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Market Update

Endocyte, Nortek, Tiffany Jump; AAR, Nike, Symantec Tumble


Author: Mukesh Buch
ticker.com
Last Update: 11:58 AM ET March 21 2014

11:40 AM New York AAR net plunged 23% on sales decline of 9%. Darden Restaurants profit dropped 18%. Endocyte surged after European Medicines Agency issued a positive opinion on cancer drug. Nike net tumbled 21% but revenue climbed. Tiffany net swung to loss.

AAR Corp (AIR) declined 9% or $2.78 to $28.14 after the aircraft equipment wholesaler stated sales in the third-quarter ending in February tumbled 8.8% to $474.4 million.

Net income in the quarter plunged 22.7% to $17.9 million or 45 cents a diluted share compared to $18.4 million or 46 cents.

Darden Restaurants, Inc (DRI) gained 2.5% or $1.22 to $50.52 after the restaurant operator reported flat sales in the third-quarter ending on February 23 at $2.23 billion.

Net earnings in the quarter dropped 18.4% to $109.7 million or 82 cents a diluted share compared to $134.4 million or $1.02.

The company added blended same-restaurant sales declined 5.6% at Olive Garden, Red Lobster and LongHorn Steakhouse. Same restaurant-sales decline of 0.7% for the Company''s Specialty Restaurant Group.

Endocyte, Inc (ECYT) surged 100.8% or $14.76 to $30.08 after the biopharmaceutical company said European Medicines Agency issued a positive opinion for Vynfinit, Folcepri and Neocepri as potential treatments for adult patients with folate receptor-positive platinum-resistant ovarian cancer.

Endocyte developed these therapies and licensed to Merck in the ex-US territories under a deal worth up to $1 billion in royalty payments.

Nike Inc (NKE) slumped 3% or $2.39 to $76.89 after the sports apparel and footwear maker reported revenue in the third-quarter ending in February climbed 13% to $7 billion.

Net income in the quarter tumbled 21% to $685 million or 76 cents a diluted share compared to $866 million or 73 cents.

Nortek Inc (NTK) climbed 4.4% or $3.44 to $82.40 after the air conditioning and heating products agreed to buy subsidiary of ABB Ltd, Thomas & Betts Corp.''s heating, ventilation and air conditioning business for about $260 million in cash.

Symantec Corporation (SYMC) plunged 13.9% or $2.91 to $18 after the security and backup software provider lowered its fourth-quarter revenue guidance to the range of $1.615 to $1.655 billion compared to $1.748 billion. The company estimated diluted earnings per share between 29 cents and 31 cents from 27 cents in the year-ago period in the year-ago period.

Tiffany & Co (TIF) jumped 2.5% or $2.31 to $93.48 after the jewellery and watch retailer said sales in the fourth-quarter ending on January jumped 6% to $1.3 billion. Same store sales in the quarter climbed 6%.

Net in the quarter swung to a loss $103.6 million or 81 cents a diluted share compared to a profit of $179.6 million or $1.40.

For the fiscal 2015, the company forecasts net diluted earnings per share to be in the range of $4.05 to $4.15.

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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