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Market Update

Macy's Surges on Sales Increase Surprise, Canadian Solar Net Plunges


Author: Mukesh Buch
ticker.com
Last Update: 12:21 PM EDT May 16 2018

12:15 PM New York City, New York – Canadian Solar net plunged 29% but revenues soared 28%. GTx net loss widened. Macy''s surged after sales increased more than expected and the retailer lifted outlook. ObsEva net loss widened.

Canadian Solar Inc (CSIQ) advanced 2.1% or 35 cents to $17.14 after Canada-based solar power provider said revenues in the first-quarter ending in March soared 27.9% from a year ago to $1.4 billion.

Net income in the quarter plunged 29.3% to $43.4 million or 72 cents per diluted share from $61.4 million or $1.01 in the same quarter last year.

The energy services provider said second-quarter revenue in the range of $690 million to $730 million and gross margin between 20% and 22%.

GTx, Inc (GTX) soared 8% or $1.34 to $17.99 after the biopharmaceutical drug maker stated net loss in the first-quarter ending in March widened to $13.6 million from $6.3 million in the same period a year ago.

Macy’s, Inc (M) surged 10.1% or $3.03 to $32.96 after the department store operator reported net sales in the first-quarter ending in March jumped 3.6% from a year ago to $5.5 billion.

Comparable sales in the quarter rose 3.9% and owned and licensed basis, comparable sales advanced 4.2%.

Net income in the quarter surged 78.2% to $139 million or 45 cents per diluted share from $78 million or 26 cents in the same quarter last year.

The retailer lifted fiscal 2018 diluted earnings per diluted share $3.75 to $3.95 from the earlier estimate of $3.55 to $3.75 and total sales to drop 1% to increase 5% and comparable sales and owned plus licensed basis sales to increase between 1% and 2%.

ObsEva SA (OBSV) slid 2 cents to $12.19 after Switzerland-focused clinical stage drug maker said net loss in the first-quarter ending in March widened to $19.8 million from $15.5 million in the same period a year ago.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc