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Market Update

Adobe, FedEx, KBH home Profit Rise; General Mills Net Falls


Author: Mukesh Buch
ticker.com
Last Update: 6:50 PM ET September 21 2016

2:00 PM New York Adobe Systems net and revenues soared. CarMax net declined 6% but sales rose. FedEx profit jumped 3%. General Mills net fell 4% on 7% decline in revenues and reaffirmed net sales growth in fiscal 2017. KBH home net soared 69%.

Tollbooth Index fell 16.10 or 0.2% to 10,898.65.

Earnings Review

Adobe Systems Inc (ADBE) soared 6.5% or $6.53 to $107.15 after the enterprise software maker reported total revenues in the third-quarter ending on September 2 jumped 19.7% from a year ago to $1.46 billion.

Net income in the quarter soared 55.2% to $270.8 million or 54 cents per diluted share compared to the $174.5 million or 34 cents per share from the same quarter last year.

CarMax, Inc (KMX) declined 2.5% or $1.40 to $54.36 after the used vehicles retailer said revenues in the second-quarter ending in August rose 2.9% from a year ago to $4 billion.

Used unit sales in comparable stores in the quarter advanced 3.1%. Total used unit sales soared 7% while total wholesale unit sales slumped 1.3%.

Net income in the quarter fell 5.7% to $162.4 million or 84 cents per diluted share compared to the $172.2 million or 82 cents per share from the same quarter last year.

FedEx Corporation (FDX) surged 6.4% or $10.33 to $173.02 after the air freight and logistics services provider reported revenues in the first-quarter ending in August soared 19.5% from a year ago to $14.7 billion.

Net income in the quarter jumped 3.3% to $715 million or $2.65 per diluted share compared to the $692 million or $2.42 per share from the same quarter last year.

FedEx forecasted diluted earnings per share in fiscal 2017 between $11.85 and $12.35 and fiscal year capital spending including TNT Express of $5.6 billion.

General Mills, Inc (GIS) slipped 39 cents to $64.31 after the consumer foods maker said net sales in the first-quarter ending on August 28 declined 7% from a year ago to $3.9 billion.

Net income in the quarter dropped 4.1% to $409 million or 67 cents per diluted share compared to the $426.6 million or 69 per share from the same quarter last year.

General Mills reaffirmed in net sales growth in fiscal 2017 ranging from flat to 2% decrease and estimated diluted earnings per share to jump between 6% and 8% from $2.92 reported in fiscal 2016.

Intuit Inc (INTU) gained 33 cents to $109.30 after the enterprise software developer reaffirmed and revenue in the first-quarter ending in October to jump in the range of 4% to 7% to $740 million to $760 million and diluted loss per share between 1 cent and 3 cents.

In the year, Intuit forecasted revenue of $5 billion to $5.1 billion, growth of 7% to 9% but diluted earnings per share in the range of $3.35 to $3.45 from $3.69 in fiscal 2016.

KBH home (KBH) rose 11 cents to $15.04 after the homebuilder stated total revenues in the third-quarter ending in August advanced 8% from a year ago to $913.3 million.

Net income in the quarter surged 69% to $39.4 million or 42 cents per diluted share compared to the $23.3 million or 23 cents per share from the same quarter last year.

The homebuilder said deliveries in the quarter soared 11% to 2,487 homes and average selling price increased 2% to $365,900.

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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