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Major Movers on July 24; ILMN, PNRA, HBI, MFB

Shares of Illumina Inc. (NASDAQ: ILMN) struck a new 52-week high today after the San Diego, California-based company reported its financial results for the second quarter. Illumina, which is engaged in the development and manufacture of life science tools and integrated systems for the analysis of genetic variation and function, reported non-GAAP earnings of $0.43 per share for the quarter, compared to $0.40 per share reported for the same period in the previous year. Analysts were expecting ILMN to report earnings of $0.40 per share.

Looking ahead to the full fiscal year, Illumina expects revenue to grow 20%. The company expects non-GAAP earnings for the full year to be between $1.68 per share and $1.72 per share. Analysts expect the company’s full year earnings to come in at $1.67 per share.

ILMN shares hit a 52-week high of $83.23 earlier today. At last check, the stock was trading 10.40% higher at $81.44 on above average volume of 3.83 million.

Panera Bread Co. (NASDAQ: PNRA) also reported its second-quarter financial results. Shares of the St. Louis, Missouri-based company have tumbled even as its profit for the quarter rose. The stock fell as the company’s same-store sales missed its guidance. The company also slashed its full-year earnings forecast.

For the second quarter, Panera reported a profit of $51 million, or $1.74 per share, compared to $44.1 million, or $1.50 per share reported for the same period in the previous year. Revenue for the quarter rose 11% to $589 million, missing consensus forecast of $596 million. Same-store sales at company-owned restaurants rose 3.8%, while at franchise-operated restaurants rose 3.5%. The company had forecast same-store sales growth of 4% to 5% at company-owned stores.

For the third quarter, the company expects to post a profit of $1.32 per share to $1.36 per share, which is well below the consensus forecast of $1.46 per share. The company lowered its full year earnings growth forecast from 17%-19% to 15%-16%.

PNRA shares fell to an intra-day low of $166.09 earlier today. At last check, the stock was down 6.97% to $169.32 on above average volume of 3.16 million.

Shares of Hanesbrands Inc. (NYSE: HBI), a consumer goods company with a portfolio of apparel brands, are soaring in trading today after the company announced the acquisition of rival Maidenform Brands Inc. (NYSE: MFB). Hanesbrands will acquire Iselin, New Jersey-based Maidenform, which has seen flagging sales, for $23.50 per share in an all cash transaction. The offer price from HBI represents a premium of 23% over MFB shares’ closing price on Tuesday. The acquisition will enable Hanesbrands to expand its lingerie range for younger consumers.

HBI shares hit a 52-week high of $59.35 following news of the acquisition. At last check, the stock was trading 7.42% higher at $57.32 on above average volume of 3.75 million. MFB shares, meanwhile, are currently trading 22.58% higher at $23.40 on above average volume of 6.01 million. The stock hit an intra-day high of $23.46 earlier in the day.


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All stories in are for informational purposes only. This is NOT a stock recommendation. This story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at . About is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.