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Market Update

Office Depot Surges; DISH, Estee Lauder, Michael Kors, Priceline Decline


Author: Mukesh Buch
ticker.com
Last Update: 1:30 AM ET November 04 2014

11:45 AM New York Becton, Dickinson net surged more than three-fold. CVS net plunged 24% while revenue soared 10%. DISH profit tumbled 54% after subscriber count declined. Estee Lauder net plummeted 24%. Michael Kors net surged 42%. Office Depot net declined 78%.Priceline net jumped 27%.

Tollbooth Index fell 0.3% or 27.93 to 9,588.46.

Earnings Review

Becton, Dickinson and Co (BDX) slipped 42 cents to $127 after the medical devices maker reported revenues in the fourth-quarter ending in September climbed 4.8% to $2.20 billion from a year ago period.

Net income in the quarter surged 230.8% to $301 million or $1.53 a diluted share compared to $91 million or 46 cents from a same quarter last year.

The company estimated fiscal 2015 revenues to increase between 4.5% and 5% and diluted earnings per share from continuing operations to be between $6.47 and $6.54.

CVS Health Corp (CVS) slid 4 cents to $86.08 after the specialty pharmacy service provider reported net revenues in the third-quarter ending in September soared 9.7% to $35.02 billion from a year ago period.

Net income in the quarter plunged 24.1% to $948 million or 81 cents a diluted share compared to $1.25 billion or $1.02 from a same quarter last year.

DISH Network Corp (DISH) dropped 2.6% or $1.66 to $62.15 after the pay-television service provider said revenue in the third-quarter ending in September climbed 5.3% to $3.68 billion from a year ago period.

Net income in the quarter tumbled 53.6% to $146 million or 31 cents a diluted share compared to $315 million or 68 cents from a same quarter last year.

In the quarter, Dish lost 12,000 pay-TV subscribers in addition to 35,000 pay-TV subscriber loss in the period a year ago.

As of September, total pay-TV subscribers fell to 14.04 million compared to 14.05 million a year earlier.

The company added approx 28,000 net broadband subscribers from additions of 75,000 in the same period a year ago.

Estee Lauder Companies Inc (EL) declined 3.8% or $2.86 to $73.10 after the cosmetics maker reported net sales in the first-quarter ending in September slipped 2% to $2.63 billion from a year ago period.

Net income in the quarter plummeted 24% to $228.1 million or 59 cents a diluted share compared to $300.7 million or 76 cents from a same quarter last year.

Michael Kors Holdings Ltd (KORS) plunged 7.8% or $6.04 to $71.95 after the apparel, footwear and accessories retailer said total revenue in the second-quarter ending on September 27 jumped 42.7% to $1.1 billion from a year ago period. Comparable Store Sales in the quarter soared 16.4%.

Net income in the quarter surged 41.9% to $207 million or $1 a diluted share compared to $145.8 million or 71 cents from a same quarter last year.

The retailer said retail net sales climbed 39.4% to $495.6 million driven by net new store openings of 121 from third-quarter and revenue from North America jumped 29.8% to $802.2 million, with 10.8% increase in comparable store sales.

European revenue surged 108.6% to $237.9 million with comparable store sales soared 41.1% and revenue in Japan jumped 106.3% to $16.5 million with comparable store sales growth of 52.9%.

For the third-quarter, the company expected total revenue in the range of $1.27 billion to $1.30 billion and diluted earnings per share between $1.31 and $1.34.

Office Depot Inc (ODP) surged 21.9% or $1.11 to $6.18 after the office products supplier total sales in the third-quarter ending on September 27 soared 57.7% to $4.1 billion from a year ago period.

Net income in the quarter declined 78.2% to $29 million or 5 cents a diluted share compared to $133 million or 41 cents from a same quarter last year.

Priceline Group Inc (PCLN) tumbled 9.1% or $109.61 to $1,088.66 after the online travel company said total revenue in the third-quarter ending in September climbed 25.1% to $2.84 billion from a year ago period.

Net income in the quarter jumped 27.2% to $1.06 billion or $20.03 a diluted share compared to $833 million or $15.72 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