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Market Update

Lindsay, Nike Soar; Bed Bath & Beyond, Micron Technology Plunge


Author: Mukesh Buch
ticker.com
Last Update: 11:08 AM ET December 23 2015

11:00 AM New York – Bed Bath & Beyond plunged 6% on weak sales and earnings per share forecast. Lindsay revenues and net declined 9%. Micron Technology net tumbled 79%. Nike profit surged 20%. Paychex net jumped 9%. ConocoPhillips agreed to sell its 50% stake in Rosneft.

Tollbooth Index gained 35.10 or 0.3% to 10,803.96.

Earnings Review

Bed Bath & Beyond Inc (BBBY) plunged 5.5% or $2.83 to $48.49 after the home furnishings retailer lowered net sales forecast for the third-quarter to edge up 0.3% from a year ago to $3 billion while comparable sales to decrease 0.4%.

The home furnishings retailer also lowered its diluted earnings per share forecast in the range of $1.07 to $1.10 compared to earlier estimated range between $1.14 and $1.21 per share.

CalAmp Corp (CAMP) fell 10 cents to $19.45 after the wireless communication services provider said total revenues in the third-quarter ending in November surged 18% from a year ago to $74.7 million.

Net income in the quarter dropped 3.7% to $3.9 million compared to $4 million and diluted earnings per share were flat at 11 cents from the same quarter last year.

For the fourth-quarter, the company forecasted revenue in the range of $73 to $78 million and diluted earnings per share in the range of 9 cents to 13 cents.

Lindsay Corporation (LNN) soared 5.1% or $3.52 to $72.02 after the irrigation systems and infrastructure product provider reported revenues in the first-quarter ending in November plunged 9.8% from a year ago to $121.6 million.

Net income in the quarter declined 9.2% to $6.9 million compared to $7.6 million and diluted earnings per share were flat at 62 cents from the same quarter last year.

Micron Technology, Inc (MU) declined 7.1% or $1.03 to $13.59 after the memory chips maker reported revenues in the first-quarter ending on December 3 plummeted 27% from a year ago to $3.35 billion.

Net income in the quarter tumbled 79.4% to $206 million or 19 cents per diluted share compared to $1 billion or 84 cents per share from the same quarter last year.

Nike Inc (NKE) jumped 2.8% or $3.69 to $135.54 after the athletic footwear, apparel, equipment maker reported revenues in the second-quarter ending in November jumped 4% from a year ago to $7.69 billion.

Net income in the quarter surged 20% to $785 million or 90 cents per diluted share compared to $655 million or 74 cents per share from the same quarter last year.

Nike said revenues in China soared 24% while revenues in North American jumped 9.4%.

Paychex, Inc (PAYX) rose 22 cents to $52.93 after the outsourcing services provider said revenues in the second-quarter ending in November soared 7% from a year ago to $722.4 million.

Net income in the quarter jumped 9% to $189.2 million or 52 cents per diluted share compared to $173 million or 47 cents per share from the same quarter last year.

The company said revenue in payroll service segment rose 4% to $427.4 million and revenue in human resource services business increased 11% to $283.9 million

Paychex forecasted total service revenue for the year to jump between 7% and 8% and net income to increase in the range of 8% to 9%.

ConocoPhillips (COP) advanced 3.5% or $1.63 to $47.91 after the oil and natural gas producer agreed to sell its 50% stake in a joint venture “Polar Lights,” producing approx 4 million barrels per day in North-western of Russia with state-owned energy giant Rosneft that launched in 1992.

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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