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Market Update

U.S. Movers: Dole Food, Elbit Systems, Express, Spectrum Pharmaceuticals


Author: Mukesh Buch
ticker.com
Last Update: 10:58 AM ET March 13 2013

10:55 AM New York Dole Food fourth quarter net swung to $210 million loss and Elbit Systems net swung to $57.2 million profit. Express fourth quarter net jumped 6% and Kronos Worldwide net swung to loss. Spectrum Pharmaceuticals tumbled on weak outlook for 2013.

Dole Food Company, Inc., (DOLE) plunged 7.8% or 92 cents to $10.82 after the fresh fruit and vegetables producer reported revenue in the fourth quarter ending on December 29 declined 8% to $888 million from the same period of last year. The quarter swung to a net loss of $210 million or $2.38 a diluted share compared to net income of $4 million or 5 cents a share a year ago.

Elbit Systems Ltd. (ESLT) gained 2.3% or 89 cents to $38.99 after the Israel based defense electronics products maker stated revenues in the fourth quarter ending in December was nearly flat to $843.9 million from the same period of last year. The quarter swung to a net income of $57.2 million or $1.36 a diluted share compared to net loss of $13 million or 31 cents a share a year ago.

Express, Inc., (EXPR) declined 8.9% or $1.69 to $17.16 after the apparel retailer said net sales in the fourth quarter ending on February 2 soared 8% to $728.7 million from the same period of last year. The company Comparable sales rose 1.5%.

Net income in the quarter jumped 6% to $64 million or 75 cents a diluted share compared to $60.4 million or 68 cents a share a year ago.

For the first quarter, the company expects comparable sales to grow in the range from flat to down low single digits and net income between $29.5 million and $32.5 million and diluted earnings per share between 34 cents and 38 cents.

For the year, the retailer expects net income in the range of $120 million to $132 million, and diluted earnings per share between $1.40 and $1.54.

Kronos Worldwide, Inc. (KRO) dropped 5.4% or 92 cents to $16.45 after the titanium dioxide maker reported net sales in the fourth quarter ending in December dropped 9% to $396.8 million from the same period of last year. The quarter swung to a net loss of $18.1 million or 16 cents a diluted share compared to net income of $85.8 million or 74 cents a share a year ago.

Kennedy-Wilson Holdings, Inc. (KW) rose 10 cents to $17 after the real estate investment company said revenue in the fourth quarter ending in December surged 18% to $11 million from the same period of last year. Net income in the quarter climbed 11% to $8.86 million or 14 cents a diluted share compared to $7.96 million or 14 cents a share a year ago.

Spectrum Pharmaceuticals, Inc. (SPPI) tumbled 36.4% or $4.52 to $7.91 after the biotechnology updated its 2013 outlook.

The company expects FUSILEV sales for the first quarter between $10 million and $15 million and for the year nearly $80 million to $90 million.

The biotechnology company anticipates total revenues for the year in the range of $160 million to $180 million.

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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