Square Surges on Debut; Stein Mart Soar, Best Buy, Stage Stores Plunge

Mukesh Buch
19 Nov, 2015
New York City

Square stock surged 64% in its debut. Best Buy net soared but sales fell. Broadcom net jumped 21% while revenues plunged 9%. Buckle profit tumbled 12%. Cato profit surged and lifted forecast. Smucker net and revenues rose. Stein Mart net loss narrowed while Stage Stores net loss widened.

[R]12:00 PM New York – Square stock surged 64% in its debut. Best Buy net soared but sales fell. Broadcom net jumped 21% while revenues plunged 9%. Buckle profit tumbled 12%. Cato profit surged and lifted forecast. Smucker net and revenues rose. Stein Mart net loss narrowed while Stage Stores net loss widened.[/R]

Tollbooth Index rose 8.99 to 10,968.12.

Earnings Review

Best Buy Co Inc ((BBY)) plunged 6.4% or $2 to $29.33 after the technology retailer reported sales in the third-quarter ending in October slipped 2.3% from a year ago to $8.82 billion.

Comparable store sales in the quarter gained 0.8% and online sales jumped 18%.

Net income in the quarter soared 16.8% to $125 million or 36 cents per diluted share compared to $107 million or 30 cents per share from the same quarter last year.

Broadcom Corporation ((BRCM)) decreased 1.3% or 71 cents to $52.56 after the chip maker stated sales in the third-quarter ending in October plunged 8.8% from a year ago to $283.1 million.

Net income in the quarter jumped 20.6% to $18.7 million or 37 cents per diluted share compared to $15.5 million or 30 cents per share from the same quarter last year.

Buckle Inc ((BKE)) rose 18 cents to $30.62 after the casual apparel, footwear and accessories retailer reported net sales in the third-quarter ending in October dropped 4.1% from a year ago to $280.2 million.

Comparable store sales in the quarter declined 5.2% and online sales surged 13.6% to $25.9 million.

Net income in the quarter plunged 11.6% to $35.9 million or 74 cents per diluted share compared to $40.6 million or 84 cents per share from the same quarter last year.

Cato Corporation ((CATO)) soared 4% or $1.51 to $38.99 after the women''s fashion specialty retailer said net sales in the third-quarter ending in October jumped 4% from a year ago to $223.3 million.

Same store sales in the quarter gained 2%.

Net income in the quarter surged 45.6% to $8.3 million or 30 cents per diluted share compared to $5.7 million or 20 cents per share from the same quarter last year.

The retailer lifted diluted earnings per share forecast for the fourth-quarter 35 cents to 39 cents from 33 cents in a year ago period.

For the year, Cato estimated diluted earnings per share to increase between 7% and 9% or in the range of $2.31 to $2.35.

J M Smucker Co ((SJM)) advanced 5.8% or $6.62 to $120 after the consumer food, beverage and pet food maker stated revenues in the second-quarter ending in October increased 40.5% from a year ago to $2.08 billion.

Net income in the quarter rose 33.2% to $176 million or $1.47 per diluted share compared to $158.3 million or $1.55 per share from the same quarter last year.

J M Smucker said net sales contribution of Big Heart Pet Brands, acquired in the year soared 40% to $595.9 million and growth within the U.S. retail coffee segment.

The company forecasted revenues for the year of about $7.9 billion and diluted earnings per share

Stein Mart, Inc ((SMRT)) jumped 10.4% or 75 cents to $7.96 after the specialty stores operator said total sales in the third-quarter ending in October fell 1% from a year ago to $300.7 million.

Same store sales in the quarter slumped 2.3%.

Net loss in the quarter narrowed to $0.2 million or 1 cent per diluted share compared to $1.2 million or 3 cents per share from the same quarter last year.

Stage Stores Inc ((SSI)) tumbled 17.8% or $1.61 to $7.47 after the apparel and accessories retailer reported sales in the third-quarter ending in October slumped 3.5% from a year ago to $351.6 million.

Same store sales in the quarter slid 3.5%.

Net loss in the quarter widened to $10.2 million or 32 cents per diluted share compared to $5.3 million or 17 cents per share from the same quarter last year.

Square Inc, the privately held mobile payments company surged 64% in its market debut and raised $243 million and in early trading stock reached to $14.78.

Stock was priced at $9 per share and in offerings of 25.7 million class A shares.

The company reported revenue in the first nine-month period jumped 49% to $892.8 million while net loss in the period widened to $131.5 million compared to $117 million in the same period a year ago.