Investors went on a shopping spree buying up shares of Michael Kors after its earnings report. Profit at the fashion retailer jumped 77 percent in the third quarter, driven by a strong holiday season and sales growth in Europe and the U.S. Overall earnings crushed estimates and Kors raised its outlook for the year. The stock surged up more than 17 percent to $89.91.
The world’s best-selling automaker, Toyota, expects a record net-profit of nearly $19 billion for the year. The company saw a jump in profits this quarter and it raised its outlook as a weaker yen and strong sales helped drive earnings. Still, shares were off slightly today to $112.49.
McGraw-Hill swung to a profit in the fourth quarter, thanks to strong performance in its financial information and indexes unit and the sale of its education business. The company beat despite a slight drop in revenue in its Standard & Poor’s ratings services division. Shares were up 3.5 percent to $77.02.
Shares of J.C. Penney took a big hit in today’s session. The embattled retailer reported a modest rise in holiday sales, but gave no details on its gross profit margin. Analysts at Sterne Agee weren’t impressed with the numbers, saying the pace of improvement isn’t quick enough and then slashed its price target on Penney’s to $3 from $9. The stock plunged, down 10.5 percent to $5.08.
Boeing may up production of its single-aisle 737 jets because of strong demand. The company already announced plans to crank out more of these air crafts per month, but now a senior executive says it might increase production even more because of a big backlog of orders. Shares were off slightly to $122.04.
Reports that Radio Shack will be closing 500 of its 4,500 stores within months sent its shares lower. The struggling electronics chain, which is due to announce its fourth quarter results later this month, wouldn’t comment on the reports. The stock fell almost five percent to $2.36.