Same Song, Slightly Different Lyrics (DRYS, PWRD, JOSB, FINL, HOKU, BTE)
The summer of 2012 is starting to feel eerily like a replay of 2011, with the U.S. market reacting daily to the headlines from Europe. Now the worries have turned to Spain over Greece, but it is basically the same song as last year, just slightly different lyrics. The action on Wall Street is compounded by the fact volume has been low, which is typical for a holiday week, but low volume tends to exacerbate moves both directions as we’ve seen the last two days. While the worries so far this week are over Europe, the attention will soon turn to the Friday’s U.S. jobs report.
The Fuel Cell Stocks Index was the top performing tickerspy Index on the day, led by Hoku Corp (HOKU) with a 59% gain. The Canadian Energy Trusts Index was the day’s worst performing tickerspy Index, with Baytex Energy (BTE) down -7%.
In earnings news, DryShips (DRYS) reported a first-quarter loss of -$47.5 million, or -12 cents per share, compared with a profit of $25.8 million, or 7 cents per share, a year earlier. Revenue climbed 19% to $247.5 million. Analysts expected a loss of -4 cents per share on revenue of $267.8 million. Shares of DryShips fell -xx%.
Shares of Chinese online game developer Perfect World (PWRD) slid -xx% after the company reported a first-quarter profit of $33 million, or 69 cents a share, compared with $41.6 million, or 79 cents a share, a year earlier. Revenue was flat at $114.1 million. Second-quarter revenue is projected to be $102-$107.7 million.
Shares of apparel retailer JoS. A. Bank Clothiers (JOSB) plunged xx% after the company reported a fiscal first-quarter profit of $14.8 million, or 53 cents a share, down from $17.8 million, or 64 cents per share, a year earlier. Revenue increased 4.2% to $201.4 million from $193.3 million. Same-store sales slipped by -1%, Analysts expected a profit of 64 cents on revenue of $208.9 million. Four pros counted JoS. A. Bank among their top holdings at the end of Q1 and 80 tickerspy members own the stock in their portfolios.
Shares of Finish Line (FINL) slipped xx% despite the company raising its fiscal first-quarter EPS outlook to 22-23 cents from 21 cents. Analysts are expecting 22 cents. The sports apparel and shoe retailer expects a same-store sales increase of 8.5%, above previous guidance of an increase in the “mid-single-digit range.” Four pros counted Finish Line among their top holdings at the end of Q1 and nearly 70 tickerspy members own the stock in their portfolios.
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