Headlines for Tuesday morning include earnings from CVS,
Toyota Motors and Office Depot, Blackberry finishing its
restructuring plan and Walgreen's CFO leaving before the company
decides on a possible tax inversion.
Drugstore chain CVS (
) said Tuesday that it
$1.06 per share in the second quarter, or $1.13 per share on an
adjusted basis. Analysts had expected the company to earn $1.10
per share. Revenue was $34.6 billion, compared to estimates for
$33.42 billion. The company's outperformance on the top and
bottom lines came as same-store sales rose by 3.3, despite the
company ending sales of cigarettes in its retail stores. The
company also increased its adjusted earnings forecast for the
year to $4.43 to $4.51 per share, from a prior estimate for $4.36
to $4.50 per share. Analysts expect the company to earn $4.46 per
) said Tuesday that it earned $5.7 billion in the second quarter
on $62.3 billion in sales. Those figures topped analysts'
estimates. Takou Saskai, a managing officer at the company, said
the company's results were boosted by a weak yen and cost
reduction efforts. The company did cuts its forecast of sales for
the year, saying it now expects to sell 110,000 fewer vehicles
this year than it targeted in January at 10.22 million.
Office-supply retailer Office Depot (
) said Tuesday that it lost 36 cents per share in the second
quarter, or 2 cents per share on an adjusted basis. Revenue was
$3.8 billion. Analysts had expected the company to lost 2 cents
per share on revenue of $3.809 billion. The company said it still
expects to close at least 400 stores in the U.S. by the end of
Former smartphone industry leader Blackberry (
) is done with its
process according to an internal memo obtained by Reuters. The
memo from CEO John Chen, said the company will be "adding
headcount in certain areas" unless there is an unexpected
downturn in the market. Blackberry could be hiring in product
development, sales and customer service.
Drugstore chain Walgreens (
) said Monday that CFO Wade Miquelon will leave the company.
Miquelon's departure comes ahead of the company's announcement of
a decision on whether or not it will redomicile itself outside of
the United States to reduce its tax bill. Miquelon will be
replaced by Timothy McLevish, who was formerly an executive at
Kraft Foods Group (KRFT).
This article was originally published on