Tag: stock market

Best Buy Co. Inc. shares fell 4.3% in Thursday premarket trading after the consumer electronics retailer reported a third-quarter revenue miss and gave weak earnings guidance. Net income for the quarter was $239.0 million, or 78 cents per share, up from $194.0 million, or 61 cents per share, for the same period last year. The FactSet consensus was 78 cents. Revenue totaled $9.32 billion, up from $8.95 billion last year but below the $9.36 billion FactSet consensus. Enterprise same-store sales rose 4.4% while domestic same-store sales increased 4.5%. The FactSet consensus was for a 4.9% increase. Best Buy Chief Executive Hubert Joly said results were hurt by lower-than-expected mobile revenue and natural disasters. The retailer raised its fourth-quarter guidance, and now sees sales of $14.2 billion to $14.5 billion, domestic and enterprise same-store sales growth of 1% to 3% each, and adjusted EPS of $1.89 to $1.99. The FactSet consensus is for sales of $14.35 billion, a 1.9% same-store increase, and EPS of $2.03. For the full-year, the company now sees revenue of $41.0 billion to $41.3 billion. The FactSet consensus is $41.23 billion. Best Buy shares are down 5.6% for the last three months, but up 41.7% for the last year. The S&P 500 index is up 17.8% for the period.

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J.M. Smucker Co. shares surged 2.3% in premarket trade Thurday, after the maker of Folgers, Dunkin’ Donuts and Cafe Bustelo coffee beat earnings estimates for its second fiscal quarter. Smucker said it had net income of $194.6 million, or $1.71 a share, in the quarter, up from $177.3 million, or $1.52 a share, in the year-earlier period. Adjusted per-share earnings came to $2.02, ahead of the FactSet consensus of $1.90. Sales rose 1% to $1.924 billion from $1.914 billion, also ahead of the FactSet consensus of $1.900 billion. Chief Executive Mark Smucker said earnings were driven by the pet food business, as well as Dunkin’ Donuts coffee and Jif peanut butter. The company said it is adjusting its fiscal 2018 guidance to reflect “industry-wide headwinds,” and now expects adjusted EPS of $7.75 to $7.90, compared with prior guidance of $7.75 to $7.95. Sales are expected to be flat to down slightly.

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Four more women came forward Wednesday describing unwanted sexual advances from Roy Moore — three of them when they were teenagers. Two women described their experiences to the Washington Post. One woman said when she was about 18, Moore — then about 30 — unexpectedly called her at her high school. The two eventually went out on a date, and she said Moore gave her an unwanted, “forceful” kiss that left her afraid. Another woman said she complained to her supervisor over Moore’s behavior toward that same woman when he entered the Sears store that both teens worked at in Gadsen, Ala. “Watch out for this guy,” a store manager reportedly told new hires. Separately, another two women told their stories to Alabama’s AL.com. One woman said Moore groped her in 1991, when she was married, and the other said Moore asked her out when she was 17. “I just kind of said, ‘Do you know how old I am?'” she told AL.com. “And he said, ‘Yeah. I go out with girls your age all the time.'” Earlier in the day, Moore’s legal team attempted to discredit other women who have accused him of sexual misconduct, calling them part of a partisan attack against his U.S. Senate campaign.

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The billionaire Koch brothers are backing an effort by Meredith Corp. to buy Time Inc. , the New York Times reported Wednesday night. Sales talks between the two companies collapsed earlier this year, but the Kochs’ offer of a $500 million equity injection could reinvigorate new negotiations, the Times reported. It was unclear how much influence the Kochs, known for supporting conservative causes, would have if a deal is made. The Times said a deal may be announced after Thanksgiving. In addition to Time magazine, Time Inc. publishes People, Sports Illustrated, Entertainment Weekly and more than 100 other magazines. Iowa-based Meredith publishes Better Homes and Gardens and Martha Stewart Living, among others.

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Two more women have come forward describing unwanted sexual overtures from Roy Moore when they were teenagers, the Washington Post reported Wednesday night. One woman said when she was about 18, Moore — then about 30 — unexpectedly called her at her high school. The two eventually went out on a date, and she said Moore gave her an unwanted, “forceful” kiss that left her afraid. Another woman said she complained to her supervisor over Moore’s behavior toward that same woman when he entered the Sears store that both teens worked at in Gadsen, Ala. “Watch out for this guy,” a store manager reportedly told new hires. Earlier in the day, Moore’s legal team attempted to discredit other women who have accused him of sexual misconduct, calling them part of a partisan attack against his U.S. Senate campaign.

