Stocks to Watch: Nike, Micron, Tiffany
NEW YORK --
Nike
(NKE) - Get Free Report
, 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) - Get Free Report
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) - Get Free Report
, 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
.
5 Huge Stocks to Trade for Gains
Tiffany
(TIF) - Get Free Report
, 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) - Get Free Report
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) - Get Free Report
, 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
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