Europe Moves the Market Again, But This Time It’s Data-Driven (LOW, JCP, CTRP, VIP, BXG, JKS)
Stocks fell on the day as weak economic data from Europe weighed on the market. Euro zone industrial production fell the most since early 2009 in September, while factory output dropped -2.0%. All in all, the market is likely to continue to be driven by the headlines and data out of Europe. However, we remain cautiously optimistic heading into year-end.
The Real Estate Development Stocks Index was the top performing tickerspy Index on the day, led by Bluegreen (BXG) with a 46% gain. The Chinese Solar Stocks Index was the day’s worst performing tickerspy Index, with JinkoSolar Holding (JKS) down -13%.
Stocks fell on the day, with the Dow closing -75 points lower to 12,079. The S&P dropped -12 points to 1,252, while the Nasdaq fell -22 points to 2,657. Oil slipped -85 cents to $98.14 a barrel, while gold dipped -$9.70 to $1,778.40 an ounce.
In earnings news, Lowe’s (LOW), the second-largest home improvement retailer, said its fiscal third-quarter profit slid -44% to $225 million, or 18 cents per share, from $404 million, or 29 cents per share, a year earlier. Revenue increased 2% to $11.9 billion. On an adjusted basis, Lowe’s earned 35 cents a share. Analysts had expected a profit of 33 cents on revenue of $11.7 billion.
Lowe’s forecast a fourth-quarter profit of 20-23 cents on same-store sales growth of up to 1%. The company increased the low end of its full-year adjusted EPS guidance to $1.57-$1.60 a share from $1.54-$1.60 a share. Analysts were expecting a profit of $1.59 a share. Shares of Lowe’s rose 1.7%. Forty pros held Lowe’s in their portfolios at the end of Q3 and nearly 660 tickerspy members own the stock in their portfolios.
Department store operator J.C. Penney (JCP) posted a fiscal third-quarter loss of -$143 million, or -67 cents per share, compared with a year-earlier profit of $44 million, or 19 cents per share. On an adjusted basis, the company earned 11 cents a share as revenue fell -5% to $3.98 billion. Same-store sales slipped by -1.6% in the quarter. Analysts had expected a profit of 9 cents a share on sales of $4.0 billion. J.C. Penney forecast an adjusted fourth-quarter profit of $1.05-$1.15 a share on unchanged to slightly higher same-store sales growth. Analysts were expecting a profit of $1.17 a share. Shares of J.C. Penney fell -2.8%. Twelve pros counted J.C. Penney among their holdings at the end of Q3 and more than 240 tickerspy members own the stock in their portfolios.
Shares of Ctrip.com (CTRP) plunged -12.3% after the Chinese online travel reservations firm forecast Q4 revenue below expectations. For Q3, the company saw profits rise 2% to $51.0 million, or 33 cents a share, from $50.4 million, or 33 cents a share, a year earlier. On an adjusted basis, Ctrip.com earned $65.0 million, or 43 cents a share, as revenue climbed 20% to $162.9 million. Analysts had expected a profit of 31 cents per share on $150.5 million in revenue. Ctrip.com forecast fourth-quarter revenue of between $142.5-$148.7 million, below the $148.9 million analysts were expecting.
International telecom provider Vimpelcom (VIP) said its third-quarter profit slid -77% to $104 million, well below the $159 million analysts expected. Revenue climbed 10% to $6.09 billion, beating the $6.07 billion analysts expected. EBITDA increased 4% to $2.54 billion. Shares of Vimpelcom fell -2.3%.
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