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Market Update

U.S. Movers: Bed Bath, eBay, Hertz Global, H.B. Fuller, Jabil Circuit


Author: Mukesh Buch
ticker.com
Last Update: 11:58 AM ET September 26 2013

11:40 AM New York Bed Bath & Beyond net surged 15%. eBay agreed to acquire Braintree for $800 million in cash. Ferrellgas loss narrowed and Hertz Global plunged after weak full-year guidance. H.B. Fuller net jumped 6% as revenue grew 3%. Jabil Circuit profit surged 53%. McCormick reported flat net.

Bed Bath & Beyond Inc (BBBY) climbed 4.4% to $77.51 after the home furnishings retailer reported net sales in the second-quarter ending in August jumped 8.9% to $2.82 billion. Comparable store sales in the quarter increased 3.7%.

Net income in the quarter surged 15% to $294.3 million or diluted earnings $1.16 per share compared to $224.3 million per share or 98 cents per share.

The company expects net earnings per diluted share in third quarter in the range of $1.11 to $1.16 and $1.70 to $1.77 for the fourth quarter and between $4.88 and $5.01 for the year.

eBay Inc (EBAY) climbed 4.2% or $2.28 to $56.48 after the online marketplace agreed to acquire Braintree, the payment platform provider for $800 million in cash.

The transaction is expected to close late in the fourth quarter of this year.

Ferrellgas Partners, LP (FGP) gained 1.7% or 37 cents to $22.19 after the propane equipment distributor said total revenues in the fourth-quarter ending in July grew 2.6% to $350.7 million. Net loss in the quarter narrowed to $28.5 million or diluted loss per share of 36 cents compared to $35.2 million per share or 45 cents per share.

Hertz Global Holdings, Inc (HTZ) plunged 11.6% or $2.95 to $22.83 after the rental car company lowered its revenues and adjusted pre-tax income guidance for the year to between $10.80 billion and $10.90 billion compared to earlier forecast in February in the range of $10.85 billion to $10.95 billion.

The company estimated adjusted net income between $780 million and $830 million from the prior guidance of $830 million to $875 million.

H.B. Fuller Company (FUL) soared 7.95% or $3.21 to $43.63 after the adhesives maker said net revenue in the third-quarter ending in August grew 2.8% to $514.6 million. Net income in the quarter rose 5.5% to $28.3 million or diluted earnings 55 cents per share compared to $83.3 million per share or $1.64 per share.

Jabil Circuit, Inc. (JBL) declined 7% or $1.68 to $22.32 after the electronic chip maker reported net revenue in the fourth-quarter ending in August dropped 11.6% to $4.81 billion. Net income in the quarter surged 53.4% to $127 million or diluted earnings 61 cents per share compared to $82.8 million per share or 39 cents per share.

McCormick & Company, Inc (MKC) dropped 2.5% or $1.72 to $66.33 after the spice maker reported sales in the third-quarter ending in August climbed 4% to $1.02 billion. Net income in the quarter was flat at $104.4 million and diluted earnings per share were flat at 78 cents compared to a year ago period.

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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