Top Earnings News of the Day: BBY, HPQ, PDCO, DSW

PUBLISHED: Nov 20 2012 @ 11:28 | Comments (0) | More info about Ed Liston

Best Buy Co. Inc. (NYSE:BBY): The stock tanked to $11.74 level after reporting weak quarterly results. The stock is currently trading at $12.07, down 12.22 percent from its previous close of $13.75. Best Buy’s yet another dismal quarter reported record loss at $10 million. The company had earned $156 million for the corresponding quarter of the last year.

On per share basis, its adjusted net income stood at 3 cents per share, lagging behind consensus estimate of 13 cents per share. Its revenue also dropped 4 percent to $10.75 billion, down from $11.15 billion in revenue for the prior year quarter. Best Buy stock is trading at the beta of 1.48. It traded in the range of $13.52 and $28.53 in the last 52 weeks. The retail chain company is looking to revive its fortunes, but its latest earnings have cast a shadow of doubt over its future. The stock is trading above its 20 days moving average price of $12.02 and 50 days moving average price of $11.99.

Hewlett Packard Company (NYSE:HPQ): The company dealt another blow to the market by reporting dismal quarterly numbers. Its stock is currently trading at $11.91, down 10.43 percent from its previous close of $13.30. The stock had opened at $11.64 and has traded in the range of $11.35 and $12.38 in the current trading session. Hewlett Packard dropped to its 10 years low after company’s announcement of $6.85 billion in loss for the fiscal fourth quarter of the year. The declaration resulted in various downgrades for the company stock, pushing it further down. On per share basis, its loss for the quarter stood at $4.49 per share down from 12 per share in income it had reported for the corresponding quarter of the year. However, the company’s adjusted income would have been $1.16 per share, if it had not been marred by Autonomy debacle and other one time charges. The company claimed that its Autonomy acquisition was carried out on the basis of wrong financial information. Hewlett Packard CEO Meg Whitman said that the deal was carried out by her predecessors. Autonomy, on the other hand, has denied any wrongdoing. Autonomy deal caused non-cash charge of $8.8 billion for the quarter.

Patterson Companies Inc. (NASDAQ:PDCO): The company reported its net income for the fiscal second quarter of the year at 44 cents per share. The stock is currently trading at $33.38, down 7.33 percent from its previous close of $36.02. It traded in the range of $31.36 and $34.08 in the current trading session. Patterson Companies’ net income for the quarter has been reported at $45.542 million, down from $48.954 million in income it had reported for the corresponding quarter of the last year. The company fortunes for the quarter were mainly affected by its disappointing revenue from dental equipment. Patterson Companies also made additional charge of $3 million on account of incremental interest expense. The company’s quarterly revenue was up 1 percent at $867.193 million. The company also lowered its estimates for the next financial year. Patterson Companies is now expecting to report its annual EPS in the range of $2.00 and $2.06. The consensus estimate was pegged at $2.13. The stock is trading above its 20 days moving average price of $33.31 and 50 days moving average price of $33.37.

DSW Inc. (NYSE:DSW): Among all the disappointing results, DSW Inc. provided a breath of relief. The company reported 11.7 percent increase in its revenue for the quarter and the figure stood at $592.7 million, clearly surpassing the consensus estimate of $548.1 million in revenue. The result sent the stock as high as $69.35 in the current trading session. The stock is currently trading at $67.80, up 8.85 percent from its previous close of $62.29. The stock is trading at the Price Earnings ratio of 22.27. The company’s net income for the quarter was reported at $50.1 million, down from $53.7 million it had earned in the corresponding quarter of the last year. However, its adjusted income for the quarter is at $1.02 per share, beating the consensus estimates of 89 cents per share. The stock has traded in the range of $40.54 and $69.15 in the past 52 weeks. However, the stock is trading above its 20 days moving average price of $67.55 and 50 days moving average price of $67.51.

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