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Shares of AutoZone Inc. fell 1.5% in premarket trade Tuesday, after the auto parts retailer missed profit and same-store sales expectations, but beat on revenue. Net income for the quarter to Feb. 10 rose to $289.5 million, or $10.38 a share, from $237.1 million, or $8.08 a share, in the same period a year ago, as recent tax legislation increased net income by $171.4 million. Excluding non-recurring items, adjusted earnings per share came to $8.47, below the FactSet consensus of $8.79. Revenue rose to $2.41 billion from $2.39 billion, above the FactSet consensus of $2.39 billion, but domestic same-store sales growth of 2.2% missed expectations of a 2.7% rise. Domestic commercial same-store sales increased 5.7%, above the FactSet consensus of 5.6%. Inventory increased 4.7%, as the domestic store count increased 3.1% to 5,514. Separately, the company said it will sell its IMC and AutoAnything businesses after a strategic review determined the businesses serve niche markets that are not priorities going forward. The stock has run up 15.4% over the past three months, while the S&P 500 has gained 6.9%.

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From:: Stock Market News

Sky Plc is advising shareholders to take no action on Comcast Corp.’s all cash offer for the company at 12.50 pounds per share, as “no firm offer has been made at this point.” The company’s directors said they are aware of their fiduciary duties under the UK takeover code. Comcast surprised the market with its offer for Sky earlier Tuesday, that tops a rival bid of 10.75 pounds a share from 21st Century Fox . The move comes after Walt Disney Co. agreed last year to buy assets from Fox that include its Sky stake, an asset Disney is understood to find attractive as it will expand its overseas presence. “A further announcement will be made as and when appropriate,” Sky said in a statement. Comcast shares were down 2% in premarket trade, but have gained 5% in the last 12 months, while the S&P 500 has gained 17%.

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From:: Stock Market News

Starbucks Corp. said Tuesday that it has opened its first Reserve store, complete with a Princi bakery and small-lot Reserve coffees. Starbucks partnered with Princi last summer. Located in the first floor of the company’s Seattle headquarters, the location is an open marketplace that brings elements from the Starbucks Roastery, such as roasting and brewing techniques, with food items like focaccia sandwiches, and afternoon and evening cocktails. This is the first of 1,000 planned Reserve stores. Starbucks shares are nearly flat in premarket trading, and up 2.3% for the last three months. The S&P 500 index is up nearly 7% for the past three months.

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From:: Stock Market News

SeaWorld Entertainment Inc. reported Tuesday a fourth-quarter net loss that widened to $20.4 million, or 24 cents a share, from $11.9 million, or 14 cents a share, in the same period a year ago. The FactSet consensus for per-share losses was 19 cents. Revenue slipped 0.8% to $265.5 million, but topped the FactSet consensus of $259.0 million. Attendance declined 2.7% to 4.3 million, in line with the FactSet consensus, but total revenue per capita rose 2.0% to $62.3 million, beating expectations of $60.9 million. In-park per capita spending, which includes food and merchandise, grew 2.9% to $24.75 million. “Looking ahead to 2018 we are excited to see positive trends,” said Interim Chief Executive John Reilly. “Year-to-date attendance and season pass sales to date have increased year-over-year, led by our SeaWorld San Diego park which is rebounding from a difficult 2017.” The stock, which was still inactive in premarket trade, has soared 45.9% over the past three months, while the S&P 500 has gained 6.9%.

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From:: Stock Market News

Shares of Akorn Inc. sank 34% in premarket trading on Tuesday, after German-based Fresenius SE said it was conducting a probe into possible data breaches at the U.S. generic-drugs manufacturer. The probe could hamper a deal — valued at more than $3.7 billion — by Fresenius last year to buy Akron. Fresenius made the statement late Monday, triggering a slide in Akorn shares, which continued into Tuesday. In a statement, Akorn said that it was also investigating the possible breaches related to product development at its company. “To date, the company’s investigation has not found any facts that would result in a material impact on Akorn’s operations and the company does not believe this investigation should affect the closing of the transaction with Fresenius,” said Akorn. Shares of Fresenius rose 1.7% in Frankfurt.

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From:: Stock Market News

European authorities will decide during the first half of 2018 whether to approve German chemicals maker Bayer AG’s planned $63.5 buyout of Monsanto Co. , the EU’s Competition Commissioner told CNBC on Monday. The regulatory body’s decision is expected on April 5th after being postponed twice and suspended four other times. “We have a legal deadline that we have to meet,” Margrethe Vestager, the EU’s competition commissioner, told CNBC when was asked if another delay could take place. Earlier this month, Bayer said it made further and “very significant” concessions to European regulators as it seeks to wrap up the deal. Bayer will release fourth- quarter results on Wednesday.

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Pegasystems Inc. shares rose in the extended session Monday after the customer-engagement software company’s results and outlook topped Wall Street estimates. Pegasystems shares surged 9% after hours. The company reported a fourth-quarter loss of $3.7 million, or 4 cents a share, compared with a profit of $8.7 million, or 11 cents a share, in the year-ago period. Adjusted earnings were 27 cents a share. Revenue rose to $239.5 million from $199.6 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 14 cents a share on revenue of $202.2 million. For the year, Pegasystems estimates adjusted earnings of about $1.20 a share on revenue of about $950 million. Analysts had forecast earnings of 78 cents a share on revenue of $885.6 million.

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Shares of Tenet Healthcare Corp. jumped 10% late Monday after the company reported fourth-quarter revenue above expectations and raised its outlook for 2018. The company also reported lower-than-expected provisions for unpaid accounts. Tenet reported a loss of $229 million, or $2.27 a share, in the quarter, compared with a loss of $79 million, or 79 cents a share, in the fourth quarter of 2016. Net operating revenue reached $4.98 billion, from $4.86 billion a year ago. Analysts polled by FactSet had expected GAAP revenue of $1.20 a share on revenue of $4.87 billion. The company said it expects revenue between $17.9 billion to $18.3 billion in 2018, and adjusted diluted earnings from continuing operations of 73 cents a share to $1.07 a share for the year. The company raised the midpoint of its previous 2018 adjusted earnings before interest and other items range by $25 million to reflect higher expectations for its subsidiary Conifer and additional Medicaid reimbursements, among other factors. Tenet’s provision for doubtful accounts was $325 million in the fourth quarter, compared to expectations of $368 million, according to FactSet.

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From:: Stock Market News

Palo Alto Networks Inc. shares got a boost from already-record share prices Monday afternoon after the security-software company reported an earnings beat. Palo Alto Networks reported a net loss of $34.9 million on revenue of $542.4 million in its fiscal second quarter, as sales grew from $422.6 million the year before. After adjusting for stock-based compensation and other effects, the company claimed earnings of 97 cents a share, with an 11 cents-per-share boost from the new tax law, up from 63 cents a share a year ago. Analysts on average expected adjusted earnings of 79 cents a share, after the company projected 78 cents to 80 cents a share, on revenue of $525 million, according to FactSet. The company also increased its full-year projections, which now call for revenue in the range of $2.19 billion to $2.22 billion; billings in the range of $2.72 billion to $2.77 billion; and adjusted profit in the range of $3.84 to $3.91 a share. After logging a 52-week closing high of $169.32 Monday, shares jumped more than 6% in late trading immediately following the release of earnings.

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From:: Stock Market News