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Market Update

Cree Plunges on Estimate, Macy's Cuts Outlook


Author: Mukesh Buch
ticker.com
Last Update: 12:07 PM ET August 13 2014

12:15 PM New York – Cree net jumped 6% and lowered its fiscal outlook. Deere & Co net plunged 15%. Fossil net tumbled 22% but sales soared 10%. Hillshire Brands profit climbed 20%. Macy''s sales and profit jumped 4%. URS surged 31% but revenue declined 7%. WellPoint rename to Anthem.

Tollbooth Index gained 0.5% or 47.38 to 9,326.22.

Earnings Review

Cree, Inc (CREE) tumbled 9.1% or $4.47 to $44.73 after the semiconductors products maker said revenue in the fourth-quarter ending in June soared 16% to $436 million from a year ago period.

Net income in the quarter jumped 6% to $30 million or 24 cents a diluted share compared to $28 million or 23 cents from a same quarter last year.

Cree forecasted revenue for the first-quarter in the range of $440 million to $465 million and net income between $30 million and $37 million and diluted earnings per share in the range of 25 cents to 30 cents.

Deere & Company (DE) slipped 1.5% or $1.28 to $85.19 after the agricultural and turf equipment maker reported net sales in the third-quarter ending in July declined 5% to $9.50 billion from a year ago period.

Net income in the quarter plummeted 14.6% to $850.7 million or $2.33 a diluted share compared to $996.5 million or $2.56 from a same quarter last year.

For the fiscal year, the company forecasted net income to be about $3.1 billion and equipment sales are expected to drop about 6%.

Fossil Group Inc (FOSL) declined 6.4% or $6.55 to $95.70 after the fashion accessories maker stated net sales in the second-quarter ending onJuly 5 soared 9.6% to $773.8 million from a year ago period.

Net income in the quarter dropped 22.4% to $52.5 million or 98 cents a diluted share compared to $67.7 million or $1.15 from a same quarter last year.

Hillshire Brands Co (HSH) rose 11 cents to $62.78 after the food products maker said revenue in the fourth-quarter ending on June 28 soared 10.7% to $1.1 billion from a year ago period.

Net income in the quarter climbed 20.4% to $59 million or 22 cents a diluted share compared to $49 million or 33 cents from a same quarter last year.

Macy''s Inc (M) plunged 6.4% or $3.84 to $55.92 after the department stores operator reported sales in the second-quarter ending on August 2 increased 3.3% to $6.27 billion from a year ago period. Comparable store sales climbed 4%.

Net income in the quarter jumped 3.9% to $292 million or 80 cents a diluted share compared to $281 million or 72 cents from a same quarter last year.

URS Corp (URS) increased 1.5% or 91 cents to $59.20 after the engineering construction company stated revenue in the third-quarter ending onJuly 4 declined 7.1% to $2.55 billion from a year ago period.

Net income in the quarter surged 31% to $88 million or $1.27 a diluted share compared to $67 million or 91 cents from a same quarter last year.

WellPoint Inc (WLP) gained 1.5% or $1.68 to $110.34 after the health insurer confirmed that its plans to change its corporate name to Anthem, Inc and become “more consumer capable company,"""" president and chief executive officer Joseph Swedish said.

The change is expected to by the end of this 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