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Market Update : 
Office Depot Tumbles on Outlook, Disney Eases on Flat Revenues
Author: Mukesh Buch
123jump.com
Last Update: 10:12 AM ET August 09 2017



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2:10 PM New York – Avnet net plunged but sales surged. Cars.com net tumbled 41% on flat revenues. Echostar profit plunged 88%. Office Depot lowered fiscal sales outlook. Vantiv lifted fiscal 2017 revenue outlook and agreed to acquire the U.K.-based Worldpay.

Tollbooth Index dropped 55.93 or 0.5% to 12,359.63.

Earnings Review

Avnet, Inc (AVT) fell 1.4% or 52 cents to $37.79 after the electronic components distributor said sales in the fourth-quarter ending in June soared 16.1% from a year ago to $4.6 billion.

Net income in the quarter plunged 15.9% to $81.4 million or 65 cents per diluted share from $96.8 million or 75 cents in the same quarter last year.

In the fiscal first-quarter sales forecasted in the range of $4.15 billion to $4.45 billion and diluted earnings per share in the range of 67 cents to 77 cents.

Cars.com Inc (CARS) jumped 3.5% or 85 cents to $25.02 after the online automobile marketplace stated revenues in the second-quarter ending in June were flat from a year ago at $156.6 million.

Net income in the quarter tumbled 40.9% to $24.8 million or 35 cents per diluted share from $42 million or 59 cents in the same quarter last year.

Echostar Corporation (SATS) slumped 1.5% or 90 cents to $59.16 after the digital set-top boxes and broadband services provider reported revenues in the second-quarter ending in June jumped 5.1% from a year ago to $465.1 million.

Net income in the quarter plunged 87.7% to $6.9 million or 7 cents per diluted share from $56.1 million or 60 cents in the same quarter last year.

Office Depot Inc (ODP) tumbled 23.1% or $1.41 to $4.70 after the office products provider said total sales in the second-quarter ending on July 1 dropped 9% from a year ago to $2.4 billion.

Net income in the quarter plummeted 88.6% to $24 million or 5 cents per diluted share from $210 million or 38 cents in the same quarter last year.

Office Depot lowered fiscal 2017 total company sales primarily due to the impact of planned store closures.

SINA Corporation (SINA) declined 5.4% or $5.39 to $94.68 after the China-focused online media services provider stated net revenues in the second-quarter ending in June surged 47% from a year ago to $358.9 million.

Net income in the quarter tumbled 45.9% to $23.4 million or 31 cents per diluted share from $43.3 million or 59 cents in the same quarter last year.

SINA said online advertising revenues in the quarter soared 44% to $295.2 million and gross margin jumped 74% compared to 64% in the same period a year ago.

As of June 30, Weibo’s monthly active users advanced 28% to 361 million from 282 million and average daily active users had net addition of approx 33 million users and in June it reached 159 million.

Vantiv Inc (VNTV) gained 26 cents to $65.32 after the payment processor reported total revenues in the second-quarter ending in June soared 12% from a year ago to $998.8 million.

Net income in the quarter tumbled 16% to $68.8 million or 42 cents per diluted share from $59.3 million or 38 cents in the same quarter last year.

On August 7, Vantiv signed an agreement with Fifth Third Bank to purchase 19.8 million shares of its Class A common stock directly from the bank at a price of $64.04 per share.

Vantiv lifted fiscal 2017 revenues forecast between $2.10 billion and $2.12 billion, representing an increase of 10% to 11% from a year ago and diluted earnings per share in the range of $1.31 to $1.36.

Separately today, the payments processor agreed to acquire the U.K.-based Worldpay Group Plc for $10.4 billion or £8 billion in cash, stock and dividends.

Wolverine World Wide, Inc (WWW) slumped 3.4% or 95 cents to $26.83 after the casual footwear and apparel manufacturer said revenues in the second-quarter ending on July 1 increased 2.6% from a year ago to $598.8 million.

Net income in the quarter dropped 14.9% to $20.5 million or 21 cents per diluted share from $24.1 million or 24 cents in the same quarter last year.

The Walt Disney Co (DIS) declined 4.9% or $5.19 to $101.79 after the cable and broadcast services provider reported revenues in the second-quarter ending in June were flat from a year ago at $14.2 billion.

Net income in the quarter slumped 9% to $2.4 billion or $1.51 per diluted share from $2.6 billion or $1.59 in the same quarter last year.

Media Networks segment revenues slid 1% to $5.9 billion and revenues in cable networks business fell 3% to $4.1 billion and revenues in the studio entertainment declined 16% to $2.4 billion.

Revenues in the broadcasting business jumped 4% to $1.8 billion and revenues in parks and resorts segment surged 12% to $4.9 billion.




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