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Market Update

U.S. Movers: Cree, Deere, Macy’s, Pinnacle Foods, Towers Watson


Author: Mukesh Buch
ticker.com
Last Update: 11:39 AM ET August 14 2013

11:30 AM New York – Cree net and revenue surged. Deere net soared 52%. Macy’s net edged up 0.7% to $281 million. Pinnacle Foods net loss widened. Steinway Musical agreed to be acquire by Paulson Capital for $512 million. Towers Watson net surged 28%.

Cree, Inc. (CREE) plunged 20.3% or $15.39 to $60.38 after the device maker reported revenue in the fourth quarter ending in June surged 22% to $375 million. Net income in the quarter soared 182% to $28.2 million or 23 cents a diluted share compared to $10 million or 9 cents.

The company added gross margin in the fourth quarter climbed 37.5% and operating margin climbed 8.2%.

For the first quarter, Cree expects revenue in the range of $380 million to $400 million and net income between $28 million and $34 million and diluted earnings per share in the range of 23 cents to 28 cents.

Deere & Company (DE) slipped 2% or $1.67 to $82.24 after the financial services provider said total revenue in the third quarter ending in July increased 4% to $10 billion. Net income in the quarter soared 52% to $996.5 million or $2.56 a diluted share compared to $788 million or $1.98.

For the full year, the company anticipated net income about $3.45 billion.

JDS Uniphase Corporation (JDSU) fell 1.3% or 19 cents to $14.61 after the network product provider stated revenue in the fourth quarter ending on June 29 rose 4% to $421.3 million. Net in the quarter swung to a profit $92.5 million or 38 cents a diluted share compared to a loss of $22.2 million or 10 cents.

For the first quarter, the company expects non-GAAP revenue in the range of $410 million to $430 million.

Macy’s, Inc (M) declined 4.3% or $2.07 to $46.43 after the retailer reported total revenue in the second quarter ending on August 3 slid 0.8% to $6.07 billion. Comparable store sales in the quarter decreased 0.8%.

Net income in the quarter increased 0.7% to $281 million or 72 cents a diluted share compared to $279 million or 67 cents.

Myriad Genetics, Inc. (MYGN) dropped 5.1% or $1.53 to $28.72 after the molecular diagnostic company said total revenue in the fourth quarter ending in June surged 31% to $174 million. Net income in the quarter soared 52% to $44.1 million or 53 cents a diluted share compared to $29.1 million or 34 cents.

The company expects total revenue for the year in the range of $690 to $710 million and diluted earnings per share between $1.87 and $1.94.

Pinnacle Foods Inc. (PF) slid 1.5% or 39 cents to $25.83 after the branded food products maker stated net sales in the second quarter ending in June fell 3.3% to $569 million. Net loss in the quarter widened to $31.8 million or 28 cents a diluted share compared to $10.6 million or 13 cents.

The company lifted its earnings per share guidance for the year between $1.53 and $1.57 from the previous range of $1.49 to $1.55.

SeaWorld Entertainment, Inc. (SEAS) slumped 3% or $1.11 to $35.20 after the entertainment company reported total revenue in the second quarter ending in June decreased 3% to $411.3 million. Net in the quarter swung to a loss $15.9 million or 18 cents a diluted share compared to $39.1 million or 47 cents.

For the full year, the company expects revenue in the range of $1.45 billion to $1.48 billion and adjusted EBITDA in the range of $430 million to $440 million.

Steinway Musical Instruments, Inc. (LVB) surged 6.7% or $2.56 to $40.83 after the musical instruments maker agreed to acquire by Paulson Capital Corp. for $512 million. Paulson raised its offer to $40 per share from $38 per share.

Towers Watson & Co. (TW) decreased 2.4% or $2.07 to $85 after the professional services company stated revenue in the fourth quarter ending in June advanced 6% to $875 million. Net income in the quarter surged 28% to $83 million or $1.16 a diluted share compared to $65 million or 91cents.

For the first quarter, the company expects revenues in the range of $850 million to $870 million and diluted earnings per share between $1.15 and $1.20.

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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