Stocks to Watch: PLCM, BBBY, RT & More
Take a look at some of Thursday’s morning movers:
Polycom - The videoconferencing company has cut its first-quarter outlook to 21 cents to 23 cents per share, compared to analyst estimates of 30 cents. Polycom says its business in the North American and Asia Pacific markets has been weaker than expected.
PMC-Sierra - Reuters reports the chipmaker has held talks with potential buyers over the past few months. PMC currently has a market cap of about $1.8 billion.
Bed Bath & Beyond - The retailer earned $1.48 per share for its fourth quarter, 15 cents above estimates. Overall sales were in line with consensus, but same-store sales beat forecasts despite profit margin pressures.
Ruby Tuesday - The restaurant operator is reporting fiscal third-quarter profit of 18 cents a share, two cents above estimates. However, revenues were short of consensus, and the company’s 2012 guidance of 43 to 48 cents a share is well below Street estimates of 56 cents per share.
Zumiez - The sports apparel and footwear retailer is reporting a same-store sales increase of 14.1 percent for the five weeks ending April 2, well above StreetAccount estimates of an 8.9 percent gain.
JPMorgan Chase - CEO Jamie Dimon made positive comments about the company’s 2011 performance in a letter to shareholders, although he did add that mortgage-related losses prevented the year from being better.
Cinemark - The movie theater operator’s stock is being added to the S&P MidCap 400 after the closing of trading April 9. It will replace utility company NSTAR, which is being acquired by Northeast Utilities.
Carmike Cinemas - The company announced a secondary offering of 4 million shares, with the underwriters being granted options to buy up to an additional 600,000 shares.
Dick’s Sporting Goods - The retailer is buying the Top-Flite golf equipment trademark from Callaway Golf for an undisclosed price. Separately, Dick’s is investing $31.8 million in British sporting goods company JJB Sports.
Costco Wholesale - The nation’s largest warehouse retailer reported a March same-store sales increase of 6 percent, slightly short of estimates of a 6.7 percent increase.
Apple - Jefferies has boosted its price target for Apple to $800, after adding earnings from Apple’s expected but still unannounced iTV launch into its estimates.
Limited Brands - The retailer saw same-store sales jump by 8 percent in March, above estimates of a 4.4 percent increase.
CarMax - The nation’s largest seller of pre-owned vehicles earned 41 cents a share for its latest quarter, one cent above estimates, with revenues also beating consensus. The company says it’s benefiting from an expansion in its store base, among other factors.
Spectrum Pharmaceuticals - The drug maker’s experimental bladder cancer drug failed to meet goals in a late stage trial. Separately, Spectrum announced it’s buying Allos Therapeutics for $206 million or $1.82 a share.
Charming Shoppes - The New York Post reports that the retailer is reaching out to bidders it had previously rejected in hopes of salvaging a buyout of the company.
Questions? Comments? Email us at firstname.lastname@example.org