Chico’s FAS Inc. (CHS) declined by -10 percent on Tuesday. The apparel retailer posted solid third quarter sales growth of 14.8 percent compared to the previous quarter, and an expanding gross margin of 740 basis points. The year-on-year digital growth was 67 percent.
Best Buy Co. Inc (BBY) dropped -6.96 percent on Tuesday as the largest US retailer of consumer electronics posted adjusted earnings per share of $2.06 in the third quarter compared to a consensus of $1.73. Quarterly sales totaled $11.85 billion, compared to a forecast of $11 billion. Like-for-like growth was 23%. Online domestic like-for-like sales jumped 174%. Adjusted earnings per share rose 82 percent. The stock, however after its recent rally, gave in to profit taking yesterday on Wall Street.
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Hormel Foods Corporation (HRL) sank -5.64 percent after missing the profit and revenue consensus for the fiscal fourth quarter. The packaged food company reported an unexpected fall in food services revenue for a net profit of $234 million and 43 cents per share ($255 million a year earlier).
Moderna Inc (MRNA) fell -2.44% yesterday. As announced by a European official interviewed by Reuters, the European Commission has reached an agreement with the American laboratory to supply its Covid-19 vaccine. Last week the laboratory reported that its vaccine candidate was 94.5 percent successful. In August, the Commission reported that exploratory negotiations with Moderna had been concluded for a contract for 80 million vaccines, with an option for an additional 80 million.
Analog Devices Inc (ADI) dropped -0.13 percent. For its fiscal fourth quarter, the semiconductor company posted revenues of $1.53 billion (+6 percent) and $5.6 billion for the year. Quarterly B2B revenues rose by 4 percent sequentially and 10 percent year-on-year. Operating cash flow amounted to $2 billion for the year and free cash flow was $1.8 billion. Diluted quarterly EPS rose 41 percent to $1.04. Adjusted earnings per share rose 21 percent to $1.44.
