Movers: Apple, Constellation Brand, Dominion, Nike, Savers Value Village

Scott Peters
30 Jun, 2023
New York City

Stocks advanced on the final day of the week, quarter and first half. 

The S&P 500 index and the Nasdaq Composite index are set to extend weekly gains of near 1% as investors digest the latest news on inflation. 

The S&P 500 index increased 0.7% to 4,469.28 and the Nasdaq Composite edged higher 1.1% to 13,709.16.  

Apple Inc jumped 1.2% to $191.90 on the optimism that a slow but steady rebound in the Chinese economy and new products in the U.S. will drive sales higher in the remainder of the year. 

The stock also got a boost after Citi revised higher its price target on the stock to $240. 

Nike Inc declined 2.3% to $110.06 after the company reported weaker-than-expected quarterly results. 

Revenue in the fiscal fourth quarter ending in May increased 5% to $12.8 billion, including direct online sales rose 15% to $5.5 billion. 

Revenue of NIKE brand sales rose 5% to $12.2 billion and Converse sales fell 1% to $586 million. 

Net income declined 28% to $1.0 billion from $1.4 billion and diluted earnings per share dropped to 66 cents from 90 cents a year ago.  

In the fourth quarter, the company returned $1.9 billion to shareholders, including $524 million in dividends and repurchased 11.5 million shares for $1.4 billion as a part of the four-year share repurchase program approved in June 2022. 

The company declared a dividend of 34 cents a common share.  

Savers Value Village edged lower by 2.6% on the second day of trading after surging 27% in the previous session after the for-profit thrift priced its initial public offering at $18 a share and closed at $22.90. 

Constellation Brands, Inc declined 2% to $241.90 despite the owner of Corona and Pacifico reporting better-than-expected revenue and earnings in its latest quarter. 

Revenue in the fiscal first quarter ending in May increased to $2.5 billion from $2.3 billion and net income declined to $139 million from $399.3 million and diluted earnings per share dropped to 74 cents from $2.06 a year ago. 

The board of directors declared a quarterly cash dividend of 89 cents to shareholders on record August 10 payable on August 24. 

The company guided fiscal year 2024 earnings per share between $9.35 and $9.65.  

Dominion Energy declined 2.5% to $50.55 after the company lowered its operating earnings outlook for the second quarter because of milder-than-usual weather and unplanned outages at the Millstone Nuclear Power Station in Connecticut.   

The company lowered its second quarter operating earnings per share forecast to between 44 cents and 50 cents from the previous range between 58 cents and 68 cents .