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Market Update

U.S. Movers: Darden, Nike, rue21, Supervalu, Tibco Software, Tiffany


Author: Mukesh Buch
ticker.com
Last Update: 10:57 AM ET March 22 2013

10:45 AM New York Darden Restaurants third quarter net declined 18% and Nike net surged 55% to $866 million. rue21 fourth quarter net slipped 11%. Supervalu sold its five retail grocery banners valued $3.3 billion. Tiffany fourth quarter net edged up.

Darden Restaurants, Inc. (DRI) gained 1.1% or 58 cents to $49.55 after the restaurant company reported sales in the third quarter ending on February 24 advanced 5% to $2.26 billion. Net earnings in the quarter plunged 18% to $134.4 million or $1.02 a diluted share compared to $164.1 million or $1.25.

The Darden expects for the year diluted earnings per share from continuing operations between $3.60 and $3.22.

Micron Technology, Inc. (MU) surged 10.8% or 98 cents to $10.04 after the chip maker said net sales in the second quarter ending on February 28 increased 3% to $2.08 billion. Net loss in the quarter widened to $286 million or 28 cents a diluted share compared to $282 million or 29 cents.

Nike, Inc. (NKE) climbed 10.8% or $5.79 to $59.39 after the athletic footwear and apparel maker said net sales in the third quarter ending on February 28 advanced 9% to $6.19 billion. Net income in the quarter surged 55% to $866 million or 73 cents a diluted share compared to $560 million or 61 cents.

rue21, Inc. (RUE) rose 26 cents to $28.72 after the apparel retailer said net sales in the fourth quarter ending on February 2 surged 22% to $269.1 million. Comparable sales in the quarter rose 0.7%.

Net income in the quarter slipped 11% to $15 million or 62 cents a diluted share compared to $12.9 million or 52 cents. The company added gross profit in the quarter jumped 26% to $101.2 million.

For the first quarter, apparel retailer expects diluted earnings per between 47 cents and 50 cents.

Silver Wheaton Corp. (SLW) climbed 2.6% or 81 cents to $31.79 after the Canada based mining company stated revenues in the fourth quarter ending in December climbed 50% to $287.2 million. Net earnings in the quarter soared 23% to $177.7 million or 50 cents a diluted share compared to $144.7 million or 41 cents.

Supervalu Inc. (SVU) jumped 7.2% or 34 cents to $5.02 after the grocery retailer completed the sale of its five retail grocery banners to AB Acquisition LLC, an affiliate of Cerberus Capital Management in a valued $3.3 billion.

Tibco Software Inc. (TIBX) plunged 15.8% or $3.66 to $19.51 after the software company reported total revenue in the first quarter ending on March 3 surged 5% to $237.8 million. Net income in the quarter tumbled 54% to $9.5 million or 6 cents a diluted share compared to $20.6 million or 12 cents.

The company said gross profit in the quarter grew 3% to $164.2 million.

Tiffany & Co. (TIF) increased 2.4% or $1.67 to $69.58 after the specialty retailer stated total revenue in the fourth quarter ending in January rose 4% to $1.24 million. Comparable sales in the quarter were flat.

Net earnings in the quarter edged up to $179.6 million or $1.40 a diluted share compared to $178.4 million or $1.39 cents.

The company said gross profit in the quarter rose 2% to $730.8 million.

For the first quarter, the retailer expects diluted earnings per share from operations in the range of $3.43 to $3.

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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