Earnings Off 48% For This Retailer
Stocks
are lower on a drop in
the ISM services index. US treasury prices fell for the third day in
a row on expectations of rising interest rates. Toys ‘R’ Us
(
TOY |
Quote |
Chart |
News |
PowerRating)
reported a 48% decline in net income from store-closing charges and earnings
dropping to $144 million or 67 cents a share. Fourth-quarter sales rose 1.4% to
$4.94 billion with same-store sales declining 5.1%. Excluding one-time charges,
full-year earnings would have been $203 million. Costco
(
COST |
Quote |
Chart |
News |
PowerRating)
reported earnings of $226.8 million for the second quarter on sales of $11.33
billion with same-store sales rising 11%.
| Dow | -26.40 |
10564.09 |
| S&P 500 |
-3.47 | 1145.69 |
| Nasdaq | -14.82 |
2024.83 |
The day’s leading sectors are
REITs
(
DJR.X |
Quote |
Chart |
News |
PowerRating) +0.29%, Insurance
(
IUX.X |
Quote |
Chart |
News |
PowerRating) +0.24%,
Healthcare
(
HMO.X |
Quote |
Chart |
News |
PowerRating) +0.18%, and Services
(
GSV.X |
Quote |
Chart |
News |
PowerRating) +0.18%.
Weak today are Amex Gold
Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -2.12%, and Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) -2.02%,
Economic news releases today
included ISM services index falling to 61.4.
10-year Notes are -100
at 14 185
The dollar
is +75 at 89.68
Gold is -2.40 at 391.40
Crude Oil is -0.79 at
35.85
The euro
is -1.13 at 122.11
Volume is 580,000,000 on
the NYSE, and 885,000,000 on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1029 | Up Vol 156 |
| Declining | 2034 | Down Vol 369 |
| Ratio | 2.01 | 2.36 |
| Nasdaq | ||
| Advancing | 1072 | Up Vol 318 |
| Declining | 1869 | Dow Vol 460 |
| Ratio | 1.79 | 1.48 |
Top Dow stocks are:
3M [MMM|MMM],
+1.27% at 79.29, Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating), +1.06% at 60.16, General Electric
[GE|GE] +0.55% at
32.66, and McDonalds [MCD|MCD],
+0.52% at 28.51.
Stocks in the news:
Ligand Pharmaceuticals
(
LGND |
Quote |
Chart |
News |
PowerRating) reported earnings of $5.9 million on revenue that doubled to $57.6
million. Strong sales of its Avinza treatment for pain helped to boost bottom
lines. The company expects to earn 14 cents a share on revenue of $255 million
for fiscal year 2004.
Nabi Biopharmaceuticals
(
NABI |
Quote |
Chart |
News |
PowerRating) rose 8% after receiving fast-track designation for its Altastaph
product for Staph aureus infections.
AutoZone
(
AZO |
Quote |
Chart |
News |
PowerRating) reported earnings
of $91.7 million on sales of $1.16 billion with no change in same-store sales.
Retailer Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) announced
plans to raise its dividend by 44% to 52 cents per share.