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Market Update

U.S. Movers: Exide, FactSet Research, Hormel Foods, Mechel OAO


Author: Mukesh Buch
ticker.com
Last Update: 7:40 AM ET June 18 2013

11:15 AM New York FactSet Research third quarter sales jumped and net climbed 11%. Hormel Foods lowered its earnings outlook for fiscal 2013. Motorcar Parts fourth quarter net loss widened. Mechel first quarter net swung to a loss.

Exide Technologies surged 12.4% or 0.3 cents to 24.8 cents after the battery maker was allowed to reopen pending hearing in a Los Angeles Superior Court.

Department of Toxic Substances Control intends to close its recycling plant and suspend operations.

FactSet Research Systems Inc. (FDS) dropped 2.8% or $3.06 to $100.67 after the integrated financial information provider stated revenues in the third quarter ending in May jumped 6% to $214.6 million. Net income in the quarter climbed 11% to $53.4 million or $1.20 a diluted share compared to $48 million or $1.05.

The company added operating income increased 5% to $71.6 million.

For the fourth quarter, the company expects revenues in the range of $218 million to $221 million and GAAP diluted earnings per share between $1.18 and $1.21 or increase 11%.

Hormel Foods Corporation (HRL) declined 4.7% or $1.93 to $38.72 after the food products maker lowered its earnings outlook for fiscal 2013 and expects between $1.88 and $1.96 from earlier guidance of $1.93 to $2.03 on weak sales in its refrigerated foods and pork segment unit.

Korn/Ferry International (KFY) slumped 3.4% or 63 cents to $17.48 after the recruitment company reported total revenues in the fourth quarter ending in April jumped 15% to $238.6 million. Net income in the quarter nearly was flat at $12.2 million or 25 cents a diluted share compared to $12 million or 25 cents.

For the first quarter, the company expects revenue between $215 million and $227 million and diluted earnings per share in the range of 19 cents to 27 cents.

Motorcar Parts of America, Inc (MPAA) jumped 4% or 31 cents to $8.05 after the automobile manufacturer said total revenues in the fourth quarter ending in March increased 3% to $89.3 million. Net loss in the quarter widened to $73.7 million or $5.09 a diluted share compared to $12.9 million or $1.03.

Gross profit in the quarter plunged 61% to $2.85 million operating loss widened to $94.3 million.

Mechel OAO (MTL) surged 10.9% or 31 cents to $3.15 after the Russia based integrated mining and steel producer reported revenue in the first quarter ending in March declined to $2.48 billion from $2.95 billion a year earlier. In the quarter net swung to a loss $320.6 million compared to profit of $218 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