Movers: BlackBerry, Carnival, FedEx, Nike, Rite Aid, Six Flags, Toro

Scott Peters
21 Dec, 2022
New York City

BlackBerry Ltd plunged 10.6% to $3.71 after the company reported a loss in its last quarter. 

Revenue in the fiscal third quarter was nearly flat at $169 million compared to $168 million a year ago. 

Cyber security unit revenue decreased to $106 million from $111 million in the previous quarter.  

Net loss in the quarter shrank to $4 million from $54 million and diluted loss per share fell to 9 cents from 10 cents a year ago. 

Carnival Corp rose 5.4% to $8.53 after the largest cruise line operator posted smaller-than-expected loss in the last quarter. 

Revenue in the fiscal fourth quarter ending in November rose to $3.8 billion from $1.3 billion a year ago. 

Net loss in the quarter dropped to $1.6 billion from $2.5 billion and diluted loss per share fell to $1.27 from $2.31 a year ago. 

Occupancy in the fiscal fourth quarter was 19 percentage points below 2019 levels compared to 29 percentage points below 2019 levels. 

"Booking volumes during the fourth quarter of 2022 for 2023 sailings are nearing 2019 comparable booking levels, with November booking volumes  exceeding 2019 levels," said the company in the earnings release. 

FedEx increased 4.8% to $172.12 after the parcel delivery company reported a decline in earnings but results were ahead of expectations. 

FedEx revenue in the fiscal second quarter declined 3% to $22.8 billion and net income dropped to $788 million from $1.04 billion and diluted earnings per share fell to $3.07 from $3.88 a year ago.

Nike Inc soared 14.01% to $117.73 after the footwear maker and retailer reported better-than-expected quarterly results. 

Revenue in the fiscal second quarter increased 17% to $13.3 billion and gross margin declined 300 basis points to 42.9%. 

Net income in the quarter was flat at $1.3 billion and diluted earnings per share increased to 85 cents from 84 cents a year ago. 

Inventories in the quarter increased 43% to $9.3 billion from a year ago but declined from $9.7 billion in the previous quarter. 

Excess merchandise in the prior quarter led to above-normal discounting, negatively impacting gross margin. 

Direct sales also increased 16% to $5.4 billion and digital sales rose 25%.

Rite Aid Corp  declined 16.7% to $3.71 after the independent pharmacy operator reported larger quarterly loss. 

Revenue in the fiscal third quarter 2023 edged down to $6.2 billion from $6.1 billion a year ago. 

Net loss in the quarter rose to $67.1 million from $36 million and diluted loss per share rose to $1.23 from 67 cent a year ago. 

The company guided total revenues in 2023 between $23.7 billion and $24.0 billion and net loss between $584 million and $551 million.

Six Flags Entertainment Corp soared 11.6% to $23.35 on the news report that the activist investor Land & Buildings Investment Management LLC has accumulated 3% stake in the theme park operator. 

The activist investor L&B is asking the company among other things to sell its non-core assets and real estate holdings. 

Toro Co increased 0.5% to $112.64 after the company posted fiscal fourth quarter 2022 results ending in October. 

Revenue in the fiscal quarter increased 14% to $4.51 billion from $3.96 billion a year ago. 

Net income in the quarter rose 8% to $443.3 million from $409.9 million and diluted earnings per share rose 11% to $4.20 from $3.78 a year ago. 

The company guided 2023 revenues to increase between 7% and 10% and adjusted earnings per share in the range of $4.70 to $4.90 compared to $4.20 in fiscal 2022.