Staples Inc. (NASDAQ:SPLS): Current price $14.61
On Wednesday morning, Staples posted second quarter earnings that dropped to $102.5 million or 16 cents per share, on revenue of $5.31 billion, falling a bit short of a Wall Street consensus of 18 cents per share on revenue of $5.37 billion. Sales at brick-and-mortar locations slid by 3 percent during the quarter, but that was partially neutralized by a 3-percent increase of online sales.
Not improving matters, Staples said it now anticipates full year earnings to be between $1.21 and $1.25 per share, which is lower than its previous forecast. In mid-morning trading, shares were down almost 13.5 percent in New York.
Incyte Corp. (NASDAQ:INCY): Current price $34.26
Incyte said Wednesday that a mid-stage trial of its experimental cancer treatment indicates that the drug, Jakafi, improved the survival rate of patients most likely to benefit from the treatment. The six-month survival rate of patients treated with Jakafi along with chemotherapy was 42 percent versus an 11-percent survival rate for placebo.
The drug, generically known as ruxolitinib, was tested in combination with chemotherapy drug, capecitabine, to improve the overall survival of patients having advanced pancreatic cancer as compared to capecitabine alone. The combination of Jakafi and capecitabine was mostly well tolerated in the study.
Lowe’s Companies Inc. (NYSE:LOW): Current price $46.36
Lowe’s earnings of 88 easily beat the consensus of 79 cents. Same store sales were up by 9.6 percent, representing the strongest quarterly comp since the first quarter of 2004 and was not far below rival Home Depot’s 10.7 percent gain, thus narrowing the much-discussed gap between the home improvement giants. Lowe’s posted a full year guidance that was raised to $2.10 from $2.05, and same store sales for the full year were moved up to 4.5 percent from 3.5 percent.
The company’s repurchase program is aggressive — Lowe’s generated about $2.2 billion in free cash flow during the quarter, and out of that, $1.2 billion was used for buybacks and an additional $174 million was paid out in dividends.