Post-Market News Wrap (CSCO, CTL, Q, DAL, MEE, AMR, RT, RECN, MSPD, QDEL, BOOT, DQ)

The companies that reported news on Wednesday after the market close are: Cisco Systems, CenturyLink, Qwest Communications, Delta Air Lines, Massey Energy, AMR, American Airlines, Ruby Tuesday, Resources Connection, Mindspeed Technologies, Quidel, Lacrosse Footwear, and Daqo New Energy.

Earnings News

The companies that reported earnings news on Wednesday after the market close are: Resources Connection, Franklin Covey, National American University Holdings, Ruby Tuesday, A. Schulman, and Richardson Electronics.

Shares of professional services firm Resources Connection Inc. (RECN) gained 5.80 percent to $20.05 in the after-market trading, following its better-than expected second quarter profit and revenue. Profit was $17.5 million or 38 cents a share, compared to loss of $1.9 million or 4 cents a share last year.

Resources Connection's results for the latest quarter include a gain of 30 cents a share related to its 2009 acquisition of consultancy firm Sitrick Brincko Group and 1 cent a share charge related to new tax valuation allowances. Revenue rose 14 percent to $138.5 million. Analysts had expected profit of 8 cents a share on revenue of $133.84 million.

Shares of Franklin Covey Co. (FC) rose 2.65 percent to $8.91 in the after-market trading, following higher first quarter earnings. Profit was $0.8 million or 5 cents a share, up from $0.2 million or 1 cent a share last year. Sales rose 23 percent to $39.4 million.

National American University Holdings, Inc. (NAUH) reported second quarter earnings of $2.7 million or 10 cents a share, down from $3.7 million or 13 cents a share last year. Revenue rose 18.8 percent to 27.8 million. Analysts had expected profit of 15 cents a share on revenue of $29.17 million.

Shares of casual dining restaurants operator Ruby Tuesday, Inc. (RT) gained 2.50 percent to $14.36 in the after-hours trading, following its better-than expected second quarter earnings and revenue. Profit was $4.5 million or 7 cents a share, up from $0.4 million or 1 cent a share last year. Revenue rose 6.2 percent to $290.5 million. Analysts had expected profit of 5 cents a share on revenue of $279.35 million.

Ruby Tuesday's same-restaurant sales increased 4.2 percent at company-owned restaurants. The company continues to expect fiscal 2011 earnings of 76 cents to 86 cents a share, while analysts expect 86 cents a share. The company still expects fiscal 2011 same-restaurant sales for company-owned restaurants of flat to positive 2 percent.

A. Schulman, Inc. (SHLM) stock fell 4.46 percent to $21.00 in the after-market trading, following lower-than-expected first quarter earnings. Adjusted profit was $10.6 million or 34 cents a share, down from $19.7 million or 76 cents a share last year. Sales rose 37 percent to $495.4 million. Analysts had expected profit of 45 cents a share on revenue of $540.4 million. The company reaffirmed fiscal 2011 profit guidance of $57 million to $62 million.

Richardson Electronics Ltd. (RELL) reported second quarter profit of $7.5 million or 41 cents a share, up from $3.1 million or 18 cents a share last year. Earnings from continuing operations was $0.2 million or 1 cent a share, compared to loss of $0.3 million or 1 cent a share last year. Sales rose 23.7 percent to $40.98 million.

Guidance News

The companies that reported guidance revision news on Wednesday after the market close are: Mindspeed Technologies, Quidel, Lacrosse Footwear, and Daqo New Energy.

Mindspeed Technologies Inc. (MSPD) stock fell 8.31 percent to $5.96 in the after-hours trading, following its cut to first quarter revenue guidance that came in below analysts forecast. The company cited a weaker demand environment in the first quarter of 2011, primarily related to its legacy wide area networking business specifically from a few, large wireless communications customers.

Mindspeed expects first quarter revenue to be about $40.5 million, consisting of product revenue of about $38.0 million and $2.5 million in patent sales. Analysts expect revenue of $43.27 million. The company's previous outlook was a product revenue range of $40.3 million to $41.2 million and $2.5 million in patent sales. Mindspeed is scheduled to release its first quarter earnings on Jan. 24.

Quidel Corp. (QDEL) stock lost 8.18 percent to $13.25 in the after-hours trading, following its lower-than-expected fourth quarter revenue guidance citing a significant decline in sales of its influenza products. The company estimates fourth quarter revenue of about $31.5 million, lower than analysts forecast of $37.47 million. Separately, Quidel said it will sell 4 million common shares in an underwritten public offering.

Lacrosse Footwear Inc. (BOOT) stock gained 3.92 percent to $17.50 in the after-hours trading, following better-than-expected fourth quarter revenue guidance driven by strong demand in both the work and outdoor markets. The company expects fourth quarter sales of about $52.1 million, higher than analysts forecast of $44.63 million. The company also projects full year 2010 sales of about $150.6 million, higher than analysts forecast of $143.11 million.

Daqo New Energy Corp. (DQ) said it has lifted its fourth quarter revenue guidance to range of $75 million to $76 million from previous forecast of $65 million to $69 million, while analysts expect $66.60 million. The company raised its fourth quarter shipments of polysilicon outlook to range of 930 to 950 metric tons from previous range of 825 to 850 metric tons.

Daqo New Energy said it plans to build Phase 2 polysilicon production facility in Shihezi Economic Development Area in Xinjiang autonomous region, China. This new production facility is expected to begin production in the third quarter of 2012 and to be fully ramped up by end of 2012.

