Early Buzzers: TiVo Drops 3%, Ciena and Target Climb Higher on Reports
Shares of Lions Gate Entertainment Corp. (NYSE:LGF) fell 1.56 percent in early trading. Late Wednesday, the media company reported a net loss of $22.7 million (17 cents per share) for the fourth-quarter, compared to a net gain of $48.7 million (34 cents per share) a year earlier. Revenue increased 71.2 percent to $645.2 million from the year-earlier quarter.
TiVo Inc. (NASDAQ:TIVO) shares dropped more than 3 percent before the opening bell. TiVo logged a loss of $20.8 million (17 cents per share) for the first-quarter, compared to a net gain of $139 million ($1.04 per share) a year earlier. Tom Rogers, President and CEO of TiVo, said, “Our first quarter represented a solid start to the year for TiVo with our results in line with our financial outlook and as we continued to execute on our key objectives. Global adoption of TiVo progressed as we grew our subscription base 27% year-over-year, or by 524,000 subscriptions.”
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Despite reporting strong results for the second-quarter, shares of Joy Global Inc. (NASDAQ:JOY) plunged 6.3 percent early Thursday. Net income increased 31.9 percent to $213.6 million ($2 per share), compared to $162 million ($1.52 per share) a year earlier. However, the company noted that things are slowing down. “Our second quarter reflects both excellence in our execution and concerns over slowing in our markets,” said Mike Sutherlin, President and Chief Executive Officer. “With the U.S. market correcting quickly, and the international markets showing signs of near term slowing, we are turning our focus to trimming costs. The current order rate is affected by both project timing as well as fundamentals, and we believe there is sound basis for demand upside. However, we have been served well in the past by starting early to prepare for a range of outcomes, and this currently includes our expectation that near term order rates will moderate and revenues could flatten for a period compared to our first half run rate.”
Ciena Corp. (NASDAQ:CIEN) shares jumped more than 5 percent in pre-market trading. The company narrowed its loss in the second-quarter to $27.8 million, compared to a loss of $62.7 million a year earlier. Revenue also increased 14.3 percent to $477.6 million. “Our second quarter was highlighted by strong revenue growth and positive overall operating performance, which demonstrated our ability to deliver operating leverage,” said Gary Smith, president and CEO of Ciena. “We remain confident that we are well positioned for future growth and continue to expect our second half operating results to be stronger than the first half.”
Target Corp. (NYSE:TGT) shares gained nearly 1 percent this morning, as the retailer announced its May same-store sales increased 4.4 percent, compared to estimates of 3.5 percent. Total sales in May jumped 5 percent. Gap Inc. (NYSE:GPS) also reported that same-store sales increased 2 percent. However, analysts were expecting sales growth of 3.1 percent and shares edged lower on the news.
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