Crude futures are more than 1% in the red today as sentiment around the commodity remains uncertain after yesterday’s greater-than-expected EIA inventory build.
Among the stocks in the spotlight this morning are Campbell Soup Company (NYSE:CPB), Joy Global Inc. (NYSE:JOY), NVIDIA Corporation (NASDAQ:NVDA), Baidu Inc (ADR) (NASDAQ:BIDU), and Vera Bradley, Inc. (NASDAQ:VRA). Let’s take a closer look at the five companies and find out why they’re trending and use the latest 13F data to determine how the smart money perceives each stock.
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Campbell Soup Misses the Mark
Campbell Soup Company (NYSE:CPB) shares are 4% in the red today after the food producer reported underwhelming results for its fiscal year 2016 fourth quarter. For the period, Campbell Soup Company (NYSE:CPB) earned $0.46 per share, missing estimates by $0.04, while revenue was $1.69 billion, flat year-over-year and in-line with analysts’ estimates. Comparable organic sales retreated by % while adjusted EBIT margin fell by 30 basis points to 15%. For its fiscal year 2017, Campbell Soup expects adjusted EPS of between $3.00 and $3.09 and net sales growth of flat-to-1%. Ken Griffin‘s Citadel Investment Group more than quadrupled its position in Campbell Soup during the second quarter, to almost 1.8 million shares at the end of June.
Joy Global Reports Earnings
Although its earnings report doesn’t really matter due to Komatsu’s agreement to buy the company in July, Joy Global Inc. (NYSE:JOY) is nevertheless in the headlines today for reporting disappointing fiscal 2016 third quarter results. For the three months, Joy Global earned just $0.10 per share on revenue of $586.55 million, missing the consensus estimates by $0.02 and $18.77 million respectively. Revenue fell by 26% year-over-year due to weak commodity prices while consolidated bookings retreated by 9% year-over-year. In the short-term, it certainly looks as if Joy Global’s management was right to sell the company. The number of hedge funds in our database with holdings in Joy Global Inc. (NYSE:JOY) fell by five quarter-over-quarter to 22 at the end of June.
We’ll find out why NVIDIA Corporation, Baidu Inc, and Vera Bradley are each making headlines this morning on the next page.