U.S. Movers: Informatica, LaCrosse, Seagate, Xyratex

Mukesh Buch
06 Jul, 2012
New York City

Informatica lowers second quarter estimates. LaCrosse agrees to be acquired by Japan based ABC-Mart. Seagate cuts fourth quarter sales and margin.

[R]10:35 AM New York – Informatica lowers second quarter estimates. LaCrosse agrees to be acquired by Japan based ABC-Mart. Seagate cuts fourth quarter sales and margin.[/R]

Bassett Furniture Industries, Inc ((BSET)) decreased 1.8% or 20 cents to $10.52 after the furniture retailer said sales in the second quarter ending on May 26 grew 1.8% to $67.5 million compared to $66.3 million in the same period last year. Net income in the quarter tumbled 87.2% to $8 million or 71 cents per diluted share compared to $62.5 million or $5.39 per share a year ago.

Informatica Corporation ((INFA)) declined 30.4% or $13.19 to $30.17 after the data integration service provider estimated total revenues for the second quarter ending in June between $188 million and $190 million and earnings per share in the range of 16 cents to 17 cents.

LaCrosse Footwear, Inc. ((BOOT)) surged 80.9% or $8.89 to $19.87 after the footwear company agreed to be acquired by Japan based shoe retailer ABC-Mart Inc. at a cash price of $20 a share or valued about $138 million.

The purchase price represents a premium of 82% over average closing stock price at the close of July 5 and the transaction is expected to close in the third quarter of this year.

Seagate Technology plc ((STX)) slipped 1.4% or 37 cents to $24.71 after the Ireland based hard disk drive maker estimated revenue for the fourth quarter ended June 29 estimate to about $4.5 billion from the earlier estimate of $5 billion and gross margin of 33.6% on an adjusted basis below than the 34.5% previous estimates. Financial results will be reported on July 30.

Xyratex Ltd ((XRTX)) soared 14.4% or $1.69 to $13.41 after the UK based data storage device maker reported revenues in the second quarter ending in May slipped 5% to $322.1 million compared to $338.5 million in the same period last year. Net income in the quarter swung to $7.0 million or 24 cents per diluted share compared to net loss of $4.6 million or 15 cents per share a year ago period.

Revenue in the third fiscal quarter projected to be in the range of $313 million to $373 million and earnings per share is anticipated to be between 31 cents and 69 cents.