Friday, September 22, 2023
Homemarket insiderEarly movers: LOW, TGT, SPLS, URBN, CREE, PLKI, BKS, CSCO, VIAB &...

Early movers: LOW, TGT, SPLS, URBN, CREE, PLKI, BKS, CSCO, VIAB & more

Check out which companies are making headlines before the bell:

Lowe's — Lowe's reported adjusted profit of $1.37 per share, 5 cents a share below estimates. Revenue missed forecasts, as well. The home improvement retailer saw comparable sales up 2 percent, half of what analysts had expected.

Target — The retailer earned an adjusted $1.23 per share for the second quarter, above estimates of $1.12 a share. Revenue was essentially in line. Comparable-store sales fell 1.1 percent, however, slightly more than estimates of a 1 percent drop. Target also lowered its comparable sales forecast for the second half of 2016.

Staples — Staples matched estimates with adjusted quarterly profit of 12 cents per share, while the office products retailer's revenue fell slightly below forecasts. Sales dropped for the 14th quarter in a row.

Urban Outfitters — The apparel retailer reported second quarter profit of 66 cents per share, 10 cents a share above estimates. Revenue also beat Street forecasts. Urban Outfitters saw an improvement in profit margins, as well, thanks to fewer promotions.

Cree — Cree earned an adjusted 19 cents per share for its fiscal fourth quarter, a penny a share below estimates. The maker of lighting and semiconductor products did see revenue exceed analysts' projections. Investors are focusing on weakness in the lighting products segment, which saw a 13 percent sales drop.

Popeyes Louisiana Kitchen — Popeyes matched estimates with quarterly profit of 47 cents per share, but the restaurant chain's revenue fell short of forecasts. Popeyes also cut its comparable sales forecast and slashed in half the number of company-owned stores it expects to open in 2016.

Barnes & Noble — Barnes & Noble ousted Chief Executive Officer Ronald Boire, saying that Boire was "not a good fit" for the book seller. Executive Chairman Leonard Riggio will serve as acting chief executive while the search for a permanent CEO takes place.

Cisco Systems — Cisco is cutting 14,000 workers, or about 20 percent of the its global workforce, according to technology news website CRN. The maker of networking equipment is expected to announce the cuts within the next few weeks.

Viacom — The media giant has resumed settlement talks with Sumner Redstone-controlled National Amusements to end the litigation between the two, according to multiple reports. The talks will reportedly lead to the departure of Viacom CEO Philippe Dauman and make changes to the Viacom board.

MetLife — MetLife has outlined its plan to fight its designation as a systemically important financial institution, as it goes to court to fight the so-called "SIFI" designation that mandates more extensive oversight. The insurer's plan is laid out in a court filing, and contends that regulators used a flawed process to conclude that Metlife could damage the U.S. financial system in a distress situation.

Lumber Liquidators — Lumber Liquidators received a favorable ruling from a California court, which rejected claims that the flooring maker did not warn consumers about the presence of cancer causing formaldehyde in some of its products.

Southern Company — The utility company announced the pricing of a previously announced 32.5 million common share offering, which will bring in proceeds of about $1.6 billion.

Correction: Popeyes cut the number of company-owned stores it expects to open in 2016. An earlier version misstated the scope.

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