U.S. Movers: Conn

Mukesh Buch
05 Dec, 2013
New York City

Conn

[R]11:50 AM New York – Conn’s net soared and sales surged 51%. Dollar General net jumped 14%. Essex Property offered to buy BRE Properties for $5 billion. GM plans to drop Chevrolet brand in Europe. Kroger net dropped 6% to $299 million. Microsoft won regulatory approval of acquisition of Nokia''s mobile device business.[/R]

Conn’s, Inc. ((CONN)) surged 14.6% or $8.51 to $66.97 after the specialty retailer reported total revenues in the third-quarter ending in October surged 50.6% to $310.9 million. Comparable store sales in the quarter surged 35%.

Net income in the quarter soared 107% to $24.4 million or 66 cents a diluted share compared to $11.8 million or 35 cents.

Dollar General Corporation ((DG)) climbed 5.3% or $2.98 to $59.35 after the discount retailer said net sales in the third-quarter ending on November 1 climbed 10.5% to $4.38 billion. Comparable store sales in the quarter advanced 4.4%.

Net income in the quarter jumped 14% to $237 million or 74 cents a diluted share compared to $208 million or 62 cents.

Essex Property Trust Inc ((ESS)) increased 1.3% or $2.02 to $152.67 after the residential properties manager offered to buy BRE Properties Inc for about $5 billion.

General Motors Company ((GM)) gained 1% or 44 cents to $39.15 after the automobile company will drop the Chevrolet brand in Europe by the end of 2015 as it failed to build significant market share.

In November, the department of treasury said it plans to sell remaining 31.1 million shares in the General Motors by this year-end to winding down the stake of 61%.

Jos. A. Bank Clothiers, Inc ((JOSB)) slid 3 cents to $56.85 after retailer stated total sales in the third-quarter ending on October 27 jumped 6% to $247.5 million. Comparable store sales in the quarter slid 0.1%.

Net income in the quarter fell 2% to $13.3 million or 47 cents a diluted share compared to $13.6 million or 49 cents.

The Kroger Co ((KR)) dropped 4.2% or $1.75 to $39.77 after the food retailer reported total sales in the third-quarter ending on November 9 grew 3.2% to $22.5 billion. Comparable store sales in the quarter climbed 3.5%.

Net income in the quarter dropped 5.7% to $299 million or 57 cents a diluted share compared to $317 million or 60 cents.

For the year, the company maintained its diluted earnings per share guidance in the range of $2.73 to $2.80.

Microsoft Corporation ((MSFT)) dropped 3.2% or $1.24 to $37.70 after the media report European Union antitrust regulators approved Microsoft''s $7.3 billion acquisition of Nokia''s mobile device business.

As expected, the antitrust regulators passed the acquisition without conditions.

Royal Bank of Canada ((RY)) fell 38 cents to $64.23 after the Canada-based financial service provider reported total revenues in the fourth-quarter ending in October jumped 6.7% to $8 billion. Net income in the quarter soared 11% to $2.1 billion or $1.40 a diluted share compared to $1.91 billion or $1.25.

The Toronto-Dominion Bank ((TD)) slipped 1% or 98 cents to $88.66 after the Canada-based bank said net sales in the fourth-quarter ending in October fell 1.4% to $7 billion. Net income in the quarter climbed 5.9% to $1.62 billion or $1.68 cents a diluted share compared to $1.53 billion or $1.58.

The Toro Company ((TTC)) slid 1.6% or $1.01 to $59.22 after the agricultural machinery maker net sales in the fourth-quarter ending in October jumped 13% to $382.4 million. Net income in the quarter fell 3.4% to $4.95 million or 8 cents a diluted share compared to $0.25 million or break even share.