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Market Update

U.S. Movers: Ciena, Francesca, Ford, GM, Navistar, SAIC, Verint


Author: Mukesh Buch
ticker.com
Last Update: 1:07 PM ET September 04 2013

11:50 AM New York – Ciena net loss narrowed and revenue climbed 14%. Francesca’s Holdings net declined 15%. Ford August unit sales surged 12% and GM sales rose 11%. Navistar net swung to a loss. SAIC profit plunged 62%.

Ciena Corporation (CIEN) surged 11.1% or $2.30 to $22.98 after the networking equipment provider reported revenue in the third-quarter ending in July climbed 14% to $538.4 million. Net loss in the quarter narrowed to $29.8 million or 30 cents a diluted share compared to $105.3 million or $1.06.

For the fourth-quarter the company expects revenue in the range of $550 million to $580 million.

Francesca’s Holdings Corporation (FRAN) tumbled 25.7% or $6.17 to $17.85 after the specialty retailer stated net sales in the second-quarter ending on August 3 jumped 17% to $89.6 million. Comparable store sales in the quarter decreased 1%.

Net income in the quarter declined 15% to $14.6 million or 33 cents a diluted share compared to $12.7 million or 28 cents.

Ford Motor Company (F) jumped 3.6% or 58 cents to $16.92 after the automaker reported total unit sales jumped 12% to 221,270 units from 197,249 a year ago month.

Ford added sales in the year to August soared 12.8% to 1,708,280 units from 1,514,838 units a year earlier.

General Motors Corporation (GM) climbed 3.5% or $1.21 to $35.36 after the automobile company said August’s total sales rose 11.2% to 245,799 units, after growing 11.1% in July.

The company added sales China were nearly half of total sales and increased 12.4% to 112,139 units.

LinkedIn Corporation (LNKD) fell 1.9% or $4.86 to $241.27 after the professional network provider unveiled stock-offering worth $1 billion to increase financial flexibility and strengthen the balance sheet. In a regulatory filing, company said it plans to sell 4 million shares.

Navistar International Corporation (NAV) declined 5.3% or $1.80 to $32.21 after the military trucks maker said total revenue in the third-quarter ending in July declined 12% to $2.9 billion. Net in the quarter swung to a loss $247 million or $3.06 a diluted share compared to net income of $84 million or $1.22.

SAIC, Inc (SAI) dropped 5.4% or 81 cents to $14.36 after the technical services provider stated revenue in the second-quarter ending on August 2 plummeted 13% to $2.47 billion. Net income in the quarter plunged 62% to $42 million or 12 cents a diluted share compared to $110 million or 32 cents.

Verint Systems Inc. (VRNT) soared 7.3% or $2.42 to $35.45 after the intelligence solutions service provider said revenue in the second-quarter ending in July advanced 5% to $222.4 million. Net income in the quarter doubled to $17.5 million or 33 cents a diluted share compared to $8.7 million or 22 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