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Market Update

Ciena, Smucker, Joy Global, Verint Climb; PVH Declines


Author: Mukesh Buch
ticker.com
Last Update: 12:21 PM ET June 05 2014

12:15 PM New York Ciena surged after net loss narrowed and sales increaed 10%. J.M. Smucker net and revenue declined. Joy Global net tumbled 59% and sales plunged 32%. Navistar net loss narrowed. PVH net swung to profit. UTi Worldwide loss widened. Verint net swung to profit.

A. Schulman Inc (SHLM) rose 5 cents to $35.24 after the plastic compounds and resins supplier agreed to acquire specialty plastics business segment from Ferro Corporation for $91 million in cash. The transaction is expected to close by August.

Ciena Corporation (CIEN) surged 17.2% or $3.25 to $22.24 after the network equipment provider reported revenue in the second-quarter in April jumped 10.3% to $560 million.

Net loss in the quarter narrowed to $10.2 million or 10 cents a diluted share compared to $27.1 million or 27 cents.

The J.M. Smucker Company (SJM) jumped 1.4% or $1.42 to $104.25 after the fruit and vegetable processor reported net sales in the fourth-quarter ending in April dropped 8% to $1.23 billion.

Net income in the quarter declined 9% to $118.5 million or $1.16 a diluted share compared to $130.3 million or $1.22.

Joy Global Inc (JOY) climbed 6.9% or $4 to $61.85 after the mining equipment maker said net sales in the second-quarter ending on May 2 plunged 32% to $929.7 million.

Net income in the quarter tumbled 59.2% to $73.9 million or 73 cents a diluted share compared to $181.6 million or $1.69.

Navistar International Corp (NAV) gained 24 cents to $35.69 after the heavy machinery and vehicles maker said revenue in the second-quarter in April climbed 8.7% to $2.75 billion.

Net loss in the quarter narrowed to $297 million or $3.65 a diluted share compared to $374 million or $4.65.

PVH Corp (PVH) plunged 6.8% or $8.95 to $121.68 after the apparel company reported revenue in the first-quarter ending on May 4 jumped 4% to $1.96 billion.

Net in the quarter swung to profit $35.2 million or 42 cents a diluted share compared to a net loss of $10.3 million or 13 cents.

UTi Worldwide Inc (UTIW) slid 6 cents to $10.23 after the airfreight services provider stated revenue in the first-quarter ending in April slipped 3.3% to $1.04 billion.

Net loss in the quarter widened to $43.2 million or 43 cents a diluted share compared to $12.4 million or 12 cents.

Verint Systems Inc (VRNT) soared 10.3% or $4.78 to $51.37 after the software developer stated total revenue in the first-quarter ending in April climbed 25.7% to $257.4 million.

Net in the quarter swung to profit $28 million or 51 cents a diluted share compared to a net loss of $9.33 million or 18 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