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Market Update

U.S. Movers: Dick's Sporting, Emulex, Genworth Financial, Renren, Simcere


Author: Mukesh Buch
ticker.com
Last Update: 11:28 AM ET March 11 2013

11:25 AM New York – Dick''s Sporting fourth quarter net jumped 7% to $129.7 million. Emulex extended offer period to UK based Endace Limited. China based social networking Renren fourth quarter net swung to loss.

Dick''s Sporting Goods, Inc. (DKS) dropped 8.8% or $4.48 to $46.12 after the retailer company reported net sales in the fourth quarter ending on February 2 surged 12% to $1.81 billion from $1.61 billion in the same period of last year. Same store sales rose 1.2%

Dick’s dropped 9% after the retailer estimated weaker outlook for the current year and reported quarterly results that were below analysts’ estimates.

Net income in the quarter jumped 7% to $129.7 million or $1.03 a diluted share compared to $111.1 million or 88 cents a share a year ago.

Emulex Corporation (ELX) slid 1 cent to $6.74 after the networking solution provider extended offer period for cash offer of 500 pence per share to UK based network visibility infrastructure provider Endace Limited by 14 days to March 26.

Genworth Financial, Inc. (GNW) climbed 6% or 59 cents to $10.44 on media speculation that the company stock is undervalued.

Renren Inc., (RENN) rose 3 cents to $3.10 after the China based social networking company said total net revenue in the fourth quarter ending in December climbed 49% to $48.8 million from $32.8 million in the same period of last year. Net loss in the quarter swung to $21.1 million or 6 cents a diluted per ADS share compared to net income of $44.3 million or 11 cents a share a year ago.

Simcere Pharmaceutical Group (SCR) surged 14.2% or $1.13 to $9.09 after the China based holding company received non-binding proposal from Jinsheng Ren to acquire all the outstanding shares for $9.56 per ADS or $4.78 a share in cash.

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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