S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Michael Kors Net Falls, Disney Net Jumps; Ralph Lauren Net Swing to Loss


Author: Mukesh Buch
ticker.com
Last Update: 6:50 PM ET August 10 2016

2:00 PM New York – Michael Kors net slumped 16%. Ralph Lauren net swung to a loss and revenues dropped 4%. SunPower net swung to a loss. Walt Disney profit jumped 5% and agreed to acquire 33% stake in BAMTech. Wendy''s net tumbled 34% but lifted earnings forecast. Yelp net swung to profit.

Tollbooth Index rose 20.05 or 0.2% to 11,162.66.

Earnings Review

Michael Kors Holdings Ltd (KORS) slumped 1.1% or 53 cents to $49.58 after the U.K.-focused accessories, footwear and apparel retailer said total revenues in the second-quarter ending on July 2 rose 0.2% from a year ago to $987.9 million.

Comparable store sales in the quarter plunged 7.4%.

Net income in the quarter slumped 15.6% to $147.1 million or 83 cents per diluted share compared to the $174.4 million or 87 cents per share from the same quarter last year.

The retailer said net retail sales jumped 7.6% to $562.9 million driven by 221 net new store opened by the end of the first-quarter while wholesale net sales declined 7% to $394.4 million.

Ralph Lauren Corp (RL) soared 10.9% or $10.40 to $105.47 after the home furnishings and apparel maker reported net revenues in the second-quarter ending on July 2 dropped 4% from a year ago to $1.6 billion.

Net in the quarter swung to a loss of $22 million or 27 cents per diluted share compared to the profit of $64 million or 73 cents per share from the same quarter last year.

Ralph Lauren said international revenue in the quarter jumped 10% offset by 11% decline in North America.

The fashion designer forecasted restructuring charges in the fiscal 2017 to incur up to $400 million and up to $150 million of inventory charge.

SunPower Corporation (SPWR) tumbled 30.5% or $4.50 to $10.28 after the solar technology provider said total revenues in the second-quarter ending on July 3 jumped 10.4% from a year ago to $420.5 million.

Net in the quarter swung to a loss of $70 million or 51 cents per diluted share compared to the profit of $6.5 million or 4 cents per share from the same quarter last year.

Walt Disney Co (DIS) gained 88 cents to $97.55 after the diversified entertainment services provider reported total revenues in the third-quarter ending in June soared 9% from a year ago to $14.3 billion.

Net income in the quarter jumped 4.8% to $2.6 billion or $1.60 per diluted share compared to $2.5 billion or $1.46 per share from the same quarter last year.

Separately, the cable and broadcasting services provider agreed to acquire 33% stake in the video streaming provider BAMTech, formed by Major League Baseball, for about $1 billion.

The Wendy''s Company (WEN) dropped 2.5% or 26 cents to $9.93 after the quick services restaurants operator said revenues in the second-quarter ending on July 3 declined 21.8% from a year ago to $382.7 million.

Same-restaurant sales in the quarter increased 0.4%.

Net income in the quarter tumbled 34% to $26.5 million or 10 cents per diluted share compared to the $40.2 million or 7 cents per share from the same quarter last year.

Wendy’s lifted earnings per share forecast in the year between 39 cents and 40 cents from the earlier estimated range of 38 cents to 40 cents and same-restaurant sales growth in North America between 1% and 2%.

Yelp Inc (YELP) surged 13.9% or $4.55 to $37.22 after the online advertisement and marketing services provider stated revenues in the second-quarter ending in June jumped 29.5% from a year ago to $173.4 million.

  1  2
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc