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Teva Pharmaceutical Industries Ltd. shares plummeted 10.2% in premarket trade Thursday after the company reported fourth-quarter profit and revenue beats but provided 2018 guidance that fell well short of expectations. The company reported a loss of $11.60 billion, or a loss of $11.41 per share, after a loss of $1.04 billion, or a loss of $1.10 per share. Adjusted earnings-per-share were 93 cents, compared with the FactSet consensus of 77 cents. Revenue declined to $5.46 billion from $6.49 billion, compared with the FactSet consensus of $5.29 billion. The company also recorded goodwill impairments totaling $17.1 billion in 2017, mainly relating to its U.S. generics reporting unit due to various competitive pressures. Teva expects 2018 revenue of $18.3 billion to $18.8 billion, compared with the FactSet consensus of $19.24 billion, and 2018 adjusted EPS of $2.25 to $2.50, compared with the FactSet consensus of $3.83. Teva also said that its migraine therapy fremanezumab — which got fast track designation from the Food and Drug Administration in December — has an active pharmaceutical ingredient manufactured solely by Celltrion , which recently received a FDA warning letter for its South Korea facility. The warning letter will likely result in a delayed approval, Teva said, adding that it is in “active dialogue” with the FDA. “2017 was a challenging year for Teva. Starting 2018 we are focused on meeting our financial obligations and ensuring a much more solid and sustainable business model going forward,” said Chief Executive Kåre Schultz. Teva shares have surged 76.3% over the last three months, compared with a 3.4% rise in the S&P 500 .

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Tyson Foods Inc. shares jumped 7% premarket Thursday, after the company blew past estimates for its fiscal first quarter. The owner of Jimmy Dean, Hillshire Farm and Ball Park food brands said it had net income of $1.631 billion, or $4.40 a share, in the quarter to Dec. 30, up from $594 million, or $1.59 a share, in the year-earlier period. The number was boosted by 21 cents a share by the tax overhaul signed into law in December. Adjusted per-share earnings came to $1.81, ahead of the FactSet consensus of $1.49. Sales rose to $10.2 billion from $9.2 billion, also ahead of the FactSet consensus of $9.9 billion. The company said it expects fiscal 2018 earnings to be boosted by about 85 cents a share thanks to the tax bill, It expects to generate more than $300 million in cash which it will invest in its frontline team members. The company is planning to make more than $100 million in one-time cash bonuses in the second quarter. The company is expecting adjusted EPS of $6.55 to $6.70 for fiscal 2018, up 23% to 26% from fiscal 2017. Shares have gained 13% in the last 12 months, while the S&P 500 has gained 17%.

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From:: Stock Market News

Tyson Foods Inc. shares jumped 4.9% premarket Thursday, after the company blew past estimates for its fiscal first quarter. The owner of Jimmy Dean, Hillshire Farm and Ball Park food brands said it had net income of $1.631 billion, or $4.40 a share, in the quarter to Dec. 30, up from $594 million, or $1.59 a share, in the year-earlier period. The number was boosted by 21 cents a share by the tax overhaul signed into law in December. Adjusted per-share earnings came to $1.81, ahead of the FactSet consensus of $1.49. Sales rose to $10.2 billion from $9.2 billion, also ahead of the FactSet consensus of $9.9 billion. The company said it expects fiscal 2018 earnings to be boosted by about 85 cents a share thanks to the tax bill, It expects to generate more than $300 million in cash which it will invest in its frontline team members. The company is planning to make more than $100 million in one-time cash bonuses in the second quarter. The company is expecting adjusted EPS of $6.55 to $6.70 for fiscal 2018, up 23% to 26% from fiscal 2017. Shares have gained 13% in the last 12 months, while the S&P 500 has gained 17%.

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Shares of GrubHub Inc. gained 0.4% in premarket trading after the company reported better-than-expected revenue and announced a partnership with Yum Brands Inc , while earnings missed expectations. Net income rose to $53.5 million for the fourth quarter from $13.6 million a year ago, while earnings per share increased to 60 cents from 16 cents. On an adjusted basis, GrubHub reported net income of $33.3 million or 37 cents a share, up from $19.8 million and 23 cents per share, respectively. Those adjusted metrics came up short of analysts expectations for net income of $27.6 million and per-share earnings of 31 cents, according to FactSet. Revenue of $205.1 million for the quarter rose $137.5 million and came in ahead of estimates for $201.7 million. Active diners totaled 14.5 million, up from 8.2 million a year earlier. The company expects revenue for the first quarter to be between $224 million and $232 million; analysts had been expecting $226.7 million. “Over the past two years we have taken incredible strides in expanding the breadth and depth of our restaurant network, growing the number of local restaurants we work with from 40,000 to over 80,000 today,” CEO Matt Maloney said in a release. “The partnership with Yum! which we announced this morning will accelerate the expansion of our delivery network and amplify our diner acquisition efforts, raising consumer awareness of online ordering and driving more volume for all restaurants across our platform.” GrubHub also has a partnership with Yelp Inc. Shares of the food-delivery platform are up 75% over the past 12 months, while the S&P 500 Index has gained 17%.

