U.S. Movers: Lowe's, Super Micro Computer, Walmart

Scott Peters
19 Nov, 2024
New York City

Walmart increased 3.7% to $87.16 after the retailer reported better-than-expected quarterly results and revised its annual outlook. 

The retailer boosted its annual sales estimate to a new range between 4.8% and 5.1%, from the previous estimate between 3.75% and 4.75%. 

Consolidated revenue in the third quarter increased 5.5% to $169.6 billion, net income advanced to $4.6 billion from $453 million, and net income rose to 57 cents from 6 cents a year ago. 

The retailer said it repurchased 46 million shares for $3 billion in the year so far, as part of its $20 billion stock buyback plan. 

The company said sales at its U.S. locations increased 5.5% to $114.9 billion, reflecting broad strength as more customers look for products beyond its grocery aisles. 

E-commerce sales in the U.S. rose 22%, led by store-fulfilled pickup & delivery, advertising revenue, and marketplace activities. 

Super Micro Computer soared 27% to $27.48 after the company appointed BDO as its new independent auditor following the resignation of its previous auditor, Ernst & Young. 

The company also said it plans to file its annual report for the year ending on June 30 and its latest quarterly report ending on September 30. 

Lowe's Companies declined 2.2% to $266.0 after the home improvement retailer reported better-than-expected quarterly results, but the company's negative outlook dampened investor sentiment. 

Net sales in the third quarter declined to $20.17 billion from $20.47 billion, and net income declined to $1.69 billion from $1.77 billion, and diluted earnings per share fell to $2.99 from $3.05 a year earlier. 

During the quarter, the company repurchased approximately 2.9 million shares for $758 million, and it paid $654 million in dividends. 

The company estimated total annual sales in the fiscal year 2024 to range between $83 billion and $83.5 billion, compared to its previous range between $82.7 billion and $83.2 billion. 

Comparable same-store sales are estimated to decline between 3% and 3.5%, compared to the previous estimate of a decline between 3.5% and 4.0%.