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Market Update : 
Dick’s Sporting, TJX Report Diverging Results, SINA Surges 18%
Author: Mukesh Buch
123jump.com
Last Update: 10:31 PM ET May 16 2017



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4:10 PM New York – Dick’s Sporting tumbles on weak sales but the retailer lifted outlook. Elbit Systems net plunged 13%. Home Depot reaffirmed fiscal 2017 forecast. Staples net swung to a loss on 5% decline in revenues. SINA net soared. TJX bucks weak retail trend ad reports rising quarterly results.

Tollbooth Index slipped 37.09 or 0.3% to 12,107.20.

Earnings Review

Dicks Sporting Goods Inc (DKS) tumbled 13.1% or $6.25 to $41.33 after the sporting goods retailer reported net sales in the first-quarter ending in March jumped 9.9% from a year ago to $1.8 billion.

Same store sales in the quarter advanced 2.4%.

Net income in the quarter rose 2.3% to $58.2 million or 52 cents per diluted share from $56.9 million or 50 cents in the same quarter last year.

The retailer lifted second-quarter diluted earnings per share estimate in the range of $0.98 to 1.03 from 82 cents reported in the same period a year ago.

In fiscal 2017, the sporting goods retailer lifted diluted earnings per share forecast between $3.59 and 3.69 compared to $2.56 reported in a year ago and consolidated same store sales is expected to increase between 1% and 3% from 3.5% in 2016.

Elbit Systems Ltd (ESLT) slid 64 cents to $120.02 after the Israel-based aviation and homeland security technology provider said revenues in the first-quarter ending in March advanced 3.9% from a year ago to $749.2 million.

Net income in the quarter plunged 12.8% to $45.6 million or $1.07 per diluted share from $52.3 million or $1.22 in the same quarter last year.

Home Depot Inc (HD) increased 1.1% or $1.70 to $159.03 after the home improvement retailer reported net sales in the first-quarter ending in March soared 4.9% from a year ago to $23.9 billion.

Net income in the quarter jumped 11.7% to $2.01 billion or $1.67 per diluted share from $1.8 billion or $1.44 in the same quarter last year.

Home Depot reaffirmed fiscal 2017 sales to jump 4.6% and comparable store sales to advance 4.6% and increase its diluted earnings per share guidance.

Staples, Inc (SPLS) slumped 4.1% or 38 cents to $8.94 after the specialty retailers stated total sales in the first-quarter ending in March plummeted 5% from a year ago to $4.1 billion.

Total comparable sales in the quarter dropped 3%.

Net in the quarter swung to a loss of $815 million or $1.24 per diluted share from profit of $41 million or 6 cents in the same quarter last year.

SINA Corp (SINA) surged 17.8% or $14.95 to $98.99 after the online media and networking services provider said revenues in the first-quarter ending in March surged 40% from a year ago to $278.1 million.

Net income in the quarter soared 151.6% to $38.5 million or 52 cents per diluted share from $15.3 million or 22 cents in the same quarter last year.

TJX Companies Inc (TJX) declined 2.8% or $2.16 to $74.74 after the off-price apparel and home fashions retailer reported net sales in the first-quarter ending in March increased 3% from a year ago to $7.8 million.

Comparable store sales in the quarter rose 1%.

Net income in the quarter jumped 5.5% to $536.3 million or 82 cents per diluted share from $508.3 million or 76 cents in the same quarter last year.

Virtusa Corporation (VRTU) tumbled 14.1% or $4.58 to $27.82 after the information technology provider stated revenues in the fourth-quarter ending in March advanced 4% from a year ago to $226 million.

Net income in the quarter plunged 14.6% to $10.5 million or 34 cents per diluted share from $12.3 million or 41 cents in the same quarter last year.




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