Author: admin

Pinnacle Foods Inc. said it named Mark Clouse as its chief executive officer, effective May 23, to replace current CEO Bob Gamgort, who is leaving the company at the end of April. Clouse is currently the chief commercial officer at Mondelez Interational Inc. . Pinnacle, which brands include Vlasic, Wish-Bone dressings, Mrs. Butterworth’s and Birds Eye Frozen, said Chief Financial Officer Craig Steeneck will assume the role of interim CEO after Gamgort leaves through May 22. Pinnacle affirmed its 2016 adjusted earnings-per-share outlook of $2.08 to $2.13, which surrounds the FactSet consensus of $2.11. The stock, which was still inactive in premarket trade, has gained 3.8% year to date, while the S&P 500 has tacked on 2.3%.

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

Arianna Huffington, co-founder of The Huffington Post, has joined the board of ride-hailing service Uber, the company’s CEO Travis Kalanick said Wednesday. Kalanick said he choose Huffington due to her leadership and “ability to tell stories.”It’s Arianna’s emotional intelligence that I am most excited to learn from,” Kalanick said in a press release. Existing Uber board members include investor Bill Gurley and David Plouffe, formerly a senior White House advisor.

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

International Paper Co. reported Wednesday first-quarter earnings that rose to $334 million, or 81 cents a share, from $313 million, or 74 cents a share, in the same period a year ago. Operating earnings per share fell to 80 cents from 87 cents. The FactSet EPS consensus was 69 cents. Revenue fell to $5.11 billion from $5.52 billion, compared with the FactSet consensus of $5.20 billion, amid bigger-than-expected declines in industrial and consumer packaging sales. “Demand outlook is positive and we remain focused on productivity improvements, allocating capital to high return investments and generating free cash flow,” said Chief Executive Mark Sutton. The stock, which was still inactive in premarket trade, has run up 15% year to date, while the S&P 500 has gained 2.3%.

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

United Technologies Corp. said Wednesday it had net income of $1.19 billion, or $1.42 a share, in the first quarter, down from $1.43 billion, or $1.53 a share, in the year-earlier quarter. Adjusted per-share earnings to exclude restructuring charges came to $1.47, ahead of the FactSet consensus of $1.39. Sales rose to $13.4 billion from $13.3 billion, also ahead of the FactSet consensus of $13.2 billion. Looking ahead, the company said it still expects full-year adjusted EPS of $6.60 to $6.80, on sales of $56 billion to $58 billion. The FactSet consensus is for full-year EPS of $6.50 and sales of $57 billion. United Tech said it will buy back $3 billion of shares in 2016, beyond the repurchases to be completed under a previously announced $6 billion accelerated buyback program. The company has set aside $1 billion to $2 billion for acquisitions. Shares were not yet active in premarket trade, but are up 9% in the year so far, while the Dow Jones Industrial Average has gained just 3%.

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

J.C. Penney Co. Inc. said Tuesday that it will add 60 new Sephora Inside J.C. Penney locations, including a flagship opening in the fall in Salinas, CA. Most of the new locations will be open by June 17, with nearly half to launch April 29. The openings are timed to take advantage of the back-to-school and holiday shopping seasons, J.C. Penney said in a release. Sephora has had stores inside J.C. Penney for a decade and will be in nearly 600 J.C. Penney’s 1,000 stores. The partnership increases revenue per customer, J.C. Penney said, and positively impacts the entire store’s performance. The new flagshp will be one of the biggest at 3,000 square feet. J.C. Penney shares are up 0.1% in after-hours trading, and up 42.5% for the year so far. The S&P 500 is up 2.3% for the year to date.

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

Chipotle Mexican Grill Inc. shares fell 3% in after-hours Tuesday trading after it reported same-store sales that fell below estimates. The Mexican fast-casual chain said it had net loss of $26.4 million, or 88 cents per share in the first quarter, down from net income of $122.6 million, or $3.88 per share last year. The FactSet consensus was a loss of 98 cents per share. Sales totaled $834.5 million, down from $1.1 billion last year and below the FactSet consensus of $868 million. The company said the sales miss was driven by a 29.7% decrease in same-store sales, partially offset by new restaurant openings. Same-store sales declined largely as a result of a decrease in both transactions and, to a lesser degree, a decline in average check size. Chipotle has struggled to recover after illness outbreaks in late 2015. Chipotle shares are down 30.1% for the past year, while the S&P 500 is down 1.2% 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

Chipotle Mexican Grill Inc. shares fell 3% in after-hours Tuesday trading after it reported same-store sales that fell below estimates. The Mexican fast-casual chain said it had net loss of $26.4 million, or 88 cents per share in the first quarter, down from net income of $122.6 million, or $3.88 per share last year. The FactSet consensus was a loss of 98 cents per share. Sales totaled $834.5 million, down from $1.1 billion last year and below the FactSet consensus of $868 million. The company said the sales miss was driven by a 29.7% decrease in same-store sales, partially offset by new restaurant openings. Same-store sales declined largely as a result of a decrease in both transactions and, to a lesser degree, a decline in average check size. Chipotle has struggled to recover after illness outbreaks in late 2015. Chipotle shares are down 30.1% for the past year, while the S&P 500 is down 1.2% 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