Markets are mixed today as the Nasdaq (NASDAQ:QQQ) is the only index in the green. Tech is benefitting from the CES hype and news cycle. Here are companies reacting to hot stories.
SUPERVALU’s (NYSE:SVU) loss expanded to $750 million ($3.54 per diluted share) from $202 million (loss of 95 cents per share) in the same quarter a year before. Revenue slipped 4 percent to $8.33 billion from the year earlier quarter. Same-store sales growth was -2.5-3 percent.
Crocs, Inc. (NASDAQ:CROX) foresees a bright future, with the company’s announcement that it expects annual revenue for fiscal 2011 to exceed $1 billion for the first time when year-end results are reported. Revenue is believed to be at the top end of the earlier guidance of $200-205 million for the fourth quarter of 2011. I/B/E/S Estimates report that analysts predict Crocs will announce revenue of $1 billion for fiscal 2011, with $204 million in Q4.
Citing “not enough merchandise traction” and “too much management flux,” Citi lowers Urban Outfitters, Inc. (NASDAQ:URBN) to sell from buy and cuts its price target to $20 from $34. Urban is down 16.35 percent to $24.60 following yesterday’s announcement that it’s swapping out its CEO.
Lennar Corporation (NYSE:LEN): The residential construction company’s net income dipped to $30.3 million (16 cents per share) versus $32 million (17 cents per share) a year earlier — a 5.5 percent fall from the year earlier quarter. Revenue climbed 10.8 percent to $952.7 million from the year earlier quarter, but the company still missed Wall Street’s mark by $0.01.