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Nordstrom Inc. said late Monday Executive Vice President and Chief Financial Officer Mike Koppel will retire from the company in the spring of 2017. Koppel will remain in his role until then to support the search for a new CFO and assist with his successor’s transition, the retailer said. Koppel joined Nordstrom in 1999 and has been the company’s CFO since 2001. Shares of Nordstrom were flat in the late session after ending the regular trading day up 1.2%.

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Fitch Ratings on Monday placed AT&T Inc.’s A- long-term rating on Rating Watch Negative after the company said it will buy Time Warner Inc. for $85.4 billion. The ratings agency believes that the merger will provide AT&T with a “strong foothold” in the media landscape but the company’s leverage will likely increase due to the deal. “The transaction, as proposed, is likely to lead to a one-notch downgrade of AT&T,” said Fitch in a statement. At the same time, Fitch affirmed Time Warner’s BBB+ rating. S&P Ratings and Moody’s Investors Service earlier Monday had also placed AT&T’s ratings on review for possible downgrades. AT&T shares edged up 0.1% while Time Warner’s shares were flat after hours.

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Rev Group Inc. said late Monday it is looking to raise up to $100 million in an initial public offering, according to a filing with the Securities and Exchange Commission. The maker of specialty and recreational vehicles reported 2015 revenue of $1.74 billion and net income of $22.9 million. Goldman Sachs, Morgan Stanley and Baird are listed among the underwriters. The company plans on listing on a yet-to-be-named exchange under the ticker “REVG”.

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Buffalo Wild Wings Inc. said late Monday that Alex H. Ware has been appointed vice president and chief financial officer, effective Oct. 31. Ware was previously executive chairman of MStar Holding Corp., the parent company of MicroStar Logistics, which provides kegs for the beer industry, and he will also transition to being the holding corporation’s board director, Buffalo Wild Wings said in a statement. Shares of Buffalo Wild Wings were flat in the extended session after ending the regular trading day up 0.6%.

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Sonic Corp. shares sank nearly 12% in late Monday trading after the company reported a fiscal fourth-quarter sales miss and downbeat fiscal 2017 guidance. Net income totaled $25.4 million, or 53 cents per share, compared with $26.3 million, or 50 cents per share, for the same period last year. Adjusted EPS was 45 cents, beating the 44 cents FactSet consensus. Revenue totaled $162.1 million, down from $175.3 million and below the $167 million FactSet consensus. Systemwide same-restaurant sales fell 2%. “Slowing consumer trends that began in April… persisted through the fourth quarter, resulting in lower-than-expected sales and profits in the fourth fiscal quarter,” said Sonic Chief Executive Cliff Hudson in a statement. For fiscal 2017, Sonic expects adjusted earnings per share to be in the range of down 7% to flat year-over-year versus a FactSet estimate of a 12% increase. And same-store sales are expected to be down 2% to flat, systemwide. Sonic shares are down 18% for the year so far while the S&P 500 Index is up 5.3% for the same period.

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Visa Inc. shares fell 0.3% in the extended session Monday even though the credit-card company reported fiscal fourth quarter per-share earnings and sales that beat expectations. Visa said it earned $1.9 billion, or 79 cents a share, in the quarter, compared with $1.5 billion, or 62 cents a share, in the year-ago period. Adjusted for one-time items, the credit-card company reported a profit of 78 cents a share. Net operating revenue for the quarter was $4.3 billion, up 19% from a year ago. Analysts polled by FactSet had expected the credit card company to report adjusted earnings of 73 cents a share on sales of $4.24 billion. Visa said it recorded a $110 million pretax charge in the quarter to cover severance costs, including planned reductions in Europe. Shares of Visa had ended the regular session up 1%.

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Twitter Inc. said Monday that it was rescheduling its third-quarter earnings report to Thursday before the market opens, instead of its previous time slot of Thursday afternoon. The company will report at about 7 a.m. EST with a conference call at 8 a.m. EST. Twitter said it rescheduled the earnings to avoid overlapping with other technology earnings and calls Thursday afternoon. Alphabet and Amazon are scheduled to report Thursday afternoon. Shares of Twitter have fallen 19.5% in the past month, compared to the S&P 500’s drop of 1%.

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From:: Stock Market News