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May 22, 2024
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Analog Devices increased 5.4% to $228.32 after the company reported better-than-expected quarterly results in the fiscal second quarter ending in April.
Revenue in the quarter decreased 34% to $2.2 billion from $3.3 billion, net income decreased to $302.2 million from $977.6 million, and diluted earnings per share fell to 61 cents from $1.92 a year ago.
The company's board of directors declared a quarterly cash dividend of 92 cents per share payable on June 17 to shareholders of record at the close of June 4.
The company estimated fiscal third quarter revenue of $2.27 billion with a band of $100 million, an increase of 20.1% from a year ago.
The company also estimated earnings per share of 70 cents with a band of 10 cents and adjusted earnings per share of $1.50 with a band of 10 cents. -
Macy's Inc. gained 0.1% to $19.13 after the department store chain reported better-than-expected quarterly results.
Net sales in the first quarter declined 2.7% to $4.84 billion from $4.98 billion, net income dropped to $62 million from $155 million, and diluted earnings per share fell to 22 cents from 55 cents a year ago.
The retailer tightened its annual sales range to between $22.3 billion and $22.9 billion from the previous estimate of between $22.2 billion and $22.9 billion.
The company also lifted its adjusted diluted earnings per share range to between $2.55 and $2.90 from the $2.45 and $2.85 range released on February 27. -
AutoZone declined 1.8% to $2,875.78 after the specialty retainer reported mixed results in the fiscal third quarter.
Revenue in the third quarter increased 3.5% to $4.2 billion from $4.1 billion, net income advanced to $651.7 million from $647.7 million, and diluted earnings per share increased to $36.69 from $34.12 a year ago.
Total comparable same-store sales rose 1.9%, driven by an 18.1% sales increase at international stores and flat sales at domestic stores.
The company repurchased 242,000 of its own shares at an average price per share of $3,036, for a total of $734.7 million. The company still had $1.4 billion available at the end of the fiscal third quarter. -
Lowe's Companies decreased 1.8% to $225.04 after the home improvement retailer said comparable store sales declined 4.1% in the first quarter.
The retailer reported better-than-expected quarterly results.
Total sales in the first quarter declined to $21.4 billion from $22.3 billion, net income dropped to $1.8 billion from $2.26 billion, and diluted earnings per share declined to $3.06 from $3.77 a year ago.
Earnings in the quarter a year ago included gains from the sale of Canadian retail operations; after adjusting for the sale, earnings were $3.67 a share.
The retailer declared a dividend of $1.10, compared to $1.05 a year ago.
The company estimated annual sales between $84 billion and $85 billion, comparable sales to fall between 2% and 3%, and diluted earnings per share between $12.0 and $12.30. -
Palo Alto Networks declined 4.8% to $308.21 after the cybersecurity company reported better-than-expected quarterly earnings, but the company's guidance for the current quarter fell short of market expectations.
Revenue in the fiscal third quarter ending in April rose 15% to $2.0 billion from $1.7 billion, net income soared to $278.8 million from $107.8 million, and diluted earnings per share advanced to 79 cents from 31 cents a year ago.
The company guided revenue in the fourth quarter to rise to between $2.15 billion and $2.17 billion, an increase between 9% and 11% from a year ago.
The company revised its annual revenue estimate to between $7.99 billion and $8.01 billion, an increase of 16% from a year ago. -
Cisco Systems jumped 3.2% to $51.24 after the networking gear maker reported better-than-estimated fiscal third quarter earnings.
Revenue declined 13% to $12.7 billion from $14.6 billion, net income plunged 41% to $1.9 billion from $3.2 billion, and diluted earnings per share declined to 46 cents from 78 cents a year ago.
Product revenue in the quarter declined by 19%, service revenue rose by 6% in the quarter.
The company completed the acquisition of Splunk in the quarter, and Splunk contributed $413 million in revenue.
The company declared a 40-cent per share cash dividend to shareholders on record on July 5 to be repaid on July 24. -
Deere & Co. decreased 5.8% to $390.0 after the farm equipment maker lowered its annual earnings outlook.
The agriculture equipment maker reported better-than-expected quarterly results and lowered its annual earnings outlook to $7 billion from the previous estimate between $7.50 and $7.75 billion.
Revenue in the quarter decreased 12% to $15.3 million from $17.4 million, net income declined to $2.37 billion from $2.86 billion, and diluted earnings per share fell to 8.53 from $9.65 a year ago. -
Walmart Inc. increased 5.6% to $63.05 after the retail giant reported better-than-expected fiscal first-quarter results.
Total revenue in the first quarter increased 6% to $161.5 million from $152.3 million, net income soared 205% to $5.1 billion from $1.7 billion, and diluted earnings per share advanced to 63 cents from 21 cents a year ago. -
Building permits declined by 3% to a seasonally adjusted annual rate of 1.44 million in April, the U.S. Census Bureau reported Thursday.
The annual pace of building permits dropped to the lowest level since 1.4 million in December 2022.
High interest rates and high land and construction costs continued to dent the market.
Single-family authorization declined by 0.8% to 976,000, and multi-family authorization dropped 9.1% to 408,000.
Permits in the Midwest fell by 18.1% to 167,000, in the West by 14.4% to 292,000, but rose in the South by 4.2% to 827,000 and increased by 5.5% in the Northeast to 154,000. -
Nextracker Inc. increased 14.5% to $49.24 after the solar technology company said revenue in the fiscal fourth quarter increased more than expected.
Revenue in the quarter rose 42% to $737 million from $518.9 million, net income advanced to $223.2 million from $27.5 million, and diluted earnings per share rose to $1.51 from 2 cents a year ago.
The company estimated fiscal 2025 revenue between $2.8 billion and $2.9 billion, net income between $369 million and $399 million, and diluted earnings per share between $2.41 and $2.61.
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