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Shares of Kellogg Co. rose 1.1% in premarket trade Thursday, after the cereals and snacks company matched second-quarter profit expectations, but provided an upbeat outlook for the year. Earnings rose to $280 million, or 79 cents a share, from $223 million, or 63 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 91 cents, matching the FactSet consensus. Revenue fell 6.6% to $3.27 billion from $3.50 billion, primarily because of the remeasurement of the Venezuelan business. The FactSet consensus was $3.36 billion. Sales of Kellogg’s U.S. morning foods and snacks businesses declined. The company raised its 2016 EPS outlook, on a currency-neutral basis, to a range of $4.11 to $4.18 from $4.00 to $4.07. The stock climbed 12% year to date through Wednesday, while the S&P 500 has gained 5.9%.

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From:: Stock Market News

Restaurant Brands International Inc. said Thursday it had net income of $90.9 million, or 38 cents a share, in the second quarter, up from $11 million, or 5 cents a share, in the year-earlier period. Adjusted per-share earnings came to 41 cents, above the FactSet consensus of 35 cents. Revenue edged down to $1.040 billion from $1.042 billion, just below the FactSet consensus of $1.05 billion. Shares were not yet active in premarket trade, but are up about 20% in the year so far, while the S&P 500 has gained about 6%.

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From:: Stock Market News

The yield on the U.K.’s benchmark 10-year bond, or gilt, was driven to record lows Thursday after the Bank of England cut its benchmark interest rate and ramped up stimulus efforts. The yield was down 14 basis points to 0.65% compared with 0.80% just ahead of the BOE’s policy decision, according to Tradeweb. Yields fall as prices rise. The key interest rate was cut to a record low of 0.25% from 0.5%, the first cut since March 2009, after data showed the U.K. economy declining after the Brexit vote. The ​BOE​’s quantitative easing program was expanded to £435 billion ($579 billion) from £375 billion. It also​ plans to start buying £10 billion in corporate bonds.

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

Akorn Inc. said Thursday that it initiated a new $200 million share repurchase program. At Wednesday’s closing price of $33.01, that would allow the generic drug company to buy back about 5% of its shares outstanding. Separately, Akorn reported second-quarter earnings of $62.0 million, or 50 cents a share, up from $32.5 million, or 27 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at 58 cents, above the FactSet consensus of 55 cents. Revenue rose to $280.7 million from $220.9 million, beating the FactSet consensus of $273.0 million. The company now expects 2016 revenue to be at the upper end of its previously provided guidance of $1.06 billion to $1.08 billion, and adjusted EPS to be at the high end of its $2.10 to $2.20 outlook. The stock, which was still inactive in premarket trade, has lost 12% year to date, while S&P 500 has gained 5.9%.

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From:: Stock Market News

Shares of Viacom Inc. saw a more than 1% pop in premarket trade after the company reported third-quarter earnings and revenue above Wall Street expectations. Net income for the quarter was $432 million, or $1.09 per share, compared with $591 million, or $1.47 per share in the same quarter a year ago. Adjusted earnings for the quarter were $1.05 per share, beating the FactSet EPS consensus of $1.02. Revenue for the quarter hit $3.11 billion, an increase from last year’s $3.06 billion. The FactSet consensus was $3.00 billion. The media and entertainment company touted ratings increases across some of its networks, including Nickelodeon. And while revenue at Viacom’s media networks declined 3%, that was offset by the company’s filmed entertainment segment, which grew 30%. Shares of Viacom are down nearly 21% in the last 12 months, but are up nearly 7% in the year to date, outperforming the S&P 500 Index , which is up nearly 6%.

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From:: Stock Market News

The Bank of England on Thursday cut its key interest rate to a record low 0.25% from 0.5%, meeting widely held expectations. The central bank also expanded its quantitative easing program to £435 billion ($579 billion) from £375 billion and said it plans to launch a corporate bond-buying plan. Markets had overwhelmingly priced in chances of a rate cut, the first since March 2009, as economic data have worsened since the U.K. voted on June 23 to leave the European Union, or Brexit. Policy makers voted 9-0 for the rate cut. Recent “surveys of business activity, confidence and optimism suggest that the United Kingdom is likely to see little growth in GDP in the second half of this year,” the BOE said in a statement. The pound fell to $1.3167 from $1.3321 just before the BOE’s policy decision was announced.

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

Restaurant Brands International Inc. said Thursday it had net income of $90.9 million, or 38 cents a share, in the second quarter, up from $11 million, or 5 cents a share, in the year-earlier period. Adjusted per-share earnings came to 41 cents, below the FactSet consensus of 46 cents. Revenue edged down to $1.040 billion from $1.042 billion, also below the FactSet consensus of $1.374 billion. Same-restaurant ales grew 4.8% at the company’s Tim Horton restaurants, and 3.9% at Burger King, the company said in a statement. Shares were not yet active in premarket trade, but are up about 20% in the year so far, while the S&P 500 has gained about 6%.

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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A woman was killed and at least five others wounded in a knife attack in central London on Wednesday night. A suspect is reported to be in custody, and police said terrorism is being investigated as a motive. The attack occurred in Russell Square, an area near a number of hotels and museums around 10:30 p.m. The incident happened just hours after London’s Metropolitan Police announced it would increase the number of armed police in the streets in the wake of recent terrorist attacks across Europe. The suspect in Wednesday’s stabbing was apparently subdued by police with a Taser.

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