Walgreens Closes 600 Rite Aid Stores; Valero Rides Post-Harvey Price Jump

Mukesh Buch
26 Oct, 2017
New York City

Comcast reported a surge in profit. Twitter soared after net loss narrowed. Valero profits jumped on higher post-Harvey gas prices. Walgreens closes 600 Rite Aid stores. Xerox beats expectations.

[R]11:45 PM New York – Comcast reported a surge in profit. Twitter soared after net loss narrowed. Valero profits jumped on higher post-Harvey gas prices. Walgreens closes 600 Rite Aid stores. Xerox beats expectations.[/R]

Tollbooth Index jumped 96.30 or 0.8% to 12,945.48.

Earnings Review

Comcast Corporation ((CMCSA)) slumped 1.4% or 51 cents to $36.33 after the media and technology provider reported revenues in the third-quarter ending in September decreased 1.6% from a year ago to $20.98 billion.

Net income in the quarter surged 18.5% to $2.7 billion or 55 cents per diluted share from $2.2 billion or 46 cents in the same quarter last year.

Ford Motor Company ((F)) rose 11 cents to $12.15 after the automobile maker reported revenues in the third-quarter ending in September fell 1.6% from a year ago to $35.9 billion.

Net income in the quarter declined 40.2% to $957 million or 24 cents per diluted share from $1.6 billion or 39 cents in the same quarter last year.

Ford lifted fiscal 2017 diluted earnings per share in the range of $1.75 to $1.85 from the earlier estimate of $1.65 to $1.85 per share.

Time Warner Inc ((TWX)) increased 42 cents to $99.14 after the media and entertainment services provider stated revenues in the third-quarter ending in September jumped 6% from a year ago to $7.6 billion.

Net income in the quarter declined 6.7% to $1.4 billion or $1.73 per diluted share from $1.5 billion or $1.86 in the same quarter last year.

Turner segment revenues increased 6% to $2.77 billion and Home Box Office revenues soared 13% to $1.61 billion, subscription revenues in both segments jumped 13% and 12% respectively.

Twitter Inc ((TWTR)) surged 16.6% or $2.85 to $19.99 after the social media platform provider said revenues in the third-quarter ending in September dropped 4.3% from a year ago to $589.6 million.

Net loss in the quarter narrowed to $21.1 million or 3 cents per diluted share from $102.9 million or 15 cents in the same quarter last year.

Twitter said total advertising revenue declined 8% to $503 million despite the media company added another 4 million users in the quarter totaling to 330 million.

United Parcel Service, Inc ((UPS)) increased 1.7% or $2.03 to $120.58 after the package delivery services provider stated revenues in the second-quarter ending in September advanced 7% from a year ago to $15.98 billion.

Net income in the quarter slid 0.5% to $1.26 billion or $1.45 per diluted share from $1.27 billion or $1.44 in the same quarter last year.

The parcel services provider forecasted fiscal 2017 diluted earnings per share in the range of $5.85 and $6.10.

Valero Energy Corporation ((VLO)) dropped 2.2% or $1.67 to $76.05 after the petroleum refiner said revenues in the third-quarter ending in September soared 20.4% from a year ago to $23.6 billion.

Net income in the quarter surged 37.2% to $841 million or $1.91 per diluted share from $613 million or $1.33 in the same quarter last year.

“Hurricane Harvey disrupted operations at five refineries during the quarter,” said chairman, president and chief executive officer Joe Gorder.

Walgreens Boots Alliance Inc ((WBA)) gained 60 cents to $69.98 after the drugstore chain reported sales in the fourth-quarter ending in September jumped 5.2% from a year ago to $30.1 billion.

Net income in the quarter slumped 22.1% to $802 million or 76 cents per diluted share from $1 billion or 95 cents in the same quarter last year.

The drugstores operator forecasted fiscal 2018 diluted earnings per share between $5.40 and $5.70.

Xerox Corp ((XRX)) plunged 7.9% or $2.61 to $30.49 after the digital print technology provider said total revenues in the third-quarter ending in September slumped 5% from a year ago to $2.5 billion.

Net income in the quarter fell 2.2% to $179 million or 68 cents per diluted share from $183 million or 69 cents in the same quarter last year.