Best Buy sales disappoint; DSW steps it up; Kite Pharma flies high
Here is a look at some of the stocks the Yahoo Finance team will be watching for you today.
Best Buy (BBY) shares fell in early trading. The struggling electronics retailer reported revenue that missed estimates, falling 4% from a year earlier. Same-store sales fell 2.7% as customer traffic continued to decline in its physical stores and consumers did more of their shopping online. The company also said it expects the consumer electronics category to remain weak over the next two quarters. However, earnings of $0.44 a share topped analysts' expectations as the company cut costs.
DSW (DSW) shares soared before the bell. The discount shoe retailer reported better-than-expected earnings and revenue. Earnings of $0.37 a share beat by a nickel, while revenue rose more than 5% from a year earlier as same-store sales increased across all its categories. DSW also raised its earnings outlook for the year.
Kite Pharma (KITE) shares rose in early trading. The biotech firm announced its experimental cancer drug showed promising results in early to mid-stage clinical trials in treating patients with non-Hodgkin's lymphoma. The company said the results of the study support its plans to file for a new drug application with the Food and Drug Administration in the fourth quarter.
Time Warner (TWX) is also on investors' watch list this morning. The company's Turner cable division which is home to CNN, TNT, TBS and the Cartoon Network will reportedly offer buyouts to more than 500 employees, or about 4% of its workforce. The move is part of a restructuring plan that is aimed at cutting costs as the it struggles with a decline in ratings. This also comes after the company rejected Rupert Murdoch's takeover bid. Turner accounts for more than half of Time Warner’s operating income.
Amazon (AMZN) is also grabbing headlines again. The e-commerce giant will acquire video-game streaming site Twitch for $970 million in cash. Twitch, which says it has 1.1 million people broadcasters per month that reach 55 million viewers, offers live and on-demand video game play, commentary and online shows. Twitch will be an independent subsidiary of Amazon.
