Shares of Hanesbrands Inc. (HBI) jumped 10 percent to $32.05 at the start of trading Wednesday after the maker of Playtex and Hanes underwear raised its 2011 earnings guidance to as much as $2.90 a share, topping the $2.67 average estimate of analysts. Shares of HBI, based in Winston-Salem, N.C., are currently up $2.68, or 9.20%, to $31.82. Volume has exploded with nearly 2.1 million shares already trading hands compared to a daily average volume of 1.4 million shares. Day’s range: $30.77 to a 52-wkh $32.49.
Intel Corp. (INTC) advanced more than 7 percent to $21.25 after the chip maker reported a 29% jump in Q1 earnings and provided Q2 revenue outlook that topped Street estimates. Intel beat by a dime in Q1 on much better-than-expected revenue of $12.9 billion versus consensus $11.6 billion. The company issued upside Q2 revenue guidance of $12.3 to $13.3 billion vs consensus $11.9 billion. Intel’s results catapulted the rest of the chip sector, with the Philadelphia Semiconductor Index (SOX) gaining more than 3.40% to 440.02. Today’s trading range for shares of INTC has been between $20.94 – $21.34. Volume: 83 million shares vs daily average of 56 million.
Yahoo’s (YHOO) shares jumped more than 5 percent Wednesday after the web portal reported a decline in Q1 earnings and revenue but still beat analysts’ expectations. Results: Net income was down about 28% to $223 million, or $0.17 a share compared to $310.2 million, or $0.22 a share, y/y. Revenue fell 6% to $1.06 billion. For the second quarter, the company said it expects revenue to come in the range of $1.08 billion to $1.13 billion. Analysts had been expecting $1.1 billion for the period. YHOO went as high as $17.23 in morning trading. Volume of 18 million shares is already approaching the daily average volume of 23 million shares.
VMware Inc.’s (VMW) shares spiked more than 12 percent to $96.87. The biggest cloud/web hosting company blew past analysts’ estimates, reporting much better top and bottom line numbers. The co. said it’s license revenue grew 34% y/y – basis, bringing in $419 million of revenue. Its services business also enjoyed an uptick, growing over 30% to reach $425 million. The virtualization specialist’s revenue guidance was also raised. For the 2Q, VMware expects revenue between $860 million and $880 million, well above Street’s forecast of $845.1 million. Share volume has exploded with nearly 8 million VMW shares already trading hands compared to a daily average volume of 2.4 million shares. Day’s range: $93.00 – $97.48.
Polaris Industries Inc. (PII) spiked 20 percent to $110.90 after the snowmobile maker reported an earnings-per-share increase of more than 125%. Results: net income came in at $47.3 million, or $1.34 per share, in the quarter ending March 31, compared with $19.8 million, or 59 cents per share, y/y. Revenue climbed to $537.2 million from $361.7 million, y/y. The co. significantly raised its guidance for the remainder of 2011, forecasting earnings to be at least $5.53 a share, topping the average analyst estimate of $4.87. PII is currently trading at a 52wkh of $111.31 per share.
Bancorp Rhode Island Inc (BARI) shares surged over 50% to $46.79. Brookline Bancorp Inc (BRKL) announced it agreed to acquire BARI and its subsidiary, BankRI, for about $234 million in a cash and stock deal.