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Market Update

U.S. Movers: Costco, Discovery Comm, H&R Block, Joy Global, MasterCard


Author: Mukesh Buch
ticker.com
Last Update: 11:02 AM ET December 11 2013

10:50 AM New York Costco net rose 2% and comparable sales rose 3%. H&R Block said net loss narrowed. Joy Global dropped despite increases in sales and income. Laboratory Corp lowered its outlook. MasterCard approved stock split of 10-for-1 and raised dividend by 83%.

Costco Wholesale Corporation (COST) slipped 1.7% or $1.97 to $117.02 after the discount stores reported net sales in the first-quarter ending on November 24 advanced 5% to $24.4 billion. Comparable store sales in the quarter increased 3%.

Net income in the quarter rose 2% to $425 million or 96 cents a diluted share compared to $416 million or 95 cents.

Discovery Communications Inc (DISCA) gained 74 cents to $85.91 after the media and entertainment provider may bid for Scripps Networks Interactive, Inc. The combined company would have a market capitalization of about $43 billion.

Shares of Scripps Networks Interactive, Inc surged 7% to $80.62.

H & R Block, Inc. (HRB) slid 3 cents to $28.77 after the tax preparation provider revenues in the second-quarter ending in October fell 2% to $3 billion. Net loss in the quarter narrowed to $104.9 million or 39 cents a diluted share compared to $105.2 million or 39 cents.

Joy Global Inc (JOY) dropped 3.9% or $54.23 after the mining equipment maker said net sales in the fourth-quarter ending on October 25 surged 26% to $1.18 billion. Net income in the quarter soared 87% to $26.8 million or 25 cents a diluted share compared to $212.6 million or $1.99.

Laboratory Corporation of America Holdings (LH) plunged 8.7% or $8.65 to $90.63 after the clinical laboratory company lowered the bottom-end of its full year 2013 earnings outlook.

For the year, the company expects earnings in the range of $6.90 and $7.05 a share compared to its earlier guidance of $6.95 to $7.05 a share.

MasterCard Inc (MA) jumped 4.8% or $36.43 to $800.04 after the credit and debit card services provider said its Board of Directors approved a 10-for-1 stock split along with its quarterly dividend increase by 83% or 50 cents to $1.10 a share and also announced a new $3.5 billion stock buyback plan.

The record date for the 10-for-1 stock split is the close of business on January 9 and the shareholders will get nine additional shares for each share.

Smith & Wesson Holding Corp (SWHC) soared 6.9% or 83 cents to $12.95 after the rifles and gun maker said net sales in the second-quarter ending in October rose 2% to $139.3 million.

Net income in the quarter plunged 19.8% to $17 million or 28 cents a diluted share compared to $21.2 million or 31 cents.

The company estimated net sales for the third-quarter between $140 million and $145 million and diluted earnings per share from continuing operations in the range of 28 cents to 30 cents.

For the year, the company forecasted net sales in the range of $610 million to $620 million and diluted earnings per share from continuing operations between $1.30 and $1.35.

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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