In the news: Lots and lots of earnings, and a new low-cost plan from Sprint

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Wednesday headlines include earnings from Target and Lowes, a new low-cost plan from Sprint, Citigroup looking to exit the Japanese consumer banking business and lowered guidance for Staples.

Target

Retailer Target ( TGT ) said Wednesday that it earned 37 cents per share in the quarter that ended Aug.2. On an adjusted basis, which excludes costs from the massive data breach the company suffered late last year, the company earned 78 cents per share, which was short of the mean analyst estimate by a penny. Revenue was $17.41 billion, topping estimates for $17.38 billion. Looking forward, the company said it expects to earn between $3.10 and $3.30 in the current fiscal year, down from a previous estimate for $3.60 to 43.90 per share.  Analysts had been predicting $3.49 per share.

Lowes

Home-improvement retailer Lowes ( LOW ) also lowered its guidance for the full year. The company said it expects sales to increase by about 4.5 percent, compared to prior forecast for a 5 percent increase. Same-store sales are expected to rise by about 3.5 percent, from a prior estimate for a 4 percent increase. Net income for the quarter that ended Aug. 1 was 88 cents per share. Revenue was $16.59 billion. Analysts had expected the company to earn $1.02 per share on $16.55 billion in revenue.


Sprint

Now that its plan to acquire rival T-Mobile ( TMUS ) has been scrapped, mobile carrier Sprint ( S ) is slashing prices. The company is getting rid of its "family" plans and launching a $100-per-month plan that boasts 20 gigabytes of data and up to 10 lines. The company is also offering to pay up to $350 to break contracts with other carriers.

Citigroup

Financial giant Citigroup ( C ) is considering exiting the consumer banking business in Japan . The company has reportedly approached some firms in Japan about acquiring the business. Citigroup currently has 33 branches in Japan.

Staples

Office-supply chain Staples (SPLS) said Wednesday that sales could fall in the current quarter on weak sales of computers and office supplies due to increased competition from online retailers and big-box stores. The company said it expects to earn between 34 and 39 cents in the quarter ending in November. That compares to a mean estimate for 37 cents per share.  


This article was originally published on MarketIntelligeneCenter.com



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Earnings

Referenced Stocks: TGT , LOW , TMUS , S , C

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