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Market Update

U.S. Movers: Actuant, Adobe, DISH Network, FedEx, Tetra Tech


Author: Mukesh Buch
ticker.com
Last Update: 9:19 AM ET June 19 2013

11:15 AM New York Actuant quarterly sales were flat and net swung to a loss. Adobe revenue and net jumped 66%. DISH Network said it would not submit a new takeover bid for Sprint. FedEx net plunged 45%. Tetra Tech dropped after it revised its third quarter outlook.

Actuant Corporation (ATU) fell 28 cents to $32.80 after the industrial products maker said net sales in the third quarter ending in May were nearly flat at $344.2 million. In the quarter, net swung to a loss $93 million or $1.24 a diluted share compared to net profit $34.4 million or 45 cents.

The company added gross profit in the quarter decreased 1% to $136.9 million and operating profit declined 3% to $57 million.

For the full year 2013, the company expects sales in the range of $1.28 billion to $1.29 billion and diluted earnings per share between $1.85 and $1.90.

For the full year 2014, the company expects total sales between $1.32 billion and 1.34 billion and diluted earnings per share in the range of $1.95 to $2.05.

Adobe Systems Incorporated (ADBE) surged 6.8% or $2.95 to $46.31 after the diversified software company reported total revenues in the second quarter ending in May climbed 10% to $1.01 billion. Net income in the quarter jumped 66% to $76.5 million or 15 cents a diluted share compared to $223.9 million or 45 cents.

The company added gross profit tumbled 12% to $875.3 million and operating income plunged 64% to $111.3 million.

DISH Network Corporation (DISH) jumped 2.5% or 99 cents to $40.08 after the pay-television services provider said it would not submit a new takeover bid for Sprint Nextel ahead of the deadline of June 18th set forth by the company and would instead focus on its bid for a stake in Clearwire Corp, a wireless operator tender offer.

FedEx Corporation (FDX) climbed 3.7% or $3.72 to $103.20 after the courier services provider provider said total revenues in the fourth quarter ending in May grew 4% to $11.4 billion. Net income in the quarter plunged 45% to $303 million or 95 cents a diluted share compared to $550 million or $1.73.

Operating income tumbled 39% to $502 million.

La-Z-Boy Inc (LZB) declined 5.7% or $1.15 to $19.13 after the upholstery products retailer stated consolidated sales in the fourth quarter ending on April 27 jumped 10% to $359.5 million. Comparable store sales for the quarter advanced to 11.2%.

Net income in the quarter declined 7% to $18.3 million or 33 cents a diluted share compared to $19.6 million or 37 cents.

Gross profit in the quarter soared 18% to $121.6 million and operating income surged 55% to $26.2 million.

Tetra Tech, Inc. (TTEK) tumbled 13.2% or $3.53 to $23.20 after the consultation services provider revised its third quarter revenue outlook to a range between $440 million and $490 million and diluted loss per share between 30 cents and 50 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