MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Wednesday, May 23, 2012
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12:59 PM Movado Group (MOV +8.7%) raises its full-year guidance, saying it expects Q1 profit to soar on a double-digit increase in sales of its accessible luxury and licensed brand categories. It now expects to earn around $29M - $29.7M, or $1.15 per share, compared with previous guidance of $27M - $28M, or $1.10 per share. Sales are expected to increase around 9% to $505M - $510M, up from prior estimates of $500M - $505M. Comment!
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12:40 PM Hormel Foods (HRL +2.4%) moves higher on a mixed Q2, beating on its EPS but missing on revenue. Net earnings rose 17% as strong demand for turkey burgers and Spam helped offset lower sales of refrigerated foods and pork products. While operating profit increased in four of five units, volumes were down in its grocery products and refrigerated foods divisions - a sign brand-name food makers continue to struggle after raising prices throughout 2011. Comment!
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12:26 PM Up yesterday after delivering its Q1 report, Chinese browser developer Qihoo 360 (QIHU -7.5%) is now selling off. Though results beat estimates and the company's guidance for Q2 revenue of $72M-$73M is above a $67.3M consensus, investors might be worried about Qihoo's decision to name finance VP Jue Yao the company's co-CFO, alongside existing CFO Alex Xu. Qihoo has been hit by allegations of accounting misdeeds from Citron Research and others. 1 Comment
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12:10 PM Suntech Power (STP -4%) slides after posting a mixed Q1 this morning on a 53% slump in total revenue. Net profit swung to a loss on slumping sales and provisions for U.S. antidumping duties. Looking ahead however, the company sees a reversal in the decline in shipments, forecasting an increase by more than 20% in the current quarter. Comment!
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11:57 AM Trina Solar (TSL +0.6%) hovers in the green despite missing Q1 estimates earlier this morning. Profit swung to a wider-than-expected loss as margins were squeezed, falling to 5.8% from 27.5% as lower selling costs and provisions for anti- dumping duties hit bottom line performance. Comment!
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11:47 AM CAE (CAE -2.9%) plans to cut ~300 jobs, or ~4% of its workforce, due to expectations of falling defense spending in Europe. CAE will take a charge of C$25M in the restructure, which it announced with its FQ4 earnings. Net profit rose to C$53.2M from C$45.5M. Comment!
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11:38 AM Genesco (GCO -2.8%) suffers a bout of profit taking after beating Q1 estimates this morning on a 24% jump in total revenue over the year ago period. Net earnings rose 39% on stronger-than-expected sales growth. The company also raised its FY13 earnings estimates, now expecting to earn between $4.70 - $4.82. Street estimates are for an EPS of $4.69. Comment!
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10:34 AM Shares of Ralcorp (RAH) move down 5.1% after the firm's twice-delayed FQ2 report finally gets released. The company missed the consensus EPS estimate of analysts, reporting $0.72 vs. $0.85, while knocking out in-line sales of $1.06B that marked a 16% Y/Y gain. In a separate announcement, Ralcorp says it snapped up privately-held Petri Baking Products for an undisclosed amount. Comment!
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8:18 AM More on American Eagle Outfitters' (AEO) Q1: Comparable-store sales up 17%. Inventory 14% higher Y/Y on a cost per foot basis. Gross margin flat compare to last year, while SG&A expenses fell to 25.2% from 25.8%. Expects Q2 EPS of $0.13-$0.15 and FY12 EPS of $1.16-$1.22. Shares -2.5% premarket. (PR) Comment!
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7:48 AM Following Dell's (DELL) poor showing yesterday, the attention now switches to H-P (HPQ), which is due to release its FQ2 earnings after the bell. Analysts forecast that EPS fell to $0.91 from $1.24 and that revenue declined 5.4% to $29.9B. H-P is also expected to unveil a restructuring plan that will include laying off over 25K workers. Comment!
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