Movers: lululemon, McCormick, Micron, Paychex, UBS

Scott Peters
29 Mar, 2023
New York City

Lululemon Athletica Inc increased 14.4% to $365.05 after the athleisure retailer reported a surge in comparable same store sales in the fourth quarter. 

Revenue in the fourth quarter ending in January increased 30% to $2.8 billion on comparable sales surge of 27%. 

Net income in the quarter dropped to $119.8 million from $434.5 million and diluted earnings per share fell to 94 cents from $3.37 a year ago. 

The company estimated fiscal first quarter 2023 net revenue in the range of $1.890 billion to $1.930 billion, representing growth of  approximately 18%. 

Diluted earnings per share are expected to be in the range of $1.93 to $2.00 for the quarter. 

McCormick & Company Inc advanced 37 cents to $81.53 after the spice maker reported stable revenue in its latest quarter. 

Revenue in the fiscal first quarter ending in February increased 3% to $1.56 billion from $1.52 billion and net income fell to $139.1 million from $154.9 million and diluted earnings per share dropped to 52 cents from 57 cents a year ago. 

The company's sales were affected by 2% from the lower consumption in China due to Covid-related disruption, exiting from Russia and divestiture of the company's Kitchen Basics business.  

Micron Technology Inc advanced 6.2% to $63.0 after the semiconductor manufacturer reported smaller-than-anticipated quarterly loss. 

Revenue in the fiscal second quarter ending on March 2 declined to $3.69 billion from $4.09 billion in the prior quarter and $7.79 billion a year ago. 

The company swung to a loss of $2.3 billion from a profit of $2.3 billion and diluted earnings per share was ($2.12) from $2.0 a year ago. 

The company guided revenue in the third quarter of $3.7 billion and diluted loss per share of $1.79. 

“Customer inventories are getting better, and we expect gradual improvements to the industry’s supply-demand balance," said chief executive Sanjay Mehrotra. 

Paychex, Inc increased 6.01% to $115.53 after the payroll services provider reported stronger-than-expected revenue growth and earnings per share.  

Revenue in the fiscal third quarter ending in February increased 8% to $1.38 billion and net income rose 9% to $467.4 million from $430.7 million and diluted earnings per share rose to $1.29 from $1.19 a year ago. 

"We have no cash, restricted cash, or investments deposited with Silicon Valley Bank or Signature Bank and have met all client fund obligations related to employee payment services and remittances to applicable tax or regulatory agencies," the company said in its earnings release statement. 

UBS Group AG increased 3.5% to $19.95 after the company recalled former chief executive Sergio Ermotti to manage the recent acquisition of Credit Suisse. 

Ermotti served as chief executive for nine years to October 2020 and is currently Chairman of Swiss Re.

Ermotti will replace current CEO Ralph Hamers on April 6 and Hamers will advise the company during the transition.