U.S. Movers: Big Lots, Guess, Hewlett-Packard, Synopsys

Mukesh Buch
23 Aug, 2012
New York City

Big Lots plunged 21% on a profit decline and the deep discount retailer lowered the outlook. Guess tumbled 19% as quarterly net dropped 45%. Hewlett-Packard declined on 7% after it reported the largest quarterly loss. Synopsys third quarter net jumped 45%.

[R]10:35 AM New York – Big Lots plunged 21% on a profit decline and the deep discount retailer lowered the outlook. Guess tumbled 19% as quarterly net dropped 45%. Hewlett-Packard declined on 7% after it reported the largest quarterly loss. Synopsys third quarter net jumped 45%.[/R]

Big Lots, Inc. ((BIG)) tumbled 21.1% or $8.22 to $30.62 after the specialty retailer reported net sales in the second quarter ending on July 28 grew 1.7% to $1.22 billion compared to $1.17 billion in the same period of last year. For the quarter, comparable store sales decreased 1.9%

Net income in the quarter declined 38% to $22.1 million or 36 cents per diluted share compared to $35.7 million or 50 cents per share a year ago earlier.

The retailer lowered its fiscal adjusted income from continuing operations to be in the range of $2.80 to $2.95 per diluted share non-GAAP from earlier guidance of $3.25 to $3.40 per share and for Canada operations sales are expected to between $152 million and $158 million.

Guess, Inc. ((GES)) plunged 18.9% or $6.34 to $27.20 after the apparel and accessory retailer reported net revenue in the second quarter ending on July 28 slipped 6.2% to $635.4 million compared to $677.2 million in the same period of last year. For the quarter, comparable store sales slumped 7.5%.

Net earnings in the quarter dropped 45.2% to $42.9 million or 49 cents per diluted share compared to $60.7 million or 65 cents per share a year ago quarter.

The company said revenue from North American stores slid 3% to $253 million and from Europe region declined 14.5% to $246.9 million and revenues in Asia climbed 20.9% to $66.8 million.

The company expects third quarter net revenues between $620 million and $630 million and earnings per share are expected to be in the range of 42 cents to 46 cents.

For the fiscal year, net revenues are expected to range from $2.62 billion to $2.65 billion and earnings per share are expected to be in the range of $2.15 to $2.30.

Hormel Foods Corporation ((HRL)) rose 16 cents to $28.58 after the food products maker reported revenue in the third quarter ending on August 4 grew 5% to $2.01 billion compared to $1.91 billion in the same period of last year. Net earnings in the quarter advanced 13% to $111.2 million or 41 cents per diluted share compared to $98.5 million or 36 cents per share a year ago period.

Hormel Foods added operating profit in grocery products soared 32% and specialty products profit increased 18% and in international segment profit climbed 55%.

The company reaffirmed for the fiscal earnings per share in the range of $1.79 to $1.89.

Hewlett-Packard Company ((HPQ)) declined 6.7% or $1.29 to $17.91 after the technology products maker reported revenue in the third quarter ending in July slid 5% to $29.7 billion compared to $31.2 billion in the same period of last year. Net loss in the quarter swung to $8.86 billion or $4.49 per diluted share compared to net income of $1.93 billion or 93 cents per share a year ago.

HP added revenues from personal systems group dropped 10% and revenue in commercial segment slid by 9%. Consumer group revenue declined 12% and desktop unit sales fell 6% and notebook units plummeted 12% and total unit sales decreased 10%.

For fiscal 2012, HP revised its full year earnings outlook between of $4.05 and $4.07 on a non-GAAP basis compared to previous guidance of $4.05 and $4.10.

Patterson Companies, Inc. ((PDCO)) dropped 4.8% or $1.74 to $34.17 after the medical supplies conglomerate said first quarter consolidated sales rose 5% to $889.23 million from the year-earlier period. Net income for the quarter fell to $47.54 million or 45 cents per diluted share from $48.61 million or 42 cents per share last year.

Synopsys, Inc. ((SNPS)) climbed 5.5% or $1.75 to $33.40 after the technology solution provider reported total revenue in the third quarter ending in July climbed 15% to $443.7 million compared to $386.8 million in the same period of last year. Net income in the quarter jumped 45% to $75.7 million or 50 cents per diluted share compared to $52.1 million or 35 cents per share a year ago earlier.

Synopsys expects revenue for the fourth quarter to between $440 million - $448 million and earnings per share to be in the range of 22 cents to 28 cents.

For the full year, expectation for the revenue between $1.742 billion and $1.750 billion and expected earnings per share are in the range of $2.09 and $2.11.