Hot Stocks Of The Day (EXPR, STM, BNHN, GGC, AAPL)

Express, Inc. (NYSE:EXPR) shares declined 22.22% to $17.96 in the morning hour after the company reported first-quarter net income of $42.1 million, or $0.47 per share, as compared with $35.0 million, or $0.39 per share in the same quarter last year. Adjusted net income for non-core operating costs, was $37.5 million, or $0.42 per share. Net sales grew 6% to $496.0 million during the quarter. Analysts expected earnings per share of $0.49 on revenues of $503.17 million for the quarter.

Looking forward, the company expects second quarter of 2012 net income is expected in the range of $13.0 million to $16.0 million, or $0.15 to $0.18 per diluted share (EPS) on 89.4 million weighted average shares outstanding. Earnings for fiscal 2012 are expected in the range of $1.79 to $1.89 per diluted share on 89.6 million weighted average shares outstanding. Analysts were expecting the Company to report net income of $17 million and EPS of $0.20 for second quarter of 2012; EPS of $1.95 for fiscal 2012.

STMicroelectronics N.V. (ADR) (NYSE:STM) stock climbed 6.07% to $5.07 in the early hour. On May 17, 2012, InvenSense Inc said that STMicroelectronics has filed a complaint in the Northern District of California, alleging that InvenSense infringes 9 of ST’s patents. InvenSense contests these claims.

Benihana Inc. (NASDAQ:BNHN) stock surged 21.73% to $16.19 in the morning hour after the company announced that it has entered into a definitive merger agreement with funds advised by Angelo, Gordon & Co.'s Private Equity Group in a transaction valued at approximately $296 million. Under the terms of the merger agreement, Angelo Gordon will acquire all of the outstanding shares of Benihana's common stock for $16.30 per share in cash.

Georgia Gulf Corporation (NYSE:GGC) shares fell 1.24% to $29.46 in the early hour after the company  announced that the Board of Directors declared a quarterly dividend of $0.08 per share, the Company’s first since 2008. The dividend is payable July 10, 2012, to shareholders of record on June 28, 2012.

Apple Inc. (NASDAQ:AAPL) shares gained 1.59% to $570.20 in the morning hour. Goldman Sachs in a research report said that it remains positive on Apple and has a “Buy” rating on it with a target price of $850 for 12 months. Goldman Sachs said the target price is based on a 17X multiple of it’s 2012 EPS estimate. Yesterday, analyst at Piper Jaffary released in a note that the Company had a better chance in completing its launch of iPhone 5 in October 2012.After the reported shortage of 28 nm baseband radio chip shortage at Qualcomm, the Company still could achieve its target of an October launch. In case Apple is unable to handle orders at such a short span of time, the Company will fulfill all its orders by March. The delay would not affect the orders or the earnings as the buyers of iPhone5 will wait for their desired product rather than having a substitute. So, the earnings expected to be achieved in October by Apple on its new product launch will be effectively shifted to some period later, as noted by the Piper Jaffary analyst.