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Kohl's stock soars after raised profit outlook
Shares of Kohl's Corp. surged 5.4% in premarket trade Monday, after the department store chain raised its 2017 profit outlook, citing strong holiday sales. The company now expects adjusted earnings per share of $3.98 to $4.08, up from previous guidance of $3.60 to $3.80. The gross margin rate is still expected to increase from last year at the high end of its prior guidance of $3.60 to $3.80. That follows total and same-store sales growth of 6.9% for the November-December holiday period. "All lines of business and all regions reported positive comp sales. As expected, growth in digital demand accelerated significantly in the Holiday period from the year-to-date trend. In addition, we experienced positive sales in our stores driven by stronger traffic," said Chief Executive Kevin Mansell. The stock has soared 25% over the past three months through Friday, while the SPDR S&P Retail ETF has rallied 11% and the S&P 500 has gained 7.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Tesla shares dip as KeyBanc lowers estimates for fourth-quarter Model 3 deliveries
KeyBanc analysts on Wednesday lowered their fourth-quarter estimates for Tesla Inc.'s Model 3 deliveries, saying they expect the electric car maker to announce delivery of about 5,000 Model 3s sometime early next week. "While it is likely to be a few quarters before the company's true Model 3 gross margin judgment day arrives, we remain sector weight as we think the M3 margin ramp will disappoint and investors will have to acknowledge no S/X growth at some point, which is not reflected in the shares," analysts Brad Erickson and Elliot Arnson wrote in a note. The analysts said their channel checks, based on conversations with salespeople at 18 Tesla stores around the U.S., peg Model 3 deliveries at about 5,000, below their previous estimate of 15,000. "We talked to stores in California doing as many as a dozen per week with around 10 being the average, and we estimate stores outside of California were doing something closer to half a dozen per week," said the note. "We also spoke with Tesla salespeople regarding the Model S/X and believe S/X deliveries for the quarter are tracking generally in line with management's expectation that 2H deliveries would be ahead of 1H deliveries of approximately 47,000 cars." They acknowledged that the shortfall is unlikely to faze investors, who are more focused on the car being produced without defects and that consumer response is favorable. Tesla shares were slightly lower premarket, but have gained 48% in 2017, while the S&P 500 has gained about 20%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Williams-Sonoma and Caesars dip while Ross and Fox jump
Stocks that moved substantially or traded heavily Friday: Ross Stores Inc., up $6.56 to $72.25 The discount retailer raised its forecast for the rest of the year.
Ross Store shares up 7% on earnings beat, higher sales guidance
Shares of Ross Stores Inc. rose more than 7% late Thursday after the retailer reported third-quarter earnings and sales above Wall Street expectations and increased its fourth-quarter sales guidance. Ross said it earned $274.4 million, or 72 cents a share, in the quarter, compared with $244.5 million, or 62 cents a share, in the year-ago period. Sales rose to $3.33 billion, from $3.10 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 67 cents a share on sales of $3.26 billion. "Given our better-than-expected trends in the third quarter, we are raising our sales expectations for the fourth quarter," Ross said in a statement. It forecast comparable-store sales to increase 2% to 3%, compared with a 4% gain last year. Earnings per share are projected to be between 88 cents and 92 cents in the fourth quarter, compared with 77 cents in the fourth quarter of 2016. The company also called for per-share earnings in the range of $3.24 to $3.28 a share for full year 2017. The analysts surveyed by FactSet expect fourth-quarter earnings of 92 cents a share and full year 2018 earnings of $3.23 a share. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Ross Stores Q3 earnings per share $0.72
Ross Stores Inc(ROST). * Ross Stores(ROST) reports third quarter earnings, updates fourth quarter guidance. * Q3 earnings per share $0.72. * Q3 sales $3.3 billion versus I/B/E/S view $3.26 billion. * Q3 same store sales rose 4 percent.
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