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Market Update

U.S. Movers: Coldwater Creek, Linn Energy, Synnex, Verizon, Xoom


Author: Mukesh Buch
ticker.com
Last Update: 8:27 AM ET September 11 2013

12:00 PM New York – Coldwater Creek plunged after same store sales declined 7.3% and loss narrowed. Restoration Hardware net swung to a loss. Synnex to buy IBM''s worldwide customer care unit valued $505 million. Verizon launched $49 billion bond. Xoom priced public offering at $30.50 per share.

Coldwater Creek Inc. (CWTR) tumbled 21.2% or 58 cents to $2.16 after the women''s apparel retailer said revenue in the second-quarter ending on August 3 dropped 8.5% to $149.7 million. Same store sales in the quarter declined 7.3%.

Net loss in the quarter narrowed to $16.4 million or 54 cents a diluted share compared to $17.6 million, or 58 cents.

Linn Energy, LLC (LINE), surged 6.6% or $1.61 to $26.36 after the oil and gas explorer and LinnCo, LLC with Berry Petroleum Company are agreed to set the record dates for their respective unit-holder, shareholder and stockholder meetings as of September 30.

Restoration Hardware Holdings, Inc (RH) plummeted 6.1% or $4.62 to $71.34 after the home furnishings retailer reported revenue in the second-quarter jumped 30% to $382.1 million. Comparable store sales in the quarter surged 26%.

Net in the quarter swung to a loss $17.8 million or 46 cents a diluted share compared to a net income of $17.6 million a year earlier.

SolarCity Corporation ((SCTY) declined 5.4% or $1.99 to $34.56 after the solar energy systems provider and Direct Energy agree to provide solar electricity directly to businesses. The two companies had invested fund of up to $124 million.

Synnex Corporation (SNX) soared 20.8% or $10.02 to $57.99 after the computer peripherals retailer will acquire IBM''s worldwide customer care services business for $505 million consisting $430 million in cash and $75 million in common stock.

The transaction is expected to initially close in the coming months.

Synnex expects revenue in the third-quarter now estimated to high end of the prior guidance range of $2.65 billion to $2.75 billion.

Verizon Communications Inc (VZ) rose 0.1% to $46.51 after the communication service provider launched a massive $49 billion bond, the largest corporate bond ever sold to reduce debt of $130 billion deal with Vodafone’s stake in Verizon Wireless.

Xoom Corporation (XOOM) climbed 5.5% or $1.69 to $32.37 after the online money transfer service provider priced its on offering of 4,403,270 shares of its common stock at a price to the public of $30.50 per share.

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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