Market Focus

Nike

Nike reported a 40% rise in quarterly profits after today’s closing bell. Higher selling prices and an increase in revenue around the world helped the sports apparel maker up its net-income. The company did, however, slightly miss the forecast on revenue. Shares ended the day slightly lower to $78.26. 

Darden

Darden is either selling or spinning-off its Red Lobster chain after being pressured by activist investors to break up its businesses. The restaurant operator also reported disappointing results, its quarterly profits fell by 41%. In an effort to turnaround, Darden said it won’t be opening new eateries or buying any news chains. Shares tumbled 3.5% to $51.02. 

Winnebago

Strong demand for its new line of cheaper RVs helped Winnebago up its profits by more than 50%, but the country’s number 1 motor home maker missed Wall Street’s revenue estimates, dragged down by weaker than expected sales. Shares plummeted more than 13.5% to $27.32. 

Carnival

Shares of Carnival rose after reporting a small, but surprising profit. The world’s largest cruise operator beat analyst forecasts, thanks to higher ticket revenue and more onboard spending. Carnival has been in comeback mode the past two years after a series of bad accidents on its cruise ships. The stock rose 2.5% to $38.05. 

KB Homes 

Profits at KB Homes almost quadrupled thanks to higher selling prices, despite that, earnings still came in well below estimates. The homebuilder’s bottom line was hurt by a drop in sales on the west coast. The stock fell 6% to $16.47. 

Conagra

Conagra Foods delivered better than expected earnings. Solid sales of its Hunt’s Ketchup was a big reason for the beat. The food giant also gave strong profit forecasts for the year. That sent shares up more than 5% to $33.47.

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