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Omar Venerio
Omar Venerio
Articles (1038) 

4 Stocks Moving on Wednesday

1 stock up and 3 stocks down

September 13, 2017 | About:

Farmer Bros. Co. (NASDAQ:FARM) shares traded lower in Wednesday trading on the back of the company reporting preliminary lower-than-expected earnings for its fourth quarter. EPS of 7 cents came up short of market expectations by 8 cents, and revenue of $133.8 million also was short by $1.92 million and was down 0.3% year over year. Gross profit is expected to increase $1.2 million, and gross margin is expected to inch by 100 basis points to 40.1%. Income from operations will decline approximately $1.4 million to $1.7 million due to higher one-time costs and fewer one-time benefits. Net income is expected to be about $1.1 million.

Mike Keown, president and CEO, was convinced that it was a very solid quarter to close a transformational year. He also highlighted the progress in anticipated gross margin improvement that reflects the benefits of their restructure.

Shares of giant Apple (NASDAQ:AAPL) dropped more than 1% after pricing Apple's iPhone X at $999. Apparently only for rich customers, the smartphone is the most expensive mobile since Apple launched them – approximately $300 more than the new iPhone 8.

On the other hand, Nordstrom Inc. (NYSE:JWN)’s stock gained more than 6%. The company is close to a deal to go private. Private equity firm Leonard Green & Partners is behind the operation, and the Nordstrom family will receive around $1 billion.

In other news, Target Corp. (NYSE:TGT) shares lost more than 2% on news of hiring 100,000 employees in the U.S. for the upcoming holiday season, up from the 70,000 employees hired in the previous holiday seasons. Further, the launch of a new brand in partnership with HGTV stars Chip and Joanna Gaines, called Hearth & Hand with Magnolia, consisting of an exclusive home and lifestyle brand, was announced.

Disclosure: The author holds no position in any stocks mentioned

About the author:

Omar Venerio
Omar Venerio is capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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