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S&P 500 ETF: Pre-market data point to opening rebound
Prior to today's market open, the S&P 500 futures were trading higher by 0.4 percent with the SPDR S&P 500 ETF (NYSE: SPY) matching the gains. The Nasdaq 100 futures were trading higher by 0.3 percent.
Europe's markets were lower by around half a percent but the Nikkei plunged 4.2 percent overnight following a move higher in the yen yesterday. The yen eased off a bit with dollar/yen higher by 0.3 percent to ¥101.26.
The 10-year Treasury yield fell to 2.58 percent yesterday but has bounced back a bit this morning. Gold is lower by around 0.6 percent to $1,253 an ounce.
Shares of the S&P 500 ETF were trading higher by 0.39 percent in the pre-market session.
Becton: EPS and revenue beat
This morning, Becton, Dickinson and Company (NYSE: BDX) reported its first quart results. The company announced an EPS of $1.42, beating the consensus estimate of $1.30. Revenue of $2.02 billion beat the consensus estimate of $1.98 billion. Net profit fell to $271 million from $625 million a year ago as total operating costs rose 8.5 percent to $1.64 billion.
Becton raised the lower end its fiscal year EPS guidance by three cents and now expects its EPS to be $6.19 to $6.22 with a consensus estimate of $6.23.
Management said that it intends to buy back $450 million worth of stuck during the fiscal year.
Shares of Becton showed no activity in the pre-market session.
Kors: The new Coach
When Coach reported its second quarter results on January 22 management said that it is operating in an increased competitive environment as the company missed the consensus estimate by five cent and missed revenue by $70 million. Management conceded that it is losing market share to rivals such as Michael Kors (NYSE: KORS).
This morning, in its third quarter results, Kors clearly signaled to the market that it is indeed picking up on Coach's lost market share. Kors announced an EPS of $1.11, beating the consensus estimate of $0.86. Revenue of $1 billion beat the consensus estimate of $859.9 million. Net income for the quarter totaled $229.6 million compared to $130.0 million a year ago.
Kors is guiding its fourth quarter revenue to be $790 million to $800 million and sees its comparable store sales increasing by 15 percent to 20 percent.
“Our results reflect broad-based strength with significant revenue growth across our retail, wholesale and licensing segments as well as in our North American and international markets,” said John Idol, the company's Chairman and Chief Executive Officer. “Revenue in North America grew 51% and comparable store sales increased 24%, with performance driven primarily by accessories and watch offerings.”
Shares of Kors surged 19.81 percent in the pre-market session.
Take-Two: Investors focus on poor guidance
Last night, Take-Two Interactive Software (NASDAQ: TTWO) reported its third quarter results. The company announced an EPS of $1.70, beating the consensus of $1.40. Revenue of $767.7 million beat the consensus estimate of $701.2 million. Net income for the quarter totaled $210.7 million as compared to $78.8 million a year ago.
Take-Two expects to earn an EPS of $0.00 to $0.10 in the fourth quarter on revenue of $170 million to $200 million. The consensus estimate is for an EPs of $0.13 on revenue of $219.2 million.
This morning, analysts at Stifel reiterated a Buy rating with a $23 price target and said that shares should be bought following the company's results.
For the second quarter in a row, shares of Take-Two traded lower after delivering an earnings beat.
Shares of Take-Two were lower by 5.82 percent in the pre-market session.
CME Group: Earnings miss despite higher volume
This morning, CME Group (NYSE: CME) reported its fourth quarter results. The company announced an EPS of $0.64, missing the consensus estimate of $0.68. Revenue of $687 million missed the consensus estimate of $691.29 million. Net income for the quarter totaled $193 million compared to $168.1 million a year ago.
During the quarter, average daily volume rose by 11 percent to 11.3 million contracts. Interest rate related contracts increased by 29 percent from a year ago.
Clearing and transaction fee revenues grew by six percent year over year to $577 million with a total average rate/contract of $0.78 up from $0.762 last quarter driven by a higher proportion of total volume from energy and agricultural products which have higher average fees.
Shares of CME Group showed no activity in the pre-market session.
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