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Oil producer Continental Resources Inc. said Thursday it has signed a deal to sell non-core assets in North Dakota and Montana for $222 million, The sale includes about 2,800 barrels of oil equivalent per day. Chief Executive Harold Hamm said the sale is the third of non-core assets this year with overall proceeds expected to total $600 million. “We plan to apply proceeds to reduce debt and strengthen our balance sheet,” he said in a statement. Shares were not yet active in premarket trade, but are up 106% in the year so far, while the S&P 500 has gained about 7%.

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From:: Stock Market News

Wal-Mart Stores Inc. shares rose 3.5% in Thursday premarket trading after the retail giant reported second-quarter earnings that exceeded estimates. Net income was $3.77 billion, or $1.21 per share, up from $3.48 billion, or $1.08 per share for the same period last year. Adjusted earnings were $1.07, beating the $1.02 per share FactSet consensus. Revenue totaled $120.85 billion, up from $120.23 billion and beating the $120.17 billion FactSet consensus. Same-store sales at Walmart U.S. rose 1.6%, beating the FactSet consensus of 1%. Wal-Mart now expects fiscal 2017 adjusted EPS of $4.15 to $4.35, which includes the expected operating losses and one-time expenses tied to the acquisition of e-commerce site Jet.com but excludes the non-cash gain of 14 cents net of tax from the sale of Yihaodian. The FactSet estimate is $4.27. Wal-Mart also expects same-store sales for the quarter ending Oct. 28 at Walmart U.S. to rise 1% to 1.5%. Wal-Mart shares are up 19% for the year so far while the S&P 500 Index is up 6.8% for the same 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.

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From:: Stock Market News

Hormel Foods Corp. reported Thursday fiscal third-quarter earnings that rose to $195.7 million, or 36 cents a share, from $146.9 million, or 27 cents a share, in the same period a year ago. That beat the FactSet consensus for earnings per share of 35 cents. Revenue grew to $2.30 billion from $2.19 billion, above the FactSet consensus of $2.26 billion, as grocery products, refrigerated foods and Jennie-O Turkey Store sales all beat expectations. The packaged foods company raised its 2016 EPS outlook to $1.60 to $1.64 from $1.56 to $1.60, compared with the FactSet consensus of $1.59. “We expect to show sales and earnings growth in fiscal 2017 and will provide a more definitive guidance range on our fourth quarter conference call in November,” said Chief Operating Officer James Snee. The stock, which was still inactive in premarket trade, has dropped 8.1% year to date, while the S&P 500 has gained 6.8%.

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.

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From:: Stock Market News

Just days after they were introduced, McDonald’s is pulling Step It Activity Bands from its Happy Meals after “receiving limited reports of potential skin irritations that may be associated from wearing the band.” The fitness trackers for kids were to be part of a four-week promotion in the U.S. and Canada. “It will no longer be offered as part of our Happy Meals,” a McDonald’s spokeswoman said in an email Wednesday night. “Nothing is more important to us than the safety of our customers and we are fully investigating this issue.” The fitness trackers were part of an effort by the fast-food giant to promote a healthier image.

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