Thursday, July 12, 2012

Infosys Ltd Slumps On Earnings (INFY, GNOM, PGR, FAST, WAFD)

Infosys Ltd ADR (NASDAQ:INFY) shares plunged 10.25% to $39.15 in pre-market hour after the company said its net profit rose 33% to 22.89 billion rupees ($413 million) in the quarter ended June from 17.2 billion rupees a year earlier, in line with analysts' expectations.

Looking forward, the company said it expects under (IFRS) for fiscal 2013 revenues to be at least $7.343 billion and Earnings per American Depositary Share (EPS) to be at least $3.03. In Indian rupee terms, for fiscal 2013 the Company expects revenues to be at least INR403.64 billion and earnings per share to be at least INR166.46.

Complete Genomics, Inc. (NASDAQ:GNOM) shares climbed 8.53% to $3.18 in the pre-market hour after the company announced that its Long Fragment Read (LFR) technology for whole genome sequencing dramatically improves accuracy, enables fully-phased genomes, and significantly reduces the amount of DNA required for testing. The company's LFR technology should accelerate the use of whole genome sequencing by physicians to diagnose and treat their patients.

The Progressive Corporation (NYSE:PGR) stock declined 6.08% to $19.30 in the pre-market hour after the company reported second quarter net income of $118.6 million or $0.19 per share, significantly lower than $245.2 million or $0.38 per share in the 2011 period. Analysts expected earnings per share of $0.27 for the quarter.

Fastenal Company (NASDAQ:FAST) stock gained 1.08% to $40.24 in the pre-market hour after the company posted second quarter profit of $112.3 million, or $0.38 a share, as compared to $94.1 million, or $0.32 a share, in the year-earlier quarter. Revenue rose 15% to $804.9 million for the quarter. Analysts most recently expected per-share earnings of 37 cents on revenue of $808 million.

Additionally, the company’s Board of Directors declared a dividend of $0.19 per share to be paid in cash on August 24, 2012 to shareholders of record at the close of business on July 27, 2012.

Washington Federal Inc. (NASDAQ:WAFD) shares fell 2.66% to $16.10 in pre-market hour after the company reported better-than-expected third quarter profit on lower provision for loan losses, despite margin pressure.

The company’s third quarter earnings grew 16.7% to $35.16 million or $0.33 per share from prior year's $30.12 million or $0.27 per share. Analysts expected the company to report earnings of $0.32 per share for the quarter.

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