Editor’s Note: Related tickers: Family Dollar Stores, Inc. (NYSE:FDO), Bed Bath & Beyond Inc. (NASDAQ:BBBY), JinkoSolar Holding Co., Ltd. (NYSE:JKS), The Progressive Corporation (NYSE:PGR), ADTRAN, Inc. (NASDAQ:ADTN), NovaGold Resources Inc. (USA) (NYSEAMEX:NG)
Delayed tax refunds hurt Family Dollar, shares fall (Reuters)
Shares of the discount retailer’s stock were down 1.6 percent at $58.83 in morning trading. “We expected weakness and we got it,”said Jefferies analyst Daniel Binder, who has a “hold” rating on Family Dollar Stores, Inc. (NYSE:FDO) shares. Family Dollar expects that sales of discretionary items such as apparel and home goods could be hurting heading into the rest of its year. It cited financial pressure facing customers and unseasonably cold spring weather. “Our customers’ discretionary spend is expected to remain constrained,” Chief Executive Howard Levine said in a statement.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) is expected to report fiscal fourth quarter earnings on Wednesday, April 10th. The whisper number is $1.67, one cent behind the analysts’ estimate. BBBY has an 84% positive surprise history (having topped the whisper in 31 of the 37 earnings reports for which we have data). Earnings history: Beat whisper – 31 qtrs; Met whisper – 0 qtrs; Missed whisper – 6 qtrs.
Progressive (PGR) Posts Quarterly Results (The Utah People’s Post)
Several analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of The Progressive Corporation (NYSE:PGR) from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday. They now have a $31.00 price target on the stock. On the ratings front, analysts at Barclays Capital reiterated an “equal weight” rating on shares of Progressive in a research note to investors on Tuesday, April 2nd. They now have a $26.00 price target on the stock. Finally, analysts at UBS AG raised their price target on shares of The Progressive Corporation (NYSE:PGR) from $21.00 to $25.00 in a research note to investors on Monday, April 1st. They now have a “neutral” rating on the stock.
JinkoSolar Holding Co. (JKS) Announces Quarterly Results (Mideast Time)
JinkoSolar Holding Co., Ltd. (NYSE:JKS) issued its quarterly earnings data on Wednesday. The company reported ($1.26) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.80) by $0.46, AnalystRatingsNetwork reports. The company had revenue of $187.30 million for the quarter, compared to the consensus estimate of $244.50 million. During the same quarter in the previous year, the company posted ($2.61) earnings per share. The company’s revenue for the quarter was down 1.6% on a year-over-year basis.
US retailer Family Dollar lowers FY profit target (Just Food)
US discount retailer Family Dollar Stores, Inc. (NYSE:FDO) has lowered its full-year earnings forecast despite booking an increase in first-half profits. In the six months ended 2 March, net profit increased 1.7% to US$220.4m, the retailer reported today (10 April). Operating profit, however, was down 0.4% to $343.9m.
ADTRAN, Inc. Reports Results for the First Quarter 2013 and Declares Quarterly Cash Dividend (Business Wire)
ADTRAN, Inc. (NASDAQ:ADTN) reported results for the first quarter 2013. For the quarter, sales were $143,013,000 compared to $134,735,000 for the first quarter of 2012. Net income was $7,890,000 for the quarter compared to $12,960,000 for the first quarter of 2012. Earnings per share, assuming dilution, were $0.13 for the quarter compared to $0.20 for the first quarter of 2012. Non-GAAP earnings per share for the quarter were $0.17 compared to $0.25 for the first quarter of 2012. The reconciliation between GAAP earnings per share, diluted, and non-GAAP earnings per share, diluted, is in the table provided.
Research and Markets: Analysis of NovaGold Resources (Fort Mills Times)
Research and Markets has announced the addition of the “Analysis of NovaGold Resources” company profile to their offering. Aruvian Research presents Analysis of NovaGold Resources Inc. (USA) (NYSEAMEX:NG), a complete and comprehensive analysis of NovaGold Resources includes…
…an overview of the industry the company operates in and then moves on to analyzing the company itself. NovaGold Resources Inc is a precious metals company engaged in the exploration and development of mineral properties in Alaska, the US and British Columbia, Canada. The company focuses on gold, copper, silver and zinc resources. Its current portfolio includes Donlin Gold, Galore Creek and Ambler. The Donlin Gold project in Alaska is held by a limited liability company owned equally by fully owned subsidiaries of NovaGold Resources Inc. (USA) (NYSEAMEX:NG) and Barrick Gold Corporation.
Bed Bath (BBBY) Eyes Better Earnings Growth (Cabot Wealth Advisory)
After watching its earnings grow in single digits the last two quarters, Bed Bath & Beyond Inc. (NASDAQ:BBBY) is expected to deliver a 14% gain for its fiscal fourth quarter, which ended in February. Bed Bath & Beyond and other home furnishings retailers should get a lift from the improved housing market, analysts say.
Family Dollar 2Q profit up, cuts full-year outlook (BlueRidgeNow.com)
Family Dollar Stores, Inc. (NYSE:FDO) said Wednesday that its fiscal second-quarter net income rose 3 percent, as more customers came in to its stores and spent more. An extra week in the period also helped. Dollar stores have continued to see an influx of shoppers since the recession as consumers look for bargains on everyday goods and other items. But Family Dollar lowered its full-year earnings forecast, saying that sales of discretionary items continue to be pressured by shoppers dealing with financial constraints and unseasonably cold spring weather. Its shares fell almost 4 percent in premarket trading.
China’s JinkoSolar Posts Wider Loss (Wall Street Journal)
JinkoSolar Holding Co., Ltd. (NYSE:JKS)’s fourth-quarter loss widened as the Chinese solar-product maker recorded lower revenue and a surge in operating expenses. “Our business continued to face significant challenges during the fourth quarter due to continued module oversupply and the economic uncertainties lingering over the global economy,” Chief Executive Kangping Chen said Wednesday.
The secret behind Bed Bath & Beyond earnings: Finding its niche (Marketplace.org)
Analysts say Bed Bath & Beyond Inc. (NASDAQ:BBBY) seems to have found its niche — benefitting from the Goldilocks syndrome. Patty Edwards, retail analyst at Trutina, says, for a lot of people, a company like Crate & Barrel is too expensive, while less-pricey Target doesn’t have as much selection. “[At Bed Bath & Beyond] you can buy a $20 towel or you can buy a $2 towel,” Edwards says, “But you can do all of that in one spot.”
