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Market Update

U.S. Movers: ConAgra, Clarcor, IHS, Oracle, Pier 1, Rite Aid, Scholastic


Author: Mukesh Buch
ticker.com
Last Update: 8:51 AM ET September 19 2013

11:45 AM New York ConAgra net tumbled 42% but revenue surged 27%. Clarcor profit slipped 5% and IHS net declined 47% and revenue soared 25%. Oracle net climbed 8%. Pier 1 net plunged 32% and Rite Aid net swung to profit. Scholastic said net in the quarter narrowed.

ConAgra Foods, Inc. (CAG) dropped 4.1% or $1.31 to $30.78 after the food processing company reported revenue in the first-quarter ending on August 25 surged 27.2% to $4.20 billion. Net income in the quarter tumbled 42.3% to $144.3 million or diluted earnings 34 cents per share compared to $250.1 million per share or 61 cents per share.

The food company said Ralcorp businesses contributed in the quarter a total of $942 million. Sales from the consumer foods segment slid 2% to $2 billion and sales from commercial foods segment was nearly flat at $1.26 billion.

The company lowered fiscal 2014 adjusted diluted earnings per share and currently expects between $2.34 and $2.38.

Clarcor Inc. (CLC) plummeted 6.6% or $3.83 to $53.68 after the filtration products provider said net sales in the third-quarter ending in August grew 1% to $289.1 million. Net income in the quarter slipped 5% to $28.7 million or diluted earnings 57 cents per share compared to $30.3 million per share or 60 cents per share.

IHS Inc. (IHS) gained 1.1% or $1.28 to $116.18 after the professional service provider stated revenue in the third-quarter ending in August soared 25% to $480.3 million. Net income in the quarter declined 47% to $23.4 million or diluted earnings 35 cents per share compared to $44.1 million per share or 66 cents per share.

IHS expects revenue for the year ending November 30 in a range of $1.80 billion to $1.82 billion and adjusted diluted earnings per share between $4.75 and $5.

Oracle Corporation (ORCL) fell 20 cents to $33.67 after the software and hardware service provider reported total revenue in the first-quarter ending in August rose 2% to $8.37 billion. Net income in the quarter climbed 8% to $2.19 billion or diluted earnings 47 cents per share compared to $2.03 billion per share or 41 cents per share.

The company said new software licenses and cloud software subscriptions GAAP revenues jumped 5% to $1.7 billion and software license updates and product support revenues were up 7% to $4.4 billion. Hardware systems products revenues were $669 million.

Pier 1 Imports, Inc (PIR) plunged 11.2% or $2.65 to $20.95 after the home furnisher said total sales in the second-quarter ending in August jumped 7.6% to $395.6 million. Net income in the quarter plunged 32% to $17.8 million or diluted earnings 17 cents per share compared to $26.2 million per share or 24 cents per share.

The company lifted earnings per share guidance for the year in the range of $1.23 to $1.29 compared to earlier forecast of $1.27 to $1.32.

Rite Aid Corporation (RAD) surged 15.4% or 57 cents to $4.28 after the retail drugstore chain stated revenue in the second-quarter ending in August rose 0.6% to $6.28 billion. Same store sales in the quarter increased 1%.

Net in the quarter swung to a profit $32.8 million or diluted earnings 3 cents per share compared to a net loss of $38.8 million per share or 5 cents per share.

Rite Aid has raised its fiscal 2014 guidance for adjusted EBITDA, net income and net income per share.

Scholastic Corporation (SCHL) slid 11 cents to $30.44 after the publishing and media reported revenue in the first-quarter ending in August fell 5.8% to $276.3 million. Net loss in the quarter narrowed to $29.9 million or diluted earnings 94 cents per share compared to $32.1 million per share or $1.02 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