Mid-Day Market Update: United Natural Foods Falls On Sales Miss; Aethlon Medical Shares Jump benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Some of the stocks that may grab investor focus today are: Wall Street expects United Natural Foods Inc (NYSE: UNFI) to report quarterly earnings at $0.88 .
Mid-Afternoon Market Update: Dow Drops Over 50 Points; Comtech Telecommunications Shares Plunge benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Looking beyond last year s pandemic sales surge, sales for the quarter increased 6.7% over 2019
Because 2020 s sales were so extremely unusual, United Natural Foods Inc. (UNFI) knew it would not surpass those figures, but the company was still bullish on its third quarter earnings the first quarter to lap last year’s pandemic-spurred sales particularly when compared to fiscal 2019.
UNFI reported net sales of $6.62 billion in Q3, which ended May 1, a drop of 5.9% year over year but an increase of 6.7% over the third quarter of 2019. We calculated this by adding the year-over-year growth rate to the prior year-over-year growth rate, and we believe it to be an appropriate way to view sales this quarter, given the unprecedented activity in last year s third quarter, said president Chris Testa in an earnings call with analysts Wednesday morning.
Winnipeg Free Press By: The Associated Press
NEW YORK (AP) Stocks that traded heavily or had substantial price changes Wednesday:
United Natural Foods Inc., down $6.36 to $34.26.
The natural and organic food company reported disappointing fiscal third-quarter revenue.
Comtech Telecommunications Corp., down $3.53 to $22.13.
The communications company gave investors a weak revenue forecast for the year.
Lordstown Motors Corp., up 1 cent to $11.23.
The electric truck company warned investors that it needs to raise more money.
Campbell Soup Co., down $3.20 to $45.92.
The maker of canned soup, Pepperidge Farm cookies and V8 juice reported disappointing fiscal third-quarter financial results.
Merck & Co., up $1.64 to $74.04.
The drug developer signed a supply agreement with the U.S. and Canada for a potential COVID-19 treatment.