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Ciena Corp. (CIEN) pops on narrower Q3 losses

Thursday, September 1st, 2011

Ciena Corp. (Nasdaq: CIEN) shares climbed 18.9% to $14.55 after the network-equipment maker reported losses narrowed in its fiscal third quarter. Volume for the stock proved to be 24.4 million shares, or nearly four times its normal daily average.

The company put out a news release Sept. 1, saying that, for the fiscal third quarter 2011, Ciena reported revenue of $435.3 million. On the basis of generally accepted accounting principles (GAAP), Ciena’s net loss for the fiscal third quarter 2011 was $31.5 million, or $0.33 per common share, which compares to a GAAP net loss of $109.9 million, or $1.18 per common share, for the fiscal third quarter 2010.

Ciena’s adjusted (non-GAAP) net income for the fiscal third quarter 2011 was $8.3 million, or $0.08 per common share, which compares to an adjusted (non-GAAP) net loss of $8.0 million, or $0.09 per common share, for the fiscal third quarter 2010.

Ciena CEO Gary Smith was quoted in the same release as saying, “Our third quarter results, which included a favorable product mix and reduced operating expense to achieve an as-adjusted operating profit, demonstrate our early progress in delivering additional operating leverage from the business.”

Smith continued, “Despite current macroeconomic headwinds that could cause the rate of market growth to be moderated, we believe that we are well-positioned to capitalize on the continued modernization of today’s networks and to grow faster than the market.”

The Maryland-based Ciena offers leading network infrastructure solutions, intelligent software and a comprehensive services practice.

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Movado Group Inc. (MOV) moves on profit picture

Thursday, September 1st, 2011

Movado Group Inc. (NYSE: MOV) shares gained 8.5% to $14.93 after the watch manufacturer reported second-quarter profit that topped Wall Street’s expectations. Share volume for the company totaled more than 142,000, nosing out its all-day average of 121,000 shares before noon ET Thursday.

A news release dated Sept. 1, noted that the company, based out of Paramus, N.J., announced net sales in the second quarter of fiscal 2012 increased 32.6% to $113.2 million, compared to $85.4 million in the second quarter of fiscal 2011, driven by growth in every brand category. On a constant dollar basis, net sales increased 25.5% compared to the prior year period.

Gross profit in the second quarter of fiscal 2012 was $60.9 million, or 53.8% of sales, compared to $44.4 million, or 52.0% of sales, in the second quarter last year. The increase in gross margin percentage is primarily the result of leverage gained on certain fixed costs as well as a favorable shift in channel and product mix.

The same release quoted Movado CEO Efraim Grinberg as saying, “We are very pleased with our second quarter and year-to-date performance. Our strategic initiatives coupled with solid execution have continued to benefit our results as we recorded another period of double-digit sales growth while also increasing our profitability.

Grinberg  continued, “While we experienced broad-based sales growth across all of our brand categories, our results continue to be driven by particularly strong performances in Movado and licensed brands both domestically and internationally.”

Movado Group, Inc. designs, sources, and distributes MOVADO®, EBEL®, CONCORD®, ESQ® by Movado, COACH®, TOMMY HILFIGER®, HUGO BOSS®, JUICY COUTURE® and LACOSTE® watches worldwide, and operates Movado company stores in the United States.

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Posted in Consumer Discretionary Stocks | No Comments »

Fresh Market Inc. (TFM) jumps on better earnings

Wednesday, August 31st, 2011

Fresh Market Inc. (Nasdaq: TFM) shares advanced 11.6% to $38.88 after the grocery chain raised its outlook for 2011 earnings. Volume for the stock topped 942,000 shares, whereas it normally trades around 651,000 for a single day.

A news release out August 31 declared that the company announced unaudited sales and earnings results for its second quarter ended July 31, 2011. In the second quarter of fiscal 2011, net sales increased 13.6% to $259.5 million and comparable store sales increased 4.6%, compared to the corresponding period in 2010. Net income in the second quarter of fiscal 2011 was $10.5 million, compared to pro forma net income of $6.9 million in the corresponding period in 2010. Diluted earnings per share in the second quarter of fiscal 2011 was $0.22, compared to pro forma diluted earnings per share of $0.14 in the prior-year period, an increase of 52.1%.

