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Market Update

U.S. Movers: International Speedway, Mitcham, RPM Intl, Greenbrier


Author: Mukesh Buch
ticker.com
Last Update: 12:15 PM ET April 04 2013

11:55 AM New York International Speedway second quarter net declined 21%. Ocwen Financial completed the purchase of Liberty Home Equity Solutions. Provident New York plans to acquire Sterling Bancorp for $344 million in stock. RPM Intl second quarter net swung to loss.]

Dominion Diamond Corporation (DDC) gained 1.4% or 22 cents to $15.94 after the Canada based diamond producer reported net sales in the fourth quarter ending in January climbed 8% to $110 million. Net income in the quarter plunged 10% to $14.9 million or 14 cents a diluted share compared to $16.6 million or 15 cents.

International Speedway Corporation (ISCA) rose 8 cents to $32.87 after the motorsports entertainment promoter stated revenue in the second quarter ending on February 28 dropped 7.6% to $128.6 million. Net income in the quarter declined 21% to $13.5 million or 29 cents a diluted share compared to $17.1 million or 37 cents.

The company reiterates total revenue guidance for the year in the range of $610 million to $625 million and maintained non-GAAP earnings per diluted share between $1.35 and $1.55.

Mitcham Industries, Inc. (MIND) declined 6.9% or $1.14 to $15.29 after the seismic equipment maker reported total revenues in the fourth quarter ending in January dropped 23% to $28.4 million. Net income in the quarter plummeted 66% to $3.42 million or 26 cents a diluted share compared to $10.2 million or 77 cents.

Ocwen Financial Corporation (OCN) added 10 cents to $36.05 the financial service provider said completed the purchase of Liberty Home Equity Solutions from Genworth Financial for $22 million.

Provident New York Bancorp (PBNY) climbed 3.8% or 34 cents to $9.15 after the holding company plans to acquire Sterling Bancorp for $344 million in stock. The company expects to raise $80 million through a debt offering prior to the closing of the transaction.

RPM International Inc (RPM) slipped 25 cents to $30.51 after the paint company stated revenue in the second quarter ending on February 28 grew 9.1% to $843.7 million. Net loss in the quarter swung to $42.4 million or 33 cents a diluted share compared to net income of $6.6 million or 5 cents.

The company expects consumer segment sales between 8% and 10% and industrial segment sales will most likely fall short of the lower end of our previous range of 6% to 10%.

The Greenbrier Companies, Inc (GBX) dropped 5.4% or $1.18 to $20.62 after the railroad company said revenue in the third quarter ending on February 28 fell 7.6% to $423.2 million. Net earnings in the quarter declined 22% to $13.8 million or 45 cents a diluted share compared to $17.7 million or 57 cents.

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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