Guidance

Texas Industries Names Tom Ransdell Chairman

Charles Gross — Tue, 18 Jun 2013 22:29:44 +0000

Texas Industries (NYSE: TXI) announced today that its Board of Directors has named Mr. Tom Ransdell as its Chairman of the Board effective June 18, ...

Symmetricom Announces Strategic Restructuring Plan

Charles Gross — Tue, 18 Jun 2013 22:28:36 +0000

Symmetricom (NASDAQ: SYMM) today announced a strategic restructuring plan and updated its financial outlook for its fiscal fourth quarter ending June 30, 2013.

The restructuring plan includes the realignment and consolidation of several organizations, elimination of certain ...

UPDATE: Tetra Tech Slashes Q3 Guidance, Board Authorizes $100M Buyback Plan

Paul Quintaro — Tue, 18 Jun 2013 21:03:29 +0000

Tetra Tech, Inc. (NASDAQ: TTEK) announced today an update of its third quarter 2013 outlook to reflect increased restructuring costs resulting from the previously announced weakness in Eastern Canada and mining, and new findings on certain project claims.

Tetra Tech plans to incur restructuring costs associated with its Eastern Canadian and mining operations in the third quarter 2013. These costs are now estimated to be approximately $50 million in the third quarter, approximately $40 million of which are non-recurring. This increase is principally related to increased severance and office closure costs to downsize these operations due to reduced project demand caused by poor economic conditions. Approximately two-thirds of these costs ...

La-Z-Boy Rises After Q4 Earnings; Stock Trading at New 52-Week High (LZB)

Scott Rubin — Tue, 18 Jun 2013 20:49:32 +0000

La-Z-Boy (NYSE: LZB) released its fiscal fourth-quarter earnings after the closing bell on Tuesday.

The furniture company reported earnings per share and revenue that came in above Wall Street consensus estimates. The stock initially traded up around two percent in the after-hours session, but subsequently gave back those gains. At last check, LZB was down a little less than 1.50 percent in late trading.

The company reported net income of $18.3 million or $0.33 per share, compared to $19.6 ...

Market Wrap for Tuesday, June 18: Stocks Rally Ahead of Fed Statement

Scott Rubin — Tue, 18 Jun 2013 20:22:20 +0000

Risk appetite was brisk on Wall Street on Tuesday as investors purchased stocks ahead of Wednesday's FOMC statement. The Fed is expected to provide clarity on when it may begin tapering its current $85 billion per month bond buying program.

Although there is uncertainty, the market seems to be pricing in the likelihood that the Fed will continue its dovish monetary policy for the foreseeable future in order to keep interest rates down and stimulate the economy.

Ahead of Wednesday's Fed commentary, the Dow rose triple digits for the second day in a row and both the S&P and Nasdaq also posted strong gains.

Major Averages

The Dow Jones Industrial Average rose 138 points, or 0.91 percent, to 15,318.

The S&P 500 climbed 13 points, or 0.78 percent, to 1,652.

The Nasdaq rose 30 points, or 0.87 percent, to 3,482.

CPI

Consumer prices rose 0.1 percent for the month of May. This was the first increase in CPI since February and compares to a decline of 0.4 percent in April. The consensus expected CPI to rise 0.2 percent in May.

Core CPI, which excludes volatile food and energy costs, rose 0.2 percent in May versus a gain of 0.1 percent in both March and April. This compares to consensus estimates calling for an increase of 0.1 percent.

Housing Starts

New home starts rose 6.8 percent in May to 914,000. This compares to 856,000 new starts in April and consensus expectations calling for housing starts of 950,000 last month.

Commodities

Crude oil rose along with the stock market on Tuesday. Late in the day, NYMEX crude futures were up 0.70 percent to $98.45. Brent contracts had climbed 0.51 percent to $106.01. Natural gas added 1 percent on the session and was last trading at $3.91.

Precious metals fell on ...

UPDATE: Pool Lowers FY 2013 EPS to $2.03-2.13 vs $2.13-2.23 prior, $2.21 est

Paul Quintaro — Tue, 18 Jun 2013 20:14:33 +0000

Pool Corporation (Nasdaq: POOL) today provided an update on market conditions and the impact on its 2013 earnings expectations.

"Our four largest, year-round markets remain on track," said Manuel Perez de la Mesa, President and CEO. "Our seasonal markets in North America and Europe, however, experienced cooler and wetter than normal conditions, resulting in later pool openings and reduced consumer purchases in these markets, causing sales to lag our expectations. Given the late start to the pool season and our review of sales results through mid-June, we have reduced our full year earnings guidance to a range of $2.03 to $2.13 per diluted share from our previous range of $2.13 to $2.23 per diluted share. While we are reducing our 2013 earnings expectations by approximately 5%, we expect a disproportionately greater impact on ...

Mid-Afternoon Market Update: Markets Rally Ahead of Fed Announcement Tomorrow; MannKind Drops

Jake L'Ecuyer — Tue, 18 Jun 2013 19:54:13 +0000

Toward the end of trading Tuesday, the Dow traded up 0.97 percent to 15,327.18 while the NASDAQ surged 0.94 percent to 3,484.41. The S&P also rose, gaining 0.83 percent to 1,652.81.

Top Headline
FactSet Research Systems (NYSE: FDS) reported an 11% rise in its fiscal third-quarter earnings.

