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Shares of Perry Ellis International Inc. jumped 12% late Tuesday after a Wall Street Journal report said founder George Feldenkreis has made a bid for the apparel company. Feldenkreis was ousted as Perry Ellis’ executive chairman in September after founding the company’s predecessor in the 1960s and leading Perry Ellis for 50 years. Feldenkreis sent a letter to its board Tuesday proposing a deal at $27.50 a share, or about $430 million, according to the report, citing people familiar with the matter. Shares of Perry Ellis had ended the regular session up 2.5%.

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Proofpoint Inc. said late Tuesday it had agreed buy Wombat Security Technologies Inc. for $225 million in cash. The deal is expected to close in the first quarter, the company said. The acquisition gives Proofpoint a foothold in the phishing simulation and security awareness training market. “The acquisition of Wombat gives us greater ability to help protect our customers from today’s people-centric cyberattacks, as cybercriminals look for new ways to exploit the human factor,” Proofpoint said in a statement. The company said it expects the deal to increase its 2018 revenue by $30 million to $32 million, and billings by $30 million to $32 million. Also Tuesday, Proofpoint reported an adjusted profit of 29 cents a share on sales of $145.4 million in the fourth quarter. That compares with adjusted earnings of 18 cents a share on sales of $106.8 million in the year-ago period. Analysts polled by FactSet had expected adjusted earnings of 20 cents a share on sales of $139.6 million. Proofpoint shares were flat in the extended session after ending the regular trading day up 3.6%.

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Microchip Technology Inc. shares dropped in the extended session Tuesday after the electronics component maker’s outlook range fell toward the low end of the Wall Street consensus. Microchip shares fell 5.6% to $86.75 after hours. For the fiscal fourth quarter, Microchip estimates adjusted earnings of $1.30 to $1.39 a share on revenue of $964.4 million to $1 billion. Analysts surveyed by FactSet expect earnings of $1.37 a share on revenue of $1.01 billion. The company reported a fiscal third-quarter loss of $251.1 million, or $1.07 a share, compared with $107.2 million, or 46 cents a share, in the year-ago period. Adjusted earnings were $1.36 a share. Revenue rose to $994.2 million from $834.4 million in the year-ago period. Analysts had estimated $1.35 a share on revenue of $992.1 million.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies fell by 1.1 million barrels for the week ended Feb. 2, according to sources. The API data also showed a decline of 227,000 barrels in gasoline stockpiles, while inventories of distillates saw a surprise climb of 4.6 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a climb of 2.8 million barrels for crude inventories. They also forecast a rise of 200,000 barrels for gasoline, but a decline of 800,000 barrels for distillate supplies. March crude was at $63.80 a barrel in electronic trading, up from the settlement of $63.39 on the New York Mercantile Exchange.

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GameStop Corp. said late Tuesday that Michael K. Mauler has been appointed the company’s new chief executive, effective immediately. Mauler will also join GameStop’s board of directors, the company said in a statement. Mauler has been with GameStop for more than 16 years, and has served as executive vice president and president of the company’s International business. GameStop shares were flat in late trading after ending the regular session up 3.1%. GameStop’s previous CEO, J. Paul Raines, had been on medical leave.

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Netgear Inc. said Tuesday it plans to spin off its Arlo security-camera business into a new company and hold an initial public offering for the company. Netgear said it would seek to sell 20% of the business and distribute the other shares to Netgear investors, with plans to file paperwork with the Securities and Exchange Commission in the first half of the year for a second-half IPO. Matthew McRae, who was hired four months ago to be senior vice president of strategy for Netgear, will be chief executive of the new company, which will be called Arlo Technologies Inc. Netgear also detailed fourth-quarter earnings Tuesday, reporting a net loss of $31.9 million, or $1.02 a share, due to a tax charge of $48.3 million related to the new tax law. After adjusting for that and other effects, Netgear reported earnings of 71 cents a share, down from adjusted earnings of 88 cents a share a year ago. The home-networking company said it had fourth-quarter revenue of $397.1 million, up from $367.9 million a year ago. Analysts on average expected Netgear to report adjusted earnings of 64 cents a share on sales of $393 million. Netgear shares were halted ahead of the announcements after closing up 2% at $67.40, then gained more than 3% in late trading.

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Shares of Chipotle Mexican Grill Inc. fell 1.1% late Tuesday after the fast-casual restaurant chain reported quarterly per-share profits above expectations and said it was “starting to see some success” after implementing changes. Shares had initially gained. Even avocado prices let up, further helping Chipotle’s bottom line. The company said it earned $43.8 million, or $1.55 a share, in the fourth quarter, compared with $16 million, or 55 cents a share, in the fourth quarter of 2016. The net income included a $6 million, or 21 cents a share, benefit from the U.S. tax overhaul, Chipotle said. Sales rose 7.3% to $1.1 billion, driven by new-restaurant openings and to a lesser extent by a 0.9% increase in comparable-restaurant sales, the company said. Analysts polled by FactSet had expected earnings of $1.32 a share on sales of $1.11 billion. The rise in comparable-restaurant sales was due to an increase in the average check, including a 2.4% impact from menu price increases for some restaurants in the second and fourth quarters, partially offset by a decrease in transactions, the company said. Food costs were 34% of revenue, but less than in the fourth quarter of 2016 thanks to the price increases, cost savings in paper and packaging products, and relief in avocado prices during the fourth quarter of 2017 compared to the fourth quarter of 2016. The company said it expects an increase in comparable-restaurant sales in the low single digits in 2018 and the opening of 130 to 150 new restaurants. Shares had ended the regular trading session up 1.3%.

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Walt Disney Co. on Tuesday reported more profit than expected in the holiday quarter, sending shares higher in late trading. Disney said that a $1.6 billion benefit from the new tax law pushed earnings 88% higher from the year before, to $4.4 billion or $2.91 a share. After adjusting for the one-time windfall and other effects, the company reported adjusted earnings of $1.89 a share, up from $1.55 last year, on revenue of $15.35 billion, up from $14.8 billion. Analysts on average were expecting Disney to report adjusted earnings of $1.61 a share on sales of $15.5 billion, according to FactSet. ESPN continued to be a drain for Disney, as the company said revenue declined at the sports-themed cable network due to lower advertising revenue. Disney shares gained less than 1% in late trading.

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From:: Stock Market News