Stocks Mixed in Late Trades
Penn National Gaming (PENN) will be split into a gaming-based real estate investment trust and a gaming operator, both publicly traded. The stock jumped more than 28%.
J.M. Smucker (SJM) raised its full-year guidance to earnings of $5.12 to $5.22 a share from $5 to $5.10 a share, saying that the branded food products company is "well-poised" for the holiday season and another year of growth. The stock fell nearly 2%.
Shares of Dell dropped 7% after the company came up short in its latest quarter and gave a lackluster outlook. Dell posted third-quarter non-GAAP profit of $679 million, or 39 cents a share, on revenue of $13.72 billion, below analysts' expectations of earnings of 40 cents a share on revenue of $13.89 billion.
Dell said it expects a "challenging macro-economic environment" to continue into the fourth quarter and forecast sequential revenue growth of 2%-5% for the January-ending period, implying revenue of $13.99 billion to $14.41 billion. Analysts forecast revenue of $14.48 billion in the quarter. For the full year, Dell stuck to its forecast for non-GAAP earnings of at least $1.70 a share, below the analysts' estimate of $1.73 a share.
Sears Holdings (SHLD) , the department store operator, posted a quarterly loss of $498 million, or $4.70 a share, on revenue of $8.86 billion, wider than its year-earlier loss of $421 million, or $3.95 a share, on revenue of $9.41 billion. Shares fell nearly 19%.
Shares of Schiff Nutrition International (SHF) jumped 29% after the company received a buyout bid of $1.4 billion from Reckitt Benckiser . The bid of $42 a share tops a bid of $34 a share that Schiff, the vitamin maker, received from Bayer on Oct. 30.
--Written by Andrea Tse in New York.
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