Author: admin

MasterCard Inc. said on Wednesday 80% of its consumer credit cards in the U.S now have EMV chips, which the company said represents an 88% increase in chip card adoption since the last year’s Oct. 1 chip card liability shift. The shift put the responsibility for fraud on merchants if customers have a chip card, but they don’t use it. Chip cards, primarily when used with a pin number, are a more secure payment method than magnetic stripe. MasterCard also said it has 1.7 million chip-active merchants on its network, which would represent nearly 30% of the U.S. merchant population. MasterCard shares have dropped more than 2% in the year to date, underperforming the S&P 500 Index , which is up more than 5%.

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

Intercontinental Exchange Inc. said Wednesday it plan a 5-for-1 stock split, subject to approval by the Securities and Exchange Commission and shareholders. The provider of futures, stock and option exchanges also authorized a $1 billion stock buyback program. “This announcement reflects our consistently strong growth in earnings and cash flow generation, as well as our commitment to returning capital as we build on our decade-long track record of earnings growth,” said Chief Executive Jeffrey Sprecher. Separately, the company reported second-quarter earnings and revenue that beat expectations. The stock, which was still inactive in premarket trade, has gained 3% year to date to close Tuesday at $263.93, while the S&P 500 has gained 5.5%.

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

Kate Spade & Co. shares dropped 0.8% in Wednesday premarket trading after the clothing and accessories company lowered its full-year 2016 guidance. Second-quarter net income totaled $26.8 million, or 21 cents per share, up from $8.5 million, or 7 cents per share, for the same period a year ago. Adjusted earnings were 19 cents per share, beating the 14 cents per share FactSet consensus. Revenue for the quarter was $319.7 million, up from $281.1 million for the same period last year and above the $318 million FactSet estimate. The results fell below the company’s expectations due largely to the retail landscape and tourist headwinds, according to Craig Leavitt, chief executive of Kate Spade. Kate Spade updated its full-year 2016 guidance, now expecting sales between $1.37 billion and $1.40 billion, down from previous revenue guidance in the range of $1.39 billion to $1.41 billion. The company now expects earnings per share in the range of 63 cents to 70 cents, down from previous guidance of 70 cents to 80 cents. Full-year FactSet estimates are for sales of $1.408 billion and earnings of 78 cents per share. Kate Spade shares are up 13.3% for the year so far, while the S&P 500 Index is up 5.5% 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.

…read more

From:: Stock Market News

Time Warner Inc. shares jumped nearly 2% in premarket trade after the company reported improved second-quarter earnings and said it has invested 10% in streaming service Hulu — a joint venture of Walt Disney Co. , 21st Century Fox Inc. and Comcast Corp. . Time Warner’s net income for the quarter was $952 million, or $1.20 per share, compared with $971 million, or $1.16 per share during the same quarter a year ago. Adjusted earnings for the quarter came in at $1.29 per share, well above the FactSet consensus of $1.16 per share. Revenue during the quarter hit $6.95 billion, down compared with the $7.35 billion the company reported in the year earlier period. The FactSet revenue consensus was for $7.06 billion. Revenue at Warner Bros. film studio fell more than 19% in the quarter to $2.66 billion, while revenue at Turner and HBO saw improvements. Shares of Time Warner are down nearly 14% in the last 12 months, but are up more than 17% in the year to date, outperforming the S&P 500 Index , which is up more than 5%.

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

Teva Pharmaceutical Industries Ltd. plans to buy Allergan PlC’s Anda Inc. distribution business for $500 million, Allergan said Wednesday morning. Anda Inc. distributes a variety of pharmaceutical products but particularly generic pharmaceuticals, and is the fourth largest distributor of in the U.S., according to Allergan. The purchase marks a continuing trend towards consolidation in the generics and pharmaceutical distribution space. Allergan said the Anda business will be reported as discontinued operations starting in the second quarter, with the business expected to generate $375 in net sales and about 5 cents per share in the second quarter, amounting to about $1.5 billion in net sales for 2016 and about 15 cents per share in 2016. Teva’s shares dropped 20.9% in the year to date, compared to a 5.5% rise in the S&P 500 in 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.

…read more

From:: Stock Market News

An Emirates airplane caught on fire following a crash landing on Wednesday in Dubai, according to multiple media reports. All passengers on Emirates flight EK521 were evacuated safely and no injuries have been reported so far, Dubai authorities said on Twitter. All 275 passengers and crew have been safely evacuated, and all flights at the airport have been delayed, the authorities also said. Emirates described the incident as “an accident” in one tweet. The Boeing 777 had flown to the United Arab Emirates city from the Indian city of Thiruvananthapuram.

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