U.S. Movers: Chico

Mukesh Buch
16 May, 2012
New York City

Deere & Co. second quarter net soared 17% to $1.06 billion. J. C. Penney first quarter net swung to $163 million loss. Staples first quarter net slipped 6% to $187 million and Target first quarter net rose 1.2% to $697 million and raised the outlook.

[R]11:25 AM New York – Deere & Co. second quarter net soared 17% to $1.06 billion. J. C. Penney first quarter net swung to $163 million loss. Staples first quarter net slipped 6% to $187 million and Target first quarter net rose 1.2% to $697 million and raised the outlook.[/R]

Abercrombie & Fitch Co. ((ANF)) declined 11.2% or $5.11 to $40.29 after the specialty retailer reported first quarter net sales soared 10% to $921.2 million compared to $836.7 million in the same period last year. Comparable store sales decreased 5%.

Net earnings in the quarter tumbled 88% to $3.0 million or 3 cents per diluted share compared to $25.1 million or 28 cents per share a year ago period.

Abiomed, Inc. ((ABMD)) gained 5% or $1.20 to $24.94 after the medical devices provider reported fourth quarter revenue increased 31% to $37.3 million compared to $28.5 million in the same period last year. Net income in the quarter swung to $2.57 million or 7 cents per diluted share compared to net loss of $1.77 million or 5 cents per share a year ago earlier.

Chico’s FAS, Inc. ((CHS)) increased 3.5% or 52 cents to $15.18 after the specialty retailer reported first quarter net sales soared 21.2% to $650.8 million compared to $537.2 million in the same period last year. Comparable store sales increased 9.6%.

Net earnings in the quarter rose 1.2% to $53.6 million or 32 cents per diluted share compared to $45.9 million or 26 cents per share a year ago period.

Deere & Company ((DE)) decreased 1.4% or $1.13 to $75.49 after the agriculture equipments maker reported second quarter revenue increased 12% to $10.01 billion compared to $8.91 billion in the same period last year. Net income in the quarter soared 17% to $1.06 billion or $2.61 per diluted share compared to $904.3 million or $2.12 per share a year ago.

Company projected third quarter equipment sales to increase approximately by 25% and for the fiscal by 15% compared to a year ago. For the full year net income anticipated to be about $3.35 billion.

Eagle Materials Inc. ((EXP)) slipped 3.3% or $1.17 to $33.78 after the cement manufacture reported fourth quarter revenue grew to $116.8 million compared to $95.4 million in the same period last year. Net income in the quarter swung to $9.0 million or 20 cents per diluted share compared to net loss of $10.8 million or 25 cents per share a year ago earlier.

J. C. Penney Company, Inc. ((JCP)) plunged 15.6% or $5.22 to $28.10 after the apparel retailer reported first quarter total sales slumped 20.1% to $3.15 billion compared to $3.94 billion in the same period last year. Comparable store sales shrank 18.9%.

Net loss in the quarter swung to $163 million or 75 cents per diluted share compared to net income of $64 million or 28 cents per share a year ago period.

The Company anticipates fiscal earnings guidance of $1.59 per share and discontinues the $0.20 per share quarterly dividend.

Staples, Inc. ((SPLS)) slumped 7.5% or $1.11 to $13.64 after the office products seller reported first quarter total sales fell 1% to $6.10 billion compared to $6.17 billion in the same period last year. Net income in the quarter slipped 6% to $187.0 million or 27 cents per diluted share compared to $198.2 million or 28 cents per share a year ago quarter.

Target Corporation ((TGT)) rose 53 cents to $55.61 after the specialty retailer reported first quarter total revenue grew 5.9% to $16.87 billion compared to $15.94 billion in the same period last year. Comparable store sales increased 5.3%.

Net earnings in the quarter rose 1.2% to $697 million or $1.04 per diluted share compared to $689 million or 99 cents per share a year ago.

For second quarter the company expects earnings of $0.94 to $1.04 and for full year the company raised its guidance and now expects of $4.10 to $4.30.