U.S. Movers: Commerce Bancshares, PriceSmart, Progressive Corp, Yum Brands

Mukesh Buch
11 Jul, 2013
New York City

Commerce Bancshares second quarter net jumped 8%. Caesars Entertainment plans to spin-off its gaming business. PriceSmart third quarter revenue and net soared. Progressive Corp net surged 174%. Yum! Brands net jumped 15% to $281 million.

[R]11:45 AM New York – Commerce Bancshares second quarter net jumped 8%. Caesars Entertainment plan to spin off its gaming business. PriceSmart third quarter revenue and net soared. Progressive Corp net surged 174%. Yum! Brands jumped 15% to $281 million.[/R]

Bridgepoint Education, Inc ((BPI)) surged 20.4% or $2.57 to $15.18 after the education service provider said Ashford University today received the accreditation for five years by the Western Association of Schools and Colleges.

Bridgepoint estimates, second quarter revenue between $195.5 million and $199.5 million and enrollments in the range of 71,000 to 72,000.

Commerce Bancshares, Inc. ((CBSH)) slipped 1.2% or 57 cents to $45.33 after the bank said net interest income in the second quarter ending in June gained 6% to $159.5 million. Net income in the quarter jumped 8% to $65.8 million or 72 cents a diluted share compared to $61 million or 67 cents.

Caesars Entertainment Corporation ((CZR)) rose 15 cents to $16.09 after the casino service provider said it won regulatory approval to a plan to spin off Planet Hollywood Resort the gaming business and a planned Baltimore casino into a separate company.

As stated in regulatory filing, the gaming company will sell stocks to raised $1.18 billion for the new public entity.

PriceSmart, Inc. ((PSMT)) declined 4% or $3.72 to $87.91 after the discount stores operator reported total revenues in the third quarter ending in May jumped 13% to $571 million. Net income in the quarter soared 18% to $18.5 million or 61 cents a diluted share compared to $15.7 million or 52 cents.

For the quarter, net warehouse club sales climbed 12% to $555.8 million and export sales surged 28% to $8.8 million.

The company added operating income in the quarter advanced 13% to $28.7 million.

The Progressive Corporation ((PGR)) slid 1.8% or 46 cents to $25.56 after the automobile insurance provider said net premiums written in the second quarter ending in June jumped 6% to $4.39 billion. Net income in the quarter surged 174% to $324.6 million or 54 cents a diluted share compared to $118.6 million or 19 cents.

Yum! Brands, Inc. ((YUM)) fell 7 cents to $72.29 after the restaurant chain stated net sales in the second quarter ending on June 15 climbed 9% to $2.90 billion. Comparable same store sales in the quarter grew 1%.

Net income in the quarter jumped 15% to $281 million or 61 cents a diluted share compared to $331 million or 69 cents.

Operating profit in the quarter declined 18% to $390 million.