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Market Update

Avago, Kroger Climb; Aeropostale, Barnes & Noble, Express, Sears Plunge


Author: Mukesh Buch
ticker.com
Last Update: 12:12 PM ET December 04 2014

12:05 PM New York Avago Technologies net declined 22% but revenues climbed 115%. Aeropostale net loss widened. Barnes & Noble profit slumped 7%. Dollar General net fell. Kroger profit surged 21%. NextEra agreed to acquire Hawaiian Electric for $4.3 billion. PVH netsoared 15%. Sears Holdings net loss widened.

Tollbooth Index fell 0.3% or 34.01 to 9,984.26.

Earnings Review

Avago Technologies Ltd (AVGO) soared 8.4% or $8 to $103.12 after the semiconductor device maker reported net revenue in the fourth-quarter ending on November 2 climbed 115.4% to $1.59 billion form a year ago period.

Net income in the quarter declined 21.5% to $135 million or 50 cents a diluted share compared to $172 million or 68 cents from a same quarter last year.

Aeropostale Inc (ARO) tumbled 25.7% or 82 cents to $2.37 after the specialty retailer said net sales in the third-quarter ending on November 1 plummeted 12% to $452.9 million from a year ago period. Comparable store sales in the quarter plunged 11%.

Net loss in the quarter widened to $52.3 million or 66 cents a diluted share compared to $25.6 million or 33 cents from a same quarter last year.

Barnes & Noble, Inc (BKS) plunged 8.8% or $1.96 to $20.28 after the bookseller stated revenues in the second-quarter ending on November 1 decreased 2.7% to $1.7 billion from a year ago period.

Net income in the quarter slumped 6.8% to $12.3 million or 12 cents a diluted share compared to $13.2 million or 15 cents from a same quarter last year.

Dollar General Corp (DG) increased 1.8% or $1.20 to $67.89 after the discount retailer net sales in the third-quarter ending in October jumped 7.8% to $4.72 billion from a year ago period. Same store sales in the quarter rose 2.8%.

Net income in the quarter slid 0.5% to $236.3 million or 78 cents a diluted share compared to $237.4 million or 74 cents from a same quarter last year.

Express, Inc (EXPR) plunged 10.1% or $1.47 to $13.02 after the specialty apparel retailer said net sales in the third-quarter ending onNovember 2 fell 1% to $497.6 million from a year ago period. Comparable store sales in the quarter declined 5%.

Net income in the quarter tumbled 24.3% to $14.6 million or 17 cents a diluted share compared to $19.3 million or 23 cents from a same quarter last year.

The Kroger Co (KR) climbed 3.5% or $2.05 to $60.70 after the food retailer reported total sales in the third-quarter ending on November 8 soared 11.2% to $25 billion from a year ago period.

Net earnings in the quarter surged 21.1% to $362 million or 73 cents a diluted share compared to $299 million or 57 cents from a same quarter last year.

NextEra Energy Inc (NEE) decreased 1.1% or $1.18 to $103.21 after the electric power company agreed to acquire rival Hawaiian Electric Industries, Inc in a deal valued at about $4.3 billion.

The transaction is expected to close before end of 2015.

PVH Corp (PVH) slipped $1.08 to $123.32 after the apparel company reported net sales in the third-quarter ending on November 2 slid 1.4% to $2.11 billion from a year ago period. Comparable store sales in the quarter declined 5%.

Net income in the quarter soared 14.7% to $225.7 million or $2.71 a diluted share compared to $196.7 million or $2.37 from a same quarter last year.

Sears Holdings Corp (SHLD) dropped 3.1% or $1.05 to $33.20 after the retailer reported revenues in the third-quarter ending on November 1dropped 13.2% to $7.2 billion from a year ago period.

For the quarter, domestic comparable store sales declined 0.1%, comprised of an increase of 0.5% at Kmart and a decrease of 0.7% at Sears Domestic.

Net loss in the quarter widened to $548 million or $5.15 a diluted share compared to $534 million or $5.03 from a 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