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Major Movers on June 19; ADBE, ALU, TTEK, LZB, FDX

Adobe Systems Inc. (NASDAQ: ADBE) jumped about 6.50% by afternoon trade. Adobe Systems, which develops popular software such as Photoshop and Acrobat reported better-than-expected earnings for the fiscal second quarter and revenue which matched Street’s expectation., late on Tuesday In the recently concluded quarter, Adobe added 221,000 Creative Cloud subscribers and now has a subscribers base of 700,000.

Shares of Alcatel Lucent SA (ADR) (NYSE: ALU) gained. The embattled French telecom company announced on Wednesday that it will refocus on its IP networking and ultra-broadband access in mobile and fixed line businesses as it looks to turnaround operations and return to profitability in next two years.

While announcing company’s strategic shift on Wednesday, Alcatel Lucent’s Chief Executive Officer Michel Combes acknowledged the fact that the markets for core networking equipment and access networks are completely different, adding that the company will manage its operations keeping this in mind.

The CEO said that the company will look to boost its revenue in the core IP networking business as there has been explosive growth in data traffic and could computing business. Besides, the company envisages increasing the operating cash flows and profitability in the access networks business.

Shares Tetra Tech Inc. (NASDAQ: TTEK) slumped about 13% by afternoon trade. Brean Capital LLC downgraded the stock to “hold” from “buy”. Brean Capital’s analyst, Michael Gaugler said that company’s downbeat preliminary guidance for the fiscal third quarter spells trouble for the company’s near-term outlook. On Tuesday, the consulting and engineering services company said that it will take a charge of $95 million in the fiscal third quarter. The Company said that it was scaling back its mining operations and projects in eastern Canada due to tepid demand. Accordingly it will take a charge of $50 million, linked to employment severance and office closer expenses. Besides, it will book another $45 million against disputed project claims. In a note to clients, Gaugler wrote, “Tetra Tech’s pre-announcement after the close yesterday implies that it will be several quarters before the company regains its footing in terms of overall profitability.”

Shares of La-Z Boy Incorporated (NYSE: LZB) fell about 3.85% by afternoon trade. Although fiscal fourth quarter results topped analysts’ estimation, net income fell sharply as higher revenue was offset by an increase in operating expenses. The Company declined to provide guidance for the fiscal first quarter, citing that the period is historically weak (sales of furniture typically slump in the summer).

For the recently concluded quarter, La-Z Boy posted a profit of$18.3 million 33 cents a share compared to a net income of $19.6 million or 37 cents a share, in the year-earlier quarter. Revenue edged up to $359.5 million from $327.4 million. Same-store-sales, a key measure on retail chain’s performance as it includes sales from only those stores that were operational for at least 12 months, increased 11.2%.

Shares of FedEx Corporation (NYSE: FDX) gained about 2.30% after the world’s largest air shipping company handed better-than-expected fiscal fourth quarter earnings and revenue which fell slightly short of street’s estimation. However, the Company provided cautious outlook for the new fiscal year, citing weakness in the air traffic volume.

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