million.
Corinthian Colleges Inc. (NASDAQ:COCO) is down 21.59% today at $3.04. COCO has traded 5.3 million shares so far today, 4 times its daily average. Corinthian Colleges Inc. dropped after it forecasted earnings and sales short of estimates. The company expects earnings for the current quarter to be $0.10 to $0.12 per share on revenue of $395 to $405 million. The company has a market cap of 258.92 million.
Weight Watchers International, Inc. (NYSE:WTW) is down 18.51% this afternoon at $61.94. WTW has traded 5.07 million shares so far today, well above its daily average of 1.2 million shares. Weight Watchers missed first quarter results due to increased costs. Weight Watchers earned $54.6 million or $0.74 per share compared to $73.6 million or $1 per share last year. The company said it spent more than 36% more on marketing in the first quarter. The company has a market cap of 4.60 billion.
Atmel Corporation (NASDAQ:ATML) is down 15.74% today at $7.57. ATML has tarded 20.3 million shares so far today, more than double its daily average of 7.9 million shares. Atmel shares are falling on second quarter guidance missed. The company did beat for the first quarter and also announced a $200 million stock buyback program. The company has a market cap of 3.42 billion.
About Martin Stephenson
