Ultimate Market Recap: Zale Zings, Splunk Surges More Than 15%

Pre-Market BUZZERS: Zumiez Plunges 13%, Apple Supplier OmniVision JUMPS 10%

Shares of Zumiez (NASDAQ:ZUMZ) are down more than 13 percent in pre-market trading. The retailer announced that net income for the second quarter dropped 19.5 percent to $2.1 million (7 cents per share), compared to $2.6 million (8 cents per share) a year earlier. Rick Brooks, chief executive officer, stated, “The second quarter was a productive and transformational period for our Company.”

SAIC (NYSE:SAI) shares surged 8 percent in pre-market trading, despite net income falling 38.2 percent in the second quarter. The company earned $110 million (32 cents per share), compared to $178 million (50 cents per share) in the same period last year. However, revenue increased 9.7 percent to $2.85 billion, beating the average analyst estimate of $2.69 billion.

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After closing 2.3 percent in the red on Thursday, Zynga (NASDAQ:ZNGA) shares continued to decline another 1 percent in late trading yesterday. Reports indicate that two of the company’s vice presidents, Bill Mooney and Brian Birtwistle, have left the video game maker. Bloomberg reports, “Mooney, a vice president of studios, and Birtwistle, a vice president of marketing, resigned this week, said the person, who asked not to be identified because the departures aren’t public.”

OmniVision Technologies (NASDAQ:OVTI) shares surged nearly 10 percent in early trading. The Apple (NASDAQ:AAPL) supplier reported that revenue for the fiscal first quarter came in at $258.1 million, compared to $218.5 million from the previous quarter and $276.1 million last year. Analysts were expecting revenue of about $243.8 million. The company’s second quarter outlook also beat expectations.

Shares of Pandora Media (NYSE:P) are up 2 percent in pre-market trading after gaining 14 percent on Thursday. The Internet radio company recently reported that is loss for the second quarter widened to $5.4 million, compared to a loss of $1.8 million a year earlier. However, revenue surged 33.5 percent to $89.4 million, beating estimates of $74.3 million. “This quarter exceeded our expectations as our strong momentum continues with both listeners and advertisers,” stated Joe Kennedy, chief executive officer. “In particular, this quarter demonstrated that our mobile monetization strategies are working.”

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Wall Street Brief: Amazon and Nokia EXCLUDE Google, Apple LOSES

On Friday, the Tokyo District Court ruled against Apple Inc.’s (NASDAQ:AAPL) claim that Samsung Electronics Co. had infringed on one of its patents. The ruling, which covers a patent on the synchronization of music and video data on devices with servers, is the first of many patent disputes that will occur between the two companies over in Japan.

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In other Apple news, Sharp Corporation hasn’t started its mass production of screens for Apple’s (NASDAQ:AAPL) new iPhone, reported the Wall Street Journal. The company had hoped to start deliveries by this time and now its uncertain when it start. The iPhone’s two other screen suppliers, LG Display and Japan Display, have begun shipments but Sharp’s delay raises concerns on whether Apple can meet demand.

Nomura Holdings Inc. will cut an additional $1 billion in costs by March 2014 as it departs from a global expansion under its Chief Executive Officer Koji Nagai, reported Bloomberg. The cuts will hit its wholesale operations, such as investment banking and equities, said a corporate spokesman. Job cuts will predominately take place in overseas units including Europe.

Amazon (NASDAQ:AMZN) will include Nokia (NYSE:NOK) mapping services in its the new Kindle Fire; this will be unveiled on Thursday, reported Reuters. This comes as a blow to Google (NASDAQ:GOOG) as its Android operating system is used in the Fire. Apple had also dumped  Google Maps to instead use its own feature and content from Tom Tom for the iOS 6.

Sears Holdings (NASDAQ:SHLD) is getting kicked out of the Standard & Poor’s 500-stock index. The company has lost its place thanks to its  ”public float,” going lower than a key threshold, reported a S&P Dow Jones Indices release on Wednesday.

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Facebook’s SLUMP Continues and 4 Hot Stocks Demanding Investor Attention

Toyota Motor Corporation (NYSE:TM): Ford (NYSE:F) stated that sales of its Focus, which it sells in all of its global markets, reached 489,616 units during the first half of the year, versus 462,187 Toyota Corollas, Bloomberg reported citing IHS data. Ford claimed that it expects to keep its market leading sales pace, the report added. Shares of Toyota Motor Corporation are trading 0.54% lower today.

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Intel (NYSE:INTC): Intel has decided upon Integrated Device Technology to develop an integrated transmitter and receiver chipset for its wireless charging technology. The receiver chipset will be based on resonance technology. IDT is targeting samples of a resonance receiver integrated chipset by the year’s end, and the transmitter is predicted to sample during 2013′s second half.

