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TheStreet Open House

Stocks to Watch: Nike, Micron, Tiffany

Stocks in this article: NKEMUBPTIFTECDDRI

NEW YORK -- Nike (NKE), the shoe and apparel maker, said Thursday that third-quarter earnings jumped, topping the expectations of Wall Street analysts.

Earnings for the quarter were $662 million, or 73 cents a share, up from year-earlier profit of $569 million, or 61 cents a share. Analysts were looking for earnings of 67 cents a share.

Revenue rose 9% to $6.19 billion; analysts forecast sales of $6.2 billion.

Nike said revenue in North America, which accounts for 40% of its sales, rose 18% to $2.55 billion.

Nike said orders for shoes and clothing for delivery between March and July -- futures orders -- rose 6%.


Micron Technology (MU) posted a loss in its fiscal second quarter of $286 million, or 28 cents a share, as revenue rose 3% to $2.08 billion.

Analysts were looking for a quarterly loss of 20 cents a share on revenue of $1.92 billion.

The chipmaker said DRAM products sales rose 24% sequentially.


BP (BP), the U.K. energy giant, said Friday it would repurchase $8 billion of its shares, distributing to shareholders some of the proceeds from the sale of its stake in its Russian unit, TNK-BP, to OAO Rosneft.

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Tiffany (TIF), the upscale jewelry retailer, is expected by analysts Friday to report fourth-quarter earnings of $1.36 a share on revenue of $1.25 billion.


Tech Data (TECD) said Thursday it would restate its results for the last three fiscal years because of a problem with how its U.K. operation reflected vendor accounting.

Tech Data, the technology product distributor, said the restatement could reduce net income by $25 million to $33 million over the three years.

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Darden Restaurants (DRI), the owner of Olive Garden and Red Lobster restaurants, is forecast to report fiscal third-quarter earnings of $1.01 a share.


-- Written by Joseph Woelfel



>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.

Copyright 2013 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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