Costco, McCormick Net Rise, Cosi Files Bankruptcy

Mukesh Buch
30 Sep, 2016
New York City

BGC Partners lowered third-quarter revenues forecast. Costco net increased 2%. CalAmp net declined 86% but revenues jumped 30%. Cosi filed voluntary Chapter 11 petition. McCormick profit surged 31% and the spice maker lifted earnings forecast.

[R]11:55 AM New York – BGC Partners lowered third-quarter revenues forecast. Costco net increased 2%. CalAmp net declined 86% but revenues jumped 30%. Cosi filed voluntary Chapter 11 petition. McCormick profit surged 31% and the spice maker lifted earnings forecast.[/R]

Tollbooth Index increased 69.40 or 0.6% to 10,959.95.

Earnings Review

BGC Partners, Inc ((BGCP)) fell 3 cents to $8.76 after the brokerage services provider said third-quarter revenues may be slightly lower than the low end of the previously stated estimate and pre-tax earnings near the mid-point of the range.

Costco Wholesale Corporation ((COST)) soared 4.1% or $6.04 to $153.53 after the discount stores operator reported sales in the fourth-quarter ending on August 28 rose 2% from a year ago to $35.7 billion.

Comparable sales in the quarter were break even.

Net income in the quarter increased 1.5% to $779 million or $1.77 per diluted share compared to $767 million or $1.73 per share from the same quarter last year.

CalAmp Corp ((CAMP)) tumbled 15.2% or $2.50 to $13.91 after the wireless communications solution provider said revenues in the second-quarter ending in August surged 30% from a year ago to $90.5 million.

Net income in the quarter declined 85.7% to $0.5 million or 1 cent per diluted share compared to the $3.5 million or 10 cents per share from the same quarter last year.

Cosi Inc ((COSI)) surged 10.1% to 0.0799 cents after the restaurants operator filed voluntary Chapter 11 petitions in the in the District of Massachusetts and closed 29 of the 74 owner operated restaurants.

“It’s difficult step but necessary,” said chief executive Patrick Bennett Sr.

McCormick & Company, Inc ((MKC)) jumped 2.9% or $2.81 to $100.20 after the spices, seasoning and condiments maker reported revenues in the third-quarter ending in August advanced 2.8% from a year ago to $1.09 billion.

Net income in the quarter surged 30.8% to $127.7 million or $1 per diluted share compared to the $97.6 billion or 76 cents per share from the same quarter last year.

In the year, the spice maker lifted sales growth forecast to 3%, upper end from its previous range and lifted earnings per share estimate between $3.68 and $3.72 from $3.11 reported in fiscal 2015.