Netflix upgrade; Sears in trouble; Dollar General slumps after earnings
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Sears (SHLD) — The department store is accepting $300 million in financing from CEO Edward Lampert’s hedge fund following another quarter of declining sales. Excluding items, Sears reported a net loss of $2.03 a share. Same-store sales dropped 5.2%.
Dollar General (DG) — The discount chain’s profit and sales missed Wall Street estimates for its second quarter. The company reported earnings per share of $1.08 on revenue of $5.39 billion. Dollar General’s same store sales rose 0.7%, missing expectations of a 2.7% climb.
Netflix (NFLX) — William Blair upgraded the online streaming giant to outperform from market perform on the expectation that Netflix will attract more millennial subscribers over the next couple of years. William Blair raised its price target on the stock to $145.
Mylan (MYL) — The drug maker responded to the backlash over price increases for EpiPen by saying it will cut the costs that some patients pay. Patients, who were previously paying the full price for the EpiPen, will now pay 50% less out-of-pocket. Mylan is also doubling eligibility for its EpiPen patient assistance program to 400% of the poverty level, eliminating out-of-pocket costs for uninsured and under-insured patients.
Tiffany (TIF) — The luxury retailer posted earnings per share of 84 cents, topping Wall Street estimates by 12 cents, on revenue of $932 million. Same-store sales dropped 8%, dragged down by bigger-than-expected declines in the Americas and Europe.
HP (HPQ) — The company topped analysts’ estimates for its fiscal third-quarter earnings but disappointed investors with a weaker-than-expected outlook for its fiscal fourth quarter. HP reported second-quarter adjusted earnings per share of 48 cents on revenue of $11.89 billion.
