During Friday’s Afternoon trade, Shares of Fogo De Chao Inc (NASDAQ:FOGO), gain 29.50% to $25.96.
Shares of Fogo de Chao Inc. surged in their first day of trading after the Brazilian steakhouse chain priced its IPO above the predictable range. According to AP
The company’s initial public offering on Friday sold just over 4.4 million shares of stock at $20 apiece. Shares quickly jumped after the opening bell and were up $5.46, or 27 percent, to $25.48 in midday trading.
The company had projected the IPO between $16 and $18 per share.
Underwriters for the IPO have a 30-day option to purchase up to 661,764 additional common shares.
Jefferies LLC and J.P. Morgan Securities LLC are acting as joint book-running managers in the offering.
Dallas-based Fogo de Chao operates 26 restaurants in the U.S., 10 in Brazil and one joint venture restaurant in Mexico. It opened its first restaurant in Porto Alegre, Brazil in 1979.
The restaurants are churrascarias which specialize in meats. Patrons are served continuously by roving chefs with options of different fire-roasted meat. A table medallion is used to signal whether a patron wants the roving chefs to continue offering meat through a simple color system of red or green.
The restaurants also have section where patrons can get side dishes.
In 2014, the company earned a profit of $17.6 million on revenue of $262.3 million. Fogo de Chao said it plans to use proceeds from the IPO to pay debt.
Fogo de Chao, Inc. is a United States-based holding company. The Company, through its auxiliaries, operates upscale Brazilian churrascaria steakhouses under the brand of Fogo de Chao. The Company owns 100% of Brasa (Purchaser) Inc. (Brasa Purchaser), which owns 100% of Brasa (Holdings) Inc. (Brasa Holdings). The Company operates through two segments: United States and Brazil. It specializes in fire-roasting meats utilizing the centuries-old Southern Brazilian cooking technique of churrasco. The Company offers its guests a tasting menu of meats featuring up to 20 cuts, simply seasoned and fire-roasted to expose their natural flavors. The Company operates about 26 restaurants in the United States, 10 in Brazil and one in Mexico.
Shares of KB Home (NYSE:KBH), inclined 10.83% to $16.59, during its afternoon trading session.
KB Home (KBH), stated results for its second quarter ended May 31, 2015.
Three Months Ended May 31, 2015
- Total revenues of $623.0 million grew 10% from $565.0 million in the year-earlier quarter, extending the Company’s trend of year-over-year revenue enhances to 15 successive quarters. The current quarter revenue growth was driven by enhances in the Company’s housing and land sale revenues.
- Housing revenues rose 8% to $604.9 million from $559.8 million for the year-earlier quarter, reflecting expanded delivery volume and a higher overall average selling price.
- The Company delivered 1,787 homes, up 2% from 1,751 homes in the year-earlier quarter.
- The overall average selling price of homes delivered advanced 6% to $338,500, contrast to $319,700 for the corresponding period of 2014. Average selling prices raised in the Company’s West Coast, Central and Southeast regions, while its Southwest region’s average selling price was essentially even.
- Land sale revenues rose to $15.9 million from $2.6 million a year ago, reflecting sales in three of the Company’s four regions.
Six Months Ended May 31, 2015
- Total revenues rose to $1.20 billion, up 18% from $1.02 billion in the year-earlier period.
- Homes delivered raised 6% to 3,380, contrast to 3,193 homes delivered in the six months ended May 31, 2014.
- The overall average selling price of $334,200 raised 7% from $313,200 for the year-earlier period.
- Homebuilding operating income was $32.3 million, contrast to $52.0 million in the corresponding period of 2014.
- Net income totaled $17.4 million, or $.18 per diluted share, contrast to $37.2 million, or $.40 per diluted share for the year-earlier period.
- Income tax expense was $5.8 million as compared to $.5 million for the six months ended May 31, 2014, with the 2014 period influenced by the Company’s full deferred tax asset valuation allowance, which was largely reversed at the end of 2014.
Backlog and Net Orders
- Potential future housing revenues in backlog grew 57% to $1.61 billion at May 31, 2015, from $1.03 billion at May 31, 2014, reflecting substantial year-over-year enhances in each of the Company’s four regions. These enhances ranged from 38% in its Central region, which mainly comprises of the Company’s operations in Texas, to 199% in its Southwest region.
- The Company’s backlog at May 31, 2015 raised 39% to 4,733 homes, contrast to 3,398 homes in backlog at May 31, 2014.
- The number of homes in backlog and corresponding backlog value at May 31, 2015 reached their highest second-quarter levels since 2008 and 2007, respectively.
- The value of net orders generated in the current quarter rose 38% to $1.05 billion from $763.2 million in the year-earlier period, marking the Company’s 13th successive quarter of year-over-year enhances.
- Each of the Company’s four regions generated year-over-year growth in net order value, ranging from 23% in its Central region to 165% in its Southwest region.
KB Home operates as a homebuilding company in the United States. It constructs and sells various homes, counting attached and detached single-family residential homes, townhomes, and condominiums primarily for first-time, move-up, and active adult homebuyers under the name KB Home.
Finally, Ambarella Inc (NASDAQ:AMBA), declined -6.18%, and is now trading at $118.73.
Last Wednesday, Citigroup issued a note saying it sees “slimmer” odds of GoPro (GPRO) cameras going mainstream. According to Thestreet
Shares of Ambarella, which makes chips that process video for a number of companies counting GoPro, fell after Citi analysts cut their shipment forecasts for GoPro’s action camera following results from consumer surveys.
The firm now anticipates GoPro to ship 9.3 million cameras by 2018, down from its previous forecast of 10.6 million units.
Santa Clara, Calif.-based Ambarella is a developer of semiconductor processing solutions for video that enable high-definition, video capture, sharing, and display.
The company’s system-on-a-chip designs HD video processing, image processing, audio processing, and system functions onto a single chip, delivering video and image.
Ambarella, Inc. develops semiconductor processing solutions for video that enable high-definition (HD) video capture, sharing, and display worldwide. The companys system-on-a-chip designs integrated HD video processing, image processing, audio processing, and system functions onto a single chip for delivering video and image quality, differentiated functionality, and low power consumption.
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