Polycom, GPRC, CREG, CarMax, BBBY Hot Wall Street Stock April 5th
Polycom Inc (NASDAQ:PLCM): Teleconferencing products maker Polycom (NASDAQ:PLCM) is dropping sharply after the company earlier this morning preannounced Q1 adjusted EPS guidance of 21c-23c, versus analysts’ consensus estimate of 30c. The company’s Q1 revenue guidance was also lower than expected. “We estimate that we grew quarterly revenues approximately 7% year-over-year, with each region recording increases. However, the growth rate was below our overall expectations, driven primarily by shortfalls in Asia Pacific and North America,” said Polycom CEO Andrew Miller. Polycom said that its Q1 revenue had grown 1%-3% year-over-year in North America and 5%-8% in the Asia Pacific region. Revenue from the company’s unified communication group systems products increased 4%-6%, while revenue from unified communication personal products rose 7%-9%, the company added. In a note to investors this morning, UBS defended Polycom, saying that the company’s stock is on sale at current levels. The firm believes that demand for the company’s products is bottoming, and sees the company as a potential takeover target. UBS maintained a Buy rating on Polycom, which sank $3.49, or 19.19%, to $14.70 in early trading. Cisco (NASDAQ:CSCO), which also sells teleconferencing products, was also trading lower. Shares of Polycom Inc are trading 17.54% lower today.
Guanwei Recycling Corp. (NASDAQ:GPRC): Guanwei Recycling reported 2011 EPS 64c vs. 50c in 2010
Reported 2011 revenue $63.60M, one estimate $62.50M. Shares of Guanwei Recycling Corp. are trading 37% higher today.
China Recycling Energy Corp. (NASDAQ:CREG): China Recycling Energy halted for volatility after rallying 109% to $3.08. Shares of China Recycling Energy Corp. are trading 101.5% higher today.
CarMax, Inc (NYSE:KMX): Earlier, CarMax said that it revised its previously issued consolidated financial statements to correct its accounting for sale-leasebacks entered into between 1995-2009. As a result of the revision, the company recorded certain properties subject to the sale-leasebacks as assets and the related sale proceeds as financing liabilities. The company determined that its financial statements were not materially affected by the revision. As a result of the correction, reported net earnings per diluted share were reduced by 2c in both FY12 and FY11. On the Q4 earnings conference call, the company said total earnings growth is unaffected by the restatements. Shares of CarMax, Inc are trading 2.09% lower today.
Bed Bath & Beyond Inc. (NASDAQ:BBBY): Bed Bath & Beyond sees Q1 and FY12 SSS up 2-4%. Shares of Bed Bath & Beyond Inc. are trading 7.43% higher today.
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