Stocks Jumbled Ahead of Company Earnings
Homebuilder Lennar (LEN) posted fourth-quarter earnings of 56 cents a share on revenue of $1.35 billion, exceeding the average analyst estimate of 44 cents a share on revenue of $1.31 billion as the housing industry continues to recover.
Shares dipped 0.83% after trading higher in premarket trading.
Shares lost 2.7% on Tuesday.Lululemon Athletica (LULU) raised its fiscal fourth-quarter earnings guidance but said revenue growth would slow. Shares tumbled 3.9%. RadioShack (RSH) said Monday that it was ending an agreement with Target (TGT) to run mobile phone centers in its stores. RadioShack said it has been renegotiating the terms of the deal with Target since October to make it profitable for both companies, but an agreement couldn't be reached and it will end the contract in April. RadioShack shares were off 4.8%, while Target increased 1.2%. Express (EXPR) shares soared 23.8% after the specialty apparel and accessory retailer hiked its fourth-quarter profit outlook amid better-than-expected holiday sales. Gordmans Stores (GMAN) shares plunged 16.6% after the apparel and home fashions retailer on Monday cut its fourth-quarter earnings and revenue outlook as same-stores sales fell by 4.6% amid weakness in its seasonal businesses. Globecomm Systems (GCOM) shares gained 5.2% after the satellite-based communications solutions provider said it has retained Needham & Co. to explore strategic alternatives to enhance shareholder value. Boston Scientific ( BSX ) shares jumped 3% after the stock was upgraded to outperform from neutral at Credit Suisse. -- Written by Andrea Tse and Joe Deaux in New York.
>To contact the writer of this article, click here: Andrea Tse.
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