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Market Update

UTi Worldwide Surges; Alcoa, Gap, Ruby Tuesday Tumble


Author: Mukesh Buch
ticker.com
Last Update: 1:04 PM ET October 09 2015

12:50 PM New York Alcoa net plunged 71% on 11% decline in revenues. American Airlines total revenue passenger miles in September jumped 7.2%. Electro Rent net tumbled 48%. LDR tumbled despite higher revenues forecast. UTi Worldwide surged and agreed to be acquired by Denmark-based DSV.

Tollbooth Index rose 16.73 or 0.2% to 10,515.29.

Earnings Review

Alcoa Inc (AA) declined 4.8% or 53 cents to $10.48 after the aluminum producer said revenues in the third-quarter ending in September declined 10.7% from a year ago to $5.57 billion.

Net income in the quarter plunged 70.5% to $44 million or 2 cents per diluted share compared to $149 million or 12 cents from the same quarter last year.

American Airlines Group Inc (AAL) soared 5% or $2.04 to $41.78 after the airline company said total revenue passenger miles in September jumped 7.2% to 18.1 billion from 16.9 billion in a year ago month.

The airline said total load factor increased 2.7 percentage points to 82.7% and capacity of available seat per miles increased 3.7% to 21.9 billion compared to 21.1 billion in September 2014.

Electro Rent Corporation (ELRC) rose 8 cents to $11.24 after the electronic testing equipment maker stated total revenues in the first-quarter ending in August plunged 13.9% from a year ago to $53.3 million.

Net income in the quarter tumbled 47.9% to $2.5 million or 10 cents per diluted share compared to $4.8 million or 20 cents from the same quarter last year.

Gap Inc (GPS) plummeted 5.9% or $1.71 to $27.24 after the apparel retailer said comparable store sales for the five-week period ending on October 3 decreased 1%, driven by a 10% decline in Banana Republic unit while sales in Old Navy jumped 4%.

Net sales in September fell 1% to $1.46 billion a year ago month.

Griffin Industrial Realty Inc gained 22 cents to $26.55 after the real estate developer said total revenues in the third-quarter ending in September soared 34.1% from a year ago to $8.2 million.

Net in the quarter swung to profit $1.2 million or 23 cents per diluted share compared to a loss of $0.2 million or 3 cents from the same quarter last year.

LDR Holding Corp tumbled 26.2% or $9.50 to $26.71 after the medical device maker forecasted revenues for the third-quarter to jump 9.5% to $39.3 million from a year ago period.

The company estimated domestic revenues in the quarter to soar 15% to $32.3 million but revenues in international business to decline 10.3% to $7 million.

Ruby Tuesday, Inc (RT) tumbled 14.4% or 95 cents to $5.65 after the dining restaurant chain operator said revenues in the first-quarter ending on September 1 fell 0.6% from a year ago to $279.5 million.

Net in the quarter swung to a loss of $4.2 million or 7 cents per diluted share compared to profit of $2.6 million or 4 cents from the same quarter last year.

UTi Worldwide Inc surged 47.9% or $2.26 to $6.98 after the air and ocean freight services provider agreed to be acquired by Denmark-based DSV for $7.10 in cash per share or about $1.35 billion.

The transaction is expected to close in the first-quarter of 2016.

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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