U.S. Movers: Accenture, Adobe, Research in Motion, Quiksilver, Zynga

Devan Biswas
16 Dec, 2011
New York City

Zynga, the online game developer was flat after it priced its public offering and raised $1 billion and 75% of the offered shares changed hands. Research in Motion declined after it announced product delays. Accenture fell after it cut its annual earnings outlook. Adobe gained on positive outlook.

[R]1:00 PM New York – Zynga, the online game developer was flat after it priced its public offering and raised $1 billion and 75% of the offered shares changed hands. Research in Motion declined after it announced product delays. Accenture fell after it cut its annual earnings outlook. Adobe Systems gained on better than expected views.[/R]

Zynga, ((ZNGA)) the online game developer on social media sites, priced its public offering of 100 million shares for $10 a share. The company priced its offering at the upper end of its filing range between $8.50 and $10.

United Rentals, Inc ((URI)) increased $1.15 to $27.18 after it agreed to acquire RSC Holdings for $1.9 billion. RSC Holdings ((RRR)) soared $6.26 to $17.63.

Morton’s Restaurant Group, Inc ((MRT)) soared 32.2% to $6.82 after the company agreed to be acquired by Tilman Fertitta for $116.6 million. The offer is 33% premium to its closing price.

Fertitta, owner of Landry’s Restaurants Inc, earlier terminated his $137 million tender offer for McCormick & Schmick controlled Seafood Restaurants Inc.

Research in Motion Limited ((RIMM)) plunged 11.3% to $13.43 after the company reported a delay in next generation of BlackBerry smartphones.

The company also announced third quarter net profit of $256 million or 51 cents compared to $911 million or $1.74 from a year ago period Revenues in the quarter declined 6% from a year ago quarter to $5.2 billion.

The smartphone maker also said it would ship between 11 million and 12 million units in the current period compared to 14.1 million phones in the third quarter.

Bank of America added 3 cents to $5.23, Citigroup increased 19 cents to $26.11 and Goldman Sachs declined 68 cents to $91.22.

Fitch Ratings lowered its debt rating to A from A+ for Bank of America Corp, Goldman Sachs Group and Citigroup Inc.

The rating agency also cut the debt rating of Credit Suisse Group AG, Deutsche Bank AG and BNP Paribas SA.

Accenture Plc ((ACN)) declined 4.6% or $2.59 to $53.52 after the information technology outsourcing services provider lowered its fiscal full year earnings outlook and reported better than expected fourth quarter earnings.

For the fiscal first quarter, net income increased to $642.1 million or 96 cents a share from $534.7 million or 81 cents a share. Revenues in the quarter increased 17% to $7.074 billion from a year ago quarter revenues of $6.045 billion.

Adobe Systems Inc increased 6% or $1.73 to $28.19 after the software developer estimated better than expected fiscal first quarter sales.

Fiscal fourth quarter net declined 35% from a year ago to $173 million or 35 cents a share from $269 million or 53 cents a share. Revenues in the quarter increased 15% to $1.15 billion.

Quiksilver, Inc ((ZQK)) soared 9% to $3.35 after the outdoor apparel retailer reported fourth quarter revenues of $545 million compared to $495 million a year ago quarter and swung to net income of $67.9 million compared to net loss of $22 million.

Earnings per share in the quarter were 42 cents compared to a loss of 15 cents.

Revenues in the Americas increased 13% in the fourth quarter to $249.8 million from $221.8 million in the quarter a year ago.