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Dollar Tree swings to net loss, while sales get a boost from Family Dollar merger

Dollar Tree Inc. reported on Tuesday a fiscal second-quarter net loss of $98 million, or 46 cents a share, compared with a profit of $121.5 million, or 59 cents a share, in the same period a year ago. Excluding non-recurring items, such as costs associated with the recently-completed acquisition of Family Dollar, adjusted earnings per share came in at 25 cents. The FactSet consensus was for EPS of 68 cents. Sales jumped 48% to $3.01 billion, including $811.6 million in sales from its Family Dollar business. Same-store sales for the Dollar Tree business rose 4.5% from a year ago, boosted by increases in customer count and the average ticket, compared with the FactSet consensus of 3.1% growth. The discount retailer expects fiscal third-quarter sales of $4.78 billion to $4.87 billion and same-store sales growth in the low single-digit percentage range. The stock slumped 4.3% in premarket trade. It has climbed 8.4% year to date through Monday, while the S&P 500 has lost 4.2%.

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Apple talking to Hollywood execs about exclusive Apple TV content: reports

Apple Inc. is talking to executives around Hollywood about producing entertainment content exclusively for the digital-technology heavyweight, according to media reports. Apple is interested in the production of shows for Apple TV, according to Bloomberg, citing a person familiar with the matter. Variety, meanwhile, an unnamed, high-level executive said Apple is aiming for long-form content to stream in an effort to compete with Netflix . Apple will be holding a hardware event on Sept. 9, with expectations the company will unveil the fourth generation of Apple TV, among other products.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Man Group’s China chief in talks with authorities: report

Shares in Man Group PLC fell 6.2% early Tuesday after a report that the head of the hedge fund’s Chinese unit has been detained by police to help with an investigation into market volatility. Chinese authorities have taken Li Yifei, chairwoman of the Man Group unit, into custody, Bloomberg reported late Monday, citing a person familiar with the matter. But Li’s husband, Wang Chaoyong, denied she was in detention, saying she was in a confidential meeting with Chinese officials also attended by other foreign financial institutions, the Financial Times reported. Chinese authorities have voiced suspicions that market manipulation may be behind the volatility that has hit local stocks in recent months. Shares in Shanghai closed 1.2% lower on Tuesday, after marking their worst monthly performance in three years in August.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News