The Valspar Corporation Jumps On Earnings (YTEC, SBGI, TJX, VAL)
Yucheng Technologies Limited (NASDAQ:YTEC) slipped 1.93% to $3.05 on a traded volume of 71k shares after the Company released first quarter results. Net revenue increased 43.7% to $16.5 million. Operating income increased 14.5% to 0.2 million. Net loss was $0.5 million or loss of $0.03 per share as compared to net income of $27.6 thousand or $0.00 per share in the prior year period. Cash and cash equivalents and restricted cash was $14.1 million as on March 31,2012.
Sinclair Broadcast Group Inc (NASDAQ:SBGI) is currently trading at $9.30 on a volume of 262k shares. The stock opened at $9.26.The Company has entered into an agreement with the Fox Broadcasting Company for the renewal of the affiliation agreements for 19 television stations Sinclair owns.
The Board of Directors has declared a cash dividend of $0.12 per share on the Company’s Class A and Class B common stock. The dividends are payable on June 15, 2012.
The TJX Companies Inc (NYSE:TJX) one of the top gainers in the morning session. The stock increased 7.13% to $42.51 on a traded volume of 10.05 million shares after the Company announced first quarter results. Net sales increased 11% to $5.8 billion and consolidated comparable store sales increased 8%. Net income for the first quarter was $419 million and diluted earnings per share were $.55. The Company repurchased $250 million in the first quarter. The Company expects diluted earnings per share to be in the range of $.47 to $.50 for the second quarter 2013.
The Valspar Corporation (NYSE:VAL) moved down 6.17% to $46.71. The Company reported second quarter EPS of $0.84, above the analyst estimate of $0.82. Revenue for the quarter was $1.03 million versus the consensus estimate of $1.07 million. The Company expects EPS of $3.20-$3.30 for fiscal year 2012.