Food conglomerate ConAgra (CAG) reported earnings within the past hour and is now trading 2% higher. Estimates were close on this one with the reporting adjusted earnings of 60-cents a share, a penny above consensus. The company did miss slightly on revenue of about $4.6 billion. A year ago the company reported losses of 21-cents for the quarter. The beat this time stems largely from higher sales tied to the acquisition of Ralcorp. Prior to this morning, ConAgra shares have been up 11-percent year-to-date. Back in April they hit their highest price since 1997.
Next up KB Home (KBH) which is also set to release its earnings this morning. KB is expected to post losses of 7-cents a share, a marked improvement from the minus 31-cents it reported a year ago. Revenue likely climbed almost 50%. The stock is up 2% in early trading, on top of a 2% climb yesterday. Earlier this week Sterne Agee reiterated a hold on the stock. Shares of KB are up 22% this year, despite a bit of a pullback in recent months. The stock is up more than 130% since this time last year.
Nike (NKE) reports after the closing bell. This is a stock that continues to keep a pace ahead of the market, up 19% year-to-date. Analysts are expecting the company report it made 74-cents a share up from 59-cents a year ago, though revenue likely made less of a leap. Deutsche Bank has just initiated coverage of Nike with a buy saying the company is benefitting from gains in market share and improvement in profit margins.
Finally, there's Progress Software (PRGS) which has been up nearly 10% in early trading here on the NASDAQ. The jump came after the company released quarterly results last night. Progress earlier beat expectations posting earnings of 27-cents a share when estimates were 22-cents it also beat on revenue with $82 dollars and announced a share buyback program. The stock has spent 2013 about a $4 range. It set a 52-week high of $24.50 back in January.
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