Diamonds and Dogs
Bob's got it right. Restaurateur, Bob Evans Farms (BOBE) surged 6% to $41.03 thanks to better than expected earnings. Bob Evans posted earnings of 48 cents per share, surpassing Wall Street's projected 44 cents per share. Revenue came in at $306.3 million, below consensus estimates of $310.92 million. Bob Evans raised its 2017 earnings outlook to be in the range of $2.05 per share and $2.20 per share, up from its prior estimates of $2 to $2.15 per share. The company expects 2017 revenue to be between $1.28 billion and $1.33 billion.
Chips look good, software not so hot. Security software vendor, Palo Alto Networks (PANW) dropped 7% following earnings as forecast billings growth for the current quarter was far below its previous three quarters. The company expects sales of $396 million to $402 million in the current quarter ending Oct. 31, up 34% from the year-ago quarter at the midpoint but missing the $402.9 million consensus of analysts polled by Thomson Reuters. The miss is partly as a result of a change in accounting tied to deferred revenue. The 34% increase would be the fifth straight quarter of lower year-over-year revenue and EPS guidance, as the company gets larger and bigger growth tougher.
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