The Nasdaq Composite hit record highs on Tuesday, rising 0.2% to reach 5,225.48 on a day where the markets timidly moved ahead. Also inching higher were the S&P 500 and Dow Jones Industrial Average, both up 0.1%.
Earnings continue to be one of the primary drivers of the day. Sitting in the spotlight this morning: Fossil Group Inc (NASDAQ:FOSL), Mylan NV (NASDAQ:MYL) and SunPower Corporation (NASDAQ:SPWR), all of which just released their most recent reports.
Here’s how they did, and where their stocks are headed this morning.
Fossil Group Inc (FOSL)
FOSL is set to make a strong move today after a Fossil had a Street-beating earnings report.
The fashion accessories manufacturer earned 12 cents per share in its most recent three-month period, easily dashing analyst expectations for 9 cents per share. The top line came in at $685.4 million, which cleared the Street’s bar for $671.9 million.
The report wasn’t completely hunky-dory, however. Fossil’s traditional watch brands all declined in the second quarter, including Emporio Armani, Michael Kors Holdings Ltd (NYSE:KORS) and Skagen.
FOSL is looking toward the future with the Q Marshall and Q smartwatches, which will be in stores on Aug. 29 for $295. They have a gold finish, and can work with Android or iOS.
Fossil stock is set to open about 4% higher Wednesday.
Mylan NV (MYL)
MYL shares are slipping on a revenue miss in the pharmaceutical company’s second quarter.
Mylan’s sales reached $2.56 billion, but that came in just below the $2.47 billion that Wall Street was projecting for Q2. That was hurt in part by the fact that Mylan sold its generic drugs for a lower price on average this quarter.
Earnings did come in ahead of projections this quarter, totaling $1.16 per share on an adjusted basis. The consensus estimate called for adjusted earnings of $1.13 a share. And Mylan expects to have a positive third quarter, boosted by a generic version of Teva Pharmaceutical Industries Ltd (ADR)’s (NYSE:TEVA) multiple sclerosis drug Copaxone.
MYL stock was off about 2% in Wednesday’s premarket trade.
SunPower Corporation (SWPR)
SunPower stock is getting crushed on Wednesday morning amid plans to restructure the company.
SPWR plans on letting 1,200 workers go, which equates to about 15% of its employees. Aggressive pricing from new solar companies have forced SunPower’s hand. Restructuring charges will amount to $30 million to $45 million for the company, including the closing of its Philippines panel-assembly facility. This equipment will be transferred to its Mexico plant as SunPower streamlines operations.
That’s in part to help issues like deep losses for SPWR. The company reported 51 cents per share in red ink for the quarter. On an adjusted basis, a 22-cent loss was slightly better than the consensus expectation for a 24-cent deficit, but was well off the year-ago period’s 18-cent profit. Revenues were up 10% year-over-year to $420.5 million to beat analyst expectations of $345.1 million.
The company restated its full-year guidance expectations of $2.8 billion to $3 billion.
SPWR shares were off some 30% in Wednesday’s premarket action.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
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