3 Stocks Move Wednesday
- By Omar Venerio
Shares of Commercial Metals Co. (CMC) traded higher on the back of the company posting its financial results for the first quarter of fiscal 2018. For the quarter ended Nov. 30, the company reported an annual net sales growth of 24.7% to $1.24 billion, while its profit advanced to 30 cents per share. Moreover, the results exceeded analysts" earnings estimates by 13 cents and revenue expectations by $130 million.
Warning! GuruFocus has detected 7 Warning Sign with RL. Click here to check it out.
The intrinsic value of RL
President and CEO Barbara Smith commented on the company"s performance:
"In both the Americas Mills and International Mill segments, demand from the construction sector remained robust, which resulted in very good earnings. In fact, the Polish operations recorded the highest quarterly profits since 2008. The America"s Recycling segment also had the highest quarterly results since 2012 supported by rising non-ferrous pricing and a continued strong demand for ferrous material."
The board of directors also declared a quarterly dividend of 12 cents per share on Jan. 2.
Looking ahead, Smith said she sees "strength in the underlying market fundamentals supporting each of our segments as we enter calendar 2018. End markets in both non-residential construction and original equipment manufacturers are forecasting growth and we are seeing that reflected in our shipment volumes."
Shares of Ralph Lauren Corp. (RL) fell 3% after analysts at Cascend Securities reiterated a sell rating after a 15% decline in December demand from the prior-year period.
Trevena Inc. (TRVN) continues trading higher after announcing yesterday the Food and Drug Administration accepted the new drug application for its Olinvo (oliceridine) injection, which treats moderate-to-severe acute pain. The FDA is expected to make a final decision by the fourth quarter. The application included data from three phase III studies (APOLLO-1, APOLLO-2 and ATHENA) and a phase II study.
Disclosure: The author holds no positions in any stocks mentioned.
This article first appeared on GuruFocus.
Warning! GuruFocus has detected 7 Warning Sign with RL. Click here to check it out.
The intrinsic value of RL
