Hot Stocks Of The Day: HRB, GPS, SNBC, ANF, NANO, SNIC
Thursday, July 08, 2021 11:48 AM

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H&R Block, Inc. (NYSE: HRB): Shares of the tax preparation company sank as much as 8% after it announced that chief executive Officer Russ Smyth has resigned in order to accept the position of CEO of another company. The company appointed Alan M. Bennett as its new Chief Executive Officer and President, effective immediately. Analyst Bill Carcache of Macquarie Equities Research said in a research note that Smyth's departure is a “significant blow,” as without him, H&R Block as an organization may end up lacking the "drive, fierce competitiveness, and strong leadership necessary to outperform.”

Gap Inc. (NYSE: GPS): Shares of the US clothing chain plunged more than 7% on Thursday after the company said that comparable store sales for June 2010 were flat compared with a 10 percent decrease in June 2009. Analysts expected the company to report an increase of 3.4 percent. "June was a difficult month with lighter traffic than we anticipated," said Sabrina Simmons, chief financial officer of Gap Inc. 

Sun Bancorp, Inc. (NASDAQ: SNBC): Shares of the New Jersey-based community bank soared more than 39% on Thursday after it announced the signing of definitive investment agreements with private equity funds affiliated with WL Ross & Co. LLC , the Bank's founding Brown Family shareholders, and others, to invest $100 million in the aggregate in shares of the company's common stock and newly authorized preferred stock that is mandatorily convertible into common stock upon the receipt of shareholder approval, all as part of the Company's strategic growth plan. The shares to be purchased by WL Ross will represent 24.9% of the Company's outstanding common stock, pro forma for the closing and assuming the conversion of the convertible preferred stock. The investment was made at $4.00 per share. The additional equity capital will be used by Sun National Bank to strengthen and expand current operations as well as to pursue growth opportunities throughout the state of New Jersey. In announcing the transaction, Sun President and Chief Executive Officer Thomas X. Geisel said, "This transaction further strengthens our capital base, and ensures we have all the tools necessary to support our customers. This is an important step forward for the Bank, our shareholders and the communities we serve."

Abercrombie & Fitch (NYSE: ANF): Shares of the teen clothing retailer surged more than 8% after it said that its comparable store sales increased 9% in June. Analysts expected the company to report a gain of 2.8%. Net sales jumped 23% to $277.3 million for the five-week period ended July 3, 2010, from net sales of $225.9 million for the five-week period ended July 4, 2009. 

Nanometrics Inc. (NASDAQ: NANO): Shares of the company slumped more than 25% today after Oppenheimer analyst Gary Hsueh downgraded Nanometrics to Market Perform from Outperform and reduced his price target on the stock to $10 from $13. In a research note to clients, Hsueh said that recent checks suggest that Intel, upon encountering technical issues during initial trial/pilot runs, has turned back its decision to award to switch to the Nanometrics’ metrology tools for 22 nm chips. Given INTC is presently a 20%-plus customer (exceeded only by Samsung), the impact in terms of percentage and absolute value materially impacts their 2011 model. 

Sonic Solutions (NASDAQ: SNIC): Shares of the company soared more than 6% after it announced the availability of the RoxioNow(TM) entertainment platform on the latest System LSI in the UniPhier series from the Panasonic Corporation. "Our collaboration with Panasonic, and integration into its system-on-a-chip reference design, provides us with a tremendous opportunity to further expand the ecosystem of connected devices that are compatible with RoxioNow-powered services," said Mark Ely, Executive Vice President, Strategy, Sonic Solutions.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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User SymbolConsen EPSEstimate EPSActual EPS
Jim OPNT$0.10$0.09$0.07
XXXXX MNT$0.33$0.33$0.35
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XXXXX PETM$0.33$0.33$0.34
XXXXX JBX$0.70$0.82$0.80
XXXXX HPQ$0.69$0.70$0.70
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XXXXX CHUX$0.31$0.35$0.36
XXXXX HPQ$0.69$0.70$0.70
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