Apple Inc. (NASDAQ:AAPL): Japan’s Tokyo District Court ruled against Apple’s (NASDAQ:AAPL) allegations that Samsung Electronics (SSNLF) infringed upon one of the U.S. firm’s patents, according to the Wall Street Journal. Shares of Apple Inc. are trading 0.47% higher today.

Facebook, Inc. (NASDAQ:FB) has fallen to new all-time lows following BMO Capital analyst Daniel Salmon’s statement that many advertisers seem to be lowering the amount of money they have been spending on the website. Two out of every three advertisers contacted by Salmon revealed information that was negative for the stock, the analyst added. Salmon, who greatly reduced his price target on Facebook shares to $15 from $25, believes that Facebook could have difficulty raising its revenue by over 4 percent in the current quarter. As a result, the stock will probably not retreat after the company reports his Q3 results, stated the analyst, who keeps an Underperform rating on the shares. In early trading, Facebook slid 75c, or 3.92%, to $18.34. Shares of Facebook, Inc. are trading 3.87% lower today.

AT&T, Inc. (NYSE:T), U-verse TV, and CBS Corporation (NYSE:CBS) have announced the renewal of their content carriage agreements which covers retransmission consent for CBS Owned Stations, and it will continue to carry Showtime, The Smithsonian Channel, and The CBS Sports Network. Terms of the agreements were not disclosed. Shares of AT&T, Inc. are trading 0.41% higher today.

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Zales EXPECTS Momentum to Continue and 4 Hot Stocks Demanding Attention

OmniVision Technologies, Inc. (NASDAQ:OVTI):  OmniVision Technologies, Inc.’s fiscal first quarter earnings fell 94% as the chip maker’s revenue weakened and margins slumped. However, shares rose 10% to $16.53 in pre-market trading as revenue topped expectations. Shares of OmniVision Technologies, Inc. are trading at 3.71% higher today.

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Ciena Corporation (NASDAQ:CIEN):  After the maker of networking gear posted disappointing earnings and a weaker than expected revenue forecast, Ciena Corporation’s shares fell 19.5% to close at $13.46.  According to a note written by Nomura analyst Stuart Jeffrey, “Management has so far given no specific reason for the disappointing revenue guidance, we are experiencing the effects of ongoing macro-economic challenges and slower than expected roll outs of new design wins.” Shares of Ciena Corporation are trading at 1.11% higher today.

Zale Corporation (NYSE:ZLC):  Zale Corporation announced their  first annual profit since 2008. There was an increase in sales during their most recent quarter as pricier jewelry was purchased by prospective brides and grooms. However, the mall retailer, which caters to middle-class shoppers looking for affordable jewelry, reported a narrower quarterly loss and chalked up their seventh straight quarter of same store sales gains. They expect that momentum to continue in the fiscal year that began this month. Shares of Zale Corporation are trading at 8.15% higher today.

Splunk Inc (NASDAQ:SPLK):  Splunk Inc.’s  fiscal second quarter loss increased as the data-analysis software firm saw growing expenses continue to mask stronger revenue. After the company boosted their full year revenue guidance and topped their revenue predictions for the latest period, shares jumped 16% in the pre-market to $35.24.  Shares of Splunk Inc. are trading at 15.80% higher today.

Zumiez Inc. (NASDAQ:ZUMZ):  Zumiez Inc.’s  fiscal second quarter earnings slipped 19% as expenses increased. The teen apparel retailer also reported August same store sales growth below analyst expectations. Shares sank 12% to $28.25 in the pre-market as the company also projected current quarter earnings below Wall Street estimates. Shares of Zumiez Inc. are trading at 11.27% lower today.

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Afternoon BUZZERS: Splunk and OmniVision SURGE, More Trouble for Zynga

Shares of Splunk (NASDAQ:SPLK) surged more than 15 percent today. The company reported that revenue jumped 71 percent to $44.5 million in the second quarter, topping estimates by nearly $5 million. Splunk also raised its full-year outlook revenue estimate by about $9 million. The company is now projecting revenue of $183 million to $186 million for the fiscal year ending Jan. 31, up from a previous outlook of $174 million to $177 million.

Zynga (NASDAQ:ZNGA) attracted more attention to itself for all the wrong reasons. Reports indicate that two of the company’s vice presidents, Bill Mooney and Brian Birtwistle, have left the video game maker. Bloomberg reports, “Mooney, a vice president of studios, and Birtwistle, a vice president of marketing, resigned this week, said the person, who asked not to be identified because the departures aren’t public.”

OmniVision Technologies (NASDAQ:OVTI) shares gained 4.09 percent this afternoon. The Apple (NASDAQ:AAPL) supplier reported that revenue for the fiscal first quarter came in at $258.1 million, compared to $218.5 million from the previous quarter and $276.1 million last year. Analysts were expecting revenue of about $243.8 million. The company’s second quarter outlook also beat expectations.

