Shares of Nike Inc. (NYSE: NKE) rallied by afternoon trade after the sports apparel and footwear maker reported better-than-expected fiscal third quarter results, late last evening.
The Beaverton-based Company posted a profit of $866 million or 73 cents per share in the fiscal third quarter, up from $560 million or 62 cents per share, in the year-earlier quarter. Wall Street analysts were expecting earnings of 67 cents. Revenue jumped 9% to $6.19 billion from $6.23 billion, in the same period of last year.
Future orders, (goods which are expected to be delivered in the period stretching from March to July), rose 6% in the recently ended quarter to $9.9 billion. Net sales, in North America jumped 15%, it rose 6% in emerging markets, climbed 8% in the Western Europe, leaped 16% in Eastern Europe. The only dark spot was China, where sales declined 9%.
Shares of Tibco Software Inc. (NASDAQ: TIBX) slumped. The Company, following closing bell on Thursday, said that fiscal first quarter earnings plunged 54%. Lower margin and onetime charges weighed on the bottom line, the Company said. Revenue also missed Street’s estimate but earnings per share matched analysts’ expectation.
For the quarter ended March 3, the Company posted a profit of $9.5 million or 6 cents a share, down from net income of $20.6 million or 12 cents a share, in the same period of last year. Excluding onetime items, non-GAAP earnings came at 18 cents a share compared to 20 cents a share, in the year-earlier quarter. Revenue rose 5.4% to $237.8 million. Analysts polled by Thomson Reuters, on average, were expecting earnings of 18 cents a share on revenue of $242 million.
Shares of Micron Technology Inc. (NASDAQ: MU) rallied. Although the memory chip maker reported wider-than-expected loss, revenue was better-than-expected while margin also improved.
For the fiscal second quarter ended Feb 28, the company said it lost $286 million or 28 cents a share. Revenue increased 3% to $2.08 billion. Analysts polled by FactSet Research were expecting revenue of $1.92 billion.
Meanwhile, Kevin Cassidy, an analyst at Stifel, Nicolaus & Co., boosted price target for the stock from $13 to $14, citing company’s gross margins were much higher than he had forecasted. For the quarter gross margin stood at 17.6% while Stifel’s expectation was of 12%.
Shares of Tech Data Corp. (NASDAQ: TECD) slumped after Bronstein, Gewirtz & Grossman, LLC announced that it is investigating possible claims on behalf of purchasers of the securities of Tech Data Corp. The investigation aims at finding out whether the Company and its executives breached federal securities laws.
Shares of Mondelez International Inc. (NASDAQ:MDLZ) climbed amid media reports which started circulating from late last evening that activist investor Nelson Peltz has been building up a stake in Mondelez International Inc.
Shares of Tiffany & Co. (NYSE: TIF) gained after the upscale Jewelry retailer handed better-than-expected fiscal fourth quarter results and provided optimistic outlook on the current fiscal. Sales in Asia, particularly in China, were strong.
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