CRI, AVY, CRS, GPI, SAH, AN, PODD, OMI Popular Stocks
U.S. stocks traded mixed Tuesday with the Dow Jones Industrial Average rose 0.14% to 9882 but the S&P 500 down 0.33% to 1063 and the Nasdaq composite down 1.20% to 2116.
Carter’s (NYSE:CRI, $21.66, -$6.78, -23.84%) said it will delay its third-quarter earnings release – scheduled for later Tuesday – as it completes a review of its accounting for margin support to its wholesale customers. The children’s apparel maker said “a matter arose” late in its preparation for its earnings release and it needs more time to evaluate the matter. Carter’s said it will report the earnings by Nov. 12.
Avery Dennison Corp.’s (NYSE:AVY, $36.98, +$0.14, 0.38%) third-quarter profit fell 0.3% as sales for the office-supply and label manufacturer continued to slide amid weak customer demand but it boosted margins. But results were better than expected.
Carpenter Technology Corp.’s (NYSE:CRS, $23.36, +$1.99, 9.31%) shares rose as the company’s fiscal first-quarter loss came in better than analysts expected. The maker of steels used in power tools also reiterated that revenue bottomed during the period and would improve quarter-on-quarter in the rest of the fiscal year.
Group 1 Automotive Inc. (NYSE:GPI, $29.12, -$4.07, -12.26%) swung to a third-quarter profit, beating Wall Street estimates, as the auto dealer benefited from cost cuts and the government’s “cash for clunkers” program. Meanwhile, fellow dealership Sonic Automotive Inc. (NYSE:SAH, $10.38, -$2.12, -16.96%) swung to a third-quarter profit, but missed analyst estimates, as used-car sales jumped and the government’s “cash for clunkers” program helped new sales. AutoNation Inc. (NYSE:AN, $18.78, -$1.26, -6.29%) also slumped.
Insulet Corp.’s (NASDAQ:PODD, $10.66, +$1.68, 18.71%) third-quarter revenue topped Street estimates and the company boosted its year guidance, helping send shares up. Leerink Swann noted the company continued seeing strong momentum in the quarter, with a record level of referrals driving 28% sequential sales growth. William Blair called the results “quite impressive” as summer months are generally a slow period for diabetes providers.
Owens & Minor Inc.’s (NYSE:OMI, $39.93, -$7.22, -15.31%) third-quarter earnings rose 37% as the distributor of medical supplies posted a double-digit percentage revenue increase. But excluding an accounting credit, which Robert W. Baird analyst Eric Coldwell says the company said to exclude, the earnings missed. Coldwell also said gross margin was below expectations.
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