Top Consumer Shares:
Consumer shares were lower in pre-market trade Thursday.
In consumer sector news, Best Buy (
) was up 8% in pre-market trade Thursday after the retailer
reported mixed Q4 results, beating on adjusted EPS, but missing on
revenue and warning about the negative impact of recent changes to
its business model.
Adjusted earnings for the quarter ending Feb. 1 dropped to $1.24
from $1.47 a year ago, beating the consensus forecast of $1.01,
according to Capital IQ.
Revenue declined to $14.47 billion from $14.92 billion a year
ago, below forecasts for $14.7 billion.
And, industrial machinery manufacturer Deere & Company (
) reported late on Wednesday a definitive agreement to sell its
John Deere Water irrigation operations to Israel-based private
equity firm FIMI Opportunity Funds. Financial terms were not
The company said the transaction is a part of its plan to seek
strategic options for its irrigation operations.
Finally, Kohl's (
) reported fiscal Q4 earnings that were just ahead and sales that
were in line with analysts' expectations and said that comparable
sales fell 2% from a year earlier.
The operator of department stores said earnings in the quarter
ended Feb. 1. fell 6% to $1.56 per diluted share, topping the $1.55
average estimate from analysts polled by Capital IQ. Sales fell
3.8% to $6.1 billion, in line with the consensus. Meanwhile
comparable sales fell 2% in the quarter and total net income was
lower 12% at $334 million from a year ago.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.