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Market Update

Ciena, Methode Electronics, Men's Wearhouse Plunge


Author: Mukesh Buch
ticker.com
Last Update: 11:46 AM ET December 10 2015

11:35 AM New York Ciena plunged out revenues outlook missed expectations. Cantel Medical net soared 28%. Hooker Furniture profit surged 44%. Ingles Markets net dropped 8%. Methode Electronics net declined 19%. Men''s Wearhouse plunged 25%.

Tollbooth Index increased 53.36 or 0.5% to 10,962.62.

Earnings Review

Ciena Corporation (CIEN) tumbled 16.6% or $3.99 to $20.12 after the networking equipment provider reported revenues in the fourth-quarter ending in October soared 17.1% from a year ago to $692 million.

Net loss in the quarter narrowed to $13.8 million or 10 cents per diluted share compared to $30.7 million or 29 cents per share from the same quarter last year.

Ciena forecasted revenues for the first-quarter in the range of $555 million to $590 million and gross margin of about 44%.

Cantel Medical Corp (CMN) gained 1.5% or 93 cents to $65.14 after the medical equipment maker said revenues in the first-quarter ending in October jumped 12.4% from a year ago to $153.8 million.

Net income in the quarter soared 27.7% to $14.3 million or 34 cents per diluted share compared to $11.2 million or 27 cents per share from the same quarter last year.

Hooker Furniture Corporation (HOFT) declined 6.2% or $1.64 to $24.68 after the home furnishings company said revenues in the third-quarter ending on November increased 3.3% from a year ago to $65.3 million.

Net income in the quarter surged 43.8% to $4.6 million or 43 cents per diluted share compared to $3.2 million or 30 cents per share from the same quarter last year.

Ingles Markets, Inc (IMKTA) gained 1.5% or 78 cents to $54.62 after the convenience stores operator reported total sales in the fourth-quarter ending on September fell 1.2% from a year ago to $952.8 million.

Net income in the quarter dropped 7.9% to $16.2 million or 80 cents per diluted share compared to $17.6 million or 79 cents per share from the same quarter last year.

Methode Electronics Inc (MEI) plunged 15.4% or $5.23 to $28.82 after the sensing products maker stated net sales in the second-quarter ending in October slumped 9.3% from a year ago to $208.4 million.

Net income in the quarter declined 18.5% to $21.2 million or 54 cents per diluted share compared to $26 million or 66 cents per share from the same quarter last year.

For the year, the company estimated sales in the range of $805 million to $825 million ad income from operations between $104 and $110 million and diluted earnings per share in the range of $2.06 to $2.18.

Men''s Wearhouse Inc (MW) plummeted 23.2% or $4.27 to $14.12 after the specialty retailer said revenues in the third-quarter ending in October slipped 2.8% from a year ago to $865.4 million.

Comparable store sales in the quarter jumped 5.3%.

Net in the quarter swung to a loss of $27.2 million or 56 cents per diluted share compared to profit of $6.8 million or 14 cents per share from the same quarter last year.

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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