JPMorgan Profit Soars; Best Buy, GoPro Decline on Weak Sales

Mukesh Buch
14 Jan, 2016
New York City

JPMorgan Chase net soared 10% as non-interest expense fell 7%. Best Buy plunged 8% after the retailer lowered revenues outlook. GoPro tumbled on lower than anticipated sales. AEP Ind net swung to profit. Clarcor net tumbled 24%. HB Fuller net more than doubled.

[R]12:30 PM New York – JPMorgan Chase net soared 10% as non-interest expense fell 7%. Best Buy plunged 8% after the retailer lowered revenues outlook. GoPro tumbled on lower than anticipated sales. AEP Ind net swung to profit. Clarcor net tumbled 24%. HB Fuller net more than doubled.[/R]

Tollbooth Index jumped 103.46 or 1% to 10,120.66.

Earnings Review

AEP Industries ((AEPI)) slipped 45 cents to $80.34 after the plastic packaging films maker said net sales in the year ending in October declined 4% from a year ago to $1.14 billion.

Net in the quarter swung to profit $28.8 million or $5.64 per diluted share compared to a loss of $5.5 million or $1.03 per share from the same quarter last year.

Best Buy Co Inc ((BBY)) plunged 8.1% or $2.36 to $26.90 after the technology and durable goods retailer lowered its fourth-quarter revenue forecast on sluggish sales in mobile phones during the holiday season.

The company said total sales in the period dropped 3.6% to $10.9 billion and revenue in the international segment declined 26.1% to $911 million.

The retailer estimated comparable store sales in the quarter to decrease 1.2% compared to a 3.4% increase in 2014.

CLARCOR Inc ((CLC)) jumped 6.5% or $2.86 to $47.20 after the industrial filtration products maker stated revenues in the fourth-quarter ending on November 28 plunged 10% from a year ago to $372.5 million.

Net income in the quarter tumbled 23.9% to $33.1 million or 67 cents per diluted share compared to $43.5 million or 86 cents per share from the same quarter last year.

GoPro Inc ((GPRO)) tumbled 20.4% or $2.98 to $11.63 after the recreational camera maker forecasted revenue in the fourth quarter of about $435 million and in the fiscal year of about $1.6 billion, mainly due to lower than anticipated sale of its capturing devices.

The company is scheduled to release its fourth quarter and full-year result after the market close on February 3.

HB Fuller Co ((FUL)) jumped 8.7% or $2.84 to $35.56 after the adhesives and other chemical products maker said revenues in the fourth-quarter ending on November 28 edged up 0.1% from a year ago to $548.1 million.

Net income in the quarter surged 133.6% to $25 million or 49 cents per diluted share compared to $10.7 million or 21 cents per share from the same quarter last year.

The adhesives maker estimated revenues in the fiscal 2016 of about $2.1 billion.

JPMorgan Chase & Co ((JPM)) rose 24 cents to $57.58 after the financial services provider reported revenues in the fourth-quarter ending in September rose 1% from a year ago to $22.89 billion.

Net income in the quarter soared 10% to $5.43 billion or $1.32 per diluted share compared to $4.93 billion or $1.19 per share from the same quarter last year.

The bank said non-interest expense plunged 7% to $14.3 billion mainly due to lower corporate and investment banking expense.

WNS (Holdings) Limited ((WNS)) surged 8.3% or $2.16 to $28.30 after the India-focused business process services provider stated revenues in the third-quarter ending in December jumped 6.2% from a year ago to $144.4 million.

Net income in the quarter dropped 4.8% to $15.7 million or 30 cents per diluted share compared to $16.5 million or 31 cents per share from the same quarter last year.

The company forecasted revenues in the year to increase to between $528 million and $532 million from $503 million in fiscal 2015 and diluted earnings per share in the range of $1.86 to $1.90.