Shares of Sonic Corporation (NASDAQ:SONC) rallied after the drive-in restaurant chain, late last evening reported fiscal second quarter non-GAAP earnings which came in-line with Street’s expectation as expenses fell. Revenue however fell marginally short of Street’s expectation.
For the quarter, the Company posted a profit of $3.6 million or 6 cents a share, up from net income of $1.7 million or 3 cents a share, in the same period of last year. Excluding onetime items, Sonic Corp reported adjusted earnings of 5 cents a share. Revenue fell 3.4% to $111.1 million. Analysts’ consensus estimate was for earnings of 5 cents a share on revenue of $112.7 million.
Shares of Brookfield Residential Properties Inc. (NYSE:BRP) gained following the release of better-than-expected S&P/Case-Shiller home price index, which showed index climbing 1% in January and 8.1% YOY, a biggest leap YOY gain since 2006.
Earlier on Monday following the closing bell, the homebuilder said that it will release its fiscal first quarter financial results on May 2, 2013.
Shares of Netflix Inc. (NASDAQ: NFLX) climbed after analysts at Pacific Crest boosted their price target on the DVD rental and moving streaming company, citing positive outlook on its overseas expansion and increase in subscriptions.
Shares of Children’s Place Retail Stores Inc. (NASDAQ:PLCE) fell. The apparel and accessories retailer said that fiscal fourth quarter profit slumped 18%. The Company also provided downbeat guidance for the current quarter and full-year fiscal. The Company expects consumer spending would remain subdued due to macroeconomic weakness and bad weather. For the recently concluded quarter, the Company reported non-GAAP earnings per share of $1.15, which was 11 cents higher than Street’s estimate. However, Company’s current quarter earnings guidance of 60 cents to 65 cents and full-year earnings guidance of $2.90 to $3.10 a share missed Street’s consensus estimate.
Shares of ZIOPHARM Oncology Inc. (NASDAQ:ZIOP) were hammered on Tuesday after the Company said that it has ended the development of drug, which was at it late-stage, after it failed to meet standards. The biopharmaceutical company said that it will shift its focus on other drug developments and alter staff accordingly.
“It is imperative that the company rapidly focus its resources and efforts on our highly promising synthetic biology programs, employing therapeutic motifs that represent the next-generation in biotechnology,” said Chief Executive Jonathan Lewis in a stamen.
Shares of Supervalu Inc. (NYSE: SVU) gained. The beleaguered supermarket chain said on Tuesday that it will slash around 1,100 or about 3% of its entire workforce nationwide. Just few days ago, the Company completed the sale of five of its grocery chains. Supervalu said that sale of 5 grocery chains has significantly reduced the need for corporate and store support role and functions. The Company has reeled under tremendous pressure and struggled to turnaround its business as it faced intensifying competition from discount retailers and dollar chains.
Shares of RF Micro Devices Inc. (NASDAQ: RFMD) gained after Oppenheimer upgraded its rating on the stock to “outperform”. The rating agency believes that the Company offers perfect risk-reward profile and is in good position to take advantage of an expanding marketing.
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