May 17, 2013
Consumer Confidence Swells to Almost Six-Year High in May
 The preliminary May reading of the Thomson Reuters/University of Michigan consumer sentiment index skied to 83.7 from a 76.4 reading in April, besting economist predictions of a 78 mark on optimistic views of the future, lower gas prices and better housing market. The initial May reading represents the highest level of the index since July 2007, lifting stocks yet again on Friday to test new all-time highs. The index, which is correlated to consumer spending and can be volatile, is pushing back near pre-recession levels, where it averaged 89 in the five years to the start of the recession in December 2007. The current conditions index, a measure of how Americans view their personal finances, increased to 97.5 from 89.9 in April, marking the highest reading since October 2007. The biggest gains in the index came from respondents in the (more)…
Stage Stores Unexpectedly Swings to Q1 Net Loss, Still Backs 2013 Outlook
 Stage Stores, Inc. (SSI) said Friday that its department store sales were impacted by unseasonably cool spring weather during the first quarter and spending on consolidating its South Hill operations cut into GAAP profits. Expenses rose for the quarter, swinging the company to a net loss for the quarter against expectations of a profit by analysts. Stage Stores operates 872 department stores targeting price-conscious consumers in small and mid-size cities under the brands Bealls, Goody’s, Palais Royal, Peebles, Stage and Steele’s. For the quarter ended May 4, Houston-based Stage Stores reported revenue of $378.64 million, up 3.5 percent from $365.7 million in last year’s first quarter. Net loss for the quarter totaled $6.86 million, or 21 cents per share, compared to a net loss of $418,000, or 1 cent per share, in Q1 2012. The net loss included special items (more)…
May 16, 2013
Myriad Genetics Gets a Lift from Angelina Jolie Going Public with Double Mastectomy
 Scrolling through news this week uncovered countless stories on financial portals covering actress and director Angelina Jolie publicly disclosing that she has undergone a double mastectomy and reconstructive surgery to greatly minimize her risk of developing breast cancer due to a genetic trait. Jolie, who lost her mother to the dreaded disease at the young age of 56, released her story via a New York Times article titled, “My Medial Choice” on Tuesday, recanting her thought process in making the decision. The decision for surgery was, of course, primarily focused around her children, but the public offering of the information was about creating awareness of the choice that women have to avert a disease that claims nearly half a million people each year. From a public company perspective, Brad Pitt’s partner has created a great deal of awareness for Salt (more)…
Kohl’s Q1 Profit Shrinks, Still Tops Expectations
 Kohl’s Corp. (KSS) on Thursday reported a slight decline in sales during the first quarter that dampened profits, but improving margins helped the retailer book higher earnings during the quarter than analysts had predicted. Fewer shares outstanding in the latest quarter compared to last year equated to a 5-percent increase in earnings per share, even with profits lower by 4 percent. For the quarter ended May 4, Menomonee Falls, Wisconsin-based Kohl’s reported revenue of $4.2 billion, a 1.0 percent decrease from the $4.24 billion in the year prior quarter. Net income totaled $147 million, or 66 cents per share, compared to $154 million, or 63 cents per share, in the first quarter of 2012. The earnings surpassed the high-end of Kohl’s February guidance of profits between 55 cents and 63 cents per share. Wall Street was expecting earnings per share (more)…
Jack in the Box Profits Tumble in Q2, Narrows Fiscal 2013 Outlook
 Jack in the Box, Inc. (JACK), the operator of its namesake and Qdoba brand restaurants, reported after Wednesday’s closing bell that sales and earnings declined in the fiscal second quarter. Wall Street expected the drop, actually to a worse degree with regards to profits, as the comparable quarter last year were inflated by asset sales. For the quarter ended April 14, San Diego-based Jack in the Box reported revenue of $355.6 million, down from $366.5 million in the year prior quarter. Earnings from continued operations were $13.3 million, or 29 cents per share, versus earnings of $21.6 million, or 48 cents per share, in the second quarter last year. On an adjusted basis, which excludes restructuring charges and impacts from refranchising, the company earned 33 cents per share, compared to 30 cents per share in last year’s quarter. Wall Street (more)…
