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Caribbean Global Market Update

Adobe Bats Expectations, Sears Slide Continues

Author: Mukesh Buch
Islandjournal.net
Last Update: 12:10 PM EDT September 14 2018


12:10 PM New York City, New York Adobe reported strong result after cloud revenue soared 21%. Dave & Buster''s Entertainment net surged 11% and the restaurant operator lifted fiscal outlook. Nucor revised earnings outlook higher.

Tollbooth Index rose 9.21 to 16,512.24 but for the year-to-date soared 19.9%.

Earnings Review

Adobe Systems Inc (ADBE) jumped 3.1% or $8.37 to $276.89 after the software developer reported total revenues in the third-quarter ending in August soared 24% from a year ago to $2.3 billion.

Net income in the quarter surged 58.8% to $666.3 million or $1.34 per diluted share from $419.6 million or 84 cents in the same quarter last year.

Adobe said revenues in the digital media segment of about $1.6 billion and revenues in the creative business grow to $1.4 billion and document cloud record revenue of 21% to $249 million.

Dave & Buster''s Entertainment Inc (PLAY) soared 6.2% or $3.54 to $61.06 after the restaurant and entertainment services provider said total revenues in the second-quarter ending on August 5 surged 11.4% from a year ago to $319.2 million.

Comparable store sales in the quarter dropped 2.4%.

Net income in the quarter jumped 11.2% to $33.8 million or 84 cents per diluted share from $30.4 million or 71 cents in the same quarter last year.

The restaurant operator lifted fiscal 2019 total revenues forecast in the range of $1.23 billion to $1.26 billion from the earlier estimate of $1.20 billion to $1.24 billion and comparable store sales to decrease in low single-digits from the earlier estimate to fall in the low to mid-single digits.

Dave & Buster''s also revised higher fiscal 2019 net income forecast to between $101 million to $111 million from the earlier estimate of $95 million to $110 million.

Nucor Corp (NUE) fell 1.7% or $1.10 to $62.40 after the steel products maker forecasted strong diluted earnings per share in the range of $2.35 to $2.40 from $2.13 in the same period a year ago.

The Sears Holdings Corp (SHLD) surged 12.4% or 15 cents to $1.36 after the struggling retail store operator said total revenues in the second-quarter ending on August 4 plunged 25.6% from a year ago to $3.2 billion.

Total comparable store sales in the quarter declined 3.9% with Kmart comparable store sales slumping 3.7% and Sears comparable store sales dropping 4%.

Net loss in the quarter widened to $508 million or $4.68 per diluted share from $250 million or $2.33 in the same quarter last year.

As of August 4, Sears said total long-term debt jumped $3.7 billion from $3.2 billion in the February 3, 2018.


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