It was a choppy day on Wall Street to close out the second-quarter and first half. Stocks managed to stem their losses today, ending the day mixed. This up and down trading session followed a three-day rally which seemed to turn past a troubling tide. Meanwhile, consumer sentiment improved in late June. A Thomson Reuters/University of Michigan reading puts the overall index at 84.1, above the preliminary reading of 82.7.
BlackBerry (BBRY) bled today with shares tumbling more than 25%. The company formerly known as Research in Motion surprised traders when it posted a 13-cent share loss for the quarter. Expectations were for a profit of 6-cents a share. Revenues also missed estimates coming in at $3.1 billion versus predictions of $3.362 billion. BlackBerry says shipments of its new "Blackberry 10" were not as strong as hoped due to stiff competition. Some have called the BB10 the company's last chance for a comeback. Prior to today, BlackBerry shares had been up 23% this year.
Another big loser was Accenture (ACN) which plunged over 10%. The drop comes on the heels of quarterly earnings which were released after yesterdays closing bell. Accenture says it made $1.14 a share beating estimates by a penny, but it came up short on revenue which was $7.2 billion when expectations were for $7.43. The company is also lowering forecasts. For the next quarter it's predicting revenue between $6.7 billion and $7 billion dollars.
From losers to a winner, Noodles & Co (NDLS) rose 110% in its debut on the NASDAQ. The Colorado-based restaurant chain raised $97 million, selling 5.4 million shares at $18 each. That was actually above the price range of $15 to $17 per share. Shares than debuted for trading at $32. Noodles & Co owns and franchises 343 restaurants across 26 states and Washington, DC.
Nike (NKE) shares had a volatile day before finally closing over 2% higher on the heels of its quarterly results. The company posted earnings of 76-cents a share after yesterday's closing bell. That beat expectations by 2-cents and also reflects higher than expected revenue. It's also a 22% jump over last year. Nike cites strength in Lebron James basketball sneakers, Dri-FIT running clothes, and Fuel biometric tracking bracelets. But the company is getting tripped up in China where sales are down as the economy cools. Shares of the company hit an all-time high in May.
A company with close ties to Nike, Finish Line (FINL), rose more than 3% today on its earnings which were released ahead of the opening bell. The company beat estimates when you exclude items related to start-up costs from a new deal with Macy's. Earnings were 20-cents a share when expectations were for 16-cents. Revenues also topped forecasts, rising 10% from a year ago. Finish Line now has its shoes in hundreds of Macy's stores. Same-store sales at its own stores rose 2.4% from a year ago.
- Consumer Discretionary
- Canada International News