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Market Update

U.S. Movers: Clearwire, Gannett, Men’s Wearhouse, PVH, Safeway


Author: Mukesh Buch
ticker.com
Last Update: 11:32 AM ET June 13 2013

11:25 AM New York – Comverse sales jumped and net loss narrowed. Clearwire requests shareholders to accept cash offer of from Dish and not from Sprint. Gannett agreed to acquire Belo Corp. for $2.2 billion. Safeway sold it Canadian operations to Sobeys for C$5.8 billion in cash.

Comverse, Inc. (CNSI) slid 11 cents to $30.17 after the software developer stated total revenues in the fourth quarter ending in April jumped 13% to $155.8 million. Net loss in the quarter narrowed to $3.14 million or 14 cents a diluted share compared to $26.3 million or $1.21.

Clearwire Corporation (CLWR) rose 4 cents to $4.41 after the company’s board recommended that shareholders accept a cash offer of $4.40 per share from Dish Network Corporation and unanimously recommended that stockholders vote against the $3.40 per share offer of Sprint Nextel.

Gannett Co., Inc. (GCI) surged 24.4% or $4.84 to $24.69 after the media company agreed to acquire Belo Corp. for $2.2 billion, represents a 28.1% premium to the closing price of Belo’s common stock on June 12.

Luby’s, Inc. (LUB) fell 1.4% or 12 cents to $8.49 after restaurant operator reported total sales in the third quarter ending on May 8 climbed 16% to $97.5 million. Comparable store sales decreased to 0.1%.

Net income in the quarter increased 3% to $2.49 million or 9 cents a diluted share compared to $2.42 million or 9 cents.

For the year, the company expects same-store sales results in the range of approx flat to down 1% and restaurant sales between $362 million and $366 million and diluted earnings per share in the range of 19 cents to 22 cents.

The Men’s Wearhouse, Inc (MW) jumped 3.2% or $1.15 to $36.74 after the specialty retailer stated total net sales in the first quarter ending on May 4 advanced 5% to $616.5 million. Comparable store sales declined to 6.7%.

Net earnings in the quarter climbed 23% to $33.1 million or 65 cents a diluted share compared to $26.9 million or 52 cents.

The company added total gross margin in the quarter jumped 9% to $277.9 million.

For the year, the company expects diluted earnings per share in the range of $2.70 to $2.80 and comparable store sales slightly lower between 4% and 5%.

PVH Corporation (PVH) climbed 9.4% or $10.49 to $121.77 after the sportswear and footwear maker said total revenue in the first quarter ending on May 5 soared 34% to $1.91 billion. Comparable store sales declined to 6.7%.

In the quarter, net swung to a loss $20 million or 25 cents a diluted share compared to net profit $95.5 million or $1.30.

Gross profit in the quarter surged 26% to $951.9 million.

For second quarter, the company expects revenue of $1.9 billion and non-GAAP basis diluted earnings per share approximate $1.35.

Safeway Inc (SWY) soared 10.6% or $2.44 to $25.57 after the food and drug retailer agreed to sell its Canadian operations to Sobeys Inc., a wholly owned subsidiary of Empire Company Limited for C$5.8 billion in cash.

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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