Finish Line, Nike Jump; Micron, Methode, Synnex Drop

Mukesh Buch
26 Jun, 2015
New York City

Finish Line net soared 11% on 9% increase in revenues. Micron Technology net plummeted 39%. Methode Electronics net plunged 45%. Nike profit surged 24%. Synnex net climbed 31%.

[R]11:45 PM New York – Finish Line net soared 11% on 9% increase in revenues. Micron Technology net plummeted 39%. Methode Electronics net plunged 45%. Nike profit surged 24%. Synnex net climbed 31%.[/R]

Tollbooth Index rose 0.2% or 18.23 to 10,825.52.

Earnings Review

Finish Line Inc ((FINL)) increased 3.9% or $1.05 to $28.05 after the specialty retailer said net sales in the first-quarter ending in May climbed 9.1% to $443.4 million from a year ago period.

Comparable store sales in the quarter jumped 5.5%.

Net income in the quarter soared 11.3% to $13.8 million or 30 cents per diluted share compared to $12.4 million or 25 cents from the same quarter last year.

Micron Technology, Inc ((MU)) plunged 18.3% or $4.39 to $19.67 after the semiconductor devices maker reported revenues in the third-quarter ending on June 4 fell 3% to $3.85 billion from a year ago period.

Net income in the quarter plummeted 39.1% to $491 million or 42 cents per diluted share compared to $806 million or 68 cents from the same quarter last year.

Methode Electronics Inc ((MEI)) dropped 4.9% or $1.55 to $29.83 after the electro-mechanical devices maker stated net sales in the fourth-quarter ending on May 2 rose 1.1% to $227.3 million from a year ago period.

Net income in the quarter plunged 44.7% to $26.6 million or 68 cents per diluted share compared to $48.1 million or $1.25 from the same quarter last year.

Nike Inc ((NIKE)) gained 4.4% or $4.64 to $109.86 after the athletic footwear, apparel, equipment, accessories developer reported revenues in the fourth-quarter ending in May jumped 5% to $7.78 billion from a year ago period.

Net income in the quarter surged 23.9% to $865 million or 98 cents per diluted share compared to $698 million or 78 cents from the same quarter last year.

Footwear revenue in the quarter jumped 9% to $4.78 billion while apparel revenue increased 1% to $2.16 billion.

The company said Nike brand North America revenue climbed 13% to $3.73 billion, but revenues in Western Europe decreased 3% to $1.27 billion and revenue in Central and Eastern Europe fell 3% to $360 million while revenues in Greater China surged 18% to $829 million and Japan revenue rose 2% to $230 million.

SYNNEX Corporation ((SNX)) plunged 9.7% or $8.04 to $74.30 after the business process services forecasted revenues in the second-quarter ending in May declined 5.8% to $3.25 billion from a year ago period.

Net income in the quarter climbed 31.2% to $51.9 million or $1.30 per diluted share compared to $39.6 million or $1 from the same quarter last year.

The company forecasted adjusted earnings per share in the third-quarter to fall between $1.40 and $1.45 from the previous estimate of about $1.67.