Pier 1 Imports
Pier 1 Imports cut its outlook for the second straight month because of snowed in shoppers. The home-furnishings retailer blamed the hard winter for soft traffic and cut both its sales and earnings guidance for the year. The company did say it expects business to be normal once the weather gets better. Still shares plunged more than 5.5% to $18.92.
It was the opposite story for 3D Systems. The 3D printer maker gave investors a strong outlook, its predicting $1 billion in revenue in 2015. This quarter, its revenue rose more than 50 percent. Earnings were in-line with the street’s estimates. Shares rose nearly two percent to $75.96.
Citigroup is revising last year’s earnings results because of fraud at its Mexican banking unit. The bank will cut its 2013 net-income by $235 million. Citigroup said the Mexican bank issued $400 million in bad loans to Mexican oil services company. Citi shares fell slightly to $48.63.
Riverbed Technology, being pushed to sell itself by an activist investor, received a few takeover offers. Bloomberg is reporting the company received informal proposals from firms including Silver Lake Partners and KKR & Co. for about $25 a share. Earlier today, the network-equipment maker rejected a bid from Elliot Management for $21 a share. The stock spiked nearly eight percent to $22.28.
Doctors are urging the FDA to reverse the approval of Zogenix’s new pain drug, Zohydro, which is expected to hit pharmacy shelves next month. The drug is said to be five to ten times more powerful than Vicodin and critics say taking just two of the potent pills could be deadly. Shares of Zogenix fell more than 4.5% to $4.35.