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Major Movers on April 23; NFLX, COH, CZR, LXK, VCO, SANM

Shares of Netflix Inc. (NASDAQ: NFLX) soared about 22% in early trade after the movie streaming and DVD rental company, late last evening reported stronger-than-expected fiscal first quarter results as revenue was bolstered by stunning growth in US subscribers’ base.

According to online data research firm, SNL Kagan, Netflix’s paying customer-base is now at par with Time Warner’s premium cable channel, HBO. A data provided by SNL Kagan showed that Netflix’s subscribers’ base totaled 27.91 million in March while HBO’s paying customer base was at 28.7 million, by the end of the last year.

For the fiscal first quarter, Netflix reported net income of $3 million compared to a loss of $5 million, in the same quarter of last year. Excluding onetime items, adjusted earnings stood at 31 cents a share. Analysts were expecting earnings of 20 cents a share. Revenue surged 18% to $1.02 billion in the fiscal first quarter.

Shares of Coach Inc. (NYSE: COH) leaped about 10% in early trade after the handbag and accessories retailer handed fiscal third quarter results that topped analysts’ estimate. The Company said that overall sales in North American region, which included online sales, climbed 7%. Same-store-sales rose 1% quarter on quarter after declining 2% in the preceding holiday season quarter.

International sales climbed 6% to $382 million, thanks mainly to 40% sales growth in China.

Net income for the period came at $239 million or 84 cents a share compared to $225 million or 77 cents a share, in the same quarter of last year. Revenue during the quarter soared 7% to $1.19 billion. Analysts polled by Thomson Reuters were expecting earnings of 80 cents a share on revenue of $1.18 billion.

Shares of Caesars Entertainment Corporation (NASDAQ: CZR) skyrocketed about 30% by early trade after the Company said its board has approved its proposal to form a new entity, Caesars Growth Partners LLC, which will be owned by Caesars and participating shareholders. Apollo, TPG Capital will invest $500 million in the new entity.

Shares of Lexmark International Inc. (NYSE:LXK) soared about 9.80%, at last check, after the Company’s reported better-than-expected fiscal first quarter earnings and provided outlook on second quarter, which matched analysts’ estimate. for the fiscal first quarter, the Company reported adjusted earnings of 88 cents a share, beating analysts’ expectation by a penny. For the second quarter, Lexmark is expecting earnings in the range of 80 cents to 90 cents a share while analysts’ estimate was of 89 cents a share.

Shares of Veeco Instruments Inc.(NASDAQ:VECO) rallied about 16% by early trade after the Company, following the closing  bell on Monday said that first quarter bookings rose to  $70 million while unaudited cash balance as of March 31, 2013 stood at $588 million, up  from $579 million at December 31, 2012.

Shares of Sanmina Corp. (NASDAQ:SANM) rallied after the multi-industry engineering solutions provider, following closing bell, announced that for the third quarter of 2013 it anticipates  revenue to come  between $1.45 billion and $1.50 billion and non-GAAP earnings to come in the range  of 32 cents to 38 cents. Analysts were expecting earnings of 35 cents a share on revenue of $1.47 billion.


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