Tuesday's Winners & Losers: Crocs
Shares of Indian IT outsourcing specialist
Infosys
(INFY) - Get Infosys Limited American Depositary Shares Report
rose $3.11, or 8.5%, to $39.67 after
fourth-quarter profit jumped
and it raised its future dividend payout ratio. Revenue in the quarter rose 32% to $1.14 billion, while net income was up 20% to $311 million, or 54 cents a share, from $259 million, or 45 cents a share, a year ago.
Infosys competitor
Cognizant
(CTSH) - Get Cognizant Technology Solutions Corporation Report
also gained $2.35, or 8.7%, to $29.32.
On the losing side, investors took a bite out of
Crocs
(CROX) - Get Crocs Inc. Report
, sending the stock down more than 40% to new lows. The shoe maker, based in Niwot, Colo.,
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slashed guidance
for the first quarter. Weisel downgraded the stock to market-weight. Shares were falling $7.44, to $10.35.
Meanwhile, San Diego, Calif., wireless broadband company
Novatel
(NVTL)
saw shares plummet 22% to $7.81. The company forecast revenue of $91 million and non-GAAP EPS between 16 cents and 18 cents. Analysts are predicting revenue of $110.5 million and EPS of 22 cents. Oppenheimer downgraded the stock to perform from outperform, and Morgan Joseph cut its rating to hold from buy.
Electronics distributor
Avnet
lost $3.95, or 12.2%, to $28.38 after the company warned that profit in the third and fourth quarters would
miss analysts' expectations
.
For the third quarter, Avnet forecast earnings, excluding items, of 74 cents to 76 cents a share and revenue of $4.42 billion. Analysts were expecting earnings of 87 cents a share on revenue of $4.47 billion.
For the fourth quarter, the company guided EPS of 79 cents to 83 cents and revenue in the range of $4.55 billion to $4.75 billion. Analysts are expecting EPS of 92 cents on revenue of $4.75 billion.
This article was written by a staff member of TheStreet.com.
