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Shares of Caterpillar Inc. were up less than 1% in premarket trade Thursday after the company beat fourth-quarter earnings expectations. The company reported a net loss of $1.35 billion, or a loss of $2 per share, wider than a loss of $247 million, or a loss of 16 cents per share in the year-earlier period. It reported adjusted profit of 83 cents, above the FactSet consensus of 63 cents. Caterpillar reported sales of $9.57 billion, below $11.03 billion in the year-earlier period and below the FactSet consensus of $9.94 billion. The company attributed the quarter’s loss to three non-cash charges and higher than expected restructuring costs. The company said it sees “modest recovery”in a few of its businesses going forward and cut its 2017 sales outlook to $36 billion to $39 billion. It sees a 2017 EPS of $2.30 and adjusted EPS of $2.90 at the midpoint of the range. Shares of Caterpillar have fallen 16.7% in the last three months, compared to the S&P 500’s gain of 7.4%.

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The U.K. government on Thursday published its bill seeking approval from lawmakers to trigger Article 50, which will start the Brexit process. Debates over the European Union Notification of Withdrawal bill will last for three days starting on Tuesday, and a vote will be held on Feb. 8, the government said. The short bill comes after the U.K. Supreme Court on Tuesday ruled the Conservative Party-led government couldn’t start the process of Britain leaving the EU without first consulting parliament.

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Shares of Ford Motor Company dropped nearly 1% in premarket trade on Thursday after the company reported a loss of $800 million, or 20 cents per share for the fourth quarter. That compares to a loss of $2.7 billion during the same quarter a year ago. The loss per share for the year-earlier period was not readily available. Net income for the full year, however, came in at $4.6 billion, or $1.15 per share. Ford’s adjusted earnings for the fourth quarter were 30 cents per share, just shy of FactSet’s 31 cents consensus. Revenue for the quarter hit $38.7 billion, above the $35.0 billion FactSet consensus. The company did not make the year-earlier revenue available. Looking toward 2017, Ford expects operating margin and profit to be lower than 2016, due mainly to unfavorable volume and mix and increased investments in emerging opportunities, according to a news release. Shares of Ford are up more than 4% in the trailing 12-month period, while the S&P 500 Index is up nearly 21%.

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Bristol-Myers Sqibb shares sunk 2.7% in pre-market trade Thursday after the company reported a fourth-quarter earnings miss and revenue beat. Earnings for the latest quarter were $894 million, or 53 cents per share. In the year-earlier period the company had a loss of $197 million, or 12 cents per share. Adjusted EPS was 63 cents, compared with the FactSet consensus of 67 cents. Revenue rose to $5.24 billion from $4.29 billion, beating the FactSet consensus of $5.12 billion. The company said global revenue growth was driven by sales for its blockbuster cancer drug Opdivo, along with drugs Eliquis, Orencia, Sprycel and Yervoy. Bristol-Myers confirmed its 2017 EPS guidance range of $2.47 to $2.67 and reduced its adjusted EPS guidance range to $2.70 to $2.90 from $2.85 to $3.05. Shares of Bristol-Myers have risen 0.5% over the last three months, compared with a 7.4% rise in the S&P 500 .

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Endo International PLC said it will cut 90 full-time jobs as part of a restructuring aimed at saving $40 million to $50 million a year. With about 6,400 employees, according to FactSet, the cuts amount to about 1.4% of the workforce. The jobs affected will primarily be from its operations in Malvern, Penn. and Chestnut Ridge, NY. The Dublin-based drugmaker said it expects to record a cash charge of $15 million to $20 million as a results of the restructuring. “In a competitive and challenging healthcare environment, these difficult but necessary steps are intended to best position Endo for long-term success,” said Chief Executive Paul Campanelli. The stock, which was still inactive in premarket trade, has plunged 80% over the past 12 months while the S&P 500 has gained 21%.

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Citrix Systems Inc. shares fell in the extended session Wednesday after the software company issued an outlook that fell below Wall Street numbers. Citrix shares declined 3.9% to $91.99 after hours. The company forecast 2017 adjusted earnings of $4.60 to $4.65 on revenue of $2.81 billion to $2.84 billion with the separation of the company’s GoTo business. Analysts surveyed by FactSet estimated $5.35 a share on revenue of $3.55 billion, while it was unclear of the extent to which analysts estimated charges in their consensus. For the fourth quarter, Citrix reported adjusted earnings of $1.61 a share on revenue of $908 million, while analysts expected $1.49 a share on revenue of $901 million.

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From:: Stock Market News