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Shares of L Brands Inc. fell 3.5% late Wednesday after the parent company of Victoria’s Secret and Bath & Body Works reported third-quarter earnings in line with expectations but falling comparable-store sales, including a 4% decline at flagship Victoria’s Secret brand in the quarter. L Brands said it earned $86 million, or 30 cents a share, in the quarter, compared with $122 million, or 42 cents a share, in the year-ago period. Sales reached $2.62 billion for the quarter, compared with $2.58 billion a year ago. The company’s exit of the swim and apparel categories had a negative impact of about 2 percentage points to both total company and Victoria’s Secret comparable sales, it said. Analysts polled by FactSet had expected earnings of 30 cents a share on sales of $2.62 billion. The company said it expects fourth-quarter per-share earnings between $1.95 and $2.10, and between $3.05 to $3.20 for the full year 2017. The analysts surveyed by FactSet expect fourth-quarter earnings of $2.02 a share and EPS of $3.12 for the year.

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Shares of RH , formerly known as Restoration Hardware, topped 9% late Wednesday after the home furnishings retailer raised its third-quarter and fiscal 2017 guidance thanks to “a dramatically more efficient operating platform,” it said. Adjusted net revenues for the quarter are expected to be up 8%, despite a 1% negative impact from hurricanes Harvey and Irma, the company said in a statement. Adjusted diluted per-share earnings are expected to be in the range of $1.02 to $1.04, compared with a prior guidance of between 68 cents and 80 cents. RH said it expects net revenues for the third quarter to reach about $592.5 million, compared to a previous guidance of adjusted net revenues in the range of $575 million and $590 million. For fiscal 2017, the company called for net income in a range of $82 million and $87 million, from a previous forecast of $70 million to $77 million, and called for fiscal 2017 expenses between $120 million to $130 million, down from between $120 million to $140 million. The company said it expects fiscal 2018 net revenue between $2.58 billion to $2.62 billion, adjusted net income in the range of $125 million to $145 million, and free cash flow of more than $240 million. Shares had ended the regular trading day down 6.1%.

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NetApp Inc. shares jumped in the extended session Wednesday after the company beat fiscal second-quarter earnings and sales expectations. NetApp shares rose 4.6% to $47.96 after hours. The company reported second-quarter net income of $175 million, or 64 cents a share, compared with $109 million, or 38 cents a share, in the year-ago period. Adjusted earnings were 81 cents a share. Revenue rose to $1.42 billion from $1.34 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 69 cents a share on revenue of $1.38 billion. For the third fiscal quarter, analysts model earnings of 85 cents a share on revenue of $1.44 billion. Executives said that they expected fiscal third-quarter earnings of between $1.18 and $1.26 a share on sales of between $1.43 billion and $1.56 billion. NetApp stock has gained 30% this year, with the S&P 500 index rising 15%.

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Cisco Systems Inc. shares rallied in the extended session Wednesday after the networking company topped Wall Street estimates for the quarter and offered an earnings forecast slightly above the consensus. Cisco shares surged 3.8% to $35.40 after hours. The company reported fiscal first-quarter net income of $2.39 billion, or 48 cents a share, compared with $2.32 billion, or 46 cents a share, in the year-ago period. Adjusted earnings were 61 cents a share. Revenue declined to $12.14 billion from $12.35 billion in the year-ago period. Analysts surveyed by FactSet had estimated 60 cents a share on revenue of $12.11 billion. For the fiscal second quarter, Cisco estimates earnings of 58 cents to 60 cents a share on year-over-year revenue growth of 1% to 3%, or $11.7 billion to $11.93 billion. Analysts expect earnings of 58 cents a share on revenue of $11.7 billion.

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Agilent Technologies Inc. said late Wednesday its board of directors has increased the company’s dividend to 14.9 cents a share, payable Jan. 24 to shareholders of record as of Jan. 2. Shares of Agilent were flat in after-hours trading after ending the regular trading day down 0.2%.

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