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Snap Inc. Chief Executive Evan Spiegel is set to earn $637.8 million in compensation for his work at the company in 2017, according to a Thursday filing with the Securities and Exchange Commission. Snap stock is down 7.4% to $17.27 in early afternoon trading. Though Snap has recognized the cost of the stock grants which make up $636.6 million of the CEO compensation, Siegel hasn’t received all the grants yet. Snap will dole out the rest of the grants on a quarterly basis over the next three years. Snap stock has gained 19% in the past six months and now trades slightly above its $17 initial public offering price. The S&P 500 index gained 10% in the past six months.

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From:: Stock Market News

Shares of mattress company Tempur Sealy International Inc. slid about 10% Thursday, after posting weaker-than-expected earnings for the fourth quarter. Lexington, Kentucky-based Tempur Sealy said it had net income of $49.7 million, or 91 cents a share, down from $52.9 million, or 94 cents a share, in the year-earlier period. Adjusted per-share earnings came to 79 cents, below the FactSet consensus of 82 cents. The company recorded a net income tax benefit of $23.8 million related to the tax revamp that was signed into law in December. Sales fell 16% to $648.2 million, also below the FactSet consensus of $679 million. Sales fell 22% in North America, after the company ended contracts with Mattress Firm Inc., which was acquired by South Africa’s Steinhoff International Holdings N.V. in 2016. Shares have fallen 21% in the year to date, while the S&P 500 has gained 1.5%.

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

President Donald Trump said Thursday that policymakers should discuss limiting children’s exposure to violence in things like videogames and movies. “We have to do something about maybe what they’re seeing and how they’re seeing it,” he said at a White House meeting on school safety issues. Trump spoke after earlier tweeting suggestions including raising the minimum age for rifle purchases to 21.

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

Bloomin’ Brands Inc. shares jumped 9% in Thursday trading after the restaurant company reported fourth-quarter earnings and revenue that beat estimates. Bloomin’ Brands chains include Outback Steakhouse and Carraba’s Italian Grill. Net income totaled $16.4 million, or 17 cents per share, after a loss of $4.3 million, or 4 cents per share, for the same period last year. Adjusted EPS was 41 cents. Revenue was $1.09 billion, up from $1.00 billion last year. The FactSet consensus was for EPS of 39 cents and sales of $1.05 billion. U.S. same-restaurant sales grew 3.3% with traffic up 1.8%. U.S. Outback same-store sales rose 4.7% with traffic up 4.3%. For 2018, the company expects EPS of $1.28 to $1.35 and adjusted EPS of $1.38 to $1.45. The FactSet consensus is $1.40. Bloomin’ Brands shares are up 12.5% for the year so far, and up 34.3% for the past year. The S&P 500 index is up 15.4% for the last 12 months.

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

The largest exchange-traded fund to track the energy sector rallied on Thursday, advancing alongside a gain in the price of crude oil, as well as positive corporate results. The Energy Select Sector SPDR ETF added 2.1% and was by far the biggest gainer among the 10 SPDR sector funds. The ETF was supported by crude-oil prices, which rose 1.4% following an unexpected decline in inventories, which pointed to improved demand. Among the biggest gainers in the sector was Chesapeake Energy Corp. , which surged 24% after it reported fourth-quarter results that beat expectations. Among other big movers, Exxon Mobil Corp. added 2.2% while Occidental Petroleum Corp. gained 2.1%. Despite the rally on the day, the energy ETF is down 4.7% over the past 12 months, making it the worst performer of the SPDR sector funds. The Dow Jones Industrial Average rose 1.2% on Thursday while the S&P 500 was up 1% and the Nasdaq Composite Index was up 0.8%.

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

As part of the company’s fourth-quarter earnings announcement, Sprouts Farmers Market Inc. said Thursday that it has authorized a $350 million share buyback program through December 2019. The grocer reported net income of $39.7 million, or 29 cents per share, up from $17.0 million, or 12 cents per share, for the same period last year. Excluding the $18.7 million benefit of the tax overhaul, EPS was 16 cents. Revenue for the quarter totaled $1.14 billion, up from $985.7 million last year. The FactSet consensus is for EPS of 15 cents and sales of $1.14 billion. Same-store sales grew 4.6%, exceeding the 4.3% FactSet consensus. Sprouts said it will invest one-third of its tax savings, or $10 million, in worker wages in 2018. The company expects sales to grow 11.5% to 12.5% for the full year, same-store sales growth of 2.5% to 3.5%, and EPS of $1.22 to $1.28. The FactSet consensus is for same-store sales growth of 3.6% and EPS of $1.22. Sprouts shares are down 1.7% in Thursday trading, but are up 35.4% for the last year. The S&P 500 index is up 15.2% for the past 12 months.

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

Oil futures erased a small decline to turn higher Thursday after government data showed an unexpected drop in U.S. crude inventories. The Energy Information Administration said crude stocks fell by 1.6 million barrels. A survey of analysts by The Wall Street Journal had produced an average estimate for a 1.9 million barrel rise. West Texas Intermediate crude for April delivery on the New York Mercantile Exchange rose 41 cents, or 0.7%, to $62.09 a barrel.

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From:: Stock Market News

Shares of e-commerce giant Amazon.com Inc. topped $1,500 in early trade Thursday, trading at $1,502.54 in the first minutes of trade, and approaching a record it set Wednesday when it hit $1,502.72. The stock has gained 74% in the last 12 months, driven by excitement about its competitive advantages and its ever-growing push into new categories. On Wednesday, MKM Partners raised their price target on the stock to $1,750 from $1,350 and said Amazon is the best growth story of megacaps in the long term. The S&P 500 has gained 14% in the last 12 months.

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

The Conference Board’s leading economic index jumped 1% in January, the fourth straight gain and the biggest monthly rise in three months. Building permits and the financial subcomponents were the main drivers of the strong gain, the Conference Board said, as 8 of the 10 indicators were positive. “The leading indicators reflect an economy with widespread strengths coming from financial conditions, manufacturing, residential construction, and labor markets,” said Ataman Ozyildirim, director of business cycles and growth research. Though the stock market volatility came after January, it shouldn’t have a big impact, he added.

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