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U.S. stocks opened lower Friday as weak earnings and economic data continued to weigh on shares, leaving them on track for their first weekly drop in three. The S&P 500 dropped 3 points, or 0.1%, to 2,072. The Dow industrials were off 39 points, or 0.2%, to 17,788. The Nasdaq Composite was down 1 point, or less than 0.1%, to 4,802.

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From:: Stock Market News

Monster Beverage Corp. shares jumped 12.6% in Friday premarket trading after the company announced earnings that beat expectations. The energy drink company said it had net income of $163.9 million, or 79 cents per share, up from $4.4 million, or 3 cents per share, for the same period last year. The FactSet consensus was 74 cents. Sales totaled $680.2 million, up from $626.8 million, and above the FactSet consensus of $657 million. Due to a partnership with Coca-Cola Company , the comparable first-quarter 2015 results included distributor termination costs of $206 million, $39.8 million in acceleration of deferred revenue, and $3.6 million in other related expenses. Monster Beverage said it’s continuing to align with Coca-Cola bottlers internationally and will launch Monster Energy drinks in Australia and New Zealand in May 2016. Monster Beverage shares are down 14.2% for the year so far while the S&P 500 is up 1.6% for the same period.

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From:: Stock Market News

Chevron Corp.’s stock slumped 1.3% in premarket trade Friday, after the oil giant reported first-quarter results that missed expectations amid a sharp drop in oil and natural gas prices. The company said it swung to a loss of $725 million, or 39 cents a share, in the latest quarter, after reporting earnings of $2.57 billion, or $1.37 a share, in the same period a year ago. The FactSet per-share loss consensus was 17 cents. Revenue fell to $23.55 billion from $34.56 billion, below the FactSet consensus of $24.50 billion. The average sales price per barrel of crude oil and natural gas liquids in the U.S. tumbled to $26 from $43 a year ago, while international prices dropped to $29 from $46. “Our upstream business was impacted by a more than 35% decline in crude oil prices,” said Chief Executive John Watson. “Our downstream operations continued to perform well, although overall industry conditions and margins this quarter were weaker than a year ago.” The stock has climbed 14% year to date through Thursday, while the S&P 500 has gained 1.6%.

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From:: Stock Market News

Royal Caribbean Cruises Ltd.’s stock surged 3.9% in premarket trade Friday, after the cruise ship operator beat first-quarter profit expectations and raised its full-year outlook. Earnings in the latest quarter rose to $99.1 million, or 46 cents a share, from $45.2 million, or 20 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at 57 cents, above the FactSet consensus of 32 cents. Revenue increased to $1.92 billion from $1.82 billion, topping the FactSet consensus of $1.91 billion, with passenger ticket revenue matching expectations while onboard and other revenue beat estimates. For 2016, the company raised its adjusted EPS outlook to a range of $6.15 to $6.35 from $5.90 to $6.10. The stock has tumbled 25% year to date through Thursday, while the S&P 500 has gained 1.6%.

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From:: Stock Market News

Exxon Mobil Corp. said Friday it had net earnings of $1.8 billion, or 43 cents share, in the first quarter, down sharply from $4.9 billion, or $1.17 a share, in the year-earlier period. The oil giant said revenues slid to $48.7 billion from $67.6 billion. The FactSet consensus was for EPS of 31 cents and revenue of $44.8 billion. “The organization continues to respond effectively to challenging industry conditions, capturing enhancements to operational performance and creating margin uplift despite low prices,” Chief Executive Rex W. Tillerson said in a statement. Sharply lower commodity prices and weaker refining margins were partly offset by strong results from the company’s chemicals business, where earnings rose 38% to $1.4 billion. Shares rose about 1% in premarket trade, and are up 13% in the year so far, while the Dow Jones Industrial Average has gained just 2.3%.

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From:: Stock Market News

Rovi Corp. , which helps viewers discover entertainment with personalized data, said on Friday it’s reached an agreement to buy TiVo Inc. in a deal valued at $1.1 billion. Rovi will pay $10.70 per share in cash and stock — 14% above Thursday’s close — and will adopt the TiVo name. Rovi Chief Executive Tom Carson will remain at the helm of the new company. “The combined capabilities of TiVo and Rovi place us in a tremendous position to extend services across platforms and to a customer base that includes traditional, over-the-top and emerging players across the globe,” Carson said in a statement. The combined company is expected to have at least $100 million in annual cost synergies, with 65% in the first 12 months, according to a news release. Both TiVo and Rovi shares are halted for news.

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From:: Stock Market News

VF Corp. , an apparel company whose brands include The North Face, Wrangler and Lee, said Friday it had first-quarter net income of $260.27 million, or 61 cents per share, down from $288.70 million, or 67 cents per share, for the same period last year. The FactSet consensus was 58 cents per share. Revenue for the quarter was $2.84 billion, flat with last year and just above the FactSet consensus of $2.82 billion. Inventories were up 9% compared with last year. About half of that was related to cold-weather product that has been positioned to fill second-half 2016 demand. The company reaffirmed its full-year revenue outlook, with estimates of a mid-single-digit percentage rate increase. VF Corp. shares are unchanged in premarket trading, but down 14.4% for the past year. The S&P 500 is down 1.5% for the last 12 months.

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From:: Stock Market News

VF Corp. , an apparel company whose brands include The North Face, Wrangler and Lee, said Friday it had first-quarter net income of $260.27 million, or 61 cents per share, down from $288.70 million, or 67 cents per share, for the same period last year. The FactSet consensus was 58 cents per share. Revenue for the quarter was $2.84 billion, flat with last year and just above the FactSet consensus of $2.82 billion. Inventories were up 9% compared with last year. About half of that was related to cold-weather product that has been positioned to fill second-half 2016 demand. The company reaffirmed its full-year revenue outlook, with estimates of a mid-single-digit percentage rate increase. VF Corp. shares are unchanged in premarket trading, but down 14.4% for the past year. The S&P 500 is down 1.5% for the last 12 months.

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