U.S. Movers: Blue Coat, Marvell, OmniVision, Royal Bank of Canada, Tiffany

Mukesh Buch
27 May, 2011
New York City

Blue Coat Systems fourth quarter net income declined to $9.0 million. Marvell Technology first quarter net income plunged to $147 million. Royal Bank of Canada second quarter net income surged 13% to $1.50 billion. Tiffany first quarter net income soared 26% to $81.1 million.

[R]10:30 AM New York – Blue Coat Systems fourth quarter net income declined to $9.0 million. Marvell Technology first quarter net income plunged to $147 million. Royal Bank of Canada second quarter net income surged 13% to $1.50 billion. Tiffany first quarter net income soared 26% to $81.1 million.[/R]

Of 30 the stocks in the Dow, 22 increased and 8 decreased.

Of the stocks in the Dow Jones Industrial Average, Bank of America Corporation led the gainers with a rise of 1.40% followed by increase in E. I. du Pont de Nemours and Company of 0.98%, in JPMorgan Chase & Co. of 0.94%, in Walt Disney Company of 0.88%, in Johnson & Johnson of 0.80%.

Intel Corporation led the decliners with a fall of 0.78%, followed by decline in McDonald’s Corporation of 0.78%, in Verizon Communications Inc. of 0.38%, in Merck & Co., Inc. of 0.27%, in AT&T Inc. of 0.26%.

Other Movers

Skyworks Solutions, Inc. ((SWKS)) declined 4.9% or $1.33 to $25.70 after the analog semiconductor maker agreed to purchase Advanced Analogic Technologies Incorporated ((AATI)) for a price of $6.13 per share.

Advanced Analogic Technologies surged 54.4% or $2.12 to $6.03.

Blue Coat Systems, Inc. ((BCSI)) fell 0.6% or 13 cents to $22.23 after the computer network provider said fourth quarter total revenue fell to $120.7 million compared to $132.6 million in the same period last year. Net income in the quarter declined to $9.0 million or 18 cents per diluted share compared to $23.6 million or 49 cents per share a year ago.

Graham Corporation ((GHM)) surged 15.7% or $3.35 to $24.55 after the reported fourth quarter net sales surged 88% to $25.9 million compared to $13.8 million in the same period last year. Net income in the quarter rose to $2.7 million or 27 cents per diluted share compared to $0.6 million or 6 cents per share a year earlier.

Gordmans Stores, Inc. ((GMAN)) tumbled 22.3% or $4.91 to $17.10 after the retailer reported first quarter net sales increased 5.2% to $117.7 million compared to $111.9 million in the same period last year. Comparable store sales increased 0.9%. Net income in the quarter grew 14.2% to $7.3 million or 38 cents per diluted share compared to $6.4 million or 39 cents per share a year earlier.

Mentor Graphics Corporation ((MENT)) plunged 9% or $1.28 to $13.36 after the hardware and software provider reported first quarter total revenue increased to $230 million compared to $180.8 million in the same period last year. Net loss in the quarter narrowed to $2.3 million or 2 cents per diluted share compared to $23 million or 22 cents per share a year ago.

Marvell Technology Group Ltd. ((MRVL)) soared 10.7% or $1.57 to $16.13 after the fabless semiconductor provider reported first quarter revenue fell 6% to $802 million compared to $856 million in the same period last year. Net income in the quarter declined to $147 million or 22 cents per diluted share compared to $206 million or 30 cents per share a year earlier.

OmniVision Technologies, Inc. ((OVTI)) slumped 6.2% or $2.29 to $34.13 after the image sensor device maker reported fourth quarter revenue surged to $258.3 million compared to $157.2 million in the same period last year. Net income in the quarter soared to $34 million or 56 cents per diluted share compared to $3.5 million or 7 cents per share a year ago.

Royal Bank of Canada ((RY)) slipped 2.4% or $1.47 to $58.82 after the Canada based bank reported second quarter total revenue rose to $7.13 billion compared to $6.97 billion in the same period last year. Net income in the quarter surged 13% to $1.50 billion or $1 per diluted share compared to $1.33 billion or $0.88 per share a year ago.

Rue21 Inc. ((RUE)) surged 17.1% or $4.90 to $33.50 after the apparel retailer reported first quarter net sales soared 25.5% to $172.9 million compared to $137.8 million in the same period last year. Comparable store sales increased 5.2%. Net income in the quarter surged 65.2% to $9.6 million or 38 cents per diluted share compared to $5.8 million or 23 cents per share a year ago.

Tiffany & Co. ((TIF)) fell 0.7% or 53 cents to $75.51 after the holding company reported first quarter net sales soared 20% to $761 million compared to $633.6 million in the same period last year. Comparable store sales increased 19%. Net income in the quarter surged 26% to $81.1 million or 63 cents per diluted share compared to $64.4 million or 50 cents per share a year earlier.

Versant Corporation ((VSNT)) rose 0.3% or 5 cents to $12.95 after the data management software developer said second quarter total revenue was flat to $3.51 million compared to $3.51 million in the same period last year. Net loss in the quarter was $0.5 million or 17 cents per diluted share compared to net income of $0.1 million or 3 cents per share a year ago.