3PAR Surges; J Crew, Tiffany Fall

Bikram Pandey
27 Aug, 2010
New York City

3PAR surged more than 30% after Hewlett Packard lifted its bid to $30 a share. J Crew Group Inc declined after it lowered its annual earnings outlook. Tiffany & Company declined after it reported sales that missed analysts expectations.

[R]11:20 AM New York – 3PAR surged more than 30% after Hewlett Packard lifted its bid to $30 a share. J Crew Group Inc declined after it lowered its annual earnings outlook. Tiffany & Company declined after it reported sales that missed analysts expectations.[/R]

Of the stocks in the Dow, 26 increased, 4 decreased and none was unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, E. I. du Pont de Nemours and Company led gainers with a rise of 1.16% followed by increase in Verizon Communications Inc. of 1.02%, in American Express Company of 0.93% and in United Technologies Corporation of 0.85%.

Johnson & Johnson led the decliners with a fall of 0.9% followed by decline in The Boeing Company of 0.2%, in Hewlett-Packard Company of 0.2%, and in Intel Corporation of 0.06%.

In trading, Intel Corp declined but managed to recover after it indicated revenues and gross margins to be below analysts’ estimate. After the news release, AMD, Micron and SanDisk fell more than 3%.

Other Movers

3PAR Inc ((PAR)) soared 21$ above $31 after Hewlett Packard lifted its bid for the company to $30 a share or $2 billion ahead of $27 a share or $1.8 billion offer from Dell Inc.

Adept Technology, Inc. ((ADEP)) surged 6.7% or 31 cent to $4.88 after the worldwide provider of intelligent robotics systems and services announced fourth quarter revenues surged 92% to $16.5 million from $8.6 million in the year-ago quarter. Net loss in the quarter narrowed 94% to $186,000 or 2 cents per diluted share, compared to a net loss of $3.3 million or 40 cents per share in the prior-year quarter.

Aruba Networks, Inc. ((ARUN)) soared 6.7% or $1.11 to $17.68 after the distributed enterprise network solutions provider said fourth quarter revenues rose 45% to $77.33 million from $53.33 million in the comparable quarter a year ago. Net income for the quarter was $0.42 million or break-even per share, compared to a net loss of $4.50 million or 5 cents per share last year.

International Rectifier Corporation ((IRF)) fell 2.3% or 44 cent to $18.67 after the maker of power management semiconductors reported fourth quarter revenue increased 65.3% to $263.8 million from $159.6 million in the fourth quarter last year. Net income for the quarter dropped 0.3% to $29.0 million or 41 cents per diluted share, compared with a net income of $29.1 million or 40 cents per share in the year-ago quarter.

J. Crew Group, Inc. ((JCG)) plunged 5.6% or $1.87 to $31.56 after the specialty retailer stated second quarter revenues edged higher 14% to $407.5 million from $357.6 million in the year-ago quarter on comparable store sales rise of 11%. Net income in the quarter soared 88% to $34.9 million or 53 cents per diluted share, compared to net income of $18.6 million or 29 cents per share in the prior-year quarter.

Micros Systems, Inc. ((MCRS)) spurted 10.8% or $3.56 to $38.96 after the enterprise information solutions provider reported fourth quarter revenue increased 11.4% to $248.22 million from $222.84 million last year. Net income in the quarter rose 48% to $33.88 million or 42 cents per diluted share compared to net income of $22.86 million or 28 cents per share in the previous year.

Netezza Corporation ((NZ)) soared 29.3% or $4.37 to $19.29 the data warehouse products producer said second-quarter revenue surged 45% to $63.80 million from $43.93 million last year. Net income in the quarter soared 336% to $3.18 million or 5 cents per diluted share, compared to a net income of $0.73 million or 1 cent per share a year earlier.

Novell, Inc. ((NOVL)) fell 0.3% or 2 cent to $5.62 after the software solutions provider said third-quarter net revenue declined 8% to $199 million from $216 million in the same quarter last year. Net income in the quarter fell 6% to $16 million or 4 cents per diluted share compared with net income of $17 million or 5 cents per share in the prior-year quarter.

OmniVision Technologies, Inc. ((OVTI)) increased 1.2% or 31 cent to $22.44 after the digital imaging solutions provider reported first-quarter revenues increased 23% to $193.1 million from $157.2 million in the prior-year quarter. Net income generated in the quarter was $16.9 million or 30 cents per diluted share, compared to a net loss of $9.9 million or 19 cents per share in the year-ago quarter.

Patterson Companies, Inc. ((PDCO)) decreased 1% or 27 cent to $25.09 after the dental and veterinary products distributor reported consolidated net sales increased 8% of $849.79 million from $789.58 million in the year-earlier quarter. Net income in the quarter gained 20% to $53.92 million or 45 cents per diluted share as against net income of $45.06 million or 38 cents per share a year ago.

Solera Holdings, Inc. ((SLH)) fell 0.5% or 31 cent to $39.04 after the business software and services provider stated fourth quarter revenues increased 7.3% to $154.72 million from $144.13 million last year. Net income in the quarter rose 51.2% to $18.6 million or 26 cents per diluted share, compared to net income of $12.3 million or 18 cents per share in the prior-year quarter.

Tiffany & Co. ((TIF)) declined 3.6% or $1.52 to $40.52 after the jewelry retailer reported second-quarter net sales rose 9.2% to $668.76 million, from $612.49 million in the prior-year quarter. Net earnings in the quarter increased 19.2% to $67.68 million or 53 cents per diluted share compared to net earnings of $56.78 million or 46 cents per share in the same quarter last year.

XETA Technologies, Inc. ((XETA)) gained 2.1% or 6 cent to $2.91 after the integrator of communication technologies reported third quarter revenue climbed 22% to $20.9 million, compared to $17.2 million in the previous year period. Net earnings in the quarter were $513,000 or 5 cents per diluted share, compared to a net loss of $8.6 million or 84 cents per share in the prior-year quarter.