Bezos Sells $1 B Amazon Stake a Year to Finance Space Venture

Mukesh Buch
06 Apr, 2017
New York City

Jeff Bezos said the sale of $1 billion Amazon stock every year is financing his space venture. Constellation Brands net surged 86%. CarMax net surged. Fred''''s net loss widened. Hooker Furniture net surged. Lamb Weston net plunged 22%. MSC Direct net jumped 8%. RPM Intl net tumbled.

[R]2:10 PM New York – Jeff Bezos said the sale of $1 billion Amazon stock every year is financing his space venture. Constellation Brands net surged 86%. CarMax net surged. Fred''s net loss widened. Hooker Furniture net surged. Lamb Weston net plunged 22%. MSC Direct net jumped 8%. RPM Intl net tumbled.[/R]

Tollbooth Index increased 34.53 or 0.3% to 11,595.10.

Earnings Review

Amazon.com, Inc ((AMZN)) fell $7.95 to $901.34 after the online market place’s chief executive officer and Blue Origin founder Jeff Bezos said “I sell about $1 billion a year of Amazon stock and I use it to invest in Blue Origin.”

Further he added “It’s a long road to get there and I’m happy to invest in it”.

Bezos announced his investment program during the 33rd Space Symposium event in Colorado Springs, Colorado.

Constellation Brands, Inc ((STZ)) jumped 6.4% or $10.29 to $171.68 after the beer, wine and spirits maker reported revenues in the fourth-quarter ending in February advanced 5.9% from a year ago to $1.8 billion.

Net income in the quarter surged 85.7% to $452 million or $2.09 per diluted share from $243.4 million or $1.10 in the same quarter last year.

CarMax, Inc ((KMX)) gained 1.1% 63 cents to $57.29 after the new and used vehicles retailer said net sales in the fourth-quarter ending in February jumped 9.3% from a year ago to $4.05 billion.

Used unit sales in comparable stores in the quarter soared 8.7% and total used unit sales rose 13.4% while total wholesale unit sales dropped 1.2%.

Net income in the quarter surged 8.2% to $152.6 million or 81 cents per diluted share from $141 million or 71 cents in the same quarter last year.

Fred''s, Inc ((FRED)) surged 12.4% or $1.55 to $14.10 after the retail discount stores operator said net sales in the fourth-quarter ending on April 1 dropped 4.5% from a year ago to $529.7 million.

Comparable store sales in the quarter slumped 3.6%.

Net loss in the quarter widened to $22.5 million or 60 cents per diluted share from $3.9 million or 11 cents in the same quarter last year.

The retailer said total sales in the five-week period ending on April 1 slipped 2.7% to $208.6 million from $214.3 million in March 2016 and comparable store sales for March decreased 0.5%.

Hooker Furniture Corporation ((HOFT)) soared 20.4% or $6.42 to $37.87 after the home furnishings provider stated revenues in the fourth-quarter ending on January 29 surged 187.2% from a year ago to $173.9 million.

Net income in the quarter jumped 165% to $10.9 million or 95 cents per diluted share from $4.1 million or 38 cents in the same quarter last year.

Lamb Weston Holdings Inc ((LW)) advanced 3.8% or $1.59 to $43.33 after the frozen appetizer and vegetable products supplier sales in the third-quarter ending on February 26 soared 5% from a year ago to $768.5 million.

Net income in the quarter plunged 22% to $84.2 million or 57 cents per diluted share from $107 million or 71 cents in the same quarter last year.

MSC Industrial Direct Co Inc ((MSM)) slumped 4.5% or $4.58 to $98.02 after the metalwork and services provider said net sales in the second-quarter ending on March 4 increased 2.9% from a year ago to $703.8 million.

Net income in the quarter jumped 8.1% to $53.6 million or 93 cents per diluted share from $49.5 million or 80 cents in the same quarter last year.

The metalwork and services provider forecasted net sales in the third-quarter between $734 million and $748 million and diluted earnings per share in the range of $1.05 and $1.09.

RPM International Inc ((RPM)) dropped 2.5% or $1.32 to $52.37 after the paints and coatings maker stated sales in the third-quarter ending in February rose 3.4% from a year ago to $1 billion.

Net income in the quarter tumbled 35.8% to $11.9 million or 9 cents per diluted share from $18.6 million or 14 cents in the same quarter last year.