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STOCK MOVERS

U.S. Movers: Constellation Brands, HP, Int'l Speedway, Jefferies, Synnex


Author: Mukesh Buch
ticker.com
Last Update: 12:02 PM EDT October 04 2018

11:55 AM New York City, New York Constellation Brands beats earnings estimates. HP issued positive earnings outlook. International Speedway tumbled on lowered fiscal outlook. Synnex net declined 8%.

Tollbooth Index declined 233.20 or 1.4% to 16,385.81 but for the year-to-date soared 19.1%.

Earnings Review

Canadian Pacific Railway Limited (CP) advanced 2.2% or $4.69 to $216.35 after Canada-based railroad operator forecasted third-quarter revenues growth of 19% to $1.9 billion and diluted earnings per share of about $4.35.

Constellation Brands Inc (STZ) jumped 4.6% or $9.61 to $220.37 after the beer, wine, and spirits maker reported revenues in the second-quarter ending in August soared 10% from a year ago to $2.3 billion.

Net income in the quarter doubled to $1.1 billion or $5.41 per diluted share from $501.6 million or $2.30 in the same quarter last year.

The beer, wine, and spirits maker said sales in the beer segment surged 11% and in the wine and spirits business jumped 9%. Shipment volume of beer advanced 8.7% and wine and spirits soared 8.8%.

Constellation Brands reaffirmed fiscal 2018 sales growth in the beer segment in the range of 9% to 11% and in wine and spirits growth between 2% to 4%.

HP Inc (HPQ) soared 3.1% or 80 cents to $26.86 after the computers and printers maker forecasted fiscal 2019 diluted net earnings per share in the range of $2.04 to $2.14 and estimated free cash flow of about $3.7 billion and the company also increased quarterly dividend by 15% through the year.

International Speedway Corp (ISCA) tumbled 11.5% or $4.84 to $37.42 after the motorsports events organizer stated total revenues in the third-quarter ending in August surged 20.8% from a year ago to $159.3 million.

Net income in the quarter soared to $12 million or 27 cents per diluted share from $0.3 million or 1 cent in the same quarter last year.

The events organizer lowered fiscal 2018 revenues forecast to between $675 million and $680 million and operating margin in the range of 15.0% to 15.5% and diluted earnings per share in the range of $1.90 to $1.95, reaffirming the previous guidance.

Jefferies Financial Group Inc (JEF) gained 1.6% or 37 cents to $22.61 after the diversified financial services provider estimated preliminary net income in the range of $180 million to $210 million and diluted earnings per share in the range of 51 cents to 60 cents.

Synnex Corporation (SNX) soared 4.5% or $3.81 to $88.71 after the technology and outsourcing services provider reported revenues in the third-quarter ending in August soared 14.7% from a year ago to $4.9 billion.

Net income in the quarter declined 7.9% to $69.3 million or $1.74 per diluted share from $75.2 million or $1.87 in the 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