Genworth shares rally after results beat Street view

Genworth Financial Inc. shares rallied in the extended session Tuesday after the insurer topped Wall Street estimates for the quarter. Genworth shares jumped 18% to $3.25 a share after hours. The company reported fiscal second-quarter net operating income of 25 cents a share on revenue of $2.24 billion. Analysts surveyed by FactSet had estimated earnings of 21 cents a share on revenue of $2.08 billion.

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From:: Stock Market News

Originations, Staff Up at Prosperity Home Mortgage

A more than three-quarters increase in loan production was recorded for Prosperity Home Mortgage LLC. The size of the company’s staff also rose.

From April 1 until June 30, home-lending volume at the Chantilly, Virginia-based firm worked out to 76 percent more than in the prior three-month period.

The operational data, along with other metrics, were divulged as part of the Mortgage Daily Second Quarter 2016 Mortgage Origination Survey.


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From:: Financing

API data shows drop in U.S. crude supplies: reports

The American Petroleum Institute, an industry trade group, said Tuesday that U.S. crude oil inventories fell by 1.3 million barrels in the latest week, according to news reports. Oil futures gained ground in electronic trade after settling at a nearly 4-month low. September crude traded at $39.72 a barrel, up 0.5% from Tuesday’s regular trading session close. The API data is watched as traders await official inventory data due Wednesday from the Energy Information Administration. A survey by The Wall Street Journal found analysts forecasting a 900,000 barrel decline in crude inventories and a 200,000 barrel drop in gasoline stocks.

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From:: Stock Market News

Electronic Arts beats on earnings, but comes up light on forecast

Electronic Arts Inc. shares swung between gains and losses Tuesday afternoon after the video game publisher exceeded earnings expectations but came up light on projections for the current quarter. EA reported net income of $440 million, or $1.40 a share, on sales of $1.27 billion; after adjustments for deferred revenue and other factors, EA reported earnings of 7 cents a share on sales of $682 million. Analysts expected an adjusted loss of 2 cents a share on sales of $651 million on average, according to FactSet. For the current quarter, in which EA will stop adjusting its financials for deferred revenue, the company projects a loss of 17 cents a share on sales of $915 million, while analysts on average expected revenue of $1.11 billion, according to FactSet. Later Tuesday afternoon, an EA spokesman emailed MarketWatch to say that the FactSet consensus was based on adjusted revenue, and that EA’s adjusted forecast would be $1.08 billion, closer to analysts’ projections. EA stock added 2%, then fell to a loss of 2% before settling closer to the closing price of $76.78 in late trading.

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From:: Stock Market News

Community Health Systems shares drop on earnings miss

Community Health Systems Inc. shares dropped in the extended session Tuesday after the hospital operator’s earnings fell well below Wall Street estimates. Community Health Systems shares dropped 13% to $10.60 after hours. The company reported adjusted second-quarter earnings of 9 cents on revenue of $4.59 billion. Analysts surveyed by FactSet had estimated earnings of 56 cents a share on revenue of $4.54 billion.

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From:: Stock Market News

Cray shares down 17% on company’s larger-than-expected quarterly loss

Cray Inc. shares plunged late Tuesday as the supercomputer maker reported a larger-than-expected quarterly loss and lower sales. Cray said its net loss for the second quarter reached $13.1 million, or 33 cents a share, versus a net income of $5.8 million, or 14 cents a share, in the second quarter of 2015. Adjusted for one-time items, Cray’s net loss was $11.4 million, or 29 cents a share, compared with $12.4 million, or 30 cents a share, a year ago. Revenue reached $100.2 million, which compares with $186.2 million in the second quarter of 2015. Analysts surveyed by FactSet had expected the company to report a loss of 25 cents a share on sales of $102 million. Shares of Cray lost 17% in the late session, after ending the regular trading day down 0.9%.

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From:: Stock Market News

Oclaro Inc. shares up more than 10% on EPS, revenue beat

Oclaro Inc. shares rose more than 10% late Tuesday after the company, which manufactures and sells optical components, reported better-than-expected fiscal fourth-quarter results. Oclaro said it earned $12 million, or 11 cents a share, versus a loss of $14 million, or 13 cents a share, a year ago. Adjusted for one-time items, Oclaro earned $15 million, or 11 cents a diluted share, versus a loss of $7 million, or 6 cents a share, in the fourth quarter of fiscal 2015. Sales reached $125 million in the quarter, compared with $82 million in the year-ago period. Analysts polled by FactSet had expected Oclaro to report earnings of 6 cents a share in the quarter on sales of $120 million.

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From:: Stock Market News

Etsy shares climb on upbeat outlook

Shares of Etsy Inc. rallied in Tuesday’s extended session after the online marketplace raised its full year revenue outlook. Etsy reported its loss widened to $7.3 million from $6.4 million a year earlier. On a per-share basis, Etsy lost 6 cents a share versus a loss of 7 cents a share. The company said its results reflect $6.4 million in foreign exchange loss and an income tax provision of $4.3 million. Revenue increased to $85.4 million from $61.4 million. Analysts surveyed by FactSet had forecast Etsy to report a loss of a penny a share on revenue of $80.6 million. The craft-oriented marketplace said it now expects 2016 revenue to grow 25% to 28% from 20% to 25% previously. Etsy shares climbed 4.6% after hours.

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From:: Stock Market News

Hanesbrands shares slide after quarterly results miss Street view

Hanesbrands Inc. shares dropped in the extended session Tuesday after the apparel maker fell short of Wall Street estimates for the quarter. Hanesbrands shares fell 4.5% to $24.49 after hours. The company reported adjusted second-quarter earnings of 51 cents a share on revenue of $1.47 billion. Analysts surveyed by FactSet had estimated earnings of 52 cents a share on revenue of $1.53 billion. Hanesbrands sees full-year adjusted earnings of $1.89 to $1.95 a share on revenue of $6.15 billion to $6.25 billion. Analysts expect $1.92 a share on revenue of $6.12 billion.

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From:: Stock Market News

AIG shares advance after Q2 EPS beat

American International Group Inc. shares rose late Tuesday after the insurer reported better-than-expected second-quarter results. AIG said it earned $1.9 billion, or $1.68 a share, in the second quarter, compared with $1.8 billion, or $1.32 a share, in the year-ago period. After-tax operating income declined to $1.1 billion, or 98 cents a share, in the quarter, from $1.8 billion, or $1.39 a share, a year ago. Analysts polled by FactSet had expected adjusted second-quarter per-share earnings of 92 cents a share. AIG’s bottom line was affected by changes in net loss reserve discounts on workers’ compensation reserves, and a decline in earnings from market sensitive assets, the company said in a statement. Shares rose 2.5% in late trading after ending the regular session down 0.1%.

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From:: Stock Market News