Author: admin

Shares of Cirrus Logic Inc. , a supplier to Apple Inc. [s; aapl], plunged further in premarket trading Tuesday after the company’s quarterly revenue and outlook fell short of expectations. The company, which derived 86% of its revenue from Apple during the latest quarter, cited unexpectedly soft smartphone demand toward the end of the period. Its stock is down 15% in early trading. Analysts at Needham cut their rating on Cirrus shares to hold from buy following the earnings release. They believe Cirrus has some potential catalysts in its future, including a greater presence in Android phones, but they’re cautious given talk that Apple has meaningfully slashed its iPhone X production orders. “While we don’t like downgrading at the bottom we see little in the way of upside until there is more clarity on the stabilization of Apple’s iPhone builds and tangential evidence of Cirrus’ non-Apple business impacting the model,” wrote the analysts, led by Rajvindra Gill. Shares of Cirrus are down 13% so far in 2018, while the S&P 500 has fallen 0.9%.

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.

…read more

From:: Stock Market News

Tapestry Inc. shares were up 2.3% in Tuesday premarket trading after it reported earnings and revenue that beat guidance. Fiscal second-quarter net income totaled $63.2 million, or 22 cents per share, down from $199.7 million, or 71 cents per share, for the same period last year. Adjusted EPS was $1.07. Revenue totaled $1.79 billion, up from $1.32 billion last year. The FactSet consensus was for EPS of 89 cents and revenue of $1.77 billion. Coach sales for the second quarter rose 2% to $1.23 billion and global same-store sales were up 3%. Kate Spade revenue was $435 million, and global same-store sales fell 7%, which the company attributed, in part, to a “strategic pullback” in wholesale and online flash sales. And Stuart Weitzman sales rose 2% to $121.0 million. Tapestry plans to pay a one-time transition tax on $315 million to be repatriated and a one-time $102.0 million for net deferred tax liabilities, for a total of $213.0 million in aggregate. Tapestry continues to expect fiscal 2018 revenue of $5.8 billion to $5.9 billion, up about 30% with Kate Spade adding more than $1.2 billion. The company now sees EPS in the range of $2.52 to $2.60, including mid-to-high single digit accretion from Kate Spade. The FactSet consensus is for sales of $5.83 billion and earnings of $2.40. Tapestry shares are up 21% for the past year while the S&P 500 index rose 15.6% for the period.

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.

…read more

From:: Stock Market News

Shares of theater chain AMC Entertainment Holding Inc. were down 6% on relatively light volume during premarket trade on Tuesday after owner Dalian Wanda Group said on Monday that it was selling a $1.2 billion stake in its Chinese cinema business to Alibaba Group Holding Ltd. and a government-backed firm in order to pay down debt. Adding pressure to shares is a broader market sell off that saw historic losses on Monday. Joining AMC, MoviePass owner Helios & Matheson Analytics Inc. , which has proven to be a volatile stock, fell more than 8% in premarket trade Tuesday and shares of Cinemark Holdings Inc. were down 1% on light volume. Shares of Regal Entertainment Group , Imax Corp. and Marcus Corp. were inactive in premarket trade. Regal Entertainment is in the process of being acquired by British theater chain Cineworld $3.6 billion. Imax shares declined more than 2% in Monday’s sell off.

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.

…read more

From:: Stock Market News

Chip stocks are trading lower premarket, in conjunction with a broader market selloff. Nvidia Corp. shares are down 3.4%, after falling 8.5% Monday to 17% below their all-time intraday high of $249.27. Advanced Micro Devices Inc. shares have made a similar move, dropping 3.3% premarket on top of a 7.1% decline in Monday trading. The stock was down 26% from its 52-week intraday high of $15.65 as of Monday’s close. Shares of Intel Corp. are down 1.4% premarket. They dropped 3.5% Monday, while the Philadelphia Semiconductor Index was off 4.7%. Notable outliers in early trading include Micron Technology Inc. and Skyworks Solutions Inc. , whose stocks are up 3.5% and 1.7%, respectively, following announcements from management late Monday. Micron raised its outlook and said it had found a new CFO, while Skyworks reported better than expected earnings. The Philadelphia Semiconductor Index is up 0.2% so far in 2018, while the S&P 500 is down 0.9%.

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.

…read more

From:: Stock Market News

Shares of Lumentum Holdings Inc. soared 5.6% in premarket trade, after the optical networking products company reported fiscal second-quarter results that beat expectations, offsetting a downbeat outlook. Net income for the quarter to Dec. 30 rose to $204.8 million, or $3.17 a share, up from $11.8 million, or 19 cents a share, in the same period a year ago. Excluding non-recurring items, such as the one-time effects of recent tax legislation, adjusted earnings per share came to $1.67, above the FactSet consensus of $1.13. Revenue rose 53% to $404.6 million, beating the FactSet consensus of $357.0 million, boosted by strength in its 3D sensing, ROADM, industrial and telecom pump laser businesses. Looking ahead, the company expects fiscal third-quarter adjusted EPS of 65 cents to 80 cents, below the FactSet consensus of 93 cents, and revenue of $280 million to $305 million, which is below expectations of $323 million. The stock has plunged 26% over the past three months through Monday, while the S&P 500 has gained 2.2%.

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.

