Down $16 to $20.

Revenues rose 10%

Akamai earned $0.45 vs consensus of $0.40

GRPN lost $0.08 vs a consensus loss of $0.03

Net income was up 33%

Revenues were up a meager 2%, but profits soared….

Diamond Foods: audit committee investigation announces findings – will restate 2010 and 2011 financial statements; announces appointment of new CEO and CFO (36.66 -1.00)
Co announced that the Audit Committee of its Board of Directors has substantially completed its investigation of the Company’s accounting for certain crop payments to walnut growers. The Audit Committee has concluded that the Company’s financial statements for the fiscal years 2010 and 2011 will need to be restated. Over the course of the last three months, the Audit Committee has carefully reviewed the accounting treatment of certain payments to walnut growers. The Audit Committee has concluded that a “continuity” payment made to growers in August 2010 of approximately $20 million and a “momentum” payment made to growers in September 2011 of approximately $60 million were not accounted for in the correct periods, and the Audit Committee identified material weaknesses in the Company’s internal control over financial reporting.

The Board of Directors is taking a number of corrective actions including the appointment of a new Chief Executive Officer and Chief Financial Officer. Effective immediately, the Board has appointed Director Rick Wolford to serve as Acting President and Chief Executive Officer and Michael Murphy, of Alix Partners, LLP, to serve as Acting Chief Financial Officer. The Company is commencing searches for permanent replacements for the CEO and CFO positions. The Board has also appointed Robert J. Zollars, who previously served as Lead Independent Director, to the position of Chairman of the Board. Michael J. Mendes and Steven M. Neil have been placed on administrative leave from the Company.

Diamond is working diligently to complete financial restatements for the affected periods and will file all required reports with the U.S. Securities and Exchange Commission as soon as possible. While the timing of the restatement is difficult to predict at this time, the Company will endeavor to provide updates on timing and other material developments.

Rick Wolford previously served as Chief Executive Officer, President and Chairman of Del Monte Foods. Michael Murphy is currently a Managing Director at Alix Partners, a leading financial consulting firm.

Still got a good piece of technology sitting on my desk, but there is no software to connect it to Windows 7. Will Windows 8 have the answer or will this cheap bastard have to buy a new piece of equipment?

Follow the money…

A smaller loss than expected has CSC flying this am…

Source

Buffalo Wild Wings Inc. (BWLD) (BWLD US) rallied 15 percent to $81. The operator of about 800 namesake restaurants reported fourth-quarter profit excluding some items was 73 cents a share, topping the average analyst estimate of 67 cents.

Cerner Corp. (CERN) (CERN US): The developer of technology for organizing medical records forecast earnings in 2012 to be as much as $2.30 a share, exceeding the average analyst estimate by 4 cents.

Kodiak Oil & Gas Corp. (KOG) (KOG US) rose 1.6 percent to $9.11. The Denver-based oil and natural gas explorer with assets in the Williston Basin of North Dakota said it has entered into a contract for a seventh operated rig.

OpenTable Inc. (OPEN) (OPEN US) added 4.2 percent to $53.60. The online restaurant-reservation service reported fourth-quarter earnings of 37 cents a share, beating the average analyst estimate by 7 cents. The San Francisco-based company was raised to “overweight” from “neutral” by Piper Jaffray Cos.

Opnet Technologies Inc. (OPNT) (OPNT US): The management software maker reported third-quarter earnings of 26 cents a share, falling short of the average analyst estimate by 3 cents.

Sprint Nextel Corp. (S) (S US) rose 4.5 percent to $2.56. The third-largest U.S. wireless carrier posted a narrower loss than analysts projected after Apple Inc.’s (AAPL US) iPhone boosted sales.

Time Warner Inc. (TWX US) rose 4.3 percent to $39.72. The owner of the HBO cable-TV channel reported fourth-quarter profit that topped analysts’ estimates as advertising improved for its television networks. Time Warner also announced a new share buyback program of $4 billion and raised its quarterly dividend by 11 percent to 26 cents.

Virgin Media Inc. (VMED US) climbed 3.3 percent to $25.07. The U.K’s second-largest pay-television company is in talks with video-streaming providers to add shows and movies to its TiVo recording service, Chief Executive Officer Neil Berkett said.

Walt Disney Co. (DIS US) slipped 0.9 percent to $40.60. The largest U.S. entertainment company by market value reported first-quarter revenue was $10.8 billion, missing the average analyst estimate of $11.2 billion.

Western Union Co. (WU US) slumped 6.3 percent to $18.45. The world’s largest money-transfer business forecast earnings in 2012 will be no more than $1.75 a share, less than the average analyst estimate of $1.81.

Gapping up 

AVID +17.7%, BWLD +16.8%, GUID +10.4%, BLDP +9.4%, SNCR +9.1%, CALX +8%, CERN +6.6%, GLUU +6.3%, MITK +5.3%, OPEN +5.3%, VCLK +3.3%,

BCS +2.8%, RIO +2.4%, BAC +1.9%, LGND +1.9%, NOK +1.6%,

Gapping down

SGI -23.5%, TNK -9.5%, CRDC -7.7%, OPNT -7.3%, RICK -6.7%, WU -6.6%, PNRA -2.8%, SNY -2.2%, SYT -2%, TCAP -1.7%, DIS -1.4%

In Play

On the Wires 

Off yesterday’s earnings the company is popping 15% pre-market….

Yawn

People love the garbagio food…if you can call it that.

The company will start a $ billion repurchase program

New subscribers hit a record of 1.6 million…the best showing in 6 years.

Low end full year guidance has ticked up $0.03