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Market Update

U.S. Movers: Cracker Barrel, DSW, Menís Wearhouse, Pall, Tiffany


Author: Mukesh Buch
ticker.com
Last Update: 11:02 AM ET November 26 2013

10:40 AM New York Ė Cracker Barrel net soared 18%. DSW net jumped 10%. Hormel Foods net climbed 19%. Menís Wearhouse turned table on Jos. A. Bank Clothiers and offered $1.2 billion. Pall net tumbled 79%. Palo Alto said net loss widened. Tiffany net surged 50%.

Cracker Barrel Old Country Store, Inc (CBRL) plummeted 5.9% to $6.96 to $111.16 after the restaurants operator said total revenue in the first-quarter ending on November 1 rose 3.5% to $649.1 million.

Comparable restaurant traffic in the quarter slid 0.1% and comparable restaurant sales rose 2.8%. Comparable retail sales in the quarter increased 2.5%.

Net income in the quarter soared 18% to $27.2 million or $1.14 a diluted share compared to $23.2 million or 97 cents.

The company expects total revenue for the year between $2.7 billion and $2.75 billion and operating income margin in the range of 7.8% to 8% and diluted earnings per share between $5.60 and $5.80.

DSW Inc (DSW) plunged 7.2% or $3.42 to $43.78 after the discount footwear retailer reported sales in the third-quarter ending on November 2 climbed 6.8% to $633 million. Comparable store sales in the quarter fell 0.7%.

Net income in the quarter jumped 9.7% to $54.9 million or 60 cents a diluted share compared to $50.1 million or 55 cents.

The company estimated adjusted earnings per share for the year between $1.80 and $1.90 a share.

Hormel Foods Corporation (HRL) jumped 7.1% or $3.02 to $45.46 after the food processing company reported net sales in the fourth-quarter ending on October 27 jumped 7.1% to $2.3 billion.

Net earnings in the quarter climbed 19% to $157.3 million or 58 cents a diluted share compared to $132.6 million or 49 cents.

Hormel Foods forecasted earnings guidance for the year in the range of $2.17 to $2.27 per share.

The Menís Wearhouse, Inc (MW) climbed 5.7% or $2.68 to $49.75 after the specialty retailer proposed to acquire Jos. A. Bank Clothiers (JOSB) common stock for $55 a share in cash or enterprise value of about $1.2 billion.

Pall Corporation (PLL) gained 2.5% or $2.01 to $83.71 after the purification technology provider stated sales in the first-quarter ending in October grew 2% to $629.8 million.

Net earnings in the quarter tumbled 79% to $71.5 million or 63 cents a diluted share compared to $339.5 million or $2.92.

Palo Alto Networks Inc (PANW) soared 6.7% or $3.10 to $49.20 after the network security service provider said revenue in the first quarter ending in October surged 49% to $128.2 million.

Net loss in the quarter widened to $7.9 million or 11 cents a diluted share compared to $3.5 million or 5 cents.

Tiffany & Co (TIF) surged 8.2% or $6.67 to $87.66 after the jewelry retailer reported net sales in the third-quarter ending in October jumped 7% to $911 million. Comparable store sales in the quarter soared 7%.

Net earnings in the quarter surged 50% to $94.6 million or 73 cents a diluted share compared to $63.2 million or 49 cents.

Tiffany said total sales in the Americas region grew 4% to $417 million and Asia-Pacific region total sales climbed 27% to $238 million.

In Europe, total sales jumped 7% to $104 million. Sales in Japan declined 13% to $128 million mainly on weaker yen.

For the fiscal year, the company lifted net diluted earnings per share outlook in the range of $3.65 to $3.75 compared to previous outlook between $3.50 and $3.60 a diluted share and $3.25 a diluted share in 2012.

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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