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Market Update

U.S. Movers: Commerce Bancshares, PriceSmart, Progressive Corp, Yum Brands


Author: Mukesh Buch
ticker.com
Last Update: 11:51 AM ET July 11 2013

11:45 AM New York Commerce Bancshares second quarter net jumped 8%. Caesars Entertainment plan to spin off its gaming business. PriceSmart third quarter revenue and net soared. Progressive Corp net surged 174%. Yum! Brands jumped 15% to $281 million.

Bridgepoint Education, Inc (BPI) surged 20.4% or $2.57 to $15.18 after the education service provider said Ashford University today received the accreditation for five years by the Western Association of Schools and Colleges.

Bridgepoint estimates, second quarter revenue between $195.5 million and $199.5 million and enrollments in the range of 71,000 to 72,000.

Commerce Bancshares, Inc. (CBSH) slipped 1.2% or 57 cents to $45.33 after the bank said net interest income in the second quarter ending in June gained 6% to $159.5 million. Net income in the quarter jumped 8% to $65.8 million or 72 cents a diluted share compared to $61 million or 67 cents.

Caesars Entertainment Corporation (CZR) rose 15 cents to $16.09 after the casino service provider said it won regulatory approval to a plan to spin off Planet Hollywood Resort the gaming business and a planned Baltimore casino into a separate company.

As stated in regulatory filing, the gaming company will sell stocks to raised $1.18 billion for the new public entity.

PriceSmart, Inc. (PSMT) declined 4% or $3.72 to $87.91 after the discount stores operator reported total revenues in the third quarter ending in May jumped 13% to $571 million. Net income in the quarter soared 18% to $18.5 million or 61 cents a diluted share compared to $15.7 million or 52 cents.

For the quarter, net warehouse club sales climbed 12% to $555.8 million and export sales surged 28% to $8.8 million.

The company added operating income in the quarter advanced 13% to $28.7 million.

The Progressive Corporation (PGR) slid 1.8% or 46 cents to $25.56 after the automobile insurance provider said net premiums written in the second quarter ending in June jumped 6% to $4.39 billion. Net income in the quarter surged 174% to $324.6 million or 54 cents a diluted share compared to $118.6 million or 19 cents.

Yum! Brands, Inc. (YUM) fell 7 cents to $72.29 after the restaurant chain stated net sales in the second quarter ending on June 15 climbed 9% to $2.90 billion. Comparable same store sales in the quarter grew 1%.

Net income in the quarter jumped 15% to $281 million or 61 cents a diluted share compared to $331 million or 69 cents.

Operating profit in the quarter declined 18% to $390 million.

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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