Market Updates
NVIDIA, Symantec Profit Jump; Nordstrom Net Plunges 64%
Mukesh Buch
13 May, 2016
New York City
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Brookfield Asset Management net tumbled 56% but revenues soared 19%. Dillard''s net declined 29%. J C Penney net loss narrowed. Nordstrom profit plunged 64% and lowered revenue outlook. Luxoft net and revenues surged. NVIDIA net soared 46%. Symantec profit surged.
[R]12:00 PM New York – Brookfield Asset Management net tumbled 56% but revenues soared 19%. Dillard''s net declined 29%. J C Penney net loss narrowed. Nordstrom profit plunged 64% and lowered revenue outlook. Luxoft net and revenues surged. NVIDIA net soared 46%. Symantec profit surged.[/R]
Tollbooth Index slid 19.46 or 0.2% to 10,461.26.
Earnings Review
Brookfield Asset Management Inc ((BAM)) slumped 2.7% or 93 cents to $32.85 after the alternative asset manager said revenues in the first-quarter ending in March soared 18.6% from a year ago to $5.22 billion.
Net income in the quarter tumbled 55.8% to $636 million or 23 cents per diluted share compared to $1.44 billion or 75 cents per share from the same quarter last year.
Dillard''s, Inc ((DDS)) jumped 3.5% or $2.23 to $62.87 after the apparel, cosmetics and home furnishing retailer said total net sales in the first-quarter ending in April dropped 4.4% from a year ago to $1.50 billion.
Comparable store sales in the quarter slumped 5%.
Net income in the quarter declined 29.4% to $77.4 million or $2.17 per diluted share compared to $109.6 million or $2.66 per share from the same quarter last year.
J C Penney Company Inc ((JCP)) slipped 1.1% or 9 cents to $7.71 after the department store operator reported total net sales in the first-quarter ending in April fell 1.6% from a year ago to $2.81 billion.
Comparable store sales in the quarter slid 0.4%.
Net loss in the quarter narrowed to $68 million or 22 cents per diluted share compared to $150 million or 49 cents per share from the same quarter last year.
Nordstrom, Inc ((JWN)) plunged 10.8% or $4.89 to $40.35 after the specialty retailer said net sales in the first-quarter ending in April increased 2.5% from a year ago to $3.19 billion.
Comparable store sales in the quarter decreased 1.7%.
Net income in the quarter plunged 64% to $46 million or 26 cents per diluted share compared to $128 million or 66 cents per share from the same quarter last year.
Nordstrom lowered its revenues forecast in the year between 2.5% and 4.5% from the earlier estimated range of 3.5% to 5.5% and diluted earnings per share between $2.50 to $2.70 from the previous guidance between $3.10 and $3.35.
Luxoft Holding Inc ((LXFT)) jumped 8.6% or $4.99 to $63.29 after the Switzerland-based engineering software provider stated revenues in the fourth-quarter ending in March advanced 23.2% from a year ago to $169.2 million.
Net income in the quarter surged 62.2% to $14.6 million or 43 cents per diluted share compared to $9 million or 27 cents per share from the same quarter last year.
The company forecasted revenues in the year to increase at least 20% to $780.9 million and diluted earnings per share of about $2.85 compared to same period a year ago.
NVIDIA Corporation ((NVDA)) surged 13.1% or $4.67 to $40.24 after the graphic chip maker stated revenues in the first-quarter on May 1 soared 13% from a year ago to $1.30 billion.
Net income in the quarter jumped 46% to $196 million or 33 cents per diluted share compared to $134 million or 24 cents per share from the same quarter last year.
Symantec Corporation ((SYMC)) gained 1.4% or 23 cents to $17.13 after the security software provider reported revenues in the fourth-quarter on April 1 fell 3% from a year ago to $873 million.
Net income in the quarter surged to $2.04 billion or $3.15 per diluted share compared to $176 million or 25 cents per share from the same quarter last year.
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