Mid Day News Recap (FINL, MOTR, SLM, SURG)
Finish Line Inc (NASDAQ:FINL) stock fell 7.05% to $21.08 in the morning hour after the company raised its earnings and comparable store sales growth guidance for the first quarter of fiscal 2013.
The company raised its earnings outlook for the first quarter of fiscal 2013 to a range of $0.22 to $0.23 per share from the prior guidance of $0.21 per share and comparable store sales to increase about 8.5%, up from the previous outlook for an increase in the mid single-digit range. Analysts expect the company to report earnings of $0.22 per share on quarterly revenues of $320.17 million for the first quarter. The company is scheduled to report financial results for the first quarter of fiscal 2013 on June 28, 2012.
Motricity, Inc (NASDAQ:MOTR) shares declined 6.24% to $0.675 in the early hour. The company yesterday said that it has named Nathan Fong as its chief financial officer. Fong will join Motricity’s executive management team beginning on June 12, 2012. Interim chief financial officer Stephen Cordial, a partner with Tatum LLC, will stay on with Motricity through a brief transition. Fong, 48-years-old, has more than two decades of experience in corporate finance.
SLM Corp (NASDAQ:SLM) shares climbed 2.45% to $14.01 in the early hour after the company announced $400 million to be utilized in the company’s ongoing share repurchase program previously announced in January 2012. The program does not have an expiration date.
Additionally, the company announced a 2012 second-quarter dividend on its common stock of $0.125 per share. The dividend will be paid on June 15, 2012, to shareholders of record at the close of business on June 1, 2012.
Synergetics USA Inc. (NASDAQ:SURG) shares plunged 20.99% to $4.33 after the company said it expects third-quarter profit to be in the range of $0.04 to $0.06 per share, as compared to $0.07 per share reported last year. The company forecasted revenues in the range of $14.4 million to $14.7 million, slightly below $14.7 million in the year-ago period, Analysts currently expect the company to earn $0.09 per share on revenues of $16.25 million.