Tech Data's stock price shot up more than 19 percent after a better than expected financial report released Thursday morning.Until this week, the Clearwater-based IT wholesaler hadn't had the best of years. Its stock price was down as much as 30 percent.But the price rose quickly Thursday on news that it had beat analysts' financial expectations for the third quarter, which ended Oct. 31.Sales totaled $9.3 billion, up 11 percent from the $8.4 billion reported for the same three months of 2017. Net income was $114.2 million, a significant increase over the $37.3 million reported last year.Tech Data is a middleman of sorts, buying equipment from major suppliers including Apple, HP and Cisco and shipping it to customers through logistics centers worldwide, six of them in the continental United States."I am pleased to report that our teams delivered a strong (third quarter) performance with great execution across our three regions," Rich Hume, chief executive officer said in a statement … [Read more...] about Tech Data’s stock price soars on better than expected financial report
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Shares of Middleton-based Spectrum Brands Holdings fell by as much as 36 percent on Thursday after the consumer products company reported a sharp drop in earnings for its second fiscal quarter that ended April 1.At the same time, Spectrum Brands announced a management shakeup, replacing CEO Andreas Rouvé with executive chairman David Maura, effective immediately. The company also said it is reorganizing its remaining units as it plans to sell the Rayovac battery division to Energizer and continues to seek a buyer for the Remington appliances division.For the second quarter, Spectrum Brands reported total net income of $1.5 million, or 3 cents a share, compared with net income of $58.6 million, or $1 a share, for the same period last year.For its continuing operations, profits were $0.8 million on sales of $766.1 million, down from $39.9 million in profits on sales of $756.5 million for the 2017 second quarter.“While our second-quarter performance was very disappointing, we … [Read more...] about Spectrum Brands profits, stock price stumble
SAN FRANCISCO Google's (GOOG) stock price topped $800 for the first time Tuesday amid renewed confidence in the company's ability to reap steadily higher profits from its dominance of Internet search and prominence in the increasingly important mobile device market. The milestone comes more than five years after Google's shares initially barreled through $700. Not long after breaking that barrier in October 2007, the economy collapsed into the worst recession since World War II and Google's stock tumbled into a prolonged malaise that eventually led to a change in leadership. Besides enriching Google's employees and other shareholders, the company's resurgent stock is an implicit endorsement of co-founder Larry Page. He replaced his managerial mentor, Eric Schmidt, as CEO in April 2011. Google's stock has risen by about 35 percent since Page took over. By contrast, the benchmark Standard & Poor's 500 index has climbed by 15 percent over the same stretch. Most of Google's gains have … [Read more...] about Google’s stock price breaks $800 for 1st time
U.S. equities moved further into record high terrain again on Tuesday, showing a steadfast resistance to anything resembling selling pressure since the middle of August. The action was nearly a carbon copy of Monday's: An accelerating ramp at the open moderated into the closing bell. No major catalysts were in play, although solid September auto sales got some attention. The focus remains on the near vertical rise in small-cap stocks (chart below), which actually spent the bulk of the day trading in negative territory before rallying into the closing bell -- ensuring all the major averages notched a new record high. This market doesn't feature a lot of texture or undercurrents. Instead, it's a continuation or even a heightening of trends that have been in play for months if not years. The extinguishment of volatility, rock-solid belief in the U.S. economy's stability and healthy corporate earnings -- all with the backstop of excess liquidity sloshing around the financial system. … [Read more...] about Can anything pull stock prices back to earth?
Shares in ailing Under Armour (UA) plunged after the sportswear maker forecast weaker domestic in sales and profits through the end of the year. Under Armour CEO Kevin Plank said in a statement that "operational challenges and lower demand" for its products in North America hurt the company's third-quarter results. He that international sales are growing more quickly. Under Armour's stock price fell nearly 16 percent to $12.40 in early afternoon trading. The company's shares are down more than 50 percent this year. The Baltimore company also lowered its annual per-share earnings forecast for the second time in three months, to between 18 and 20 cents per share. That's about half what it told investors to expect in August. Shares of rivals Nike (NKE) are up nearly 8 percent in 2017, while Adidas is on an even bigger roll. In a conference call with stock analysts to discuss the Under Armour's latest financial results, Plank said a host of factors hurt its third-quarter … [Read more...] about Under Armour stock price slumps as brand loses luster