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Market Update

BlackBerry, Finish Line Climb; Caesars, Red Hat Fall


Author: Mukesh Buch
ticker.com
Last Update: 12:22 PM ET March 28 2014

12:15 PM New York Accenture net plunged 40% but lifted fiscal outlook. BlackBerry net swung to a loss. Caesars sold 7 million shares. Finish Line jumped after profit and revenue surged. Fred''s net plummeted 39%. Red Hat net in the quarter jumped 6%.

Accenture Plc (ACN) gained 9 cents to $78.88 after the Ireland-based outsourcing services provider reported net revenue in the second-quarter ending in February rose 1% to $7.13 billion.

Net income in the quarter plunged 39.5% to $714.1 million or $1.03 a diluted share compared to $1.18 billion or $1.65.

Accenture expects net revenues for the third quarter in the range of $7.40 billion to $7.65 billion.

For fiscal 2014, the company now expects diluted earnings per share between $4.50 and $4.62

BlackBerry Ltd (BBRY) jumped 2.5% or 23 cents to $9.28 after the Canada-based mobile handset maker said revenue in the fourth-quarter ending on March 1 tumbled 64% to $976 million.

Net in the quarter swung to a loss $423 million or 80 cents a diluted share compared to a profit of $98 million or 19 cents.

Caesars Entertainment Corporation (CZR) plunged 6.6% or $1.38 to $19.70 after the casino operator said it will close Harrah''s Tunica. The property will cease operations from June 2.

Separately, yesterday Caesars placed 7 million shares of its common stock.

Finish Line Inc (FINL) climbed 4.9% or $1.29 to $27.78 after the footwear retailer reported sales in the fourth-quarter ending on March 1 soared 17.2% to $518.9 million. Comparable store sales in the quarter jumped 6.3%.

Net income in the quarter surged 25.3% to $43 million or 87 cents a diluted share compared to $34.3 million or 69 cents.

For the fiscal ending 2015, the retailer expects comparable store sales to be up mid-single digits and earnings per share to increase in the high-single to low-double-digits range.

Fred''s, Inc (FRED) rose 13 cents to $18.16 after the discount stores operator stated total sales in the fourth-quarter ending on February 1 fell 7.2% to $495.1 million. Comparable store sales in the quarter rose 0.1%.

Net income in the quarter plummeted 38.9% to $3.97 million or 11 cents a diluted share compared to $6.56 million or 18 cents.

Progress Software Corporation (PRGS) slid 12 cents to $21.53 after the software company said revenue in the first-quarter ending in February plunged 11% to $74.5 million.

Net income in the quarter tumbled 64% to $11.1 million or 21 cents a diluted share compared to $31.1 million or 53 cents.

Red Hat Inc (RHT) declined 5% or $2.80 to $53.33 after the open source software solution provider stated revenue in the first-quarter ending in February climbed 15% to $400 million.

Net income in the quarter jumped 6% to $45 million or 24 cents a diluted share compared to $43 million or 22 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