…read more

From:: Stock Market News

Shares of Netflix Inc. were down as much as 3% in premarket trade on Tuesday after dropping roughly 5% on Monday as the broader market continues to sell off. Netflix shares are now down more than 11% from its Jan. 29 intraday high. Other stocks in the FAANG category continued their downward trend in premarket on Tuesday as broader market sank. Facebook Inc. and Amazon.com Inc. were down more than 1%, Apple Inc. was down a little less than 1% and Alphabet Inc. (formerly Google) was down 2%. Some of Netflix’s cohorts in the media sector were also struggling in premarket trade. Walt Disney Co. shares were down more than 2%, while shares of Viacom Inc.’s commonly-owned class B shares were down roughly 4% and shares of Discovery Communications Inc. were down more than 3%.

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.

…read more

From:: Stock Market News

Shares of General Motors Co. gained 0.2% in premarket trade Tuesday, bucking the selloff in the broader stock market, after the automaker reported fourth-quarter earnings that beat expectations. Dow futures were down 168 points in recent trade. GM’s net loss for the quarter to Dec. 31 was $5.17 billion, or $3.65 a share, after a profit of $1.84 billion, or $1.19 a share, in the same period a year ago. Excluding non-recurring items, such as a $7.3 billion non-cash charge related to tax legislation and a $6.2 billion non-cash charge from the sale of Opel/Vauxhall, adjusted earnings per share came to $1.65, above the FactSet consensus of $1.39. Revenue fell 5.5% to $3.72 billion from $39.90 billion, but topped the FactSet consensus of $36.98 billion. Vehicle sales for 2017 totaled 8.9 million, up 0.8% from 2016. The company ended 2017 with an underfunded pension position of $14.1 billion, compared with $18.2 billion at the end of 2016. The stock has lost 6.2% over the past three months through Monday, while the Dow Jones Industrial Average has gained 3.4%.

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.

…read more

From:: Stock Market News

Allergan PLC shares rose 1.2% in premarket trade Tuesday after the company reported fourth-quarter profit and revenue beats. Earnings for the latest quarter came to $3.05 billion, or $8.88 per share, after a loss of $70.2 million, or a loss of 20 cents per share in the year-earlier period. Adjusted earnings-per-share were $4.86, compared with the FactSet consensus of $4.74. Revenue rose to $4.33 billion from $3.86 billion, compared with the FactSet consensus of $4.28 billion. The latest results included higher revenue from Botox, Juvederm, Alloderm and CoolSculpting and new products, Allergan said, and was partially offset by lower revenues due to patent exclusivity losses and continuing declines for Aczone and Namenda XR. Allergan expects 2018 revenue of $15 billion to $15.3 billion, compared with the FactSet consensus of $15.33 billion, and a 2018 loss per share of $2.27 to $1.52, compared with the FactSet consensus of a loss per share of $2.13. Allergan received a net provisional benefit of about $2.8 billion related to the U.S.’s corporate tax overhaul, which includes a $730 million provisional expense related to repatriated earnings and a $3.5 billion net reduction of U.S. deferred tax liabilities, among other things. Allergan also reported positive late-stage trial results for its migraine drug early Tuesday. Allergan shares have dropped 5.4% to $165.00 over the last three months, compared with a 2.2% rise in the S&P 500 and a 3.4% rise in the Dow Jones Industrial Average .

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.

…read more

From:: Stock Market News

Shares of 30 Dow Jones Industrial Average components are trading lower in premarket trade Tuesday, with biggest decliners mixed among industrials, health care and retail sectors. The fact that all 30 Dow stocks were trading 2 1/2 hours before the open was also a sign of heightened investor anxiety, as Dow futures tumbled 390 points. Among the biggest decliners, shares of UnitedHealth Group Inc. dropped 3.9%, United Technologies Corp. shed 3.8%, Nike Inc. lost 3.7%, American Express Co. gave up 3.5% and Boeing Co. fell 3.4%. In retail, Home Depot Inc.’s stock lost 2.0% and WalMart Inc. shares slid 2.0%. In technology, Microsoft Corp. shares declined 2.1% and Apple Inc.’s stock was down 0.8%.

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.

…read more

From:: Stock Market News

Allergan PLC shares surged in premarket trade Tuesday after the company said its migraine drug had positive results in a late-stage clinical trial. Allergan also reported fourth-quarter earnings early Tuesday. In the Achieve I study, which enrolled 1,327 patients, “a statistically significant greater percentage” of patients who were treated for a migraine attack with either the low or high dose were free from pain about two hours after the initial dose relative to the placebo. A statistically significant greater percentage of patients on the drug, ubrogepant, also no longer had some of the “most bothersome” migraine-associated symptoms at two hours, the company said. The most common side effects of the therapy were nausea, drowsiness and dry mouth. Results from a second phase 3 trial, Achieve II, are expected in the first half of this year, and Allergan plans to file for approval with the Food and Drug Administration next year. About 38 million Americans have migraines, and for many of them they are a serious, chronic and even disabling condition characterized by head pain, nausea, vomiting, dizziness and sensitivity to lights, sounds and smells. There haven’t been many treatment options for migraines until recently, with a suite of drugmakers developing drugs to prevent migraines before they occur and stop attacks once they happen, with ubrogepant falling in the latter camp. Allergan shares have dropped 5.4% over the last three months, compared with a 2.2% rise in the S&P 500 and a 3.4% rise in the Dow Jones Industrial Average .

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.

…read more

From:: Stock Market News