Financialinsiders.com Earnings Recap Week Ending September 1st, 2017

NEW YORK, September 1, 2017 /PRNewswire/ --

U.S. stocks rose during the last trading day of August faster-than-expected as the second quarter GDP growth points to a strong U.S. economy. The Dow Jones Industrial average rose 0.26 percent, or 58 points, to 21,950.43 during Thursday's trading session, on track to a fifth straight monthly gain. The S&P 500 traded 0.61 percent higher at 2,472.55, erasing its monthly loss, while the Nasdaq composite Index jumped 0.91 percent to 6426.43. The tech-heavy Nasdaq index is one of the best-performing benchmark indexes this year. It has gained nearly 20 percent year-to-date. The Finish Line, Inc. (NASDAQ: FINL), Campbell Soup Company (NYSE: CPB), Ciena Corporation (NYSE: CIEN), Ctrip.Com International Ltd (NASDAQ: CTRP), Toronto-Dominion Bank (NYSE: TD)

According to the data from the Commerce Department on Wednesday, the U.S. economy was revised to grow at an annualized 3.0 percent in the second quarter, the fastest pace in over two years due to strong consumer spending and robust business investments. Michael Sheldon, chief investment officer of RDM Financial Group at HighTower, said in a Reuters report: "The outlook for the U.S. and the global economy, remains relatively positive and most investors do not see a recession ahead. Given that backdrop, equity markets are likely to grind higher over the next few quarters and pullbacks are likely to be bought by investors."

The Finish Line, Inc. (NASDAQ: FINL) share fell about 25% Monday after market, as the company announced preliminary results for the second quarter ended August 26, 2017, and updated its outlook for the fiscal year ending March 3, 2018. The specialty retailer reported consolidated net sales of $469.4 million for the second quarter, down 3.3% compared with the year ago period driven by a 4.6% decrease in comparable sales. "The marketplace for athletic footwear became much more promotional as our second quarter progressed resulting in challenging sales and gross margin trends," said Sam Sato, Chief Executive Officer of Finish Line. "Despite these headwinds, we remained disciplined in managing our inventories and expect to end the quarter with inventory levels down approximately 7-8% compared with a year ago."

Campbell Soup Company (NYSE: CPB) stock is down over 7% on Thursday after the company reported its fourth-quarter and full-year results for fiscal 2017. Sales decreased 1 percent to $7.890 billion driven by a 1 percent decline in organic sales, reflecting lower volume and higher promotional spending. For the fiscal year of 2018 Campbell expects sales to change by -2 to 0 percent. Denise Morrison, Campbell's President and Chief Executive Officer, said, "The operating environment for the packaged foods industry remains challenging due to shifting demographics, changing consumer preferences for food, the adoption of new shopping behaviors and the dynamic retailer landscape. In these times, sales growth remains a challenge. Despite multiple headwinds, we finished the year within our guidance and delivered another year of growth in adjusted EBIT and adjusted EPS."

Ciena Corporation (NYSE: CIEN) share declined over 8% on Thursday. The network strategy and technology company reported unaudited financial results for its fiscal third quarter ended July 31, 2017. Ciena reported revenue of $728.7 million for the third quarter, compared to $670.6 million for the fiscal third quarter 2016. Ciena expects fiscal fourth quarter 2017 financial performance to include: Revenue in the range of $720 to $750 million, Adjusted (non-GAAP) gross margin in the mid-40s percentage range, Adjusted (non-GAAP) operating expense of approximately $240 million.

Ctrip.Com International Ltd (NASDAQ: CTRP) shares initially fell about 5% on Thursday after the travel service provider reported quarterly earnings, but rebounded somewhat later that day. For the second quarter of 2017, Ctrip reported net revenue of RMB6.4 billion (US$946 million), representing a 45% increase from the same period of 2016. Net revenue for the second quarter of 2017 increased 5% from the previous quarter. Net income attributable to Ctrip's shareholders for the second quarter of 2017 was RMB327 million (US$48 million), compared to net loss of RMB521 million for the same period of 2016 and net income of RMB82 million for the previous quarter, primarily due to the net gain recognized from a number of investing activities.

Toronto-Dominion Bank (NYSE: TD) shares jumped over 4% Thursday after announcing strong financial results for the third quarter ended July 31, 2017. Canadian Retail net income was $1,725 million, an increase of 14% from the third quarter last year, and U.S. Retail net income was $901 million (US$678 million) this quarter compared with $788 million (US$609 million) for the third quarter last year, an increase of 14% (11% in U.S. dollars). "This was a great quarter for TD reflecting impressive earnings and revenue growth, better credit performance across all our businesses, and lower insurance claims," said Bharat Masrani, Group President and Chief Executive Officer. The Bank also announced its intention to amend its normal course issuer bid to repurchase for cancellation up to an additional 20 million of its common shares, subject to regulatory approval.

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