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Major Movers on April 11; MSFT, ROST, FTNT, APOG, XRX, RT, IART, ZUMZ

Shares of Microsoft Corporation (NASDAQ: MSFT), Hewlett-Packard Company (NYSE: HPQ) slumped on Thursday after market research consulting firm IDC said that sales of PCs tumbled 12.9% in the first quarter of the current year, a steepest decline in quarterly sales since 1994 when IDC started keeping track on quarterly PC sales.

Shares of Ross Stores Inc. (NASDAQ: ROST) climbed about 7.20% by afternoon trade after the discount retailer raised its earnings outlook on the fiscal first quarter and posted surprise growth in same-store-sales for the month of March. While analysts polled by Thomson Reuters were expecting 1% decline in same-store-sales in March, actual results showed 2% gain.

Shares of Fortinet Inc (NASDAQ: FTNT) tumbled about 14.50% by afternoon trade on Thursday after the network security appliances manufacturer, late last evening, provided lackluster guidance on fiscal first quarter results.

The Sunnyvale CA based Company reported that it anticipates earnings of 10 cents a share, assuming revenue comes in the range of $134 to $136 million. Wall Street analysts’ consensus estimate was for earnings of 12 cents a share on revenue of $140 million.

Shares of Apogee Enterprises Inc. (NASDAQ: APOG) plunged about 8.90% by afternoon trade after the glass products makers, following the closing bell on Wednesday, reported lower-than-expected fiscal fourth quarter earnings. The Minneapolis, MN based Company posted earnings of 15 cents a share, missing Street’s consensus estimate by 2 cents a share. Revenue which stood at $180 million was in-line with analysts’ forecast. The Company also provided downbeat guidance on the current fiscal.

Shares of Xerox Corporation (NYSE: XRX) jumped about 3.65% by afternoon trade after Piper Jaffary initiated coverage of the stock with an “overweight” rating and set the price target of 12.

Shares of Ruby Tuesday Inc. (NYSE: RT) climbed about 6.60% by afternoon trade after the restaurant chain posted fiscal third  quarter earnings which matched analysts’ expectation. Revenue however fell short of Street’s consensus estimate.

Integra Lifesciences Holdings Corp. (NASDAQ:IART) plunged about 7% by afternoon trade  after the surgical products maker announced on Wednesday that it will voluntarily recall certain products and provided downbeat earnings guidance both for the fiscal first and second quarter.

Shares of Zumiez Inc. (NASDAQ: ZUMZ) skyrocketed about 14.40% by afternoon trading after the Lynnwood CA based company which specializes on action-sports equipments, apparels, and footwear reported 2.1% jump in same-store-sales in March while analysts were expecting high single digit percentage slump. The Company said that higher prices of merchandises and increase in sale-volume, helped driving up same-store-sales.  However, sales at established stores (sales at stores operating for at least for 12 months) jumped 14.1%, in the year earlier period.  Zumiez, which operates 502 stores spread across North America and Europe, said that total revenue for the 5 week period ended April 6 jumped around 20% to $61 million from $50.9 million, in the same period of preceding fiscal.

The Company said that sales trends at its accessories, footwear men and boys segments were weak while sales of hard goods showed robust growth.


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