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Market Update

DSW, Daktronics Climb; Best Buy, Movado, Sanderson Farms Decline


Author: Mukesh Buch
ticker.com
Last Update: 12:08 PM ET August 26 2014

12:10 PM New York Best Buy net tumbled 45%. Bank of Montreal net was flat despite revenue jumped. DSW net rose 2%. Daktronics netclimbed on 20% increase of revenue. Movado net slipped but revenue grew. Sanderson Farms profit jumped 12%. Tech Data net more than doubled.

Tollbooth Index gained 0.4% or 36.04 to 9,560.62.

Earnings Review

Best Buy Co Inc (BBY) plunged 6.3% or $2.02 to $29.97 after the electronics products retailer reported revenue in the second-quarter ending on August 3 declined 4% to $8.90 billion from a year ago period. Comparable store sales in the quarter slipped 2% while and online comparable sales surged 22%.

Net income in the quarter tumbled 45.1% to $146 million or 42 cents a diluted share compared to $266 million or 77 cents from a same quarter last year.

Bank of Montreal (BMO) gained 49 cents to $75.28 after the diversified financial services provider said revenue in the third-quarter ending in June jumped 4.2% to $4.21 billion from a year ago period.

Net income in the quarter was flat at $1.2 billion from a year earlier and diluted earnings per share edged up to $1.67 from $1.60 in the same quarter last year.

DSW Inc (DSW) surged 9.2% or $2.60 to $30.98 after the footwear and accessories retailer reported net sales in the second-quarter ending on August 2 jumped 4.5% to $587 million from a year ago period.

Net income in the quarter rose 1.8% to $34.3 million or 38 cents a diluted share compared to $33.7 million or 37 cents from a same quarter last year.

Daktronics, Inc (DAKT) climbed 6.8% or 82 cents to $12.80 after the electronic scoreboards and display systems maker said net sales in the second-quarter ending on August 2 surged 20.1% to $166.6 million from a year ago period.

Net income in the quarter climbed 53% to $8.75 million or 20 cents a diluted share compared to $5.72 million or 13 cents from a same quarter last year.

Movado Group, Inc (MOV) plummeted 7.2% or $3.15 to $40.89 after the watches maker stated net sales in the second-quarter ending in July grew 3.8% to $143.6 million from a year ago period.

Net income in the quarter fell 2.4% to $12.2 million or 47 cents a diluted share compared to $12.5 million or 48 cents from a same quarter last year.

Sanderson Farms, Inc (SAFM) declined 7.9% or $7.52 to $87.60 after the poultry processing company reported net sales in the third-quarter ending in July advanced 4% to $768.4 million from a year ago period.

Net income in the quarter jumped 12% to $76.1 million or $3.30 a diluted share compared to $67.9 million or $2.92 from a same quarter last year.

Tech Data Corp (TECD) increased 55 cents to $66.84 after the electronics products wholesaler stated net sales in the second-quarter ending in July soared 8% to $6.8 billion from a year ago period.

Net income in the quarter soared 167% to $39.3 million or $1.03 a diluted share compared to $14.7 million or 38 cents 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