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Pre-Market Alerts for June 14; Nike Inc. (NKE), Smithfield Foods Inc. (SFD), Korn/Ferry International (KFY)

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Shares of Nike Inc. (NYSE: NKE), designer, developer and marketer of footwear, apparel, equipment and accessory products, are gaining in pre-market trading today.

At last check, NKE shares were trading 0.40% higher at $102.63. The stock ended 5% lower at $102.22 in the previous trading session on Wednesday.

Nike recently announced that it plans to divest two wholly-owned affiliate brands-Cole Haan and Umbro. The planned divestment will allow NKE to focus on driving growth in the Nike, Jordan, Converse and Hurley brands.

Mark Parker, President and CEO of Nike, said late last month that NKE sees tremendous opportunity to accelerate profitable growth around the world by continuing to deliver innovation and inspire consumers through the Nike brand. Parker also said that NKE seeks substantial potential in Jordan, Converse and Hurley, which have unique consumer relationship that complement the Nike brand. He added that divesting of Umbro and Cole Hann will enable the company to focus its resources on the highest-potential opportunities and continue to drive sustainable, profitable growth for shareholders.

Shares of Smithfield Foods Inc. (NYSE: SFD), producer and marketer of a range of fresh meat and packaged meat products both domestically and internationally, are sinking in pre-market trading today.

At last check, SFD shares were trading 4.70% lower at $18.65. The stock ended 1.77% higher at $19.57 in the previous trading session on Wednesday.

SFD shares are falling after the company released its fourth-quarter financial results, posting a 19% drop in earnings as pork producer sales grew slower-than-forecast and margins contracted.

Larry Pope, President and CEO of Smithfields, said that although higher pork supplies and softer-than-expected domestic retail demand are currently adversely impacting fresh pork margins, SFD expects profitability to improve as the company moves through summer months and into the fall when margins are traditionally very good.

SFD reported a profit of $79.5 million, or $0.49 per share for the quarter ended April 29. This compares with a profit of $98.4 million, or $0.59 per share reported for the same period in the previous year. Sales for the quarter rose 3% to $3.21 billion.

SFD’s gross margin for the quarter was 10.7%, down from 14.6% reported for the same period last year. Gross margin fell as the company’s input costs surged 7.8% in the fourth quarter.

SFD’s total pork sales for the quarter rose 1.5%,

Shares of Korn/Ferry International (NYSE: KFY), a worldwide provider of talent management solutions that help clients to develop, retain and sustain their talent, are down sharply in pre-market trading today.

At last check, KFY shares were trading 5.02% lower at $12.50. The stock ended 4.29% lower at $13.16 in the previous trading session on Wednesday.

KFY shares are falling after the company released its fourth-quarter and fiscal 2012 results of operations.

For the fourth quarter, KFY’s fee revenue stood at $198.1 million, compared with $197.3 million reported for the same period in the previous year. Fee revenue for the full fiscal year 2012 was $790.5 million, compared with $744.3 million reported in fiscal 2011.

The company’s operating income for the fourth quarter was $15.4 million, down from $26.2 million reported for the same period in the previous year. Operating income for the full fiscal year was $82.9 million, down from $85.8 million reported in fiscal 2011.


Posted by on Thursday, June 14th, 2012. Filed under Internet, Stocks. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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