Jul 18, 2013

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Most Volatile Movers: Knoll Inc. (NYSE:KNL) and M&T Bank Corp. (NYSE:MTB)

Most Volatile Movers: Knoll Inc. (NYSE:KNL) and M&T Bank Corp. (NYSE:MTB)

Knoll Inc. (NYSE:KNL) reported that its second-quarter earnings declined 40%, as the office furniture maker logged sluggish sales to government agencies and hiked its spending.

Knoll declared a profit of $7.9 million, or 17 cents per share, lower, as compared to $13.1 million, or 28 cents per share, a year ago. Omitting restructuring costs, the year-ago same quarter earnings came in at 22 cents per share. Sales declined 3%, to $214.3 million.

Analysts surveyed by Thomson Reuters had most lately estimated earnings of 27 cents per share on revenue of $238 million. Gross margin slimmed to 32.6%, as compared to 33.7%.

Shares ended on Tuesday at $15.50 and were inactive during the premarket session. The stock has increased 17% over the last 12 months.

M&T Bank Corp. (NYSE:MTB) reported that its second-quarter earnings climbed up 49%, topping expert forecasts, as the regional bank witnessed robust results from its mortgage unit, although its net interest margin decreased.

The hike in mortgage-banking revenue, which enhanced 31%, to $91.3 million, tracks a recent trend at the firm. Trust income, in the meantime, was higher 2%, to $124.7 million.

Credit-loss provisions declined to $57 million, as compared to $60 million a year ago and climbed up from $38 million in the initial quarter. Net charge-offs, or loans the firm does not consider were collectible, came in 0.35%, from 0.34% a year ago.

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