Major Movers on May 31; PANW, GES, KKD, LGF, OVTI

Shares of Palo Alto Networks Inc. (NYSE: PANW) plunged about 9.50% by midday trade. The network security solutions provider said on Thursday that it swung into fiscal third quarter loss. Higher operating expenses and income tax provision dented the bottom line even as revenue fell short of analysts’ expectation. For the fiscal third quarter, the Santa Clara, California-based Company reported non-GAAP earnings of 6 cents a share down from 7 cents a share, in the same quarter of last year. Revenue jumped 54% to $101.3 million but fell short of Street’s consensus estimate for $103.5 million, according to Thomson Reuters’ poll. Earlier in February, Palo Alto provided earnings guidance for 5 cents a share on revenue of $100 million to $104 million. Shares of Guess? Inc. (NYSE: GES) rallied about 10.75% by midday trade. Although the apparel maker reported on Thursday that fiscal first quarter net income plunged 63% owing to fall in sales in Europe and North America, adjusted earnings topped Company’s own initial guidance. Revenue matched the guidance. Guess also provided optimistic outlook for the fiscal second quarter. For the current quarter, the Company expects earnings to come in the range of 34 cents to 38 cents a share, on revenue of $620 million to $635 million. Analysts’ consensus estimate was for earnings of 36 cents a share on revenue of $618 million, according to a data compiled by Thomson Reuters. Shares of Krispy Kreme Doughnuts (NYSE: KKD) skyrocketed about 16.80% by midday trade. The doughnut maker, late last evening said that fiscal first quarter profit jumped 33%, driven by strong comparable-store-sales in the U.S., offsetting weakness in other markets. The Company also boosted its full-year earnings guidance, The Winston Salem NC based Company anticipates earnings of 59 cents to 63 cents a share up from its March’s forecast for 53 cents to 57 cents a share. For the quarter ended May 5, Krispy Kreme reported a profit of $8 million or 11 cents a share compared with a net income of $6 million or 8 cents a share, in the same quarter of last year. Adjusted earnings climbed to 20 cents a share from 14 cents a share, in the year earlier quarter. Revenue surged 11% to $120.6 million. The Street was expecting earnings of 17 cents a share on revenue of $116 million. Same-store-sales rose 11% in the fiscal first quarter. Shares of Lions Gate Entertainment Corp. (USA) (NYSE: LGF) climbed about 8.25% by midday trade. The entertainment and production company reported late last evening that it swung into fiscal fourth quarter profit. Both earnings and revenue edged past Street’s consensus estimate. Speaking to analysts’ in a conference call, Lions Gate CEO Jon Feltheimer said that revenue was bolstered by strong show from its young adult franchises, home entertainment and international business. Shares of OmniVision Technologies Inc. (NASDAQ: OVTI) rallied about 19% by midday trade after the image sensor manufacturer on Thursday handed better-than-expected fiscal fourth quarter results and provided upbeat guidance for the current quarter.