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Market Update

Netflix to Pay for Streaming to Comcast; RF Micro Acquires TriQuint


Author: Mukesh Buch
ticker.com
Last Update: 11:59 AM ET February 24 2014

11:50 AM New York Dillard''s quarterly net declined 26% and sales fell 3%. El Paso net tumbled 75% GT Advanced Tech net loss narrowed. Netflix agreed to pay for network access to Comcast. Palo Alto loss widened. RF Micro Devices agreed to acquire TriQuint for $1.6 billion.

Dillard''s, Inc (DDS) declined 4.3% or $3.87 to $85.46 after the apparel, cosmetics and home furnishing retailer said revenue in the fourth-quarter ending on February 1 dropped 3.2% to $2.08 billion. Comparable stores sales for the quarter increased 2%.

Net income in the quarter declined 26.2% to $119.1 million or $2.71 a diluted share compared to $209.1 million or $3.36.

El Paso Electric Company (EE) slipped 2.2% or 83 cents to $36.08 after the electricity provider stated revenue in the fourth-quarter ending in December fell 3.2% to $122 million.

Net income in the quarter tumbled 75% to $1.2 million or 3 cents a diluted share compared to $4.8 million or 12 cents.

The company forecasted basic earnings per share for the year between $2.10 and $2.50.

GT Advanced Technologies Inc (GTAT) soared 11.7% or $1.42 to $13.53 after the diversified technology company said revenue in the fourth-quarter ending in December plunged 68.1% to $32.6 million.

Net loss in the quarter narrowed to $41.8 million or 33 cents a diluted share compared to $159.4 million or $1.34.

Netflix, Inc (NFLX) gained 2.2% or $1.54 to $71.97 after the video streaming service provider agreed to pay for direct and faster access the broadband network of Comcast Corp. for its video-streaming customers.

Palo Alto Networks Inc (PANW) climbed 5.3% or $3.89 to $77.54 after the network security platform provider said total revenue in the second-quarter ending in January jumped 46% to $141.1 million.

Net loss in the quarter widened to $39.9 million or 55 cents a diluted share compared to $2.6 million or 4 cents.

Rogers Corporation (ROG) rose 25 cents to $60.50 after the chip maker stated net sales in the fourth-quarter ending in December jumped 9.7% to $136.2 million.

Net income in the quarter more than doubled to $11.5 million or 64 cents a diluted share compared to $5.06 million or 29 cents.

RF Micro Devices, Inc (RFMD) surged 13.6% or 80 cents to $6.61 after the radio frequency solution provider agreed to acquire TriQuint Semiconductor, Inc for $1.59 billion. Shareholders of RF Micro and TriQuint will each own approximately 50% of the new company after the merger.

The transaction is expected to close in the second-half of this year.

The Men''s Wearhouse, Inc (MW) jumped 7.2% or $3.29 to $48.43 after the specialty retailer raised its cash offer for Jos. A. Bank Clothiers Inc to $65 per share from $57.50 per share and expiration date of amended offer extended to 5:00 p.m. of March 12.

Amended offer is conditioned on the termination of Jos. A. Bank agreement to acquire Eddie Bauer.

Shares of Jos. A. Bank soared 8.1% to $59.50.

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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