U.S. Movers: Ciena, Costco, Greif, Pandora Media Royal Bank of Canada

Mukesh Buch
30 Aug, 2012
New York City

Bio-Reference declined but net soared 25%. Networking gear maker Ciena declined on weak sales outlook. Costco reported sales increase in August. Greif net declined 39% and lowered fiscal outlook. Pandora Media jumped.

[R]10:35 AM New York – Bio-Reference declined but net soared 25%. Networking gear maker Ciena declined on weak sales outlook. Costco reported sales increase in August. Greif net declined 39% and lowered fiscal outlook. Pandora Media jumped.[/R]

Bio-Reference Laboratories, Inc. ((BRLI)) dropped 8.7% or $2.50 to $26.01 after the healthcare service provider reported net sale in the third quarter ending in July climbed 16% to $172.3 million compared to $148 million in the same period of last year. Net income in the quarter soared 25% to $12.6 million or 45 cents per diluted share compared to $10.1 million or 36 cents per share a year ago earlier.

The service provider reaffirms guidance for fiscal year net revenues to increase above 15% and net income to grow nearly 20%.

Ciena Corporation ((CIEN)) declined 15% or $2.52 to $14.20 after the networking gear maker reported third quarter revenue rose to $474.1 million compared to $435.3 million in the quarter a year ago. Net loss in the quarter narrowed to $29.8 million or 30 cents per diluted share compared to a net loss of $31.5 million or 33 cents per share in the prior-year quarter.

Ciena lowered its fourth quarter revenue guidance in the range of $455 to $480 million.

Costco Wholesale Corporation ((COST)) gained 87 cents to $97.98 after the membership warehouses operator reported net sales of $7.40 billion for August, up 8% from the same period last year. Comparable sales in the month rose 6%.

Greif, Inc. ((GEF)) gained 4.5% or $1.87 to $42.57 after the packaging products maker reported net sale in the third quarter ending in July slid 2% to $1.10 billion compared to $1.12 billion in the same period of last year. Net income in the quarter declined 39% to $40.7 million or 70 cents per diluted share compared to $66.9 million or $1.14 per share a year ago quarter.

For the fiscal 2012, the company expects rigid industrial packaging and flexible products segments are together to be lowered by volumes than previously anticipated in the second quarter 2012 earnings release.

Methode Electronics, Inc. ((MEI)) increased 2.5% or 23 cents to $9.18 after the electro-mechanical device maker reported net sale in the first quarter ending on July 28 increased 7% to $118.7 million compared to $110.8 million in the same period of last year. Net income in the quarter jumped 160% to $3.9 million or 10 cents per diluted share compared to $1.5 million or 4 cents per share a year ago period.

The device maker reiterates full year fiscal 2013 sales guidance between $495 million and $525 million and increased earnings per share guidance in the range of 66 cents to 81 cents.

Pandora Media, Inc. ((P)) jumped 18.5% or $1.87 to $11.95 after the Internet radio service said second quarter total revenue rose 51% to $101.3 million from the same quarter last year. Net loss widened to $5.4 million or 3 cents per diluted share compared to a net loss of $3.2 million or 4 cents per share for the year-ago quarter.

The company added total listener hours in the quarter surged 80% to 3.30 billion compared to 1.83 billion for the same period of a year ago.

For the third quarter, revenue expected to be in the range of $115 million to $118 million and for full year revenue between $425 million and $432 million.

Royal Bank of Canada ((RY)) gained 52 cents to $55.67 after the diversified financial company reported total revenue in the third quarter ending in July soared 13% to C$7.76 billion compared to C$6.90 billion in the same period of last year. Net income in the quarter surged 73% to C$2.24 billion or C$1.47 per diluted share compared to C$1.29 billion or 83 cents per share a year ago.

The bank said strong results in the quarter was from earnings in Canadian Banking segment which recorded $1,127 million, increased $239 million from last year and return on common equity climbed 22.7% from 14.5% and Tier 1 capital ratio reported of 13%.

The Toronto-Dominion Bank ((TD)) slipped 1.1% or 96 cents to $81.41 after the Canada based bank reported total revenue in the third quarter ending in July advanced 9% to $5.84 billion compared to $5.38 billion in the same period of last year. Net income in the quarter surged 14% to $1.70 billion or $1.78 per diluted share compared to $1.49 billion or $1.58 per share a year ago.

Wholesale banking segment recorded net income of $180 million and were up 61% from the same period last year and Tier 1 capital ratio in the quarter was 12.2%.

The bank expects growth to continue in the remaining of fiscal 2012 mainly driven by residential mortgages, indirect auto loans and commercial lending’s and insurance business will also deliver strong results for the full year 2012.