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L Brands Inc. shares rallied 5.4% in Thursday premarket trading after the retail company reported fourth-quarter sales and same-store sales that beat the FactSet consensus. L Brands portfolio includes Victoria’s Secret and Bath & Body Works. Fourth-quarter sales were $4.82 billion, up from $4.49 billion last year and exceeding the FactSet consensus of $4.72 billion. Same-store sales rose 2%, also beating the FactSet guidance for 0.6% growth. Sales for the five weeks ending Feb. 3, 2018 totaled $1.04 billion, up from $805.2 million for the four weeks ending Jan. 28, 2017. January same-store sales that jumped 7% year-over-year. L Brands expects fourth quarter EPS of about $2.05, before the impact of significant items including the tax overhaul. L Brands shares are up 3.7% for the last three months, but down 16.3% for the last year. The S&P 500 index is up nearly 17% for the past 12 months.

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Teva Pharmaceutical Industries Ltd. shares plummeted nearly 14% in premarket trade Thursday after the company reported fourth-quarter profit and revenue beats but provided 2018 guidance that fell well short of expectations. The company reported a loss of $11.60 billion, or a loss of $11.41 per share, after a loss of $1.04 billion, or a loss of $1.10 per share. Adjusted earnings-per-share were 93 cents, compared with the FactSet consensus of 77 cents. Revenue declined to $5.46 billion from $6.49 billion, compared with the FactSet consensus of $5.29 billion. The company also recorded goodwill impairments totaling $17.1 billion in 2017, mainly relating to its U.S. generics reporting unit due to various competitive pressures. Teva expects 2018 revenue of $18.3 billion to $18.8 billion, compared with the FactSet consensus of $19.24 billion, and 2018 adjusted EPS of $2.25 to $2.50, compared with the FactSet consensus of $3.83. “2017 was a challenging year for Teva. Starting 2018 we are focused on meeting our financial obligations and ensuring a much more solid and sustainable business model going forward,” said Chief Executive Kåre Schultz. Teva shares have surged 76.3% over the last three months, compared with a 3.4% rise in the S&P 500 .

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Cardinal Health Inc. reported second-quarter profit and revenue beats early Thursday. Earnings for the latest quarter rose to $1.1 billion, or $3.33 per share, from $324 billion, or $1.02 per share in the year-earlier period. Adjusted earnings-per-share were $1.51, compared with the FactSet consensus of $1.15. Revenue rose to $35.2 billion from $33.1 billion, compared with the FactSet consensus of $34.6 billion. The U.S.’s corporate tax overhaul benefited Cardinal Health in the latest quarter by 20 cents per share, and should result in a federal tax rate of about 28% for the company in 2018. The company also recorded transitional tax benefits of $2.83 per share. Cardinal Health now expects 2018 adjusted EPS of $5.25 to $5.50, which reflects 40 cents per share of benefit from the corporate tax overhaul, and comes in above the FactSet consensus of $5.15 per share. Cardinal Health shares were not active in premarket trade. Shares have risen 6.8% over the last three months, compared with a 3.4% rise in the S&P 500 .

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Tesla Inc. is losing President of Global Sales and Service Jonathan McNeill to Lyft Inc., where he will take the Chief Operating Officer job, Elon Musk said on Tesla’s earnings call late Wednesday. Tesla stock is up a fraction to $345.70 after hours. Tesla reported a narrower-than-expected loss Wednesday and kept a key target for the Model 3 in place during its fourth quarter. McNeill has been with Tesla since 2015 and was awarded $6.5 million in overall 2016 compensation, according to FactSet.

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Yelp Inc. shares fell in the extended session Wednesday after the reviews site missed fourth-quarter earnings estimates. Yelp shares plunged more than 6% to $41.50 after hours. The company reported fourth-quarter net income of $142 million, or $1.60 a share, compared with $8.2 million, or 10 cents a share, in the year-ago period. Net income includes a pre-tax gain on the sale of Yelp’s Eat24 unit for $164.8 million. Adjusted earnings were 19 cents a share. Revenue rose to $218 million from $194 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 27 cents a share on revenue of $215 million. For the first quarter, analysts model adjusted earnings of 25 cents a share on sales of $219.5 million. Yelp said that it expects first-quarter sales of $218 million to $221 million. Yelp stock has gained 7.8% in the past year, with the S&P 500 index rising 18%.

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