FinancialInsiders, November 17,
2017 /PRNewswire/ --
U.S. equity rebounded on Thursday after two days of
declines, driven by strong quarterly earnings from Wal-Mart and
Cisco Systems. The Dow Jones industrial average rose 190 points, or
0.82 percent to 23,461 during Thursday's trading session.
S&P 500 gained the most in three weeks, up 0.93 percent to
2,588. While the NASDAQ composite outperformed the other two
indexes, gaining 1.47 percent to 6,804. Better-than-expected
quarterly earnings from Wal-Mart sent its stock to all-time
high on Thursday. According to CNBC, Nick Raich, CEO of The Earnings Scout, said:
"stocks are bouncing back... in what is proving to be a year of
amazing of resilience for the asset class and silencing the bears…
Market bears had one eye open yesterday, but are slipping back into
hibernation." Wal-Mart Stores Inc (NYSE: WMT), Best Buy Co Inc
(NYSE: BBY), Target Corporation (NYSE: TGT), Cisco Systems, Inc.
(NASDAQ: CSCO), JD.Com Inc (NASDAQ: JD).
The three major indexes had been hitting all-time highs this year,
driven by better-than-expected corporate earnings, strong economic
data and increasing optimism in the tax reform plan. According to
CNBC, Jeffrey Kleintop, Chief Global
Strategist and Senior Vice President at Schwab, said at the Charles
Schwab IMPACT 2017 conference in Chicago, "Stocks have been rooted in better
fundamentals of growth around the world…That's been true through
the Brexit vote, through the U.S. election, through the shift in
central bank policies - even the North
Korea risks. Stocks have remained anchored in better growth
prospects." On Thursday House GOP passed tax plan, advancing big
cuts for corporations.
Wal-Mart Stores Inc (NYSE: WMT) stock jumped about 9%
Thursday after the company announced 3rd quarter earnings. Total
revenue was $123.2 billion, an
increase of $5.0 billion, or 4.2%.
Excluding currency, total revenue was $122.7
billion, an increase of $4.5
billion, or 3.8%. eCommerce growth at Walmart U.S. remained
strong, led by growth through Walmart.com. Net sales and GMV3
increased 50% and 54%, respectively. The company reported net sales
at Walmart International were $29.5
billion, an increase of 4.1%. Excluding currency, net sales
were $29.1 billion, an increase of
2.5%. Ten of eleven markets posted.
Best Buy Co Inc (NYSE: BBY) shares are down more than 4%
after published announced results for the third quarter
ended October 28, 2017 ("Q3 FY18"). "In the third
quarter, we delivered strong top and bottom line results with 4.4%
comparable sales growth and 30% EPS growth," said Hubert Joly, Best Buy chairman and CEO.
"Technology innovation is fueling demand and our strategy is
resonating with our customers. We are also making significant
progress against our Best Buy 2020 strategy and are excited about
the opportunities for long-term value creation. And while we are
investing in key initiatives and capabilities, we are also able to
generate significant returns for our shareholders through the
growth of our EPS and our capital allocation strategy."
Target Corporation (NYSE: TGT) reported on Wednesday
a third quarter 2017 comparable sales increase of 0.9 percent and
GAAP earnings per share (EPS) from continuing operations
of $0.87, a decrease of 17.7 percent from third quarter 2016.
Third quarter adjusted earnings per share from continuing
operations (Adjusted EPS) were $0.91, a decrease of 13.1
percent from third quarter 2016. Brian
Cornell, chairman and chief executive officer of Target
Corporation said, "The investments we're making in our business
will help Target drive long-term success and ensure we're
well positioned to deliver for guests in the all-important holiday
season. Our assortment now includes thousands of new items from the
eight exclusive brands we've launched throughout 2017, including
Hearth and Hand with Magnolia, our new home goods partnership
with Chip and Joanna
Gaines."
Cisco Systems, Inc. (NASDAQ: CSCO) reported this
Wednesday first quarter results for the period ended October 28, 2017. Cisco reported first quarter
revenue of $12.1 billion, net income
on a generally accepted accounting principles (GAAP) basis of
$2.4 billion or $0.48 per share, and non-GAAP net income of
$3.0 billion or $0.61 per share. "Our results in Q1 demonstrate
the continued progress we're making on our strategy," said
Chuck Robbins, CEO of Cisco. "The
network has never been more critical to business success. Cisco is
delivering more insights and intelligence as we help our customers
build highly secure, intelligent platforms for digital
business."
JD.Com Inc (NASDAQ: JD) announced on Monday its unaudited
financial results for the quarter ended September 30, 2017.
Net revenues for the third quarter of 2017 were RMB83.7
billion (US$12.6 billion), an
increase of 39.2% from the third quarter of 2016. Gross
profit for the third quarter of 2017 was RMB13.0
billion (US$2.0 billion), an
increase of 50.3% from the third quarter of 2016. Non-GAAP
gross profit was RMB12.8 billion (US$1.9 billion), an increase of 51.9% from the
same quarter last year. Net income from continuing
operations attributable to ordinary shareholders for the
third quarter of 2017 was RMB1.0 billion(US$0.2 billion), compared to a net loss from
continuing operations attributable to ordinary shareholders
of RMB0.5 billion for the same period last
year.
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