Today’s Worst Stocks: Violin Memory (VMEM), The Fresh Market (TFM), Nordic American Tanker (NAT), Landec (LNDC), Ross Stores (ROST), Agree Realty (ADC)
Violin Memory Inc (NYSE:VMEM) nearly halved as its fiscal third-quarter loss widened, with higher operating expenses offsetting increased revenue and wider margins. The company also issued weak revenue guidance for its fiscal fourth quarter.
The Fresh Market Inc (NASDAQ:TFM) tumbled 15% after the grocery retailer’s results for the third quarter fell short of analysts’ expectations and the company once again reduced its earnings for fiscal 2013. For the third quarter, its profit rose 2 percent from last year as higher revenues were partly trimmed by an increase in operating expenses.
However, both revenue and earnings per share came below Wall Street estimates. The company reduced its earnings forecast for fiscal 2013, saying that it expects its recent comparable and new store sales performance as well as expense trends to continue for the rest of the fiscal year.
Nordic American Tanker Ltd (NYSE:NAT) sank 10% after declaring an underwritten public offering of approximately $65 million aggregate amount of common shares pursuant to the Company’s effective shelf registration statement.
Landec Corporation (NASDAQ:LNDC) was under pressure after it provided Q2 2014 EPS outlook below Wall Street expectations. The company reduced its FY 2014 net income forecast and expects to meet or exceed FY 2014 revenue outlook.
Ross Stores, Inc. (NASDAQ:ROST) declined as its third-quarter revenue missed analysts’ estimates and the retailer forecast earnings below Street estimates. However, its quarterly profit rose 8 percent on higher sales and gross margin, meeting analysts’ expectations.
Agree Realty Corporation (NYSE:ADC) plunged after declaring the sale of 1,650,000 shares of its common stock to Citigroup as the underwriter in a public offering. The underwriter has been given a 30-day option to purchase up to an additional 247,500 shares of common stock. The net proceeds of the offering are planned to be used to reduce amounts outstanding under its existing $85 million unsecured revolving credit facility, to fund its development activity and property acquisitions, and for general corporate purposes.