Thursday headlines include: lowered guidance from Walmart, more layoffs from Cisco, bidders emerging for General Electric's appliance unit, earnings from Kohls and price increases coming to Keurig products.
Retailer Walmart (WMT) said Thursday that it earned $1.26 per share in the second quarter on revenue of $120.13 billion. Earnings from continuing operations were $1.21 per share. Analysts had expected the company to earn $1.21 per share on $119.0 billion in revenue. The company also lowered its full-year earnings forecast to 44.90 to $5.25 per share from a prior forecast for $5.10 to $5.45 per share.
Cisco systems (CSCO) said Wednesday that it earned 55 cents per share on an adjusted basis in its fourth fiscal quarter. Revenue was $12.4 billion. Analysts had expected the company to earn 53 cents per share on $12.1 billion in revenue. The company also said it plans to cut 6,000 jobs in addition to previously announced layoffs.
A pair of bidders have emerged for General Electric's (GE) appliance business, Bloomberg is reporting. The iconic business could fetch up to $2 billion according to Bloomberg's sources. The bidders include Electrolux AB, a Swedish appliance maker, and Quirky, a startup that would partner with private equity to buy the appliance unit.
Retailer Kohl's (KSS) said Thursday that it earned $1.13 per share. That compares to analyst estimates for $1.07 per share. Revenue was $4.24 billion, which was just short of estimates for $4.28 billion. Same-store sales fell by 1.3 percent in the quarter, compared to estimates for a 0.6 percent decline.
Keurig Green Mountain
Single-serving coffee-cup maker Keurig Green Mountain (GMCR) plans to raise prices by about 9% in November due to rising costs for coffee. The company said costs for packaging, energy and transportation have also risen. The new prices will go into effect on Nov. 3.