3 Stocks to Watch on Wednesday: FedEx Corporation (FDX), Steelcase Inc. (SCS) and Nike Inc (NKE)

Consumer staples were a weak spot yesterday, but U.S. equities experienced overall growth as financials continued soaring, up 1.1% by day’s end. The S&P 500 Index was 0.4% higher, the Dow Jones Industrial Average grew 0.5% and the Nasdaq Composite gained 0.5%.

3 Stocks to Watch on Wednesday: FedEx Corporation (FDX), Steelcase Inc. (SCS) and Nike Inc (NKE)Tuesday afternoon continued earnings season, which saw FedEx Corporation (NYSE:FDX), Steelcase Inc. (NYSE:SCS) and Nike Inc (NYSE:NKE) all released their latest quarterly data.

Here’s how they did:

FedEx Corporation (FDX)

FedEx reported quarterly results data that missed the mark.

Earnings came in at $2.90 per share for the parcel delivery service provider. The figure was in line with what analysts expected, and the next quarter is expected to be even better due to the busy holiday season.

Revenue amounted to $14.90 billion in the company’s second quarter, coming in below the $4.92 billion Wall Street had called for. FedEx Express rose 2% year-over-year to $6.74 billion, while FedEx Ground surged 9% to $4.42 billion.

FedEx’s disappointment in its results came from the company’s total operating margin of 7.8%, below the 9.1% from a year ago. Low growth rates and operating income were bright spots, especially when considering the lower growth rates present in the global economy at the moment.

For its fiscal full-year 2017, FedEx is expecting to rake in $11.85 to $12.85 per share, with the average estimate set at $12.16.

It was a solid earnings call for the company, but FDX still suffered with shares declining 3.3% after the bell yesterday.

Steelcase Inc. (SCS)

Steelcase also had quarterly data to share with investors.

Profit amounted to $41.2 million, or 34 cents per share. Steelcase’s revenue came in at $786.5 million over the course of its third quarter.

The company is projected to net about 22 cents to 24 cents per share in its current quarter. Analysts also expect net sales to be lower than its past quarter as fourth quarter revenue will be in the range of $735 million to $760 million.

The company has also made a move that many will see as a positive piece of news in its most recent executive change. Ideo LP CEO Tim Brown will be added to the company’s board of directors.

The global design consultancy has been collaborating with Steelcase for 25 years. Brown has had a position of senior leadership with the company since 1987.

SCS shares suffered a steep decline after hours, slipping 7.1%.

Nike Inc (NKE)

Nike was one of the companies that ended the day on a strong note after releasing its earnings data.

In the report, the athletic apparel and footwear giant revealed that it earned 50 cents per share on an adjusted basis. Meanwhile, Wall Street was calling for earnings of 43 cents per share on an adjusted basis.

Revenue came in at $8.18 billion in Nike’s second quarter. The figure was $90 million higher than the $8.09 billion that the consensus estimate had predicted.

Future orders grew by 2%, which was weaker than what analysts were calling for. However, Nike’s second quarter suggests ongoing strength in its various brands.

The company repurchased 17 million shares for $900 million. The stock purchase helped out the company’s health as NKE shares surged over the three months.

NKE shares surged 1.9% Tuesday after the closing bell.

As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/12/stocks-watch-wednesday-fedex-corporation-fdx-steelcase-inc-scs-nike-inc-nke/.

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