NEW YORK, September 1, 2017 /PRNewswire/ --
U.S. stocks rose during the last trading day of August
faster-than-expected as the second quarter GDP growth points to a
strong U.S. economy. The Dow Jones Industrial average rose 0.26
percent, or 58 points, to 21,950.43 during Thursday's trading
session, on track to a fifth straight monthly gain. The S&P 500
traded 0.61 percent higher at 2,472.55, erasing its monthly loss,
while the Nasdaq composite Index jumped 0.91 percent to 6426.43.
The tech-heavy Nasdaq index is one of the best-performing benchmark
indexes this year. It has gained nearly 20 percent year-to-date.
The Finish Line, Inc. (NASDAQ: FINL), Campbell Soup
Company (NYSE: CPB), Ciena Corporation (NYSE: CIEN), Ctrip.Com
International Ltd (NASDAQ: CTRP), Toronto-Dominion Bank (NYSE:
TD)
According to the data from the Commerce Department on Wednesday,
the U.S. economy was revised to grow at an annualized 3.0 percent
in the second quarter, the fastest pace in over two years due to
strong consumer spending and robust business investments.
Michael Sheldon, chief investment
officer of RDM Financial Group at HighTower, said in a Reuters
report: "The outlook for the U.S. and the global economy, remains
relatively positive and most investors do not see a recession
ahead. Given that backdrop, equity markets are likely to grind
higher over the next few quarters and pullbacks are likely to be
bought by investors."
The Finish Line, Inc. (NASDAQ: FINL)
share fell about 25% Monday after market, as the company announced
preliminary results for the second quarter ended August 26,
2017, and updated its outlook for the fiscal year ending March
3, 2018. The specialty retailer reported consolidated net sales
of $469.4 million for the second quarter, down 3.3% compared
with the year ago period driven by a 4.6% decrease
in comparable sales. "The marketplace for athletic footwear
became much more promotional as our second quarter progressed
resulting in challenging sales and gross margin trends,"
said Sam Sato, Chief Executive Officer of Finish Line.
"Despite these headwinds, we remained disciplined in managing our
inventories and expect to end the quarter with inventory levels
down approximately 7-8% compared with a year ago."
Campbell Soup Company (NYSE: CPB) stock is down over 7%
on Thursday after the company reported its fourth-quarter and
full-year results for fiscal 2017. Sales decreased 1 percent
to $7.890 billion driven by a 1 percent decline in
organic sales, reflecting lower volume and higher promotional
spending. For the fiscal year of 2018 Campbell expects sales to
change by -2 to 0 percent. Denise
Morrison, Campbell's
President and Chief Executive Officer, said, "The operating
environment for the packaged foods industry remains challenging due
to shifting demographics, changing consumer preferences for food,
the adoption of new shopping behaviors and the dynamic retailer
landscape. In these times, sales growth remains a challenge.
Despite multiple headwinds, we finished the year within our
guidance and delivered another year of growth in adjusted EBIT and
adjusted EPS."
Ciena Corporation (NYSE: CIEN) share declined over 8% on
Thursday. The network strategy and technology company reported
unaudited financial results for its fiscal third quarter ended
July 31, 2017. Ciena reported revenue of $728.7
million for the third quarter, compared to $670.6
million for the fiscal third quarter 2016. Ciena expects
fiscal fourth quarter 2017 financial performance to include:
Revenue in the range of $720 to $750
million, Adjusted (non-GAAP) gross margin in the mid-40s
percentage range, Adjusted (non-GAAP) operating expense of
approximately $240 million.
Ctrip.Com International Ltd (NASDAQ: CTRP) shares
initially fell about 5% on Thursday after the travel service
provider reported quarterly earnings, but rebounded somewhat later
that day. For the second quarter of 2017, Ctrip reported net
revenue of RMB6.4 billion (US$946
million), representing a 45% increase from the same period
of 2016. Net revenue for the second quarter of 2017 increased 5%
from the previous quarter. Net income attributable to Ctrip's
shareholders for the second quarter of 2017 was RMB327
million (US$48 million),
compared to net loss of RMB521 million for the same
period of 2016 and net income of RMB82 million for the
previous quarter, primarily due to the net gain recognized from a
number of investing activities.
Toronto-Dominion Bank (NYSE: TD) shares jumped over 4%
Thursday after announcing strong financial results for the third
quarter ended July 31, 2017. Canadian Retail net income
was $1,725 million, an increase of 14% from the third quarter
last year, and U.S. Retail net income was $901
million (US$678 million) this
quarter compared with $788 million (US$609 million) for the third quarter last year,
an increase of 14% (11% in U.S. dollars). "This was a great quarter
for TD reflecting impressive earnings and revenue growth, better
credit performance across all our businesses, and lower insurance
claims," said Bharat Masrani, Group President and Chief Executive
Officer. The Bank also announced its intention to amend its normal
course issuer bid to repurchase for cancellation up to an
additional 20 million of its common shares, subject to regulatory
approval.
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