MARKET CURRENTS
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MARKET CURRENTS
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Friday, May 25, 2012
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2:12 PM America's Car-Mart (CRMT -8.9%) slides after reporting a mixed FQ4 result late yesterday, beating on a per share basis but coming up shy on revenue. Despite the mixed result, net profit actually jumped 15% as the used-car seller recorded stronger volume and selling prices. Comment!
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1:36 PM Chip design software firm Mentor Graphics (MENT -12.7%) tumbles after missing FQ1 revenue estimates. The decline comes even though Mentor's FQ2 guidance (revenue of $240M and EPS of $0.17) is largely in-line with estimates, and its FY13 EPS guidance of $1.37 is above a $1.33 consensus (revenue guidance of $1.1B is in-line). It could provide more ammo for 15% owner Carl Icahn, whose efforts to force a sale have thus far been stymied. Comment!
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11:29 AM Rue21 (RUE +7.8%) pops after its Q1 results beat Street estimates late yesterday on an 18% Y/Y jump in revenue. Net earnings rose 21% on record strong sales growth and better margins. Net sales increased to $205M from $172M in the prior-year period. Additionally, the company has authorized a $50M share repurchase program. Comment!
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10:27 AM Uroplasty (UPI +9.6%) pops after its FQ4 results beat estimates on narrower losses. Global sales increased 39% Y/Y, while sales in the U.S. grew by 63%. The higher U.S. numbers were driven by a 79% increase in sales of its Urgent PC Neuromodulation System, and a 53% jump in sales of its Macroplastique. Separately, JMP Securities upgraded the shares to Outperform on the back of the better-than-anticipated report. Comment!
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Thursday, May 24, 2012
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4:58 PM More on Semtech (SMTC) Q1 misses across the board on a 4.7% decline in total Y/Y revenue. Net earnings slid 90% as expenses and a purchase accounting adjustment related to its acquisition of Gennum Corp. weighed on margins and bottom-line results. The firm also sets Q2 guidance that straddles current Street estimates, saying it expects to earn between $0.37 - $0.45 per share on revenue of $146 - $154M. Street expectations are for an EPS of $0.41 on revenue of $149M. Shares -3.2.% AH. Comment!
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4:50 PM Bazaarvoice (BV) is acquiring rival PowerReviews for $128M ($31M in cash and $97M in stock) up-front and 1.6M shares worth of options. PowerReviews provides customer review, Q&A, and social media engagement/analytics solutions for 1,100+ retailers. Along with the move, which follows Oracle's purchase of rival Vitrue, Bazaarvoice is guiding for FQ4 revenue of $31M-$31.5M, above a $28.3M consensus. With PowerReviews in tow, it expects FQ1 revenue of $32.5M-$33M and FY13 revenue of $137M-$139M. Comment!
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3:09 PM Toro (TTC +7.5%) pops on a strong FQ2 report earlier today. Net earnings rose 14% Y/Y as unseasonably warm weather and an accelerated Spring helped boost sales of grounds-care equipment. The company also raises its FY12 forecast, now expecting an EPS of approximately $4.30, in the lower end of its previously announced guidance range of $4.30 - $4.35, but still better than Street estimates of $4.29. The company also expects revenue growth of 7% - 8% Y/Y. Comment!
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1:15 PM Sigma Designs (SIGM +6.8%) posts a healthy gain after beating FQ1 estimates and guiding on its earnings call for FQ2 revenue of $61M-$67M - boosted by the acquisition of bankrupt Trident's HDTV chip business, and thus not comparable to estimates. The chipmaker says it's seeing strong traction for its home streaming and IPTV processing chips. It adds it has cut the Trident unit's staff by 1/3 since the acquisition. Comment!
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12:05 PM GE (GE -0.6%) will use the entire $4.5B "special dividend" that it's receiving from GE Capital for buybacks, Jeff Immelt has told investors. That should add ~$0.03 a share to GE's 2013 earnings, estimates Citigroup, which reiterates its "buy" recommendation on the company.
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