International Speedway (ISCA) is up fractionally despite reporting disappointing quarterly earnings at about 7:30 this morning. The company says it made 48-cents a share when expectations were for 50-cents. Revenue also came in lower than expected at $178.4 million. International Speedway is the owner of numerous race tracks including the Daytona Speedway which is about to undergo a renovation starting Friday. The company stock is up about 24% over the last year. It's been trading about $3 below its 52-week high which it hit back in May.
Next is Bassett (BSET) furniture which will also report earnings. Bassett is expected to post profits of 18-cents a share, twice the amount in the last quarter when sales were just shy of $80 million. Bassett has been enjoying a jump in sales this year. In Q-1 it saw revenue rise 31% over the prior year, perhaps as the housing market picks up. Bassett stock is up is 53% over the past year in what has been a pretty steady climb.
Now we look at Mead Johnson Nutrition (MJN) which was down 5.7% yesterday. Mead Johnson is one of several makers of infant formula now being investigated by China for price-fixing. Imported formula has been in high demand around China since 2008 when six children were killed by a tainted domestic product. Other companies being investigated for price fixing include Nestle, Danon, Abbott Labs and Wyeth, but none of their stocks took as big of a hit. Yesterday's drop in share price leaves Mead Johnson with about an 8% gain in price so far this year.
Finally there's Noodles and Company (NDLS), which is currently up another 5% in early trading. It rose another 22% yesterday in its third day of trading. That means shares of the restaurant chain are up a whopping 40% since they began trading Friday morning at $32 a share. That was already well above their offering price of $18 a pop. Noodles and company owns and operates about 350 stores. Its CEO Kevin Reddy came from Chipotle (CMG) so there have been lots of comparisons between the companies.
- Consumer Discretionary
- Mead Johnson