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Zumiez (NASDAQ:ZUMZ) shares fell over 11 percent today. The retailer announced late Thursday that net income for the second quarter dropped 19.5 percent to $2.1 million (7 cents per share), compared to $2.6 million (8 cents per share) a year earlier. Rick Brooks, chief executive officer, stated, “The second quarter was a productive and transformational period for our Company.”

Shares of SAIC (NYSE:SAI) popped over 4 percent on Friday, despite net income falling 38.2 percent in the second quarter. The company earned $110 million (32 cents per share), compared to $178 million (50 cents per share) in the same period last year. However, revenue increased 9.7 percent to $2.85 billion, beating the average analyst estimate of $2.69 billion.

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Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD): The U.S. Food and Drug Administration’s approved Ironwood Pharmaceuticals’ treatment for adult constipation and irritable bowel syndrome yesterday. This may clear a path for the Cambridge company’s eventual expansion and development of other drugs. “We do have a desire to create many medicines for patients with a variety of therapeutic needs,” CEO Peter Hecht said. Shares of Ironwood Pharmaceuticals, Inc. are trading 1.05% higher today.

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SAIC, Inc. (NYSE:SAI): McLean-based Science Applications International Corp.’s decision to separate into two, publicly traded companies is bold, but not very surprising when considering hints from SAIC’s own executives and industry trends recently, mainly comments from the company’s chief operating officer, Stu Shea, to Washington Business Journal in March. He stated that SAIC will trim investments in areas offering little return, such as “generic” information technology services and systems engineering and technical assistance. A lot of the big federal contractors have opted for this move, in the wake of less IT spending by agencies. Shares of SAIC, Inc. are trading 4.32% higher today.

Nokia (NYSE:NOK): Some private equity firms, including Ericsson (NASDAQ:ERIC) and U.S.-based Amdocs Limited (NYSE:DOX), are potential buyers for Nokia’s BSS unit, which is intended to assist telecom carriers in the management of their charging and billing systems. It is believed that Nokia-Siemens can add almost $377 million by selling the business. Shares of Cisco are trading 2.36% higher today.

Bank of America Corporation (NYSE:BAC): Fed Chairman Bernanke will probably acknowledge that the U.S. central bank is actively thinking about another round of monetary easing in his keynote Jackson Hole today. However, he may disappoint financial markets if he stops short of signaling another bond-buying program is unavoidable, which a several analysts claim is a strong possibility, according to Reuters. Shares of Bank of America Corporation are trading 0.13% higher today.

Cisco (NYSE:CSCO) is modifying the licensing options for its Unified Communications Manager’s UC Release 9.0 as an attempt to make the process simpler and make the use of a variety of client devices easier, the company stated on Thursday. First, Cisco will remove the requirement that UC licenses be anchored to the acquisition of Cisco IP phones, and is instead changing to what the company calls “software only” licensing. This will enable customers to interact with the Cisco telephony platform by using other devices like PCs, tablets and smartphones. Shares of Cisco are trading 0.69% higher today.

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Radar Movers: Facebook Hits New All-Time LOW, Amazon Tablet Rumors SWIRL

Shares of Facebook (NASDAQ:FB) continued to edge lower in late afternoon hours, after closing 5.4 percent lower on Friday. The social media giant reached another new all-time low after receiving multiple price cuts. Bank of America (NYSE:BAC) reduced its price target to $23 from $35, while BMO Capital slashed its price target to $15 from $25 and reiterated its Underperform rating.

Amazon.Com (NASDAQ:AMZN) shares continued to edge higher in late afternoon hours. The WSJ reports that the company’s next tablet will be an ad-supported model offered at a discount. “The new device would come at a discount to tablets without the advertising subsidy, said the people, though exact pricing wasn’t clear. The tablet would display an ad after the user ‘wakes’ the gadget, said one person briefed on the matter. Amazon has discussed how some versions of the new tablet would connect to the Internet only through Wi-Fi networks, said the person briefed on the product.” Apple (NASDAQ:AAPL) shares traded mostly flat on the news.

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Zynga (NASDAQ:ZNGA) attracted more attention to itself for all the wrong reasons. Reports indicate that two of the company’s vice presidents, Bill Mooney and Brian Birtwistle, have left the video game maker. Bloomberg reports, “Mooney, a vice president of studios, and Birtwistle, a vice president of marketing, resigned this week, said the person, who asked not to be identified because the departures aren’t public.” Shares bounced 0.36 percent in late afternoon trading.

Zumiez (NASDAQ:ZUMZ) shares closed 9.4 percent lower on Friday. The retailer announced late Thursday that net income for the second quarter dropped 19.5 percent to $2.1 million (7 cents per share), compared to $2.6 million (8 cents per share) a year earlier. Rick Brooks, chief executive officer, stated, “The second quarter was a productive and transformational period for our Company.”

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