Inergy, Riverbed Tech, Green Dot, Cirrus Logic Top Major Stock Percentage Decliners Jan 27th
Inergy, L.P. (NYSE:NRGY): For the twelve months ended December 31, Inergy generated distributable cash flow of approximately 68% of the total cash distributions paid for the period. Market conditions, primarily in its propane operations and to a lesser extent in the Texas gas storage market, remain challenging. Although there are a number of factors that may impact its operations through the remainder of this fiscal year, a material improvement in distribution coverage is not expected. In light of these factors, management is conducting an evaluation of the operating businesses at Inergy, and is in the process of a major cost reduction initiative in its propane operations. In addition, management and the board of directors of Inergy are evaluating a reset of the quarterly distribution to a level that is supportable by the cash flow expected to be generated from Inergy’s businesses in the near term. The shares closed at $17.33, down $5.35, or 23.59%. They have traded in a 52-week range of $21.90 to $42.75.
Riverbed Technology, Inc. (NASDAQ:RVBD): William Blair downgraded Riverbed following the company’s Q4 results citing valuation and concerns that 2012 will be a transition year for the company. The firm believes shares are fairly valued around $23-$25. The shares closed at $24.45, down $5.47, or 18.28%. They have traded in a 52-week range of $18.33 to $44.70.
Green Dot Corporation (NYSE:GDOT): Wedbush removed Green Dot from its Best Ideas List citing disappointing guidance. Shares remain Outperform rated. The shares closed at $28.59, down $3.35, or 10.49%. They have traded in a 52-week range of $24.94 to $64.16.
Fair Isaac Corporation (NYSE:FICO): FICO announced that William Lansing, a 30-year veteran in the technology industry and a current member of the FICO board of directors, has been appointed CEO, effective January 27. Lansing succeeds Dr. Mark Greene, who is retiring as the company’s CEO. Greene will remain with the company through February 2013 in an advisory capacity, and serve on the FICO board until the 2012 Annual Meeting of Shareholders. The shares closed at $36.01, down $3.22, or 8.21%. They have traded in a 52-week range of $20.05 to $39.54.
Cirrus Logic, Inc. (NASDAQ:CRUS): Needham raised its estimates and price target for Cirrus Logic following the company’s Q3 results and reiterates a Strong Buy rating on the stock. The firm believes the company’s gross margin guidance of 54%-56% which underscores a firm average selling price at Apple. The shares closed at $20.23, down $1.84, or 8.34%. They have traded in a 52-week range of $12.52 to $25.48.
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