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FuelCell Energy Inc.’s stock shed 6.7% toward a record low in premarket trade Thursday, after the struggling fuel cell power plant company said it cut 96 jobs, or 17% of its workforce, in an effort to cut to costs and production amid falling sales. The job cuts were at its production facilities in Torrington, Conn. and at its corporate offices in Danbury, Conn. and remote locations. The company said it has halved production to 25 megawatts a year in order to position for delays in order flow. It expects to take a $3 million charge in fiscal 2017 related to the job cuts. For the fourth quarter, the company expects revenue of $23 million to $25 million, down from $51.5 million a year ago and less than half the FactSet consensus of $52.3 million. “We are streamlining our business and cost structure as we reduce our production levels to meet the backlog we have today while positioning the Company for long term success,” said Chief Executive Chip Bottone. “Our employees are our most valued assets so the decision to reduce our workforce was not made lightly.” The stock has plunged 55% year to date through Wednesday, while the S&P 500 has gained 7.6%.

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From:: Stock Market News

Shares of Dollar General Corp. dropped 4.9% in light premarket trade Thursday, after the discount retailer missed fiscal third-quarter profit and sales expectations and provided a downbeat outlook. Earnings for the quarter to Oct. 28 fell to $235.3 million, or 84 cents a share, from $253.3 million, or 86 cents a share, in the same period a year ago. The results include a 5-cents-per-share charge for relocation costs. The FactSet consensus for earnings per share was 93 cents. Revenue rose to $5.32 billion from $5.07 billion, just shy of the FactSet consensus of $5.36 billion, as same-store sales declined 0.1% to miss expectations of a 0.6% rise. The company now expects fiscal 2016 EPS to grow at the low end of its long-term target of 10% to 15%, while the FactSet consensus of $4.49 implies 13.4% growth. “The challenging retail environment that we experienced in the 2016 second quarter continued into the third quarter, contributing to weakness in our same-store sales and our financial performance,” said Chief Executive Todd Vasos. The stock has gained 7.6% year to date through Thursday, while the SPDR S&P Retail ETF has advanced 5.7% and the S&P 500 has climbed 7.6%.

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From:: Stock Market News

Parker Hannifin Corp. announced Thursday an agreement to buy Clarcor Inc. in a cash deal that values the maker of filtration products at about $4 billion. Under terms of the deal, Parker will pay $83 for each Clarcor share outstanding, which is an 18% premium to Wednesday’s closing price, and well above the Nov. 25 record close of $70.85. Including the assumption of debt, Parker will pay $4.3 billion. The deal, which is expected to close during the quarter ended September 2017, is expected to add to Parker’s earnings and cash flow, and lead to annual synergies of $140 million. Parker plans to finance the deal with cash and new debt. The stocks remain inactive in premarket trade. Parker’s stock has soared 43% year to date, while Clarcor shares have run up 42% and the S&P 500 has gained 7.6%.

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From:: Stock Market News

Sterling jumped to an almost three-month high against the euro on Thursday on hopes the U.K. will retain access to the European Union’s single market after Brexit. The pound rose to as high as €1.1910 from €1.1810 late Wednesday in New York, reaching its highest level against the shared currency since Sept. 9, according to FactSet. Against the dollar, the pound hit an intraday high of $1.2650 from $1.2506 on Wednesday. The gains came after Eurogroup President Jeroen Dijsselbloem reportedly said the EU may find a way to keep the U.K. in the single market after the country leaves the bloc. Additionally, Brexit secretary David Davis said the government may make contributions to the EU budget in return for access to the single market. Losing access to the EU market is a key concern among U.K.-based banks as it would likely mean they’ll lose their key passporting rights that allow them to sell their services seamlessly across the union.

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From:: Stock Market News

Shares of Express Inc. plunged 14% in premarket trade Thursday, after the apparel and accessories retailer beat fiscal third-quarter expectations but provided a downbeat outlook for the current quarter. Earnings for the quarter to Oct. 29 fell to $11.6 million, or 15 cents a share, from $26.3 million, or 31 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 13 cents. Revenue declined 7% to $506.1 million from $546.6 million, above the FactSet consensus of $497.1 million. Same-store sales fell 8%, but that beat the FactSet consensus for a 9.6% decline. For the fourth-quarter, the company expects EPS of 26 cents to 30 cents, well below expectations of 54 cents, and same-store sales to decline in the “negative low double digits” percentage range, while the FactSet consensus is for a decline of 7.6%. “We expect the holiday season to remain challenging as mall traffic and a highly promotional retail environment continue to be headwinds,” said Chief Executive David Kornberg. The stock has tumbled 23% year to date through Wednesday, while the SPDR S&P Retail ETF has gained 5.7% and the S&P 500 has climbed 7.6%.

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