2:10 PM New York – Best Buy net surged 55%. Specialty apparel retailer Cato said revenues declined 7%. Cisco struggled with revenue growth and said net cash balance increased to $71 billion. Smucker revenues plunged 8%. Wal-Mart lifted earnings forecast.
Tollbooth Index advanced 64.94 or 0.6% to 10,963.96.
Best Buy Co Inc
) surged 8.1% or $3.27 to $43.69 after the electronics, computing and mobile retailer reported revenues in the third-quarter ending in October increased 1.5% from a year ago to $8.9 billion.
Comparable store sales in the quarter rose 1.8% and domestic online revenue soared 24.1% to $881 million.
Net income in the quarter surged 55.2% to $194 million or 61 cents per diluted share compared to the $125 million or 36 cents per share from the same quarter last year.
Best Buy forecasted fourth-quarter revenue in the range of $13.4 billion to $13.6 billion and comparable sales growth to range between 1% increase and 1% decrease and diluted earnings per share in the range of $1.62 to $1.67.
) tumbled 10.5% or $3.72 to $31.87 after the women''s fashion specialty retailer said sales in the third-quarter ending on October 29 dropped 7% from a year ago to $207 million.
Same-store sales in the quarter declined 8%.
Net income in the quarter were flat at $8.3 million or and diluted earnings per share were also flat at 30 cents from the same quarter last year.
Cato said gross margin rate in the quarter slumped 35.5% of sales from 37.2% a year ago period, mainly due to lower merchandise margins and higher buying costs.
Cisco Systems Inc
) plunged 5.6% or $1.77 to $29.81 after the networking solution provider reported revenues in the first-quarter ending on October 29 fell 2.6% from a year ago to $12.4 billion.
Net income in the quarter declined 4.5% to $2.3 billion or 46 cents per diluted share compared to the $2.4 billion or 48 cents per share from the same quarter last year.
Cisco said revenue in switching business slumped 7% to $3.7 billion.
Cisco said as of first-quarter end it had $71 billion in cash and cash equivalents.
Kelly Kramer, chief financial officer added that the company is looking to repay some of debts, evaluating stock buyback plan and consider some strategic investments.
J M Smucker Co
) dropped 3.8% or $4.99 to $124.96 after the branded food and beverage products producer stated revenues in the second-quarter ending in October plunged 8% from a year ago to $1.9 billion.
Net income in the quarter rose 1% to $177.3 million or $1.52 per diluted share compared to the $176 million or $1.47 per share from the same quarter last year.
Wal-Mart Stores, Inc
) slumped 3.9% or $2.80 to $68.56 after the supermarkets and convenience stores operator reported total revenues in the third-quarter ending in October increased 0.7% from a year ago to $118.2 billion.
U.S. Walmart comparable sales rose 1.2%, driven by traffic increase of 0.7% and e-commerce sales surged 21%. Neighborhood market comparable sales jumped 5.2%.
Net income in the quarter plunged 8.2% to $3.03 billion or 98 cents per diluted share compared to the $3.30 billion or $1.03 per share from the same quarter last year.
International sales declined 4.8% to $28.4 billion.
Wal-Mart lifted diluted earnings per share in the fiscal 2017 to range between $4.34 and $4.49 compared to the earlier estimated range of $4.29 to $4.49.