Stocks to Watch: JOY, CIEN, TIVO & More
Take a look at some of Thursday's morning movers:
Joy Global - The mining equipment maker reported fiscal second-quarter earnings of $2.04 per share, excluding certain items, nine cents above estimates. However, it cut its fiscal-year outlook to $7.15 to $7.45 per share, below estimates of $7.60. It cites a moderating order rate as its customers grow more cautious about expansion.
Ciena - The networking equipment manufacturer earned $0.04 per share for its second quarter, excluding certain items. Analysts had been anticipating a loss of $0.03 per share, but Ciena experienced better-than-anticipated revenue growth.
TiVo - The maker of digital video recording devices reported a quarterly loss of $0.17 per share, slightly wider than estimates. The loss came amid rising litigation and marketing costs, even as subscriber numbers increased. TiVo also is forecasting a second-quarter loss that’s wider than analysts had been anticipating.
Kohl's - The retailer reported a May same-store sales drop of 4.2 percent, larger than the 1 percent decline analysts had been forecasting.
Target - The retailer reported sales at stores open at least a year rose 4.4 percent in May, above estimates of a 3.5 percent increase.
Gap - The parent of Old Navy, Gap, and Banana Republic reported a 2 percent increase in May same-store sales, short of analysts' estimates of a 3.1 percent increase.
Lions Gate Entertainment - The movie studio reported a fiscal fourth-quarter loss of $0.17 per share, compared with analysts' estimates of a $0.26 per share profit. Lions Gate had sizable marketing costs for its films, as well as expenses related to its acquisition of Summit Entertainment. Some analysts had been optimistic that the hit movie “The Hunger Games” would results in more recognized profit than was actually the case.
Forest Laboratories - The drugmaker has responded to investor Carl Icahn’s intention to nominate his own slate of directors, saying it’s disappointed Icahn’s first chosen method of engagement since last year is the threat of yet another proxy fight.
Caesars Entertainment - Chief Financial Officer Jonathan Halkyard is departing for a new job outside the gaming industry. Senior management members will share the CFO duties on an interim basis while the company searches for a permanent replacement.
Costco Wholesale - The warehouse retailer saw its May same-store sales rise 4 percent, short of the 4.3 percent increase that analysts were anticipating.
Limited Brands - The retail chain reported a 6 percent increase in May same-store sales, above analysts' estimates of a 4.7 percent increase.
Zumiez - Zumiez reported a 13.7 percent increase in May same-store sales, more than double analysts' estimates. The company has seen a jump in demand from its teenage customers for its surfing and snowboarding apparel.
—By CNBC’s Peter Schacknow
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