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Market Update

American Express, Lennar Rise, Tribune Drops 2%

Author: Mukesh Buch
Last Update: 12:29 PM ET September 21 2015

12:25 PM New York – Apple hopes the latest worldwide launch of smart phones may accelerate earnings growth in the last quarter. American Express reaffirmed earnings outlook for two fiscal years. Lennar profit and revenues surged. Steel Dynamics lowered earnings per share forecast. Tribune Publishing plunged on weak forecast.

Tollbooth Index jumped 141.77 or 1.4% to 10,466.21.

Earnings Review

Apple Inc gained 87 cents to $114.32 after the computer and gadget maker said the latest version of iPhone 6s and iPhone 6s Plus will be available at retail stores from September 25.

Apple said both models will be available on Friday from AT&T Inc, Sprint Corp., T-Mobile US Inc, and Verizon Wireless and additional carriers.

The phone maker said it both phones will be available in several countries in Asia and in Europe.

American Express Company (AXP) rose 1.4% or $1.09 to $76.97 after the charge card payment services provider said earnings per share for 2015 are forecasted to be “flat to modestly down” but reaffirmed its outlook for the next two fiscal years.

The company said revenues in the third-quarter are likely to fall from the second-quarter but earnings per share growth in 2016 and 2017 are expected within the estimated range of 12% to 15%.

Lennar Corporation (LEN) increased 1.8% or 92 cents to $52.69 after the homebuilder reported total revenues in the third-quarter ending in August surged 24% from a year ago to $2.5 billion.

Net income in the quarter soared 25.6% to $223.3 million or 96 cents per diluted share compared to $177.8 million or 78 cents from the same quarter last year.

The homebuilder said new orders jumped 10% to 6,495 homes valued at about $2.3 billion, an increase of 20%.

Neogen Corporation (NEOG) declined 7.5% or $4.05 to $50.14 after the food and animal safety products maker said revenues in the first-quarter ending in August soared 11% from a year ago to $74.9 million.

Net income in the quarter jumped 4.9% to $9.3 million or 25 cents per diluted share compared to $8.9 million or 24 cents from the same quarter last year.

Steel Dynamics, Inc (STLD) rose 10 cents to $17.99 after the metal recycling company lowered earnings per share forecast for the third-quarter in the range of 20 cents to 24 cents compared to reported earnings per share of 38 cents in the same period a year ago.

Tribune Publishing Co (TPUB) tumbled 21.2% or $2.24 to $8.35 after the media and marketing company lowered revenue forecast for the year between $1.65 billion and $1.68 billion compared to the earlier estimated range of $1.67 billion to $1.70 billion.

The company estimated operating profit for the year in the range of $145 million to $160 million compared to the previous guidance of $165 million to $175 million.

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