Shares of LDK Solar Co. Ltd. (ADR) (NYSE: LDK) tumbled 10.98% by afternoon trade. The heavily indebted Chinese solar company said on Tuesday that fiscal first quarter loss widened. The Company blamed low panel prices for its poor show. Panel prices have fallen sharply due to oversupply in China and slowdown in Europe, where governments have been withdrawing subsidies due to the budget austerity drive. The Company said that net loss stood at $187.1 million or $1.21 per ADS compared to a loss of $185.2 million or $1.46 Per ADS, in the same quarter of last year. Revenue almost halved to $104.3 million.
Lululemon Athletica Inc. (NASDAQ: LULU) plunged about 16.75% by afternoon trade. Even though the yoga and athletic apparel maker posted better-than-expected earnings and revenue for the fiscal first quarter and handed guidance for the current quarter, which matched Street’s expectations, investors are worried about company’s future after its long serving Chief Executive, Christine Day announced her decision to step down, late last evening. The Company said that it was finding her successor. Day would continue to serve as an interim CEO until a suitable replacement is found.
For the recently concluded quarter, Lululemon posted a profit of $47.3 million or 32 cents a share compared to a profit of $46.6 million or 32 cents, in the year earlier quarter. Same-store-sales (excluding the foreign exchange volatility), increased 7% in the fiscal first quarter. Revenue climbed 21% to $345.8 million from $286 million, in the same period of last fiscal year. Analysts’ consensus estimate was for earnings of 30 cents a share on sales of $341 million, according to a data compiled by Thomson Reuters. For the second quarter, Lululemon expects earnings of 33 to 35 cents a share on revenue of $340 million or $345 million while analysts’ consensus estimate was for 33 cents and $329 million respectively.
Texas Instruments Incorporated (NASDAQ: TXN) fell about 2.90% by afternoon trade. The semiconductor maker, late last evening lowered its revenue guidance for the current quarter. TXN is now expecting sales to come between $2.99 billion and $3.11 billion down from its previous projection for $2.93 billion to $3.17 billion.
Diamond Foods Inc. (NASDAQ: DMND) gained about 9.50% by afternoon trade. The food processing and marketing company reported surprise adjusted profit for the fiscal third quarter, late last evening.
Higher gross margin and lower operating expenses helped driving up the profit, offsetting fall in revenue. For the fiscal third quarter, Diamond Foods posted a loss of $15.6 million or 71 cents a share compared to a loss of $44 million or $2.02 a share, in the year-earlier quarter. Stripping out onetime items, the company reported adjusted earnings of 5 cents a share while analysts were expecting a loss of 22 cents a share. Revenue plunged 11% to $184.9 million. Analysts surveyed by Thomson Reuters were expecting a loss of 17 cents a share on revenue of $176 million. Gross margin widened to 23.4% in the recently concluded quarter, up from 16.5% in the same quarter of last year. Total operating expenses fell 13%.
Dole Food Company Inc. (NYSE: DOLE) rallied about 21% by afternoon trade. The fruit and vegetable company received a $1.5 billion worth buyout bid from its Chairman and Chief Executive, David H. Murdock on Monday. Murdock offered $12 for each share held in Dole, which represents 18% premium over Monday’s closing stock price.
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