Tuesday, August 22nd, 2017
We’re actually seeing pre-market indexes in the green at this hour today, in the latter third of a month that is on pace for the biggest monthly decline since October 2016. We are also within that seasonal period where trading volume is down while vacation days are being spent. And as we wrap up Q2 earnings season, we still have a few notable companies worth hearing from.
Medical devices major Medtronic (MDT - Free Report) reported mixed results ahead of the opening bell today: the Zacks Rank #3 (Hold)-rated company posted a 4-cent beat to $1.12 per share on its bottom line, whereas revenues in the quarter reached $7.39 billion, shy of the $7.44 billion expected. Two of Medtronic’s stronger departments — Cardiac & Vascular and Minimally Invasive Therapies — rose 6% and 3% year over year, respectively.
Luxury home builder Toll Brothers (TOL - Free Report) beat expectations on both top and bottom lines, posting 87 cents per share on $1.50 billion in revenues compared to the 68 cents per share and $1.48 billion analysts had been looking for. Sales rose 18% year over year. The Zacks Rank #2 (Buy) firm also narrowed its forecasts for Q3 and full year 2017, trimming the top end of its guidance while raising the lower end of its average price of homes sold for the year.
Solar energy supplier JA Solar (JASO - Free Report) posted a big beat in this morning’s pre-market, reporting American Depositary Shares (ADS) of 42 cents, well past the $0.00 expected and +40% year over year. Revenues of $878 million easily surpassed the $610 million in the Zacks consensus estimate and rose 42% year over year. External shipments were the big story here: +88% in solar power modules and +76% in fuel cells from Q2 2016. Pre-market shares are up more than 3% before today’s bell.
Macy’s Plucks eBay Exec
In a bid to bolster and streamline its online sales strategies, Macy’s (M - Free Report) this morning has announced it is bringing in former eBay (EBAY - Free Report) Senior VP Hal Lawton to serve as President at the major big-box retailer. Former Macy’s President and current CEO Jeff Gennette will make room for the 43-year-old Lawton, who will report directly to Gennette. Also, Macy’s is consolidating its Merchandise, Planning and Private Label segments into one unit. This strategy is reported to save $30 million and cut 100 jobs in order to grow sales faster, Gennette said this morning.
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