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Market Update

Accenture, Lindsay Rise; Barnes & Noble, Bed Bath & Beyond, Cree Fall


Author: Mukesh Buch
ticker.com
Last Update: 5:54 AM ET June 25 2015

12:20 PM New York Accenture lifted fiscal outlook. Barnes & Noble net loss narrowed and revenues plunged 10%. Bed Bath & Beyond net declined 15%. Cree plunged on weak forecast. Lindsay profit tumbled 22%. Shaw Communications net dropped 8%.

Tollbooth Index gained 0.4% or 40.82 to 10,857.11.

Earnings Review

Accenture Plc (ACN) increased 2.2% or $2.18 to $99.95 after the Ireland-based outsourcing services provider reported revenues in the third-quarter ending in May rose 0.3% to $8.27 billion from a year ago period.

Net income in the quarter slipped 3.3% to $840 million or $1.24 per diluted share compared to $868.9 million or $1.26 from the same quarter last year.

For the year, Accenture lifted adjusted earnings per share forecast between $4.73 to $4.78 on revenue growth between 9% and 10%.

Earlier the company estimated earnings per share of $4.66 to $4.76 on revenue growth of 8% to 10%.

The company forecasted sales for the fourth-quarter in the range of $7.45 billion to $7.7 billion.

Barnes & Noble, Inc (BKE) decreased 3% or 80 cents to $25.53 after the bookseller said net sales in the fourth-quarter ending on May 2 plunged 10.4% to $1.18 billion from a year ago period.

Retail comparable store sales in the quarter decreased 1.3%.

Net loss in the quarter narrowed to $19.4 million or 37 cents per diluted share compared to $36.7 million or 72 cents from the same quarter last year.

The bookseller added revenues in the retail segment slipped 9% to $869 million and revenue for the college business dropped 8.1% to $274 million.

The company said revenue for the NOOK segment in the quarter tumbled 39.8% to $52 million.

Bed Bath & Beyond Inc (BBBY) slumped 2.7% or $189 to $68.45 after the home furnishings retailer reported net sales in the first-quarter ending in May increased 3.1% to $2.74 billion from a year ago period.

Same-store sales for the first quarter rose 2.2%.

Net income in the quarter declined 15.3% to $158.5 million compared to $187.1 million and diluted earnings per share were flat at 93 cents from the same quarter last year.

The retailer forecasted same-store sales for the second-quarter to increase between 2% and 3% and earnings per share in the range of $1.18 to $1.23.

Cree, Inc (CREE) plunged 9.9% or $3.02 to $27.54 after the light emitting diode products maker forecasted revenues for the fourth-quarter of about $375 million, including reserve revenue of $27 million.

The company plans to restructure the LED Products business and $500 million share buyback authorization.

Lindsay Corporation (LNN) soared 10% or $8.28 to $90.90 after the agricultural equipment provider said revenues in the third-quarter ending in May slumped 5.4% to $160.7 million from a year ago period.

Net income in the quarter tumbled 21.8% to $12.9 million or $1.10 per diluted share compared to $16.5 million or $1.28 from the same quarter last year.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc