Goldman Sachs Group Inc. (NYSE: GS) shares ended sharply lower on Thursday as investors digested the Wall Street giant’s third-quarter results. Goldman’s third-quarter revenue fell sharply due to a 44% drop in its fixed income, currency and commodities trading revenue. The bank’s quarterly revenue also missed consensus forecast. Lloyd Blankfein, CEO of the New York City-based bank, said that the third-quarter results reflected a period of slow client activity. Goldman Sachs shares ended the day 2.42% lower at $158.32.
Stanley Black & Decker Inc. (NYSE: SWK) reported on Wednesday that fiscal third-quarter net income jumped 44%, driven mainly by higher revenue from industrial and construction divisions; nonetheless, shares were hammered after the tool maker slashed its full-year earnings guidance. Core earnings barely managed to beat analysts’ expectation but revenue missed the estimation. For the full-year fiscal, the Company now anticipates earnings to be in the range of $4.90 to $5 a share down from earlier projections of $5.40 to $5.65 a share. The Company blamed weakness in emerging markets, the impact of the partial government shutdown in the U.S and very little recovery in the security segment’s margin rate for a downbeat outlook.
Mattel Inc.’s (NASDAQ: MAT) fiscal third-quarter results topped analysts’ expectations. The Company said that strong revenue growth across all geographical segments and wider margins boosted its top line and bottom line growth. For the latest period, Mattel posted net income of $442.8 million or $1.21 a share compared to a profit of $365.9 million or $1.04 a share, in the year-ago quarter. Sales (including negative impact of foreign exchange fluctuation) increased 6% to $2.21 billion. While sales in the North American region rose 3%, it climbed 9% in international markets. Analysts surveyed by FactSet had forecasted earnings of $1.12 a share on revenue of $2.17 billion.
Global banking giant Citigroup Inc. (NYSE: C) has reported its third-quarter results, posting earnings of $1.02 per share on revenue of $18.2 billion. Citi’s earnings and revenue for the quarter missed consensus forecast. Analysts were expecting the New York City-based bank to report third-quarter earnings of $1.04 per share and revenue of $18.74 billion. Despite the weaker-than-anticipated results, CEO Michael Corbat noted that the bank performed relatively well in the challenging, uneven macro environment. Shares of Citigroup were last trading 0.28% higher at $49.74 on above average volume of 28.60 million.
Shares of Teradata Corporation (NYSE: TDC) have plunged in trading today after investors were disappointed with the company’s third-quarter results estimates. TDC’s expectations for the quarter fell short of consensus forecast. TDC, which reports third-quarter results on October 31, said that it expects to post adjusted earnings of $0.69-$0.70 per share for the third quarter. Revenue for the quarter is estimated at about $665 million. Analysts were expecting Teradata to report earnings of $0.81 per share and revenue of $699 million for the third quarter. TDC shares were last trading 16.22% lower at $44.05 on above average volume of 14 million.
Shares of online travel planner, Expedia Inc. (NASDAQ: EXPE) plunged on Monday after Deutsche Bank cut its rating on the stock to a “hold” from a “buy”. The price target was slashed to $51 from $66. In a research report, Deutsche Bank’s equity research analyst, Ross Sandler said Expedia was now facing much more intense competition in the U.S. market. Sandler was also critical about Expedia’s decision to replace Hotels.com management team last week, adding that such move could push down the value of the stock towards Deutsche Bank’s estimate while the management transition is taking place.
Facebook (NASDAQ: FB) has agreed to acquire an Israeli start-up app maker, Onavo for an undisclosed sum. Onavo, which was founded three year ago, develops mobile utility app, helping users to cut phone costs through more effective use of data. According to Calcalist, a financial website, the online social networking giant is paying between $150 million to $200 million. After the deal is closed, Onavo app will continue to remain as a standalone brand. The deal marks Facebook’s biggest ever acquisition in Israel. Shares, however, fell on Monday. At last check, shares were down 2.20% to 48.03.
Just like any other retailer, The Gap Inc. (NYSE: GPS) also saw its sales falling in September. Economic uncertainty caused by the policy impasse in Washington prompted consumers to spend money frugally. Gap said on Thursday that September same-store-sales fell 3% while analysts had expected a gain of 1.6%, according to a data compiled by Thomson Reuters. Sales at Banana Republic stores declined 5%; it dipped 3% at GAP stores while it slipped 2% at Old Navy stores. Shares were down nearly 7% by mid-day trade.
The United States’ largest bank by assets, JP Morgan Chase & Co. (NYSE: JPM) said on Friday that it swung in to fiscal third quarter loss as heavy litigation expenses hurt the bottom line. Adjusted earnings beat analysts’ consensus estimate but revenue missed the forecast. For the latest period, the company took a charge of $9.2 billion linked to litigation expenses, resulting in a net loss of $380 million compared to a net profit of $5.7 billion, in the same quarter of last year. On adjusted basis, the bank earned $1.42 a share while analysts polled by Thomson Reuters had forecasted earnings of $1.17 a share. Revenue declined 8% to $23.9 billion.
Israeli drug maker, Teva Pharmaceuticals Industries Ltd. (ADR) (NYSE: TEVA) announced on Thursday that it will slash about 5,000 jobs, mainly by the end of next year as part of its broader restructuring plan, aimed at narrowing its oversized business and streamlining operations. The Company intends to focus on fast growing generic drug business as well as its core R&D programs. Teva expects to save $2 billion in annual costs by the end of 2017. Shares were gaining following the announcement. Teva, which is one the world’s leading generic drug maker, struggled in the recent past due to declining sales-trend in its both generic and branded-drugs segments. |
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