Yellow Flags Could Signal Trend Lower (PCLN, MNST, KSS, SGI, CSCO, ADY, BTE)
Stocks finished the day mixed, overcoming very cautious commentary from networking giant Cisco (CSCO). On the positive front, European stocks rallied — which helped the U.S. market — buoyed by Spain saying it would take over the country’s troubled fourth-largest bank. Nonetheless, given the market’s strong start to the year and the yellow flags that are out there, we’re still looking for equities to continue to trend lower this spring/summer.
The Dairy Product Stocks Index was the top performing tickerspy Index on the day, led by Feihe International (ADY) with a 49% gain. The Canadian Energy Trusts Index was the day’s worst performing tickerspy Index, with Baytex Energy (BTE) down -5%.
Stocks finished the day mixed, with the Nasdaq the lone loser down -1 point to 2,934. The Dow rose 20 points to 12,855, while the S&P added 3 points to 2,934. Oil edged up 27 cents to $97.08 a barrel, while gold advanced $1.30 to $1,595.50 an ounce.
In economic news, the Labor Department said initial jobless claims fell by -1,000 to 367,000 last week. Economists had expected a reading of 368,000.
In earnings news, shares of online travel reservations provider Priceline.com (PCLN) fell -5.3% after the company forecast an adjusted second-quarter profit of $7.20-$7.40 a share. Analysts were expecting $7.39 a share. In the first quarter, Priceline earned $182 million, or $3.54 per share, compared with $104.8 million, or $2.05 per share, a year earlier. On an adjusted basis, Priceline earned $4.28 per share, compared to $2.66 per share a year earlier. Revenue jumped to $1.04 billion from $809.3 million. Analysts had expected a profit of $3.95 a share on revenue of $1.04 billion. Nearly 60 pros held Priceline in their portfolios at the end of Q1 and more than 660 tickerspy members own the stock in their portfolios.
Shares of Monster Beverage (MNST) surged 9.0% after the company said its first-quarter profit rose to $76.1 million, or 41 cents per share, from $55 million, or 29 cents per share, a year earlier. Sales jumped 28% to $454.6 million. Analysts had expected a profit of 38 cents on revenue of $447.14 million.
Shares of retailer Kohl’s (KSS) slid -4.4% after the company forecast a second-quarter profit of 96 cents to $1.02 a share, well below the $1.13 analysts were expecting. Kohl’s reported a first-quarter profit of $154 million, or 63 cents per share, down from $201 million, or 69 cents per share, a year earlier. Analysts had expected EPS of 61 cents. Kohl’s still expects to earn $4.76 a share for the full year. Twelve pros counted Kohl’s among their top holdings at the end of Q1 and nearly 200 tickerspy members own the stock in their portfolios.
Share of Silicon Graphics (SGI) tumbled -32.1% after the company forecast an adjusted loss of -37 to -52 cents a share on revenue of $177-$197 million for the current quarter. Analysts were expecting a profit of 16 cents on revenue of $208.9 million. For the full year, Silicon Graphics forecast an adjusted loss of -15 to -30 cents a share on revenue of $750-$770 million. Analysts were expecting a profit of 24 cents on revenue of $772.9 million. The company reported an adjusted fiscal third-quarter profit of 11 cents on revenue of $199.4 million. Analysts had expected a loss of -3 cents on revenue of $189.9 million.
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