By Jon "DRJ" Najarian
Misses Analyst Esimates
The supermarket chain reported a third-quarter net loss of $874.9 million, or $1.35 per share, compared with a profit of $237.7 million, or $0.36 per share, in the year-ago period. The analysts' consensus estimate was $0.37 EPS. Total sales for the quarter were $17.66 billion compared with $17.61 billion in the same period last year, versus analyst estimates of $17.69 billion. On the miss KR trades to $20.20 on our Depth Charge tracking system, down from yesterday's close of $22.85.
AutoZone Profit Up 9%
The auto parts retailer said its fiscal first-quarter profit rose 9 percent as strapped consumers spent more on repairs for their old cars rather than buying new ones. The company also said it continued opening new stores during the quarter, while performance at established outlets improved. AutoZone (AZO) earned $143.3 million, or $2.82 per share, in the three months ending Nov. 21. AZO spiked as high as $155 this morning but has now settled back.
RELM Wireless Spikes
RWC was named as a U.S. government contractor for two-way radios and related equipment. Shares are surging from $2.43 to $4.10 in the pre-market even though they had already tripled this year.
That's Sysco, Not Cisco!
Citigroup upgraded the food service company to "buy" from "hold" and raised its price target to $34 from $28. SYY closed at $28.47 but is trading at $28.80 in the pre-market on this upgrade.
(Chart courtesy of tradeMONSTER)