Corporate News

The top companies that reported corporate news on Wednesday after the market close are: Glimcher Realty Trust, AMR, American Airlines, Cisco Systems, CenturyLink, Qwest Communications, First Bancorp, Delta Air Lines, DARA BioSciences, Massey Energy, SandRidge Energy, Shaw Group, and FLIR Systems.

Shares of Glimcher Realty Trust (GRT) fell 3.53 percent to $8.46 in the after-market trading, following its commencement of public offering of about 11 million shares. The company plans to use the net proceeds to reduce the outstanding principal amount under its corporate credit facility and for general working capital and other corporate purposes.

AMR Corp. (AMR) said Sabre Holdings Corp. decides to end contract with American Airlines in early August as dispute over online ticket sales intensifies. American Airlines called the Sabre's moves as 'punitive actions' that come even though the carrier has met its obligations to the distribution service.

Separately, American Airlines said its December traffic increased 1.8 percent to 10.3 billion, while capacity increased 1.8 percent to 12.8 billion. December load factor was 80.6 percent, matching last year. American Eagle said its December traffic rose 19 percent to 745.9 million, while capacity grew 16.8 percent to 1.03 billion. Load factor rose 1.3 points to 72.3 percent.

Cisco Systems, Inc. (CSCO) announced the release of Cisco Videoscape, which combines traditional TV service, streaming web video and access to social networking like Facebook. Instead of selling directly to customers, Cisco will sell its hybrid boxes to cable operators who, in turn, will lease them to subscribers. The cable operators would be able to customize the software interface and decide on pricing for the boxes.

Cisco is currently working with several major global service provider customers, including Telstra, to enable next-generation video experiences through the Videoscape platform.

Utah Public Service Commission has approved CenturyLink Inc.'s (CTL) proposed purchase of Qwest Communications International Inc. (Q) for $10.6 billion stock-swap deal. This approval leaves CenturyLink with regulatory hurdles to clear in four other states in addition to the Federal Communications Commission. As part of the approval process, CenturyLink and Qwest agreed to invest $25 million over the next five years in Utah's broadband infrastructure.

First Bancorp (FBP) stock fell 6.59 percent to $0.455 in the after-market trading, following its announcement to implement a 1-for-15 reverse stock split for all its outstanding common shares, effective Jan. 7. This reduces the company's number of common shares outstanding to about 21 million from 320 million shares.

Delta Air Lines Inc. (DAL) said severe winter weather throughout the United States and Western Europe in December has affected its flights, leading to a $45 million decline in its fourth quarter earnings guidance. The company's December traffic rose 2.4 percent to $15.04 billion revenue passenger miles, while capacity grew 3.9 percent to $18.78 billion available seat miles. Load factor declined 1.1 points to 80.1 percent from 81.2 percent.

Shares of DARA BioSciences, Inc (DARA) grew 6.32 percent to $3.70 in the after-hours trading, following its announcement for additional details from phase I clinical study of DB959 for the treatment of type 2 diabetes. New information relates to the additional study objective of determining the maximum tolerated single oral dose of DB959Na.

DARA said subjects in the study tolerated the 200 mg single dose as well as any of the other doses in the study. Therefore, the maximum tolerated single dose is higher than 200 mg, which is well beyond the anticipated therapeutic dose. The company plans to present detailed results at an upcoming scientific meeting in the first half of 2011.

Massey Energy Co. (MEE) stock declined 2.11 percent to $55.20 in the after-market trading, following its fourth quarter shipments that fell short of expectations. Massey said the quarterly operating loss was greater than expected. Quarterly results will be hurt by lower-than-expected production and shipments and by charges related to the former CEO's retirement and impairments for idled or closed mines.

Massey Energy said total produced tons sold in the fourth quarter were about 1.4 million tons, lower than the most recent guidance issued in October 2010. Produced tons sold for the quarter totaled 8.9 million tons, bringing the full year 2010 total to 37.1 million tons. The company and its board continues to review its strategic alternatives. Massey is scheduled to release its fourth quarter earnings on Feb. 1.

Shares of SandRidge Energy, Inc. (SD) rose 2.79 percent to $7.75 in the after-market trading, following its filing of registration statement with the SEC relating to the initial public offering of up to $250 million in common units representing beneficial interests in SandRidge Mississippian Trust I, a newly formed Delaware trust. Application will be made to list the common units of SandRidge Mississippian Trust I on the NYSE under 'SDT' ticker.

Shaw Group Inc. (SHAW) said it received a favorable ruling from the Taiwan High Court related to Taiwan Power Company's Lungmen Nuclear Power Project. The High Court ordered Taiwan Power Company to pay Shaw about $27 million in damages for increased costs, while dismissing Taiwan Power Company's counterclaims in their entirety.

FLIR Systems Inc. (FLIR) said its ICx Technologies unit has got a five year, firm fixed price contract from the U.S. Department of Homeland Security, Customs and Border Protection valued at up to $101.9 million, for the procurement of Mobile Surveillance Capabilities systems.

Same-Store Sales

Hot Topic Inc. (HOTT) stock rose 0.67 percent to $5.99 in the after-hours trading, following better-than expected December comparable store sales. The company reported a 1.7 percent decline in its comparable store sales for December, compared to analysts expectations of 2.2 percent decline. Monthly sales declined 0.1 percent to $118.8 million.

Shares of teen retailer Zumiez Inc. (ZUMZ) fell 4.42 percent to $25.49 in the after-market session, following lower-than-expected December comparable-store sales. The company reported a 9.2 percent increase in its comparable store sales for December, compared to analysts expectations of 11.5 percent rise. Total sales for December rose 14.1 percent to $88.5 million.