Month: September 2015

AeroVironment, which supplies unmanned aircraft and related supplies to government agencies, went into a tailspin during after-hours trading Tuesday following an earnings miss. The company reported a fiscal first-quarter loss of $7 million, or 30 cents a share, on sales of $47.1 million; on average, analysts polled by FactSet expected a loss of 14 cents a share on sales of $53.9 million. The drone company’s projection for the full fiscal year still seems to be on track with analysts’ projections: AeroVironment said it expects sales in a range from $260 million to $280 million, while analysts expect revenues of $269.4 million. Shares fell as low as $20 in late trading after closing with a 2.8% decline at $23.38.

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From:: Stock Market News

A suit filed by four drivers against ride-hailing company Uber can proceed as a class action, a California federal judge ruled. This means the case will now involve about 160,000 other drivers in California. The drivers say they are employees of Uber, rather than independent contractors, and say Uber failed to reimburse them for expenses and failed to pay them the entire tip amounts given by riders. Uber argued that the drivers’ claims didn’t amount to a classwide problem and that it didn’t have a uniform control or relationship across all drivers. The court found that the drivers met class action criteria on the issues of their employment status and tips, but said it was not convinced on the question of on expense reimbursement. The drivers include UberBlack, UberX and UberSUV drivers.

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From:: Stock Market News

Fresh Market Inc. said late Tuesday its board named Richard Anicetti as the grocery retailer’s new president and chief executive officer effective immediately. Anicetti served as president and CEO of Food Lion for eight years. After a transition period, Anicetti will resign from board positions he holds at Number Holdings Inc., which owns 99 Cents Only Stores, and Smart & Final Stores Inc. . Fresh Market shares were unchanged after hours at $21.16. Back in January, Fresh Market said that then-CEO Craig Carlock had left the company.

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From:: Stock Market News

The Conference Board Consumer Confidence Index®, which had declined in July, rebounded in August. The Index now stands at 101.5 (1985=100), up from 91.0 in July. The Present Situation Index increased from 104.0 last month to 115.1 in August, while the Expectations Index improved to 92.5 from 82.3 in July. The monthly Consumer Confidence Survey®, […] …read more

From:: Finance and Economy

ConocoPhillips confirmed on Tuesday that it will reduce it global workforce by about 10%, with largest percentage occurring in North America. The company said it currently employs 18,100 workers worldwide. In Houston alone, where the oil producer employs 3,753 workers, the company said “more than” 500 employees will lose their jobs. “As we have assessed the implications of lower prices on our business, we’ve made the difficult decision that workforce reductions will be necessary,” ConocoPhillips said in an emailed statement to MarketWatch. “We have taken several significant steps as a company to strengthen our position, including reducing our capital spending and future deepwater exploration program. However, the workforce reductions are necessary to become a stronger, more competitive company.” The company announced on July 30 plans to cut capital spending as it swung to a second-quarter net loss. The stock, which slumped 3.6% in afternoon trade, has tumbled 31% year to date, while the S&P 500 has lost 7%.

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From:: Stock Market News

(TNS)–While people disagree on many topics, there’s one thing most people can agree on: Vacations are great. Some might prefer big cities or public beaches, while others seek out quiet countrysides or towering mountains. Whatever your vacation dreams happen to be, it’s important to plan your trip so it goes smoothly. Travel experts and financial […] …read more

From:: Finance and Economy

Sales of new autos in the U.S. jumped in August to the highest level since 2005, propelled by stronger demand for trucks. Auto sales rose to an annual rate of 17.81 million last month, according to Motor Intelligence. Truck sales rose at 10.1 million rate, also the highest in 10 years. Trucks sell at higher prices and deliver more profits for auto makers. The auto industry has been helped by low interest rates, tumbling gas prices and an improved U.S. economy, encouraging buyers to swap aging vehicles for new ones.

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From:: Stock Market News

Netflix Inc.’s stock tumbled 8.4% in afternoon trade Tuesday, enough to make it the biggest percentage loser within the S&P 500. Volume as of 2:45 p.m. Eastern was about 27.9 million shares, nearly 50% above the full-day average. The video-streaming service is facing more competition, as Amazon.com has begun allowing Prime Video users to download movies and TV shows to phones and tablets operating Apple Inc.’s iOS and Google Inc.’s Android operating systems. Amazon boasts it is the only subscription streaming service to offer this feature, at no extra fee. Separately, Apple has reportedly spoken to Hollywood executives about producing exclusive content.

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From:: Stock Market News

WASHINGTON (MarketWatch) – Confidence inflation will move up towards a 2% annual rate, one of two conditions set out by the Federal Reserve that would justify a rate hike, remains in doubt, said Eric Rosengren, the president of the Boston Fed, on Tuesday. In a speech in New York, Rosengren didn’t explicitly say whether he would back or oppose a rate hike in September. He said that the market turmoil and new signs of weakness overseas “might suggest a downward revision to the forecast that is large enough to raise concerns about whether further tightening of labor markets is likely.” Less labor market slack is important to any forecast of higher inflation, the Boston Fed chief said. “Without an expectation of growth above potential and further tightening of labor markets, I would lose my primary rationale for a forecast of rising inflation, diminishing my confidence that inflation will reach the 2% target within a reasonable time frame,” he said. Rosengren, who is not a voting member of the Fed policy committee this year, is seen as one of the more dovish regional Fed presidents.

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From:: Stock Market News

Josh Miller, a former Facebook product manager, was hired as the White House’s first director of product, Miller announced Tuesday. Miller founded Branch, a messaging startup, which was acquired by Facebook in January 2014. In a blog post, Miller said he would be overseeing White House digital products such as WhiteHouse.gov and the We the People Petition site. ” I’m as giddy, wide-eyed, and determined as ever,” he wrote. Miller is the latest executive from Silicon Valley to join the White House. The White House hired Megan Smith, a former vice president at Google as the United States Chief Technology Officer.

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From:: Stock Market News