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Market Update

Adobe, General Mills, KB Home, Vera Bradley Rise; Oracle Falls


Author: Mukesh Buch
ticker.com
Last Update: 12:49 PM ET March 19 2014

12:40 PM New York – Adobe net declined 28%. FedEx net climbed 5% but lowered the outlook on harsh weather. General Mills net and sales slipped. KB Home net swung to profit after revenue climbed. Oracle net surged 28%. Vera Bradley profit plunged 23% as sales slumped.

Adobe Systems Inc (ADBE) declined 2.5% or $1.73 to $66.79 after the diversified software company reported total revenue in the first-quarter ending in February were flat at $1 billion.

Net income in the quarter declined 27.8% to $47 million or 9 cents a diluted share compared to $65.1 million or 13 cents.

FedEx Corporation (FDX) gained 67 cents to $139.24 after the air freight and logistics group said revenue in the third-quarter ending in February jumped 3% to $11.3 billion.

Net income in the quarter climbed 5% to $378 million or $1.23 a diluted share compared to $361 million or $1.13.

FedEx forecasted diluted earnings per share in the fourth quarter between $2.25 and $2.50 and for the fiscal 2014 in the range of $6.55 to $6.80.

General Mills, Inc (GIS) increased 47 cents to $51.18 after the food processing company said net sales fell 1.2% to $4.38 billion.

Net income in the quarter slipped 3.1% to $410.6 million or 64 cents a diluted share compared to $398.4 million or 60 cents.

General Mills expects adjusted diluted earnings per share for the year between $2.87 and $2.90 per share.

KB Home (KBH) soared 6.7% or $1.19 to $18.87 after the home builder stated reported total revenue in the first-quarter ending in February climbed 11% to $450.7 million.

Net in the quarter swung to a profit $10.6 million or 12 cents a diluted share compared to a loss of $12.5 million or 16 cents.

The company added homebuilding revenues surged 45%, 18%, and 63% in the Southwest, Central and Southeast homebuilding regions respectively and overall average selling price of $305,200 rose $33,900 or 12% from the year-earlier.

Oracle Corporation (ORCL) dropped 2.7% or $1.06 to $37.78 after the enterprise software developer reported total revenues climbed 4% to $9.3 billion.

Net income in the quarter surged 28% to $2.56 billion or 56 cents a diluted share compared to $2.50 billion or 52 cents.

Oracle said revenue in the new software licenses and cloud software subscriptions segment increased 4% to $2.4 billion and revenue in the software license updates and product support jumped 5% to $4.6 billion.

Hardware systems products revenues soared 8% to $725 million.

Vera Bradley, Inc (VRA) climbed 7.4% or $1.95 to $28.20 and the women’s accessory retailer said net revenue in the fourth-quarter ending on February 1 slumped 3.1% to $157.5 million.

Net income in the quarter plunged 22.7% to $19.4 million or 48 cents a diluted share compared to $25.1 million or 62 cents.

The company expects net revenues in the first-quarter to be in the range of $116 million to $120 million and diluted earnings per share between 11 cents and 13 cents.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc