U.S. Movers: Adtran, Hhgregg, Oracle, Tech Data, Unit Corp

Mukesh Buch
11 Jul, 2012
New York City

Adtran second quarter net declined 43%. Hhgregg lowered its quarterly and annual net outlook. Tech Data agreed to buy Brightstar Corp. for $165.6 million. Unit Corp acquires certain assets of Noble Energy for $617.1 million.

[R]10:45 AM New York – Adtran second quarter net declined 43%. Hhgregg lowered its quarterly and annual net outlook. Tech Data agreed to buy Brightstar Corp. for $165.6 million. Unit Corp acquires certain assets of Noble Energy for $617.1 million.[/R]

Adtran, Inc. ((ADTN)) declined 11.6% or $3.18 to $24.01 after the communications network provider reported revenues in the second quarter ending in June edged down 0.11% to $184 million compared to $184.2 million in the same period last year. Net income in the quarter declined 43% to $21.1 million or 33 cents per diluted share compared to $36.9 million or 56 cents per share a year ago earlier.

Century Bancorp, Inc. ((CNBKA)) rose 11 cents to $30.0 after the regional bank said total interest income in the second quarter ending in June rose 4% to $20.3 million compared to $19.6 million in the same period last year. Net income in the quarter increased 14% to $4.77 million or 86 cents per diluted share compared to $4.20 million or 76 cents per share a year ago earlier.

Hhgregg, Inc. ((HGG)) plunged 34.7% or $4.01 to $7.53 after the specialty retailer lowered its profit forecast for fiscal 2013 and said net sales for the first quarter ending June of $490 million, an increase of 13.5% compared to $431.5 million as reported in first quarter of last year. Comparable store sales are expected to decrease 5.1%.

The retailer expects net loss between $6.2 million to $5.7 million or 17 cents to 16 cents per diluted share compared to net loss of $0.8 million or 2 cents per diluted share for the comparable prior year period.

The company anticipates net income per diluted share for the year between 90 cents to $1.05 in fiscal 2013 compared to previous guidance of $1.12 to $1.27.

Hi-Tech Pharmacal Co., Inc. ((HITK)) slid 1.4% or 44 cents to $29.53 after the generic products maker said net sales in the fourth quarter ending in April grew 7% to $61.3 million compared to $57.2 million in the same period last year. Net income in the quarter slumped 7.8% to $10 million or 73 cents per diluted share compared to $12.7 million or 98 cents per share a year ago earlier.

Oracle Corporation ((ORCL)) rose 8 cents to $29.07 after the software company intends to acquire Involver a provider of Social Markup Language, a social media development platform that enables developers to create customized marketing applications for social media sites and web campaigns. The transaction is expected to close in this summer. However, financial details for the deal are not disclosed.

Tech Data Corporation ((TECD)) gained 21 cents to $47.65 after the technology products distributor said it will buy 50% of ownership interest in Brightstar Corp., a pan-European company for $165.6 million in cash. The transaction is expected to be completed during third quarter of fiscal year 2013.

Unit Corporation ((UNT)) increased 2.2% or 81 cents to $36.91 after the oil drilling company agreed to acquire certain oil and natural gas assets from Noble Energy, Inc. ((NBL)) in the Cleveland, western Oklahoma and the Texas Panhandle for $617.1 million in cash and closing is anticipated to be in this September.

In separate news today the oil driller stated it has signed agreement to sell certain oil and natural gas properties in western Oklahoma and the Texas Panhandle to its wholly owned subsidiary Unit Petroleum Company for $617 million and anticipated transaction to be close in this September.
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Voxx International Corporation ((VOXX)) dropped 15.4% or $1.51 to $8.26 after the electronic products provider reported revenues in the first quarter ending in May increased 17.4% to $194 million compared to $165.3 million in the same period last year. Net loss in the quarter swung to $9 million or 20 cents per diluted share compared to net income of $3.4 million or 11 cents per share a year ago period.