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Breaking News

  • Wednesday April 23, 9:44 AM ET
    • Shares of Supervalu (SVU +11.7%) pop following an earning beat by the company with its Q1 report.
    • A 2.1% gain in identical store sales by Supervalu and 60 bp jump in its gross margin rate stood out.
    [Consumer] Comment!
  • Wednesday April 23, 9:44 AM ET
    • Avery Dennison (AVY) net income climbed to $71.2M from $57.8M.
    • Sales rose almost 5% on an organic basis.
    • Sales breakdown: Pressure-sensitive Materials +6%, Retail Branding & Information Solutions +2%.
    • Expects FY adjusted EPS from continuing operations of $2.90-3.20 vs consensus of $3.04.
    • Shares are -4.8% following the Q1 EPS and revenue misses.
    • PR
    [Earnings, On the Move] Comment!
  • Wednesday April 23, 9:35 AM ET
    [Dividends] Comment!
  • Wednesday April 23, 9:35 AM ET
    • F & M Bank Corp. (FMBM) declares $0.17/share quarterly dividend, in line with previous.
    • Forward yield 3.65%
    • Payable May 12; for shareholders of record April 30; ex-div April 28.
    [Dividends] Comment!
  • Wednesday April 23, 9:34 AM ET
    • Dow -0.04% to 16508. S&P -0.1% to 1878. Nasdaq -0.17% to 4154.
    • Treasurys: 30-year +0.1%. 10-yr +0.11%. 5-yr +0.09%.
    • Commodities: Crude +0.12% to $101.87. Gold +0.25% to $1284.3.
    • Currencies: Euro +0.16% vs. dollar. Yen -0.26%. Pound +0.21%.
  • Wednesday April 23, 9:32 AM ET
    • Following a Q1 revenue beat, EMC has slightly upped its full-year revenue guidance to $24.575B from a prior $24.5B. But EPS guidance has been lowered by $0.05 to $1.90. The consensus is at $24.51B and $1.94.
    • After rising 11% Y/Y in Q4, product revenue fell 3% in Q1 to $3.01B. Services revenue (driven by product revenue) rose 9% to $2.47B, after growing 10% in Q4.
    • EMC's core Information Storage ops (67% of revenue) saw sales fall 3% Y/Y (product sales -7%) after growing 10% in Q4, thanks largely to a 22% drop in high-end storage sales (a high-margin business) to $940M. Unified storage and backup/recovery sales +4% to $1.44B, other storage -12% to $830M.
    • Emerging Storage (inc. Atmos, Isilon, and flash storage) remains a bright spot, with sales growing 81% to $81% to $470M. RSA Security +5% to $244M, Pivotal (still waiting for its IPO) +41% to $49M.
    • North American sales were flat at $2.99B, and EMEA grew 8% to $1.59B. But Asia-Pac fell 2% to $720M, and Latin America 11% to $180M.
    • Gross margin -30 bps Y/Y to 62.8%, higher SG&A spend contributed to a 270 bps drop in op. margin to 20.5%. $390M was spent on buybacks in Q1; EMC still expects to repurchase $2B worth of shares in 2014.
    • EMC is off thanks to its EPS guidance cut and VMware's (VMW -6.8%) soft bookings. VMware blames delays in closing enterprise license agreements (ELAs) as it holds "deeper conversations" about expanded deals.
    • Q1 results, PR, slides
    [Tech, Earnings, On the Move] Comment!
  • Wednesday April 23, 9:26 AM ET
    • Tesla Motors (TSLA) is hiring for a plant in Lathrop, California which it plans to modify and add manufacturing equipment. The site was previously used by Chrysler's Mopar unit.
    • The EV automaker has posted opening for 32 jobs at the facility on its website. Most lean to the engineering and technical side.
    • Tesla job openings for Lathrop facility
    [Consumer] Comment!
  • Wednesday April 23, 9:25 AM ET
    • Ingersoll-Rand (IR) net profit drops 10% to $79M, hurt by restructuring costs and the spin-off of the company's commercial and residential security operations in December.
    • Operating margin increased to 5.7% from 4.5%, mainly due to improved volume, productivity and pricing.
    • Expects adjusted Q2 EPS of $1.09-1.13 vs consensus of $1.06, and revenue growth of 4-5% vs analyst forecasts for a fall of 9.9% to $3.54B.
    • Affirmed 2014 outlook, citing the prospect of moderate growth in global construction and slow growth in industrial markets.
    • Shares are +1.7% premarket. (PR)
    • Previous
    [Earnings] Comment!
  • Wednesday April 23, 9:25 AM ET
    • Stock futures indicate little change at the open, as the S&P and Nasdaq look to run their winning streak to seven sessions; Dow flat, S&P -0.1%, Nasdaq -0.2%.
    • Asian markets finished mostly lower, as China's flash manufacturing PMI remained in contraction for a fourth straight month; major European bourses also are in the red.
    • Quarterly earnings since yesterday's close were mostly better than expected; Boeing, P&G, AT&T, Gilead, Yum, Dow Chemical, Delta Air, Northrop and Norfolk Southern all topped consensus EPS estimates, but premarket trading is mixed.
    • Treasurys display modest gains to start the session, with the 10-year yield down 2 bps at 2.69%.
    • Still ahead: new home sales, EIA petroleum inventories.
  • Wednesday April 23, 9:22 AM ET
    • NuStar Energy (NS): Q1 EPS of $0.40 in-line.
    • Revenue of $849.2M (-15.1% Y/Y) beats by $18.96M.
    • Press Release
    [Earnings, Breaking News, Energy] Comment!
More Breaking News »


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