The same release had CEO Craig Carlock as saying, “We are happy to report another healthy quarter of both sales and earnings growth. Our comparable store sales grew 4.6 %, and this marked our seventh consecutive quarter of comparable sales growth of 4.0% or greater. As revenues grew, we also continued to expand our margins. In the second quarter, we increased our operating margin from 5.2% last year to 6.5% this year despite pressure from rising food and commodity costs and despite the additional costs incurred related to being a publicly-traded company. Additionally, we were excited to open five new stores and to relocate one existing store during the quarter and we are happy with their performance so far.”

Carlock concluded, “We are pleased with the momentum in the business through the first half of fiscal 2011, and even with recent macroeconomic uncertainty, we are increasing our EPS guidance from a range of $1.01 to $1.05 to a range of $1.03 to $1.06.”

The Fresh Market, Inc. based in Greensboro, North Carolina, is a high-growth specialty retailer

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Posted in Consumer Staples Stocks | No Comments »

Collective Brands Inc. (PSS) ponders options, stock rockets

Thursday, August 25th, 2011

Collective Brands Inc. (NYSE: PSS) shares rose 19.8% to $12.32 after the parent of Payless and Stride Rite shoe stores said it would explore strategic options. Volume for the stock surmounted 4.8 million shares, or more than double its full-day average.

A news release out August 24 reported that the company, based out of Topeka, Kansas, said that as part of its efforts to optimize the performance of its Payless and Stride Rite store fleet, it would close approximately 475 under-performing and low-volume, non-strategic stores in the next three years with more than 300 of those closings coming by the end of this fiscal year.

The Company estimated that the costs for lease terminations, severance, and other exit costs related to closing these stores could be in the range of $25 million to $35 million.

The release also quoted CEO Michael Massey as saying, “While the second quarter was challenging for the company, we are taking aggressive actions to improve the business.

“In Payless Domestic, we are gaining a much greater understanding of our customers and their needs and expectations. With this clarity, we are taking short term actions to improve our performance, accelerating key initiatives, and adjusting our longer term strategies. At the same time, we will continue to invest for growth and profitability in our Performance + Lifestyle Group and international businesses.”

In the same release, investors could also see that net sales for the quarter ending July 30 increased 4.9% to $882.4 million. The second quarter 2011 net loss attributable to Collective Brands, Inc. was $35.0 million or $0.58 per diluted share. Excluding certain impairment and severance charges, adjusted net earnings attributable to Collective Brands were $9.9 million, or $0.16 per diluted share.

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Posted in Consumer Discretionary Stocks | No Comments »

Dycom Industries Inc. (DY) shares higher on strong numbers

Wednesday, August 24th, 2011

Dycom Industries Inc. (NYSE: DY) shares gained 10.3% to $15.25, after the specialty contracting company late Tuesday reported a spike in fiscal fourth-quarter income. Volume for the stock surmounted one million shares, whereas its daily average was about 363,000.

A news release dated August 23 reported that the company, based out of Palm Beach Gardens, Florida, had revenues of $303.7 million for the quarter ended July 30, 2011, compared to $281.5 million for the quarter ended July 31, 2010, an increase of 10.8% after adjusting for revenues from acquired businesses and the incremental week in the fourth quarter of fiscal 2010;

Quarterly net income of $13.0 million, or $0.38 per common share diluted, compared to $4.6 million, or $0.12 per common share diluted, for the prior-year quarter. Share repurchases amounted to 580,000 shares of its common stock for $9.1 million in open market transactions during the quarter ended July 30, 2011.

Dycom is a leading provider of specialty contracting services throughout the United States. These services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities including telecommunications providers, and other construction and maintenance services to electric and gas utilities and others.

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Posted in Industrial Stocks | No Comments »

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