Brocade (BRCD) recorded quarterly revenues of $501 million or a decrease of one percent year-over-year, resulting in a diluted earnings per share of $0.05 on a GAAP basis and $0.13 on a non-GAAP basis.
GAAP net income was $22.4 million versus a loss of $66.1 million a year ago.
Shares of Brocade are down about 10.5% following the report.
Today, Canaccord Genuity (TSE:CF.CA) technology analyst Paul Mansky raised his rating on Brocade Communications from hold to buy and maintained his $7 target on the stock. Mr. Mansky said, “We view the challenges the company faces as fully discounted. With the stock trading at the low end of our $5 to $7 range, we believe there are the potential for attractive returns over the next 12 months.”
Red Robin Gourmet Burgers (NASDAQ:RRGB) cut its outlook, saying that for the fiscal year 2010 they expect revenues of $872 million to $880 million and net income of $1.10 to $1.30 per diluted share.
Red Robin shares are lower by 12.2%.
New York & Company (NWY) was down yesterday after posting first quarter net sales of $237 million and a net loss that remained flat compared to last year at $4.9 million.
Today New York & Company continues to see their share price slide, currently off 9.2%.
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