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Major Movers on March 11; CSIQ, BBRY, DKS, ZNGA, GNW

Shares of Canadian Solar Inc. (NASDAQ: CSIQ) slumped about 11% after the company reported that its losses in the fiscal fourth quarter widened as it shipped fewer number of solar modules. Since last one year, Canadian Solar’s top line has felt the pinch in the backdrop of lackluster demand for its solar panel and equipment. Due to excess supply of low priced solar panels from China, prices of wafer and modules have fallen sharply.

For the quarter, Canadian Solar reported a loss of $105 million, or $2.43 a share, compared to a loss of $59.9 million, or $1.39 a share, in the same period of last year. After excluding onetime items such as bad-debt allowance and provision for a settlement, adjusted or non-GAAP earnings stood at $1.01 a share

Revenue contracted 38% to $294.8 million while gross margin shrank to 5% from 8.7%.

Shares of Research In Motion (NASDAQ: BBRY) rallied about 10.50% by midday trade on Monday after news emerged that smartphone maker’s generation next Z10 model will hit the U.S. market very soon. U.S.’s largest wireless network company, AT&T said that it will start selling the Z10 model by March 22.

Shares of Dick’s Sporting Goods Inc. (NYSE: DKS) slumped about 9.50% by afternoon trade after the company reported lower-than-expected fiscal fourth quarter results, citing its misjudgment over the demand for cold weather accessories. The Company said that it underestimated the demand for cold weather accessories due to mild temperature earlier during the season; as a result, it was unable to meet the demand for cold weather outfits when the temperature dropped significantly in January.

For the quarter, the Company reported, earnings of $129.7 million or $1.03 compared to a profit of $111.1 million, or 88 cents a share in the year earlier quarter. Analysts’ consensus estimate was for earnings of $1.06 a share,

Revenue soared 12% to $1.81 billion but fell short of analysts’ consensus estimate of $1.86 billion.

Comparable-store sales increased 1.2% but fell short of Company’s own earlier forecast of 4% growth. While comparable-store sales at Dick’s Sporting Goods slipped 2.2% in the fiscal fourth quarter, it rose 1.3% at Gold Galaxy in the same period.  E-commerce sale soared 54% during the fiscal fourth quarter, the company said.

Shares of Zynga Inc. (NASDAQ: ZNGA) rallied about 10% amid market grapevine that Yahoo! Inc. was planning to buy the beleaguered social gaming company. Blake Harper, analyst at Wunderlich Securities Inc said that Yahoo’s CEO Marissa Mayer, in order to enhance company’s traction in mobile and social landscape, is looking at acquisitions.

Genworth Financial Inc. (NYSE: GNW) shares climbed about 6.75%. According to Barron’s report, which was published on Sunday, the stock could double in value by next year, driven by increase in health-care pricing and mortgages. Genworth’s shares which closed at $9.84 on Friday, is less than half of its book value, Barron’s said.


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