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Market Update

Cisco Net Surges, Wal-Mart Net Jumps on Same Store Sales Increase


Author: Mukesh Buch
ticker.com
Last Update: 9:37 AM ET August 18 2016

12:00 PM New York Wal-Mart reported eighth quarterly same store sales increase in a row and said net rose 9%. Cisco net surged 21% and the networking gear maker said it plans to eliminate up to 5,500 positions globally. Cato net rose 2% and lowered earnings forecast after sales dropped. Toro net jumped 5%.

Tollbooth Index edged up 13.73 to 11,134.38.

Earnings Review

Bon-Ton Stores Inc (BONT) plunged 6.1% or 10 cents to $1.54 after the department store operator said revenues in the second-quarter ending in July slipped 2.4% from a year ago to $542.4 million.

Comparable store sales in the quarter decreased 2%.

Net loss in the quarter edged down to $38.7 million or $1.95 per diluted share compared to the $39.6 million or $2.01 per share from the same quarter last year.

In fiscal 2016, the retailer forecasted diluted loss per share in the range of 95 cents to $1.45 but reaffirmed operating profit between $130 million and $140 million.

Cisco Systems, Inc (CSCO) fell 22 cents to $30.50 after the network equipment maker reported revenues in the fourth-quarter ending in July rose 2% from a year ago to $12.6 billion.

Net income in the quarter surged 21% to $2.8 billion or 56 cents per diluted share compared to the $2.3 billion or 45 cents per share from the same quarter last year.

Cisco said the restructuring will eliminate as much as 5,500 positions, representing approx 7% of global workforce. The job reductions will take place in the first quarter of fiscal 2017.

The Cato Corporation (CATO) increased 30 cents to $35.23 after the fashion specialty retailer said revenues in the second-quarter ending in July dropped 5% from a year ago to $236.7 million.

Same store sales in the quarter plunged 6%.

Net income in the quarter rose 1.9% to $15.9 million or 57 cents per diluted share compared to the $15.6 million or 56 cents per share from the same quarter last year.

In the year, the specialty retailer lowered diluted earnings per share forecast between $2.32 and $2.41 from $2.39 reported in a year ago period.

Hormel Foods Corp (HRL) jumped 2.9% or $1.08 to $37.43 after the food and meat products maker said revenues in the third-quarter ending on July 24 advanced 5% from a year ago to $2.3 billion.

Net income in the quarter soared 33% to $195.7 million or 36 cents per diluted share compared to the $146.9 million or 27 cents per share from the same quarter last year.

Hormel lifted diluted earnings per share forecast in the range of $1.60 to $1.64 from earlier estimated range of $1.56 to $1.60 per share.

The Toro Company (TTC) slipped 1.2% or $1.09 to $92.80 after the turf maintenance equipment maker said revenues in the third-quarter ending on July 29 fell 1% from a year ago to $601 million.

Net income in the quarter jumped 4.7% to $55.8 million or $1 per diluted share compared to the $53.3 million or 94 cents per share from the same quarter last year.

Wal-Mart Stores, Inc (WMT) increased 1.6% or $1.17 to $74.10 after the specialty retailer reported total revenues in the second-quarter ending in July edged up 0.5% from a year ago to $120.9 billion.

The retailer said comparable store sales rose 1.6%, the eighth quarterly increase in a row.

Net income in the quarter soared 8.6% to $3.8 billion or $1.21 per diluted share compared to $3.5 billion or $1.08 per share from the same quarter last year.

Wal-Mart forecasted diluted earnings per share in the year between $4.29 and $4.49 after one-time transaction expenses related to the planned acquisition of Jet.com.

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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