Urban Outfitters, Inc.(NASDAQ:URBN) late Monday reported an 8 percent rise in its second quarter net profit sending its shares rallying up more than 17 percent.
Earnings came in at 42 cents a share exceeding analyst estimates of 33 cents. Revenue rose 11 percent from a year ago to $676.3 million, higher than the $672 million in sales analysts had anticipated.
In the year-ago period, earnings at the Philadelphia-based company were $56.7 million, or 35 cents a share, on revenue of $609.2 million.
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Shares in the apparel and accessories retailer rose 13 percent to $35.30, taking its overcall gains in the past one month to 21 percent.
Meanwhile shares in ImmunoCellular Therapeutics Ltd(AMEX:IMUC) fell after the company announced that its Chie executive Manish Singh had resigned from his position. The company's founder and chairman john S. Yu has taken over as the interim CEO until a suitable replacement is found.
Singh has been the chief executive of the company since 2008 and was previously with a venture capital firm managing its medical industry investments.
Following the announcement, shares of the company fell 12 percent or 4.3 cents to close at $2.91. In extended trading after the CEO announcement, they fell another 36 cents to $2.55.
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Last week the company reported that its second quarter loss had widened to $6.5 million from $1.6 million a year earlier. The company reported no revenue in either period but said it had enough cash, $11.3 million, to fund 12 months of operations.