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Market Update

U.S. Movers: Avago, Bed Bath, Citigroup, Costco, Rite Aid, Progressive


Author: Mukesh Buch
ticker.com
Last Update: 11:22 AM ET April 11 2013

11:10 AM New York Avago agreed to acquire optical chip maker CyOptics for $400 million in cash. Bed Bath & Beyond said second quarter net rose 7%. Costco March net sales climbed 7% to $9.67 billion and comparable sales gained 4%. Rite Aid surged on second quarterly profit in a row.

Avago Technologies Limited (AVGO) rose 14 cents to $35.53 after the Singapore based chip maker agreed to acquire optical chip maker CyOptics Inc for aggregate price of $400 million in cash. The transaction is expected to close during third fiscal quarter of 2013.

CyOptics net sales in fiscal 2012 surged 21% to $210 million from a year ago.

Apogee Enterprises, Inc. (APOG) declined 7.2% or $2.12 to $27.07 after the architectural products company stated net sales in the fourth quarter ending on March 2 surged 7% to $179.7 million. Net earnings in the quarter jumped 48% to $4.40 million or 15 cents a diluted share compared to $2.96 million or 11 cents.

Bed Bath & Beyond Inc. (BBBY) gained 1.4% or 93 cents to $66.46 after the retail store chain operator said net sales in the second quarter ending on March 2 climbed 25% to $3.40 billion. Comparable store sales in the quarter increased 2.5%.

Net earnings in the quarter advanced 7% to $374 million or $1.68 a diluted share compared to $351 million or $1.48.

The company added gross profit in the quarter surged 20% to $1.39 billion.

For the first quarter, the retailer expects diluted earnings per share in the range of 88 cents to 94 cents.

Citigroup Inc. (C) rose 36 cents to $45.42 after diversified financial service provider said DenizBank and Citibank A.S. plan to purchase Citi''s consumer banking business. The terms of transaction are not material to Citi.

The transaction is expected to close in the third quarter of 2013.

Costco Wholesale Corporation (COST) gained 26 cents to $106.02 after the warehouse operator reported March net sales climbed 7% to $9.67 billion. Comparable sales in the month at U.S. locations grew 5% and at international locations rose 2% and across the company gained 4%.

Commerce Bancshares, Inc. (CBSH) slipped 2.6% or $1.08 to $39.44 after the regional bank reported net interest income in the first quarter ending in March slipped 5.9% to $150.3 million. Net income in the quarter dropped 7.3% to $61 million or 67 cents a diluted share compared to $65.8 million or 70 cents.

iGATE Corporation (IGTE) slid 5 cents to $18.04 after the software company stated net sales in the first quarter ending in March advanced 4% to $274.9 million. Net earnings in the quarter jumped 44% to $34.8 million or 34 cents a diluted share compared to $24.1 million or 22 cents.

The company added operating income in the quarter jumped 9% to $52.6 million.

Pier 1 Imports, Inc (PIR) advanced 2.8% or 65 cents to $23.99 after the specialty retailer said net sales in the fourth quarter ending on March 2 climbed 16% to $551.6 million. Comparable store sales in the quarter jumped 7.9%.

Net earnings in the quarter plunged 46% to $61.7 million or 58 cents a diluted share compared to $115.2 million or $1.04.

The company said operating income in the quarter surged 28% to $100.4 million.

For the year 2014, the retailer expects diluted earnings per share in the range of $1.26 to $1.31.

Ruby Tuesday, Inc. (RT) climbed 3.6% or 30 cents to $8.46 after the restaurant company reported total revenue in the third quarter ending on March 5 declined 4% to $307.4 million. Same-restaurant sales in the quarter decreased 2.8%

Net income in the quarter plunged 52% to $2.2 million or 4 cents a diluted share compared to $4.5 million or 7 cents.

Rite Aid Corporation (RAD) surged 19% or 34 cents to $2.13 after the drugs retailer said total revenue in the third quarter ending on March 2 declined 4% to $6.5 billion. Comparable store sales in the quarter declined 2%

In the quarter net income swung to $123.1 million or 13 cents a diluted share compared to net loss of $161.3 million or 18 cents.

For the fiscal 2014, the Rite Aid expects sales between $24.9 billion and $25.3 billion and net income in the range of $45 million and $200 million and diluted earnings per share between 4 cents to 20 cents.

The Buckle, Inc (BKE) increased 2.1% or $1.03 to $48.59 after the apparel, footwear, and accessory retailer reported comparable sales in the months were flat from a year ago and net sales in the month rose 1.1% to $106.7 million.

The Progressive Corporation (PGR) gained 1.5% or 39 cents to $25.81 after the holding company stated net premiums written in the first quarter ending in March surged 7% to $4.45 billion. Net income in the quarter soared 20% to $308.6 million or 51 cents a diluted share compared to $257.6 million or 42 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