Month: September 2015

The scandal over Volkswagen AG’s alleged rigging of emission tests is now spreading to Asia. The South Korean government said on Tuesday it will investigate three of the German car maker’s diesel models to see if the company also cheated on pollution standards there, media reports said. The cars subject to the probe include VW Jetta, Golf cars and Audi A3s. If issues are found, South Korea will expand the investigation to all German diesel cars. Separately on Tuesday, French Finance Minister Michel Sapin called for a probe of the auto industry in Europe, not just limited to German cars. Volkswagen shares tanked 19% on Monday and lost 5.6% on Tuesday. Other car makers in Europe were also mired in red, with shares of France’s Peugeot SA down 6.5% and Fiat Chrysler Automobiles NV off 4.2% in Milan.

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From:: DIY this old house

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From:: DIY this old house

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From:: DIY this old house

J.M. Smucker Co. shares slipped in the extended session Monday after the company said a large inside stakeholder was selling shares in a secondary offering. Smuckers shares declined 1.7% to $115.01. The company said Blue Holdings I LP will sell about 8.3 million shares, and that Smuckers will not receive proceeds. The stake represents some of the shares Blue Holdings got in Smucker’s acquisition of Big Heart Pet Brands earlier in the year.

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WASHINGTON (MarketWatch) — The House Commerce subcommittee on oversight and investigations is going to hold a hearing on the Volkswagen diesel engines that resulted in emissions levels exceeding state and federal limits throughout the United States. The committee said the hearing will be held “in the coming weeks.”

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Thor Industries Inc. shares declined in the extended session Monday after the recreational vehicles maker missed Wall Street revenue estimates and pointed to some uncertainties going into the new fiscal year. Thor shares fell 3.6% to $52.61. The company reported fiscal fourth-quarter earnings of $1.31 a share on revenue of $1.06 billion. Analysts surveyed by FactSet expected fourth-quarter earnings of $1.30 a share on revenue of $1.16 billion. Going into the new fiscal year, the company said volatility in financial and commodity markets, as well as the weakness in Canadian markets, could have a negative impact on demand.

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From:: Stock Market News

Performance Food Group Co. late Monday set the price range of its initial public offering at $22 to $25 a share. The food distributor intends to sell 12.8 million shares, with certain shareholders selling 1.7 million shares for which the company will not get proceeds. Performance Food plans to trade on the New York Stock Exchange under the symbol “PFGC.”

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Shares of Red Hat Inc. rose in Monday’s extended session after the open-source software provider posted stronger-than-expected results. Red Hat said its second-quarter earnings rose to $51.4 million, or 28 cents a share, from $46.8 million, or 25 cents a share, a year earlier. Excluding items, the company would have earned 47 cents a share, ahead of the 44 cents a share forecast by analysts in a FactSet survey. Revenue grew 13% to $504.1 million. Red Hat forecast third-quarter revenue of $519 million to $523 million and adjusted earnings per share of 47 cents. Analysts projected average revenue of $513 million and adjusted EPS of 46 cents. Red Hat shares gained 0.3% in after-hours trade.

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Jack in the Box Inc. said Monday its board of directors has authorized a $200 million share buyback program for fiscal 2016. In fiscal 2015, the company bought back $371 million worth of shares, the fast-food chain operator said. “The additional authorization coupled with the 50 percent increase in our dividend announced in May underscores the confidence both the management team and our Board of Directors have in our business model and growth plans,” Chief Executive Lenny Comma said in a statement. Shares of Jack in the Box rose 0.5% in after-hours trading after ending the regular session down 0.8%. The shares rose as much as 5% after the buyback announcement.

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From:: Stock Market News