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Major Movers on April 10; KMX, ADTN, MNKD, HMA, PSMT

Shares of CarMax Inc. (NYSE: KMX) gained about 2.30% by afternoon trading after the largest used car seller in the U.S. reported on Wednesday that fiscal fourth quarter profit climbed 13% as sales in used car and wholesale segment showed strong growth.

For the quarter ended Feb 28, the Richmond VA based Company reported a profit of $107.2 million or 46 cents a share compared to a profit of $95 million or 41 cents a share, in the same quarter of last year.

Revenue during the quarter soared 14% to $2.83 billion. Analysts’ consensus estimate was for earnings of 46 cents a share on revenue of $2.73 billion. Average selling price increased 4.3%.

While sales-volume of used vehicles jumped 12%, sales-volume at wholesale segment rose 7%, the recently concluded quarter.

Comparable-store-unit sales rose 6% in spite of 1 less working day in the quarter compared to year-earlier quarter.

Shares of ADTRAN Inc. (NASDAQ: ADTN) rallied about 13% by afternoon trade after the network equipment reported better-than-expected fiscal first quarter results. For the quarter, the Company reported non-GAAP earnings of 17 cents a share on revenue of $143 million while analysts polled by FactSet Research were expecting earnings of 8 cents a share on revenue of $140.3 million.

Shares of MannKind Corporation (NASDAQ: MNKD) jumped about 9.50% by afternoon trading amid reports that Afrezza, an ultra-fast inhalable insulin will be put for third FDA submission. Earlier on March 27, Bank of America analyst Steve Byrne said he was maintaining a “buy” rating on the stock and lifted the price target from $3 to $5, citing strong approval rate from primary care physicians for the diabetes treatment drug Afrezza.

Shares of Health Management Associates Inc. (NYSE: HMA) tumbled about 17% by afternoon trading after the hospital operator late last evening provided disappointing guidance both on the fiscal first quarter and full-year. The Company cited falling rate of admissions and patients inability to pay bills due to combination of several factors. (Rising healthcare premiums, bigger deductibles, increase in gasoline prices, hike in payroll taxes).

The Company now expects adjusted earnings of 12 to 13 cents in the Q1 on revenue of $1.48 billion. Analysts’ consensus estimate was for earnings of 23 cents a share on revenue of $1.55 billion, according to data compiled by FactSet Research.

For the full-year fiscal, the Company anticipates net income from continuing operations to come in the range of 86 cents to 95 cents a share on revenue of $6.8 billion to $7.0 billion. down from its January’s forecast for earnings of  86 cents to $1.01 a share on revenue of $7 billion to $7.2 billion.

Analysts were expecting 88 cents a share on revenue of $6.13 billion.

PriceSmart Inc. (NASDAQ: PSMT) once again posted a double digit revenue growth. following the closing bell on Tuesday, the San Diego, Calif. based Company reported that profit in fiscal second quarter ended Feb 28 came at  $24.9 million or 82 cents a share up from $20.2 million or 67 cents a share, in the same quarter of last year.

Revenue rose to $607.4 million from $548.4 million. Analysts’ consensus forecast was for earnings of 77 cents a share on revenue of $609.67 million.


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