Cisco Advances on Upbeat Views, Walmart Soars 10% on Higher Outlook

Mukesh Buch
16 Aug, 2018
New York City

Cisco Systems earnings and revenues beat estimates. Dillard net loss narrowed. J. C. Penney lowered fiscal 2018 after net loss widened. Walmart net swung to a loss but lifted fiscal 2019 forecast.

[R]1:30 PM New York City, New York – Cisco Systems earnings and revenues beat estimates. Dillard net loss narrowed. J. C. Penney lowered fiscal 2018 after net loss widened. Walmart net swung to a loss but lifted fiscal 2019 forecast.[/R]

Tollbooth Index jumped 173.04 or 1.1% to 16,024.67 but for the year-to-date soared 16.5%.

Earnings Review

Briggs & Stratton Corporation ((BGG)) jumped 5.7% or $1.04 to $19.45 after the gasoline engines and outdoor power equipment maker said revenues in the fourth-quarter ending on July 1 advanced 5.8% from a year ago to $501.7 million.

Net in the quarter swung to a loss of $11.8 million or 29 cents per diluted share from profit of $19.7 million or 46 cents in the same quarter last year.

The power equipment maker forecasted fiscal 2018 net sales in the range of $1.93 billion to $1.99 billion or growth of 2.5% to 5.8% and net income in the range of $58 million to $66 million and diluted earnings per share between $1.35 and $1.55,

Cisco Systems Inc ((CSCO)) advanced 3.9% or $1.74 to $45.60 after the hardware and software supplier reported total revenues in the fourth-quarter ending in July advanced 6% from a year ago to $12.8 billion.

Net income in the quarter surged to 58.3% to $3.8 billion or 81 cents per diluted share from profit of $2.4 billion or 48 cents in the same quarter last year.

Cisco forecasted fiscal 2018 revenue growth between 5% and 7% and diluted earnings per share in the range of 69 cents to 74 cents.

Dillard Inc ((DDS)) plunged 14.4% or $11.91 to $71.07 after the fashion apparel, cosmetics and home furnishings retailer said net sales in the second-quarter ending on August 4 increased 2.8% from a year ago to $1.5 billion.

Comparable store sales in the quarter increased 1%.

Net loss in the quarter narrowed to $2.9 million or 10 cents per diluted share from $17.1 million or 58 cents in the same quarter last year.

J. C. Penney Company, Inc ((JCP)) tumbled 24.7% or 60 cents to $1.82 after the department stores operator stated net sales in the second-quarter ending on August 4 declined 7.5% from a year ago to $2.8 billion.

Comparable store sales in the quarter rose 0.3%.

Net loss in the quarter widened to $101 million or 32 cents per diluted share from $48 million or 15 cents in the same quarter last year.

The retailer lowered fiscal 2018 diluted loss per share to between 80 cents and $1 and comparable store sales to be approximately flat form the earlier estimate of diluted loss per share of 7 cents and profit of 13 cents and comparable store sales between flat to an increase of 2%.

Walmart Inc ((WMT)) soared 10.4% or $9.34 to $99.56 after the hypermarkets, discount department stores operator reported total revenues in the third-quarter ending in June jumped 3.8% from a year ago to $128 billion.

Domestic comparable store sales advanced 4.5% and Sam’s Club comparable sales soared 5%, the strongest growth in six years and net sales in international business jumped 4% to $29.5 billion.

Net in the quarter swung to a loss of $861 million or 29 cents per diluted share from $2.9 billion or 96 cents in the same quarter last year.

The department stores operator lifted fiscal 2019 diluted earnings per share in the range of $4.90 to $5.05 from the earlier estimate of $4.75 to $5 and net sales to increase 2% from the earlier estimate of 1.5% to 2%.