FactSet's quarterly profit surged to $53.4 million, or $1.20 per share, versus $48 million, or $1.05 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $1.15 per share in the recent period.

Its revenue rose 6.1% to $214.6 million. FactSet in March had expected earnings of $1.14 to $1.16 per share on revenue of $213 million to $216 million. FactSet's operating margin narrowed to 33.4% from 33.9%.

For the current quarter, FactSet expects earnings of $1.18 and $1.21 per share on revenue of $218 million to $221 million. However, analysts were projecting earnings of $1.18 per share on revenue of $220 million.

Equities Trading UP
Walter Energy (NYSE: WLT) shot up 17.68 percent to $13.77 after Morgan Stanley defended the stock Monday evening, sending traders to the bullish side.

Shares of FLIR Systems ...

Earnings Scheduled for June 19, 2013

Sam Liu — Tue, 18 Jun 2013 17:52:52 +0000

Pre-Market

• Crown Crafts (NASDAQ: CRWS)
• FedEx (NYSE: FDX)
• Actuant (NYSE: ATU)

After-Hours

• China Hydroelectric (NYSE: CHC)
• ...

Mid-Day Market Update: Dow Surges Over 100 Points, John Wiley Shares Down

Jake L'Ecuyer — Tue, 18 Jun 2013 16:24:02 +0000

Midway through trading Tuesday, the Dow traded up 0.77 percent to 15,296.18 while the NASDAQ surged 0.79 percent to 3,479.41. The S&P also rose, gaining 0.66 percent to 1,649.81.

Top Headline
FactSet Research Systems (NYSE: FDS) reported an 11% rise in its fiscal third-quarter earnings.

Equities Trading UP
Walter Energy (NYSE: WLT) shot up 15.04 percent to $13.46 after Morgan Stanley defended the stock.

Shares of FLIR Systems (NASDAQ: FLIR) got a boost, shooting up ...

Mid-Morning Market Update: Markets Open Higher, FactSet Research Q3 Profit Up 11%

Jake L'Ecuyer — Tue, 18 Jun 2013 14:40:46 +0000

Following the market opening Tuesday, the Dow traded up 0.32 percent to 15,228.62 while the NASDAQ surged 0.27 percent to 3,461.48. The S&P also rose, gaining 0.18 percent to 1,641.91.

Top Headline
FactSet Research Systems (NYSE: FDS) reported an 11% rise in its fiscal third-quarter earnings.

Equities Trading UP
Walter Energy (NYSE: WLT) shot up 6.07 percent to $12.41 after Morgan Stanley defended the stock.

Shares of FLIR Systems (NASDAQ: FLIR) got a ...

UPDATE: John Wiley Posts Drop In FQ4 Profit

Lisa Levin — Tue, 18 Jun 2013 13:31:28 +0000

John Wiley & Sons (NYSE: JWA) reported an 84% drop in its fiscal fourth-quarter earnings.

For the new fiscal year, John Wiley projects adjusted earnings of $2.85 to $2.95 per ...

UPDATE: FactSet Research FQ3 Profit Increases 11%

Lisa Levin — Tue, 18 Jun 2013 13:27:24 +0000

FactSet Research Systems (NYSE: FDS) reported an 11% rise in its fiscal third-quarter earnings.

FactSet's quarterly profit surged to $53.4 million, or $1.20 per share, versus $48 million, or $1.05 per share, in the year-ago period. Excluding one-time items, its adjusted earnings ...

FactSet Research Systems Reports In-Line Third Quarter But Sees Strong Fourth Quarter

Matthew Kanterman — Tue, 18 Jun 2013 12:33:03 +0000

Financial research software company FactSet Research Systems reported third quarter results before the bell Tuesday that beat were in line with expectations. However, the company guided earnings per share slightly above Wall Street estimates for the fiscal fourth quarter ended August.

Third Quarter Results

For the fiscal third quarter ended May 31, FactSet reported earnings per share of $1.15, in line with forecasts. Earnings per share grew 9.5 percent from the same period a year ago when the company reported earnings per share of $1.05.

Revenue in the quarter slightly exceeded forecasts though. FactSet reported revenue for the quarter of $215.00 million, beating estimates of $214.94 million by a slight 0.03 percent. Revenue grew six percent from a year ago when the company reported revenue of $202.31 million.

"We again delivered double-digit ...

UPDATE: Hormel Lowers EPS Outlook for Fiscal 2013 from $1.93-2.03 to $1.88-1.96

Paul Quintaro — Tue, 18 Jun 2013 12:18:04 +0000

Hormel Foods Corporation (NYSE: HRL), a multinational marketer of consumer-branded meat and food products, today lowered its full year guidance range for fiscal 2013 from $1.93 - $2.03 per share to $1.88 - $1.96 per share.

"Lower than expected results in our pork operations, higher input costs and softer sales of our retail products in our Refrigerated Foods segment are the primary reason for the expected shortfall in our second half results," said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer.

"We remain very bullish about our future earnings potential. We will provide more details regarding the outlook during ...

Ducommun Receives Multi-Year BLACK HAWK Helicopter Contract from Sikorsky

Charles Gross — Tue, 18 Jun 2013 11:05:10 +0000

Ducommun
Incorporated (NYSE: DCO) (“Ducommun” or the “Company”) today
announced that it has received a multi-year contract from Sikorsky
Aircraft Corp., a unit of United Technologies Corp. (NYSE: UTX), to
...