Early Stocks in Motion
General Electric (GE) said after the bell Monday that its consumer lending unit will purchase and manage the private credit card assets of privately owned department store Belk. GE Consumer Finance will acquire almost $300 million in private label credit card receivables and $200 million from a third-party provider. GE also will provide marketing, servicing and customer care for Belk's 4.2 million retail cardholders as part of a 10-year agreement. GE shares fell 4 cents to $36.16 after hours.
Cyberonics' (CYBX) second-quarter loss widened to $22.1 million, or 88 cents a share, from $2 million, or 8 cents a share, a year ago. Revenue increased to $29.1 million from $25.4 million last year. Analysts expected a loss of 83 cents a share on revenue of $30.5 million, according to Thomson First Call. For its fiscal year, the medical device company expects revenue of $140 million, below Wall Street's forecast of $143.6 million. Cyberonics expects a full-year loss of no more than $50 million. The stock fell 39 cents, or 1.4%, to $27.98 in after-hours trading.
Dycom Industries (DY) reported net income of $10.7 million, or 23 cents a share, for the first quarter ended Oct. 29, down from a profit of $15.6 million, or 32 cents a share, for the year-ago period. Contracting revenue fell to $260.9 million from $263.2 million last year. The results beat analysts' expectation for earnings of 20 cents a share and revenue of $232 million. But for the second quarter, the provider of contracting services anticipates earnings of 4 cents to 11 cents a share, below Wall Street's forecast of 12 cents. The company predicts revenue of $195 million to $220 million, compared with analysts' projection of $204.8 million. The stock was down 33 cents, or 1.6%, to $20.12 in after-hours trading.
PepsiCo (PEP) agreed to buy Stacy's Pita Chip in an effort to broaden its "macrosnack" category. Pepsi, which operates snack maker Frito-Lay, said Stacy's Pita Chip has sales approaching $60 million for the year and more than 100 employees. "Stacy's enables Frito-Lay to be a leader in the pita chips category, while supporting our plans to expand our snack offerings to meet consumers' changing needs and lifestyles," said Irene Rosenfeld, Frito-Lay chairman and CEO, in a statement. Terms of the deal weren't disclosed. Shares of PepsiCo were unchanged at $58.40 after hours.
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