The following are major gainers in trading on September 14.
Fossil Inc (NASDAQ: FOSL) soared 9% on Friday. On Thursday, after market hours the company announced that its Chief Financial Officer, Michael L. Kovar will retire from his post in March 2013. Mr. Kovar who joined Fossil in March 2000, was quickly elevated to Chief Financial officer position in October 2000. The company is now searching for Mr. Kovar’s replacement.
In a statement Mr. Kovar said “Leading the finance function at Fossil has been a wonderful experience, both personally and professionally. Fossil’s prospects have never been brighter and I look forward to watching its continued success as I pursue personal interests and spend more time with my family.”
Fossil is global fashion retailer, selling multiple fashion accessories. Some of the product line includes: watches, clothing, handbags, fashion accessories, belts, sunglasses and sleek leather goods. The company’s operations are divided in four segments: North America Wholesale business, European wholesale business, Asia and Pacific wholesale business and direct-to-consumer (B2C) segment.
Werner Enterprise Inc. (NASDAQ:WERN), shares plunged more than 7% on Friday. Citigroup lowered its rating on Werner Enterprises from “Buy” to “Neutral “and reduced its price target from $27 to $24. Citigroup said that downward revision was due to Warner’s rising operating expenses. The research agency commented that these expenses were too big and fragile freight environment will make it practically very difficult to offset costs.
Citigroup also lowered Werner’s fiscal third quarter outlook by 22% to 34 cents a share from 44 cents. Fiscal 2012 and 2013 EPS were also lowered by 10% and 8% respectively to $1.43 and $1.65 from earlier estimates of $1.59 and $1.80.Citigroup said falling freight volumes and pressure on margins, and higher equipment costs will weigh on Werner’s bottom line.
Analogic Corporation (NASDAQ: ALOG) leaped almost 16% on Thursday. The Company reported that fourth quarter net income stood at $12.1 million, or $0.96 a share, compared to net income of $5.6 million, or $0.45 a share, in year earlier quarter. Adjusted earnings came at $1.32 per share. Revenue jumped 12% to $151 million. Analysts’ consensual forecast was for earnings of $0.71 a share on revenue of $140.8 million.
Analogic Corporation designs, manufactures and sells sophisticated medical imaging and security systems and subsystems to Original Equipment Manufacturers (OEMs) and end users primarily in the healthcare and airport security markets.
World’s largest home improvement retailer, Home Depot (NYSE: HD) gained over 2% on Friday after the company announced that it will close down its remaining stores in China and slash 850 jobs as the company aims to increase its sales through e-commerce. Home Depot said that it in developing relations with Chinese e-commerce websites. However, the company said that two specialty stores in China will continue to operate. At present, the company operates 2,252 stores located all over the United States including the Commonwealth of Puerto Rico and the territories of the United States, Virgin Islands and Guam, Canada, China and Mexico. The Company also offers 300,000 products through its Website, homedepot.com. Just last month, the company reported better-than-expected fiscal second quarter earnings thanks to its aggressive cost-cutting drive. The company also raised its full-year earnings outlook, at that time.
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