First up is FedEx (FDX), which just reported quarterly results at 7:30 this morning. The company more than delivered on earnings posting $2.13 a share when estimates were for $1.96. As for revenues, they were in line with expectations. The company says it's still struggling from tepid economic growth and a shift away from its more expensive shipping options. But it reported improvements in both its FedEx Express and FedEx Freight businesses. FedEx stock has been up about 5% year-to-date. Shares hit their 52-week high back in March but have retreated almost 10% since then.
Next is Adobe (ADBE), which is up 7% following the release of its quarterly results after yesterday's closing bell. As we told you right here ahead of the report, Adobe was expected to post earnings of 34-cents a share on $1.01 billion. Excluding items, it beat by a penny on earnings and matched on revenues. Adobe says demand is rising for "Creative Cloud," the subscription version of its flagship software package. Subscription models bring in less money up front but create a more predictable revenue stream. Even prior to the gains we're seeing this morning, shares of Adobe are up 32% over the past year.
Now we look at La-Z-Boy (LZB), which also reported earnings after the trading day yesterday. Shares spiked 6% ahead of the report, but they gave back those gains in after-hours trading. La-Z-Boy beat estimates posting earnings of 33-cents a share on revenues just shy of $360-million. However, the company says higher expenses have been negating improved sales. The company did not issue a forecast moving forward. La-Z-Boy stock is up 35% year-to-date, largely on a spike in share prices during February.
Finally, there's Micron Technology (MU) which is up fractionally. Micron will be releasing quarterly results after the closing bell. The company is expected to post profits of 2-cents a share, a dramatic improvement from a year ago when it lost 32-cents. Revenue is expected to be up slightly. In the meantime, Raymond James is rating the stock a strong buy and has upped Micron's price target to $17 to from $12.