Wall Street round-up: Costco, Joy Global and Smith & Wesson in focus

Costco (NASDAQ:COST) fell over 1% Wednesday after reporting its fiscal first quarter profit of 96 cents per share, 6 pennies below estimates, with earnings hurt by lower gas prices and weaker foreign currencies.

Joy Global (NYSE:JOY) also reported results this morning, with shares down more than 6% after saying its fourth quarter profit plunged 87% as it struggles to cut costs amid weaker demand in emerging markets.

Smith & Wesson (NASDAQ:SWHC), meanwhile, saw its shares spike 3.6% after reporting last night that its fiscal second quarter earnings beat forecasts, issuing higher-than-anticipated third quarter guidance.

In other news, Mastercard (NYSE:MA) announced a 10-for-1 stock split as well as an 83% dividend increase and a $3.5 billion stock buyback program.

Discovery (NASDAQ:DISCA) has reportedly discussed making an offer for Scripps Networks (NYSE:SNI), which owns the Food Network, HGTV, and the Travel Channel. Shares of Scripps jumped over 7%.

GM (NYSE:GM) is planning to follow in Ford’s (NYSE:F) footsteps and halt manufacturing in Australia by 2017, taking pretax charges of $400 to $600 million in the fourth quarter, with 2,900 workers to lose their jobs.

Hilton Worldwide (NYSE:HLT) is due to price its IPO after the close of market today. Should it sell the shares at the top of its anticipated $18 to $21 range, the listing would raise $2.7 billion, making a pile of money for owner Blackstone (NYSE:BX).

Citi started coverage on Cisco (NASDAQ:CSCO) today, with a sell rating and $18-a-share price target, citing declining market share and long-term competitive threats to its core networking business. Shares of Cisco fell 1.7%.

Home Depot Inc. (NYSE:HD) shares gained 0.5% after saying it plans to reach its 2015 goals a year earlier than expected. It expects to reach an operating margin of around 12% and a return on invested capital of 24% by the end of 2014, a year earlier than anticipated.

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