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BUSINESSThursday 19 November 2015
Lowe’s 3rd-quarter results top Street view as sales climb
MOORESVILLE, N.C. (AP) — according to The National The results exceeded Wall tor of a retailer’s health, $3.29 per share, with sales
Lowe’s third-quarter results Association of Realtors, in- Street expectations. The climbed 4.6 percent as rising 4.5 percent to 5 per-
beat analysts’ estimates dicating that demand for average estimate of 14 there were more transac- cent. Analysts polled by
as its sales rose, buoyed by housing remains steady. analysts surveyed by Zacks tions and customers spent FactSet predict earnings of
the ongoing housing mar- Housing starts climbed 6.5 Investment Research was more. This figure excludes $3.29 per share.
ket recovery. percent that month, ac- for earnings of 78 cents per results from stores recently The Mooresville, North Car-
The home-improvement cording to the Commerce share. opened or closed. olina-based company had
retailer’s performance is Department. Revenue increased to Lowe’s said Wednesday 1,849 home improvement
similar to that of rival Home For the period ended Oct. $14.36 billion from $13.68 that comparable sales and hardware stores in the
Depot Inc., which posted 30, Lowe’s Cos. earned billion. Eleven analysts sur- for its U.S. home improve- U.S., Canada and Mexico
strong quarterly results a $736 million, or 80 cents per veyed by Zacks expected ment business climbed 5 at quarter’s end.
day earlier. share. That compares with $14.31 billion in revenue. percent in the quarter. Lowe’s shares slipped 3
Sales of existing homes rose $585 million, or 59 cents per Sales at stores open at Lowe’s still anticipates fis- cents to $72.82 in midday
4.7 percent in September, share, a year ago. least a year, a key indica- cal 2015 earnings of about trading Wednesday.q
Deal news, bank gains send stock market solidly higher
ALEX VEIGA tify a rate hike at the cen- Trader John Panin, center, works on the floor of the New York Stock Exchange. U.S. stocks
AP Business Writer tral bank’s meeting next
U.S. stocks notched their month. notched their best day in nearly four weeks on Wednesday as investors welcomed new hints
best day in nearly four “The market today is just
weeks on Wednesday as reinforcing the view that pointing to a Federal Reserve interest rate hike in coming weeks. (AP Photo/Richard Drew)
investors welcomed new most likely the Fed is go-
hints pointing to a Federal ing to move in December, resilience through a sum- markets, but investors have mentum throughout the
Reserve interest rate hike and that’s not necessarily mer of financial market mostly become prepared day.
in coming weeks. Trader a bad thing for either the turbulence and felt that for the Fed to act next The government’s latest
were also encouraged by economy” or the stock global threats had “dimin- month and don’t antici- tally of U.S. home con-
more corporate deal news. market, said Jeremy Zirin, ished.” pate that an initial rate hike struction didn’t slow down
The rally pushed the Stan- chief equities strategist at The Fed has kept its bench- will derail the bull market. the rally, despite deliv-
dard & Poor’s 500 index UBS Wealth Management mark for short-term rates Major stock indexes head- ering news that builders
back into positive territory Americas. near zero since late 2008. ed higher as trading got broke ground on fewer
for the year. The Dow Jones indus- A string of rate hikes can going early Wednesday houses and apartments in
ConAgra Foods jumped trial average rose 247.66 eventually weigh on stock and maintained the mo- October.q
4 percent on news the points, or 1.4 percent, to
company is spinning off its 17,737.16. The Standard &
frozen potatoes business. Poor’s 500 index gained
Railroad operator Norfolk 33.14 points, or 1.6 percent,
Southern rose 6 percent af- to 2,083.58. That’s the S&P
ter receiving an unsolicited 500’s best gain since Oct.
takeover offer by Canadi- 22. The Nasdaq composite
an Pacific. added 89.19 points, or 1.8
Stocks in financial compa- percent, to 5,075.20.
nies, which tend to benefit The Fed meeting minutes
from rising interest rates, revealed that Fed officials
were among the biggest believed the U.S. job mar-
gainers after traders di- ket would improve further
gested the minutes from and that inflation would
the Fed’s October poli- begin to move toward their
cy meeting. The minutes 2 percent annual target by
show that officials believed the time the group meets
that the economy could next month. They also took
improve enough to jus- note of the U.S. economy’s
ConAgra transformation continues, spins off Lamb Weston
NEW YORK (AP) — The split is expected to be There have been some big will include the Marie will consist of frozen po-
ConAgra is spinning off its complete by fall of 2016. changes at ConAgra this Callender’s, Hunt’s, RO- tato, sweet potato, appe-
frozen potatoes business in Its shares jumped more year. The company an- TEL, Reddi-wip, Slim Jim, tizer and other vegetable
an ongoing effort to inten- than 3 percent in morning nounced the sale of most PAM, Chef Boyardee, Or- products, and will have
sify its focus on key name trading. of its private-label opera- ville Redenbacher’s, P.F. a continued presence in
brand foods. “The decision to separate tions to TreeHouse Foods Chang’s, and Healthy retail frozen products un-
The company said into two pure-play com- Inc. for about $2.7 billion. Choice brands. It will also der licensed brands and
Wednesday that it will panies reflects our ongo- It also plans to cut 1,500 include several other busi- private brands. ConAgra
split off leading brands ing commitment to imple- jobs, about 30 percent of nesses, such as Spicetec said Lamb Weston gener-
such as Chef Boyardee menting bold changes in its office-based workforce, Flavors & Seasonings. The ated revenues of approxi-
and Healthy Choice into order to deliver sustainable as it moves its headquar- operations included in mately $2.9 billion in fiscal
Conagra Brands Inc. It growth and enhanced ters from Omaha, Nebras- the restructured company 2015.
will spin off its frozen po- shareholder value,” said ka, to Chicago. comprised $7.2 billion in Leadership at Lamb
tato business under the CEO Sean Connolly, in a Conagra Brands Inc., revenue in fiscal 2015. Weston will be determined
Lamb Weston name. printed statement. with Connolly as CEO, Lamb Weston’s portfolio at a later date.q
