Notable News Of The Day (MDT, MCP, COH, SNV, DAKT)

Medtronic, Inc. (NYSE:MDT) stock fell 0.36% to $41.30 after the company reported first-quarter net earnings of $864 million, or $0.83 per share, from $821 million, or $0.77 per share in the same period a year before. On a non-GAAP basis, quarterly earnings were $883 million or $0.85 per share, versus $845 million or $0.79 per share in the prior-year quarter. Net sales were $4.01 billion, an increase from $3.95 billion last year. Analysts expected earnings per share of $0.85 on revenues of $4.00 billion for the quarter.

Coach, Inc. (NYSE:COH) stock fell 1.25% to $55.41 after the company announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per common share. The dividend is payable on October 1, 2012 to shareholders of record as of the close of business on September 10, 2012.

Molycorp, Inc. (NYSE:MCP) stock fell 0.50% to $9.97. Molibdenos y Metales SA announced that on August 17, 2012 it subscribed for 4,500,000 shares of Molycorp Inc., placed at a price of USD 10 per share. The total investment amounts to USD 45,000,000. As a result, Molibdenos y Metales SA has reached the amount of 17,000,000 shares of Molycorp Inc., which represents a 14% stake.

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Additionally, the company announced the pricing of its previously announced public offering of $360 million aggregate principal amount of its 6% Convertible Senior Notes due 2017 and 12,000,000 shares of its common stock at a price per share of $10 in separate registered public offerings. The Company expects to close the Notes Offering and the Primary Shares Offering on August 22, 2012, subject to satisfaction of customary closing conditions. 

Synovus Financial Corp. (NYSE:SNV) announced that its Board of Directors has declared a dividend of $0.01 per share on the Company’s common stock. The dividend will be payable on October 1, 2012 to shareholders of record as of September 20, 2012. Shares of SNV are up 1.23% to $2.06.

Daktronics, Inc. (NASDAQ:DAKT) stock increased 18.50% to $8.55 after the company posted first-quarter net income of $6.7 million or $0.16 per share, from the year-ago quarter's $3.4 million or $0.08 per share. Sales rose to $132.9 million from $118.7 million in the previous year. Analysts expected the company to report earnings of $0.04 per share on revenues of $120.37 million for the quarter.