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Market Update

Twitter Chief Tweets Out; Cherokee, Korn/Ferry, MFRI Climb


Author: Mukesh Buch
ticker.com
Last Update: 1:00 PM ET June 12 2015

12:45 PM New York – Twitter chief executive Dick Costolo steps down replaced by interim-CEO Jack Dorsey. Cherokee net edged up. Korn/Ferry profit soared 20% on 8% gain in revenues. MFRI net swing to a loss. Restoration Hardware net surged 37% and lowered fiscal outlook.

Tollbooth Index slid 0.4% or 39.04 to 10,757.18.

Earnings Review

Cherokee Inc (CHKE) soared 6.6% or $1.56 to $25.15 after the fashion and lifestyle brands manager said royalty revenues in the first-quarter ending on May 2 jumped 2.4% to $10.2 million from a year ago period.

Net income in the quarter edged up 0.6% to $3.57 million or 41 cents per diluted share compared to $3.59 million or 43 cents from the same quarter last year.

Korn/Ferry International (KFY) jumped 3% or 99 cents to $33.75 after the recruitment company reported total revenues in the fourth-quarter ending in April climbed 8.2% to $282.2 million in a year ago period.

Net income in the quarter soared 20.3% to $25.5 million or 51 cents per diluted share compared to $21.2 million or 43 cents from the same quarter last year.

The company forecasted revenues for the first-quarter in the range of $258 million to $270 million and diluted earnings per share between 44 cents and 50 cents.

MFRI, Inc (MFRI) climbed 5.9% or 36 cents to $6.42 after the pipe filtration products maker said net sales in the first-quarter ending in April plunged 36.7% to $37.7 million from a year ago period.

Net in the quarter swung to a loss of $4.7 million or 64 cents per diluted share compared to profit of $3.8 million or 52 cents from the same quarter last year.

Restoration Hardware Holdings Inc (RH) jumped 2.1% or $1.84 to $96.73 after the home furnishings retailer reported net revenues in the first-quarter ending on May 2 jumped 15.3% to $422.4 million from a year ago period.

Net income in the quarter surged 37% to $7.2 million or 17 cents per diluted share compared to $1.8 million or 4 cents from the same quarter last year.

The retailer forecasted revenues for the second-quarter between $495 million and $505 million and diluted earnings per share in the range of 80 cents to 84 cents.

For the year, the company lowered its revenues forecast in the range of $2.15 billion to $2.18 billion from the earlier guidance of $2.13 billion to $2.17 billion.

The retailer also revised diluted earnings per share outlook to between $3.02 and $3.15 from the previous earnings per share in the range of $2.95 to $3.10.

Twitter Inc (TWTR) increased 1.4% or 46 cents to $36.30 after the social network’s chief executive officer Richard ‘Dick’ Costolo stepped down on sluggish revenue growth.

Cofounder Jack Dorsey will step in as interim-CEO.

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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