American Eagle Outfitters
Teens are shopping at American Eagle Outfitters again. The retailer saw its earnings soar on better-than-expected sales and stronger margins. The company is also forecasting current quarter profit to be above estimates, as fewer discounts helped its results. Shares were 5.5 percent higher to close at $16.61.
A different story for a very different retailer. Lowe’s missed estimates on both the top and bottom lines. The home improvement chain also saw same-store sales rise less than predicted. Shares tumbled more than 4.5 percent to $68.50.
Staples saw its profit decline by almost 40 percent in the first quarter. This as sales fell and store traffic dwindled. The disappointing results only add to the company’s challenges, It’s still waiting on regulatory approval for its takeover of Office Depot. Shares were 1.5 percent lower to close at $16.15.
Hormel’s earnings came in higher than expected, despite that, the nation’s second largest turkey processor is warning that the bird flu will negatively impact its Jennie-O turkey business. The firm expects sales in that unit to fall about 15 percent in the second half of the year. Still, shares popped four percent to $58.14.
Pep Boys saw its shares surge today on reports of takeover talk. The auto-parts retail chain has been approached by Golden Gate Capital, and other interested parties, this according to Dow Jones. Pep Boys has a market cap of less than $500,000. Shares were 16 percent higher to close at $10.75.
Cablevision & Time Warner Cable
Cable stocks like Cablevision and Time Warner Cable also jumping on M&A speculation. The french holding company Altice is buying U.S. cable group Suddenlink, spurring speculation that there could be more mergers in the cable industry. Altice is also reportedly interested in buying Time Warner Cable. Cablevision surged 18 percent to $24.69. Time Warner Cable was more than five percent higher to $166.55.
After the bell Salesforce announced quarterlies that were slightly better than expected. The cloud computing company also hiked its full-year revenue guidance. Shares popped initially in after hours trading. During the regular session the stock was off almost two percent to $70.16.
William Sonoma’s results also topped the Street’s consensus in its late report. Same-store sales came in strong too, but its second quarter guidance was weak, which it’s blaming on the west coast port slowdown. Shares were up still in initial after-hours trading. In the regular session the stock was off slightly to $77.89.