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Major Movers on June 28; ACN, MCP, BBRY, FINL, RENN

Shares of Accenture Plc (NYSE: ACN) plunged 10.30% on Friday. Although the enterprise IT consulting firm reported on Thursday that fiscal third quarter income rose 18%, aided by higher revenue from financial, health and public segments, revenue fell short of company’s own initial projections. In addition, the Company also provided downbeat guidance. For the full fiscal year, Accenture anticipates revenue to rise by 3% to 4% down from its previous guidance of 5% to 8% growth. For the current quarter, the Company expects revenue to come between $6.7 billion and $7 billion. Analysts’ consensus estimate was for $7.36 billion, according to a data provided by Thomson Reuters. For the recently concluded quarter, Accenture posted a profit of $810.3 million or $1.21 a share compared to a net income of $689.2 or $1.03 a share, in the year earlier quarter. Stripping out onetime items, non-GAAP earnings stood at $1.14 a share, a penny more than analysts’ expectation. Revenue rose 0.6% to $7.2 billion. The Company had earlier projected revenue to come in the range of $7.25 billion to $7.5 billion. Shares of Molycorp Inc. (NYSE: MCP) rallied about 10.50% on Friday. The rare-earth metal company said on Thursday that the Securities and Exchange Commission (SEC) concluded its investigation on matter concerning its public disclosures. The Company said that SEC recommended no enforcement action. Investors were concerned about lack of consistency in quarterly disclosures. The Company, which went public in Ausgust 2010, have been acquiring rare-earth metal companies globally; as result, reading financial statements was bit confusing due variations in metal pricing, volumes, footnotes making it hard to understand the evolving patterns. In May, Molycorp reported that its fiscal first quarter loss widened due to weakness in the demand, supply glut and higher productions costs. Shares of Research in Motion Ltd. (NASDAQ: BBRY) tumbled 27.76% on Friday. The embattled smartphone maker reported a surprise loss for the fiscal first quarter. The Company also shipped lower-than-expected number of smartphones. The Waterloo Ontario based company said that its subscribers base also dipped by 4 million to 72 million. Blackberry attributed its loss to foreign exchange restrictions in Venezuela, adding that without this onetime charge earnings would have been at breakeven point. For the fiscal first quarter ended June 1, BBRY reported a loss of $84 million or 16 cents a share compared to a loss of $518 million or 99 cents a share, in the year-earlier quarter. On adjusted basis, the company made a loss of 13 cents a share whole analysts polled by Thomson Reuters expected a profit of 6 cents a share. Revenue increased 9% to $3.1 billion, missing analysts’ consensus estimate for $3.36 billion. Shares of Finish Line Inc. (NASDAQ: FINL) gained about 3.10% on Friday. The sports gear retailer said that net income in the fiscal first quarter dipped 59% due to expenses linked to new stores opening at Macy’s Inc. However, both adjusted earnings and revenue topped analysts’ consensus estimate. Comparable-store-sales, a key gauge on retail chain’s performance as it only includes sales from established stores (stores operational for at least 12 months), increased 2.4%. Shares of Renren Inc. (NYSE: RENN) jumped 5.28% on Friday. The Chinese social networking company announced that its Board of Directors approved a share buyback plan of US$100 million.  

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