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Market Update

U.S. Movers: Computer Services, Forest Oil, IDT, Union Pacific, Xyratex


Author: Mukesh Buch
ticker.com
Last Update: 11:40 AM ET October 04 2013

11:35 AM New York – Computer Services net jumped 7% as revenue climbed 11%. Forest Oil sold its oil and gas assets in Texas to Templar Energy LLC for $1 billion. IDT Corp net swung to a loss but sales climbed 7%. Union Pacific forecast third-quarter operating revenue. Xyratex net tumbled 77%.

Computer Services, Inc, gained 1.6% or 50 cents to $30.75 after the technology solution provider said revenues in the second-quarter ending in August climbed 11.1% to $54 million.

Net income in the quarter jumped 6.8% to $6.5 million or 45 cents a diluted share compared to $6.1 million or 41 cents.

Chief Executive Officer Steven A. Powless said “This quarter marked our 37th consecutive quarterly revenue growth and outlook for the fiscal 2014 second-half remains positive.”

Forest Oil Corporation (FST) plunged 6.3% 40 cents to $5.95 after the oil and gas explorer agreed to sell its oil and gas assets in Texas Panhandle Area to privately held company Templar Energy LLC for $1 billion to cut its debt.

The transaction is expected to close on or before November 25.

IDT Corporation (IDT) dropped 7.9% or $1.48 to $17.22 after the telecommunication group reported sales in the fourth-quarter ending in July jumped 7.1% to $412.1 million.

Net in the quarter swung to a loss $3.7 million or 17 cents diluted share compared to a net income of $37.3 million or $1.69 per share.

Union Pacific Corporation (UNP) fell $1.15 to $154.11 after the freight and logistic expects operating revenue in the third-quarter to increase between 4% and 4.5% and diluted earnings per share in the range of $2.45 to $2.48, double-digit increase compared to last year.

The company will release its third quarter earnings on October 17.

Xyratex Ltd (XRTX) declined 6.3% 75 cents to $11.25 after the UK based data storage technology provider said revenue in the third-quarter ending in August plunged 21% to $217.3 million.

Net income in the quarter tumbled 76.8% to $2.4 million or 8 cents a diluted share compared to $7.7 million or 28 cents.

Gross profit margin in the third quarter was 20.9% compared to 18.5% in the same period last year

The company expects revenue in the fourth quarter in the range of $190 million to $220 million and diluted earnings per share anticipated between a loss of 9 cents and earnings of 15 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