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Market Update

Square Surges on Debut; Stein Mart Soar, Best Buy, Stage Stores Plunge


Author: Mukesh Buch
ticker.com
Last Update: 12:00 PM ET November 19 2015

12:00 PM New York Square stock surged 64% in its debut. Best Buy net soared but sales fell. Broadcom net jumped 21% while revenues plunged 9%. Buckle profit tumbled 12%. Cato profit surged and lifted forecast. Smucker net and revenues rose. Stein Mart net loss narrowed while Stage Stores net loss widened.

Tollbooth Index rose 8.99 to 10,968.12.

Earnings Review

Best Buy Co Inc (BBY) plunged 6.4% or $2 to $29.33 after the technology retailer reported sales in the third-quarter ending in October slipped 2.3% from a year ago to $8.82 billion.

Comparable store sales in the quarter gained 0.8% and online sales jumped 18%.

Net income in the quarter soared 16.8% to $125 million or 36 cents per diluted share compared to $107 million or 30 cents per share from the same quarter last year.

Broadcom Corporation (BRCM) decreased 1.3% or 71 cents to $52.56 after the chip maker stated sales in the third-quarter ending in October plunged 8.8% from a year ago to $283.1 million.

Net income in the quarter jumped 20.6% to $18.7 million or 37 cents per diluted share compared to $15.5 million or 30 cents per share from the same quarter last year.

Buckle Inc (BKE) rose 18 cents to $30.62 after the casual apparel, footwear and accessories retailer reported net sales in the third-quarter ending in October dropped 4.1% from a year ago to $280.2 million.

Comparable store sales in the quarter declined 5.2% and online sales surged 13.6% to $25.9 million.

Net income in the quarter plunged 11.6% to $35.9 million or 74 cents per diluted share compared to $40.6 million or 84 cents per share from the same quarter last year.

Cato Corporation (CATO) soared 4% or $1.51 to $38.99 after the women''s fashion specialty retailer said net sales in the third-quarter ending in October jumped 4% from a year ago to $223.3 million.

Same store sales in the quarter gained 2%.

Net income in the quarter surged 45.6% to $8.3 million or 30 cents per diluted share compared to $5.7 million or 20 cents per share from the same quarter last year.

The retailer lifted diluted earnings per share forecast for the fourth-quarter 35 cents to 39 cents from 33 cents in a year ago period.

For the year, Cato estimated diluted earnings per share to increase between 7% and 9% or in the range of $2.31 to $2.35.

J M Smucker Co (SJM) advanced 5.8% or $6.62 to $120 after the consumer food, beverage and pet food maker stated revenues in the second-quarter ending in October increased 40.5% from a year ago to $2.08 billion.

Net income in the quarter rose 33.2% to $176 million or $1.47 per diluted share compared to $158.3 million or $1.55 per share from the same quarter last year.

J M Smucker said net sales contribution of Big Heart Pet Brands, acquired in the year soared 40% to $595.9 million and growth within the U.S. retail coffee segment.

The company forecasted revenues for the year of about $7.9 billion and diluted earnings per share

Stein Mart, Inc (SMRT) jumped 10.4% or 75 cents to $7.96 after the specialty stores operator said total sales in the third-quarter ending in October fell 1% from a year ago to $300.7 million.

Same store sales in the quarter slumped 2.3%.

Net loss in the quarter narrowed to $0.2 million or 1 cent per diluted share compared to $1.2 million or 3 cents per share from the same quarter last year.

Stage Stores Inc (SSI) tumbled 17.8% or $1.61 to $7.47 after the apparel and accessories retailer reported sales in the third-quarter ending in October slumped 3.5% from a year ago to $351.6 million.

Same store sales in the quarter slid 3.5%.

Net loss in the quarter widened to $10.2 million or 32 cents per diluted share compared to $5.3 million or 17 cents per share from the same quarter last year.

Square Inc, the privately held mobile payments company surged 64% in its market debut and raised $243 million and in early trading stock reached to $14.78.

Stock was priced at $9 per share and in offerings of 25.7 million class A shares.

The company reported revenue in the first nine-month period jumped 49% to $892.8 million while net loss in the period widened to $131.5 million compared to $117 million in the same period a year ago.

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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