Large Cap Growth Stocks – Page 4

Office Depot, OfficeMax close to get FTC Approval for the Proposed Merger

The Wall Street Journal said that office product retailers, OfficeMax (NYSE: OMX) and Office Depot (NYSE: ODP) were likely to receive the Federal Trade Commission’s approval for a proposed merger. The Journal said that the proposed merger of the United States’ second and third largest office product retailers will not harm the competitive landscape of the industry. Sources familiar with the matter said that the regulatory authority will not ask the merged entity to make divestures. In February, Office Depot announced that it intends to buy OfficeMax in an all-stock deal valued at $976 million.

Hasbro Beats Q3 Expectation as International Sales Soar

Toymaker, Hasbro Inc. (NASDAQ: HAS) said on Monday that fiscal third quarter earnings rose 17% as the bottom line was bolstered by a double-digit percentage revenue growth in emerging markets and benefits arising from tax adjustments, offsetting weakness in the domestic market. For the latest period, sales in the girls’ segment climbed 29% to $388.7 million; it declined 17% to $392 million at its boys’ segment while sales in games’ segment increased 5.9% to $387.5 million. Revenue from emerging markets soared 22%. Overall revenue rose 1.9% to $1.37 billion. In the U.S. and Canada, revenue slipped 5% while international sales climbed 11%. Both core earnings and revenue topped analysts’ expectation.

North American Segment Drives up Baker Hughes’ Q3 Revenue

Oil drilling services and solutions provider, Baker Hughes Inc. (NYSE: BHI) said on Friday that income rose 22% in the fiscal third quarter as its performance in the North American segment improved. The Company said that services like drilling, completion systems, artificial lift and upstream chemical businesses bolstered revenue in the North American segment. Both earnings and revenue beat analysts’ consensus estimate, sending share up about 7.25% in regular trading hours in North America. Excluding Latin America, revenue from other geographic markets also showed some improvement. In North America revenue rose 4.1%.

UBS Upgrades Amazon.com, Raise Price Target to $385

UBS on Friday upgraded the online marketplace and Kindle maker, Amazon.com Inc. (NASDAQ: AMZN) to a “buy” from a “neutral” and increased the price target to $385 from $305. UBS’s analyst, Eric Sheridan said that Amazon’s decision to hire 70,000 seasonal employees for the crucial holiday season quarter, reflects its bullish view for the fiscal fourth quarter. Besides, Sheridan also said that the Company’s advertising business is also “unappreciated” even as Amazon’s Kindle ecosystem is showing expansion. Sheridan expects the Company to post fiscal third quarter results in-line with Wall Street’s estimates. Amazon is scheduled to reports fiscal third quarter results on Thursday after the closing bell.

Verizon Communications Shares Rise Sharply after Q3 Results

Shares of Verizon Communications Inc. (NYSE: VZ) rose sharply after the company announced its third-quarter financial results. The company’s adjusted earnings for the quarter came in at $0.77 per share, compared to $0.64 per share reported for the same period in the previous year. Revenue for the quarter stood at $30.28 billion, compared to $30.16 billion reported for the same period in the previous year. Lowell C. McAdam, Verizon’s CEO said that the strong third-quarter results reflect the company’s long-term investment in reliable, high-quality networks to deliver value to customers. VZ shares ended the day 3.49% higher at $48.90.

Goldman Sachs Shares End Lower after Q3 Results

Goldman Sachs Group Inc. (NYSE: GS) shares ended sharply lower on Thursday as investors digested the Wall Street giant’s third-quarter results. Goldman’s third-quarter revenue fell sharply due to a 44% drop in its fixed income, currency and commodities trading revenue. The bank’s quarterly revenue also missed consensus forecast. Lloyd Blankfein, CEO of the New York City-based bank, said that the third-quarter results reflected a period of slow client activity. Goldman Sachs shares ended the day 2.42% lower at $158.32.

Stanley Black & Decker Lowers Full-Year Earnings Guidance

Stanley Black & Decker Inc. (NYSE: SWK) reported on Wednesday that fiscal third-quarter net income jumped 44%, driven mainly by higher revenue from industrial and construction divisions; nonetheless, shares were hammered after the tool maker slashed its full-year earnings guidance. Core earnings barely managed to beat analysts’ expectation but revenue missed the estimation. For the full-year fiscal, the Company now anticipates earnings to be in the range of $4.90 to $5 a share down from earlier projections of $5.40 to $5.65 a share. The Company blamed weakness in emerging markets, the impact of the partial government shutdown in the U.S and very little recovery in the security segment’s margin rate for a downbeat outlook.

Mattel Tops Q3 Expectations

Mattel Inc.’s (NASDAQ: MAT) fiscal third-quarter results topped analysts’ expectations. The Company said that strong revenue growth across all geographical segments and wider margins boosted its top line and bottom line growth. For the latest period, Mattel posted net income of $442.8 million or $1.21 a share compared to a profit of $365.9 million or $1.04 a share, in the year-ago quarter. Sales (including negative impact of foreign exchange fluctuation) increased 6% to $2.21 billion. While sales in the North American region rose 3%, it climbed 9% in international markets. Analysts surveyed by FactSet had forecasted earnings of $1.12 a share on revenue of $2.17 billion.

Citigroup Reports Q3 Results

Global banking giant Citigroup Inc. (NYSE: C) has reported its third-quarter results, posting earnings of $1.02 per share on revenue of $18.2 billion. Citi’s earnings and revenue for the quarter missed consensus forecast. Analysts were expecting the New York City-based bank to report third-quarter earnings of $1.04 per share and revenue of $18.74 billion. Despite the weaker-than-anticipated results, CEO Michael Corbat noted that the bank performed relatively well in the challenging, uneven macro environment. Shares of Citigroup were last trading 0.28% higher at $49.74 on above average volume of 28.60 million.