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Market Update

Microchip Plunges 12% on Weak Outlook, Symantec to Split


Author: Mukesh Buch
ticker.com
Last Update: 12:29 PM ET October 10 2014

12:25 PM New York Barracuda Networks net surged 49%. Comtech Telecomm net soared 55%. Fastenal profit climbed 12% on 14% increase in revenue. Microchip plunged after weak revenue outlook. Progressive net jumped 9%. Symantec plans to separate its security business from the storage business.

Tollbooth Index fell 0.2% or 18.53 to 9,089.11.

Earnings Review

Barracuda Networks, Inc. (CUDA) dropped 2.1% or 55 cents to $26.09 after the cloud based service provider said net premiums written in the third-quarter ending in September advanced 5% to $1.42 billion from a year ago period.

Net income in the quarter surged 49% to $92 million or 16 cents a diluted share compared to $61.8 million or 10 cents from a same quarter last year.

Comtech Telecomm. Corp (CMTL) declined 3.4% or $1.24 to $35 after the communications network provider said net sales in the fourth-quarter ending in July climbed 5.9% to $89.4 million from a year ago period.

Net income in the quarter soared 54.8% to $7.99 million or 48 cents a diluted share compared to $5.16 million or 28 cents from a same quarter last year.

Fastenal Company (FAST) declined 4.8% or $2.14 to $42.56 after the industrial machinery retailer said net sales in the third-quarter ending in September jumped 14.3% to $980.8 million from a year ago period.

Net income in the quarter climbed 11.7% to $133.3 million or 45 cents a diluted share compared to $119.4 million or 40 cents from a same quarter last year.

Family Dollar Stores, Inc. (FDO) fell 0.2% or 15 cents to $77.60 after the discount store reported net sales in the fourth-quarter ending on August 30advanced 4.5% to $2.61 billion from a year ago period. Comparable store sales in the quarter rose 0.3%.

Net income in the quarter plunged 66.2% to $34.5 million or 30 cents a diluted share compared to $102.2 million or 88 cents from a same quarter last year.

Microchip Technology Inc (MCHP) plunged 12.6% or $5.75 to $39.78 after the memory chip maker announced revenue for the second-quarter to be about $546.2 million, less than the July estimate between $560 million and $575.9 million.

The Progressive Corporation (PGR) decreased 0.4% or 10 cents to $25.17 after the automobile insurance company stated revenues in the fourth-quarter ending in August fell 0.6% to $147.5 million from a year ago period.

Net income in the quarter jumped 8.7% to $11.3 million or 89 cents a diluted share compared to $10.4 million or 81 cents from a same quarter last year.

Symantec Corporation (SYMC) declined 3.3% or 78 cents to $22.66 after the antivirus software maker plan to separate its cyber security business from the storage and backup management unit.

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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