Omnivision Technologies (NASDAQ:OVTI) stock gaining this morning after posting their first quarter results and giving their second quarter outlook. The company posted EPS of 21 cents, just missing the average analyst estimate of 22 cents. Revenue for the quarter fell to $258.1 million, beatings the street’s estimate of $243.77 million. Although the company had mixed earnings, their second quarter outlook is what investors are excited about. Omnivision sees EPS between 21 and 37 cents on revenue between $355 million to $390 million. Both earnings and revenue estimates for the second quarter are well above expectations.On this news, Omnivision is soaring in today’s trading. Its stock is up over 11% to $17.81 at market open.
Retailer Zumiez (NASDAQ:ZUMZ) falling in early trading this morning on a dismal outlook. The company announced their second quarter results with EPS of 17 cents on revenue of $135.1 million. Both earnings and revenue were higher than the average analyst estimate of 13 cents on revenue of $135 million. Although the company beat the street, growth in the quarter was very minimal. The company also sees third quarter EPS of 42 to 45 cents on revenue between $181 million to $185 million. This is dismal compared to Wall Street’s expectation of 56 cents on revenue of $183.79 million. Zumiez outlook hasn’t helped investor confidence this morning. The retailer’s stock is down over 9% to $29.09 at market open.
Passengers could be seeing a new mega-airline, as American Airlines and US Airways are in talks to merge. The two companies are currently swapping confidential documents for review, before any decisions are made.This possible deal comes as American Airline’s parent company began Chapter 11 bankruptcy at the end of 2011. The company is reviewing its options, seeing whether a merger would be to its benefit.According to Reuters, if a merger were to go through, the new airline would be on the same scale as United Airlines, which completed its acquisition of Continental Airlines in 2010.
More acquisition news, as the Carlyle Group plans to buy DuPont Co.’s automotive coating business. The deal will cost $4.9 billion in cash, with funding coming from equity from two of Carlyle’s investment groups. Dupont decided to sell the business unit, which provides paints and coatings for vehicles, after choosing to focus on its units concerned with food and advanced technology. This isn’t the first of Dupont’s divisions to go recently, with it announcing a sale of its insecticides units earlier in the week.Carlyle has said it plans to expand Dupont Automotive Coatings’ presence in emerging markets.
A huge milestone for one of the nation’s largest automakers, as Ford Motor Co. has assembled its 350 millionth vehicle since 1903. The milestone vehicle was a Ford Focus, but it was built far from the company’s Detroit headquarters, coming from Rayong, Thailand.350 million cars in 109 years is equivalent to producing a vehicle every 10 seconds, the company said in a release. If every vehicle manufactured were stacked end to end, they would reach to the moon and back.According to Ford, the 350 millionth car being produced in Thailand is significant as it demonstrates the company’s efforts to expand across the world, with plans to open new plants in China and India.