Macy’s at All-Time High on Q1 Earnings Beat and Another Dividend Hike
 Shares of Macy’s Inc. (M) are printing all-time highs on Wednesday after the leading retailer beat analysts on first-quarter earnings and matched sales forecasts, despite colder weather and discerning shoppers . With the strong start to the year, Macy’s also informed that it has boosted its dividend payment and increased the size of it stock buy-back plan as the company sees the momentum continuing going forward. For the quarter, Cincinnati, Ohio-based Macy’s reported revenue of $6.39 billion, up 4 percent from the $6.14 billion it recorded in the same quarter last year. Net income for the quarter totaled $217 million, or 55 cents per share, up sharply from $181 million, or 43 cents per share in Q1 2012. Wall Street was expected Macy’s to deliver EPS of 53 cents on revenue of $6.39 billion. Same-store-sales for its namesake and Bloomingdale (more)…
May 15, 2013
Agilent Tops Wall Street in Q2, Comes Up Shy on 2013 Guidance
 Scientific measuring equipment maker Agilent Technologies Inc. (A) reported results from its fiscal second quarter showing an expected decline in net income that beat analysts. The Santa Clara, California-based company also said that it is planning to streamline its staff and boost it stock repurchasing program. For the quarter ended April 30, Agilent recorded revenue of $1.732 billion, essentially flat with $1.733 billion in the year prior quarter. Net income decreased to $166 million, or 48 cents per share, compared to $255 million, or 72 cents per share, in the second quarter of fiscal 2012. Excluding charges related to restructuring, intangible amortization and other costs that were partially offset by a one-time tax benefit, the company reported adjusted net income of $269 million, or 77 cents per share, versus $275 million, or 78 cents per share, in last year’s quarter. (more)…
May 14, 2013
US Household Debt Drops to Lowest Level Since 2006
 The Federal Reserve Bank of New York said on Tuesday that households in the nation lowered their debt by 1.0 percent, or $110 billion, in the first quarter compared to the fourth quarter of 2012. The $11.23 trillion total now outstanding as of March 31 represents the lowest level since mid-2006. The Fed attributed the reduction in debt load to lower credit card balances and smaller amounts of housing-related debt. Total mortgage debt dropped to $7.93 trillion from $8.03 trillion and credit card balances were reduced to $660 billion from $679 billion in the prior quarter. The quarterly “Household Debt and Credit Report” from the central bank provides a snapshot of household trends in borrowing and indebtedness. It is generated through analysis of data from the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymous Equifax (more)…
Cache Loss Widens to 51 Cents per Share in First Quarter
 Women’s apparel retailer Cache, Inc. (CACH) reported first-quarter financials that broadly missed expectations as reduced online promotions and an income tax provision contributed to sinking earnings. Severance packages, including the exit of former chief executive and chairman Thomas Reinckens who resigned in February, also stung profits. Reinckens was replaced by industry veteran Jay Margolis, the former president and CEO of Limited Brands (LTD), one-time president and COO at Reebok, president and vice chairman at Tommy Hilfiger and chairman and CEO of Esprit de Corp. USA. For the quarter ended March 30, New York-based Cache reported a 4.5-percent decline in net sales to $53.5 million, from $56.0 million in the year prior quarter. Net loss for the quarter totaled $18.5 million, or $1.38 per share, compared to a net loss of $1.2 million, or 9 cents per share in Q1 2012. (more)…
May 10, 2013
Nvidia Tops Analyst Q1 Profit Expectations by 80 Percent, Provides Tepid Outlook for Q2
 Analysts weren’t expecting much from graphics chip maker Nvidia Corp. (NVDA) in the first quarter given the slowdown in the personal computer industry, but the Santa Clara, California-based company delivered increasing revenue and profits in the first quarter, although Nvidia came up short on outlook for the current quarter. For the quarter ended April 28, Nvidia logged revenue of $954.7 million, up form $924.9 million in the year prior quarter. GAAP income totaled $77.9 million, or 13 cents per share, topping $60.4 million, or 10 cents per share in the first quarter of 2012. On an adjusted basis, the company earned $113.8 million, or 18 cents per share, compared to $97.5 million, or 16 cents per share, in the year earlier quarter. Wall Street was expecting Nvidia to announce profits of 10 cents per share and revenue of $940.6 million. (more)…
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