Market Focus

CarMax

Shares of CarMax tumbled, even though the company posted earnings that topped estimates. The used car superstore said its profit rose ten percent in the second quarter, driven by an increase in used car sales. But its profit margins fell from a year ago and sales rose less than expected. Shares plunged 9.5 percent to $47.80.

Carnival

Carnival hiked its outlook for the year as it reported that its third-quarter profits jumped more than 30 percent. The cruise operator’s good results were driven by higher on-board spending and a stronger performance in the Asia division. Shares rose a fraction to $40.51.

CF Industries

CF Industries was the best performing stock in the S&P 500 today. That’s because the fertilizer company is in preliminary merger talks with Norway’s Yara, which is also a fertilizer producer. Yara says there’s no guarantee that any deal would come out of the discussions. Still, shares popped five percent to $269.37.

Deere 

Deere says it’s mulling strategic options for its low-margin crop insurance business and it’s hired Citigroup as an adviser. Revenues at the farming equipment maker have been falling as farmers hold off from buying new products because of lower expectations for commodity prices and harvests. The stock lost a fraction to $83.32.

Sysco & US Foods

The FTC may be looking to block the planned merger of Sysco and US Foods according to reports. Regulators are considering an anti-trust lawsuit because they are concerned that combining the nation’s two biggest food suppliers could threaten competition. Shares of Sysco fell two percent to $36.75.

Procter & Gamble

Procter & Gamble is shedding the rest of its pet care business, selling its Iams and Eukanuba brands in Europe to Spectrum Brands. The maker of household products like Tide Detergent says exiting the business will help it focus on its core units. The financial terms of the deal weren’t disclosed. Shares fell slightly to $84.44

Facebook

Facebook is unveiling a new ad platform, according to the Wall Street Journal, to improve the effectiveness of online advertisements. The new tool will reportedly help marketers understand which Facebook users have seen or interacted with ads that appear on social media. The move is Facebook’s effort to challenge Google’s dominance in the online ad space. Shares were up almost two percent to $78.29.

Bed Bath & Beyond

After the bell, shares of Bed Bath & Beyond initially popped on its strong earnings report. The retailer beat on both the top and bottom lines and it gave an upbeat full-year outlook. During the regular trading day the stock was down 1.5 percent to $62.69.

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