Research In Motion Falls To New Low On Projected Operating Loss (RIMM, PBY, JOSB, TFM)
Research In Motion Limited (USA) (NASDAQ:RIMM) shares declined 9.17% to $10.20 in the pre-market hour after the company said it has hired bankers to provide strategic review and are also looking for partnerships as the company warned that it is likely report a loss in the fiscal first-quarter financial results. Additionally, the company would also cut a significant number of jobs, although it did not say how many. Two sources with close connections to the company have said that it plans to cut its workforce closer to 10,000 by early next year from 16,500 currently.
The Pep Boys – Manny, Moe & Jack (NYSE:PBY) stock plunged 20.65% to $8.80 in the pre-market hour after the company announced that it has agreed to terminate the proposed merger between Pep Boys and The Gores Group. As settlement for any and all potential claims that Pep Boys could assert under the terms of the merger agreement, The Gores Group has agreed to pay Pep Boys a fee of $50 million and to reimburse Pep Boys for certain merger-related expenses. The special meeting of Pep Boys’ shareholders, which was scheduled to be held on May 30, 2012, has been cancelled.
Jos. A. Bank Clothiers, Inc. (NASDAQ:JOSB) posted first-quarter net income of $14.8 million or $0.53 per share, as compared to $17.8 million or $0.64 per share in the same quarter last year. Sales increased 4.2% y-o-y to $201.4 million. Analysts expected the company to report earnings of $0.62 per share on revenue of $208.91 million for the quarter. Comparable-store sales and Direct Marketing sales each were down 1.0% in the recent quarter.
The Fresh Market Inc (NASDAQ:TFM) stock gained 2.68% to $50.17 in the pre-market hour after the company posted first quarter earnings of $19.3 million, or $0.40 a share, as compared with a year-earlier profit of $13.5 million, or $0.28 a share. Sales were up 23% to $324.8 million. Analysts expected earnings of $0.36 a share on sales of $310 million.
Looking forward, the company now expects fiscal 2012 earnings to grow in between 20% to 25% from fiscal 2011’s $1.07 per share to a range of $1.28 to $1.34 per share, comparable store sales growth of 4.5% to 6.5%. Analysts were expecting the Company to report EPS of $1.30 for fiscal 2012.