5 Early Buzzers: Macy’s Drops 5%, Sodastream Surges 26%
Shares of Macy’s Inc. (NYSE:M) dropped more than 5 percent early Wednesday. The company reported net income of $181 million (43 cents per share), compared to $131 million (30 cents per share) a year earlier. However, last quarter marked the fifth straight quarter that the company saw shrinking gross margins, as gross margin fell 0.3 percentage point to 38.8 percent from the year-earlier quarter.
Walt Disney Co. (NYSE:DIS) shares climbed more than 1 percent higher in early trading to hit a fresh 52-week high. Disney reported that second-quarter net income jumped 21.3 percent to $1.14 billion (63 cents per share), compared to $942 million (49 cents per share) last year. The company reported adjusted net income of 58 cents per share, beating the mean estimate of 56 cents per share.
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Dollar Thrifty Automotive Group Inc. (NYSE:DTG) shares fell 1.07 percent after reporting first-quarter earnings inline with estimates. Net income came in at $40.4 million ($1.35 per share), compared to $16.5 million a year earlier. “We are pleased to report another record quarter, and the highest first quarter profit in the Company’s history,” said Scott L. Thompson, Chairman, President and Chief Executive Officer. “A strong used car market, combined with continued emphasis in the areas of cost control, productivity initiatives, fleet utilization and balance sheet management enabled us to achieve another record quarter, in spite of a competitive rate environment.”
Bed, Bath & Beyond Inc. (NASDAQ:BBBY) shares declined 1.8 percent after announcing it will acquire Cost Plus Inc. for $22 per share, valuing the deal around $520 million. The California based company contains 259 stores selling home furnishings and entertainment products and is expected to add per-share profit to Bed, Bath & Beyond this year after transaction and integration expenses.
Shares of Sodastream International Ltd. (NASDAQ:SODA) surged more than 26 percent early Wednesday. The company reported first-quarter net income of $10.1 million (48 cents per share), compared to $5.5 million (28 cents per share) a year earlier. Sodastream also increased its outlook for the year and now expects revenue of $384 million, compared to an old estimate of $370 million.
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