Dril-Quip Soars; Arena Pharma, Salesforce, Southwestern Energy Fall

Mukesh Buch
28 Feb, 2014
New York City

Arena Pharma net loss in the quarter widened but revenue surged. Dril-Quip surged after revenue and profit climbed. J.C. Penney net swung to a profit. Salesforce.com said net loss widened but revenue climbed. Southwestern Energy net swung to a profit.

[R]12:25 PM New York – Arena Pharma net loss in the quarter widened but revenue surged. Dril-Quip surged after revenue and profit climbed. J.C. Penney net swung to a profit. Salesforce.com said net loss widened but revenue climbed. Southwestern Energy net swung to a profit.[/R]

Arena Pharmaceuticals, Inc. ((ARNA)) dropped 3.5% or 24 cents to $6.54 after the biopharmaceutical company stated total revenues in the fourth-quarter ending in December surged 242% to $6.5 billion.

Net loss in the quarter widened to $24 million or 11 cents a diluted share compared to $21 million or 10 cents.

Dril-Quip, Inc ((DRQ)) surged 10.5% or $10.14 to $106.08 after the offshore drilling equipment maker said revenue in the fourth-quarter ending in December climbed 23.3% to $232.5 million.

Net income in the quarter jumped 57.4% to $47.1 million or $1.15 a diluted share compared to $31 million or 76 cents.

The company said its backlog at year end was about $1.2 billion compared to $881 million a year ago.

Dril-Quip expects diluted earnings per share for the year in the range of $5 to $5.20 and for the first-quarter diluted earnings per share between $1.10 and $1.20.

J.C. Penney Company, Inc ((JCP)) slid 1.4% or 11 cents to $7.36 after the department stores operator reported sales in the fourth-quarter ending on February 1 dropped 2.6% to $3.78 billion. Comparable store sales in the quarter jumped 2%.

Net in the quarter swung to a profit $35 million or 11 cents a diluted share compared to a loss of $552 million or $2.51.

The retailer expects comparable store sales in the first-quarter to increase between 3% and 5% and earnings for the year to increase in mid-single digits.

NRG Energy, Inc. ((NRG)) gained 1.2% or 36 cents to $29.01 after the electricity producer reported total revenues in the fourth-quarter ending in December surged 36% to $11.3 billion.

Net in the quarter swung to a loss $395 million or $1.22 a diluted share compared to a profit of $286 million or $1.23.

salesforce.com, Inc ((CRM)) declined 3.6% or $2.42 to $63.80 after the cloud computing service provider stated revenue in the fourth-quarter soared 37% to $1.15 billion.

Net loss in the quarter widened $116.6 million or 19 cents a diluted share compared to $20.8 million or 4 cents.

The company forecasted revenue for the first-quarter in the range of $1.205 billion to $1.210 billion, an increase of 35% to 36% and for the year revenue between $5.25 billion and $5.30 billion, an increase of 29% to 30% from a year earlier.

Southwestern Energy Company ((SWN)) plunged 5.6% or $2.43 to $40.71 after the oil and gas explorer said net sales in the fourth-quarter ending in December soared 17% to $907 million.

Net in the quarter swung to a profit $144 million or 41 cents a diluted share compared to a loss of $356 million or $1.02.