Demand for office supplies picked up, helping Staples post results that beat analyst estimates. Even though results topped Wall Street’s consensus, third-quarter sales at Staples did fall as it accelerates plans to close under-performing stores and spark sales growth online. Despite the sales drop, investors focused on the positive. Shares rose nine percent to $13.92.
J.M. Smucker’s sales were hurt by its weak coffee business. The food company said it made a misstep by increasing its coffee prices, which caused consumers to buy other brands. But its profit rose from the same quarter last year as margins widened and as it lowered overall costs and expenses. Still, shares were off slightly to $101.66.
A cloudy forecast sent shares of Salesforce.com down right after the close. The cloud software company predicted revenue for the current quarter would come in below analyst expectations. That forecast overshadowed results that beat estimates. During regular trading, shares were off more that two percent to $61.02.
William Sonoma initially moved higher in post market trading after the specialty retailer logged better than expected third quarter results. Its fourth quarter outlook was a bit below street forecasts. Still, shares spiked right after that announcement. Before the close shares were down a little to $69.42.
Cliffs Natural Resources
Shares of Cliffs Natural took a hit on news it may have to close its Bloom Lake iron ore mine in Quebec. This, coming weeks after it revealed that three big steel makers were in talks to invest in the project. The company is looking to narrow its focus to five iron ore mines in Michigan and Minnesota as prices fall. Shares plunged about 20 percent to $8.17.
JetBlue shares got a lift after the carrier announced its adding bag fees and cutting passenger leg room, as it looks to improve its financial bottom line. This leaves Southwest as the only big U.S. airline that offers at least one free checked bag. Shares rose four percent to $13.24.