Author: admin

Shares of Verizon Communications Inc. rallied 1% in premarket trade Tuesday, as a revenue beat and a big expected benefit from tax-reform legislation helped offset a profit miss. Net earnings rose to $18.78 billion, or $4.56 a share, from $4.60 billion, or $1.10 a share, in the same period a year ago. Adjusted earnings per share, which included losses on special items and mark-to-market adjustments of pension and other benefit liabilities, came to 86 cents, which was below the FactSet consensus of 88 cents. Revenue rose to $34.0 billion from $32.34 billion, above the FactSet consensus of $33.2 billion. The telecommunications giant said its wireless business had a net increase of 1.2 million retail postpaid connections and net phone additions of 431,000. Total wireline revenue increased 0.1%, with total Fios revenue up 2.3%. For 2018, the company expects revenue to grow in the low-single-digit percentage range, while the FactSet consensus of $127.2 billion implies 1% growth over 2017 revenue of $126.03 billion. Verizon said tax-reform legislation will have a positive impact to cash flow from operations of about $3.5 billion to $4.0 billion, which will be used primarily to strengthen the balance sheet, but also for employee initiatives that will be announced later Tuesday. The stock has gained 2.0% over the past 12 months, while the Dow Jones Industrial Average has climbed 32%.

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

Procter & Gamble Co. reported fiscal second-quarter net income of $2.50 billion, or 93 cents per share, down from $7.88 billion, or $2.88 per share, for the same period last year. The decline is due to the divestiture of the beauty brands and a current period net income tax charge tied to the new tax reforms. The company took a provisional net charge of $628.0 million for the quarter, comprised of an estimated repatriation tax charge of $3.8 billion and a net deferred tax benefit of about $3.2 billion. Adjusted EPS was $1.19, ahead of the $1.14 FactSet consensus. Sales were $17.40 billion, up from $16.86 billion last year and above the $17.39 billion FactSet consensus. P&G maintained its “all-in” sales growth guidance of about 3% for fiscal 2018, but raised its adjusted EPS guidance from 5% growth to 7% growth versus 2017 adjusted EPS of $3.92. EPS is expected to decline 30%-to-32% from $5.59 in 2017 due to the beauty brands transaction, which completed in October 2016. The FactSet consensus is $4.17. P&G shares are down 1% in Tuesday premarket trading, but are up 5.3% for the last three months. The Dow Jones Industrial Average is up 12.6% for the past three 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.

…read more

From:: Stock Market News

Travelers Cos. Inc. shares rose 3% in premarket trade Tuesday after the company reported fourth-quarter profit and revenue beats in spite of charges related to devastating wildfires in California. Earnings for the latest quarter declined to $551 million, or $1.98 per share, from $943 million, or $3.28 per share in the year-earlier period. The results include a charge of $129 million related to the Tax Cuts and Jobs Act of 2017 and net realized investment gains of $70 million pre-tax, compared with $35 million in the year-earlier period, the company said. Travelers said its earnings-per-share also benefited from share buybacks, noting that its investment portfolio and strong balance sheet allowed it to return $549 million to shareholders in the latest quarter, including $351 million in share buybacks. Adjusted earnings-per-share were $2.28, compared with the FactSet consensus of $1.50 per share. Revenue rose to $7.45 billion from $7.19 billion, compared with the FactSet consensus of $6.30 billion. Travelers said that its catastrophe losses in the fourth-quarter relating to recent wildfires in California totaled $656 million pre-tax, which was partially offset by $157 million pre-tax related to third-quarter hurricanes. Travelers said that this was “a year of extremely high catastrophe losses for the industry,” adding that its strong financial results demonstrated “the value of our franchise and our consistent capital management strategy.” Travelers shares have risen 3.6% over the last three months, compared with a 10.5% rise in the S&P 500 and a 12.6% rise in the Dow Jones Industrial Average .

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

Shares of Johnson & Johnson rallied 1.0% in premarket trade Tuesday, after the health care and consumer products company reported fourth-quarter profit that beat expectations, and provided an upbeat outlook. The company swung to a net loss of $10.71 billion, or $3.99 a share, from earnings of $3.81 billion, or $1.38 a share, in the same period a year ago. Excluding non-recurring items, which included a charge related to recent tax legislation, adjusted earnings per share came to $1.74, above the FactSet consensus of $1.72. Revenue rose 11.5% to $20.20 billion, beating the FactSet consensus of $20.08 billion. Consumer revenue rose 3.1% to $3.54, just shy of the FactSet consensus of $3.56 billion, while pharmaceutical revenue grew 17.6% to $9.68 billion to top expectations of $9.66 billion and medical devices revenue increased 8.3% to $6.97 billion to beat expectations of $6.90 billion. For 2018, the company expects adjusted EPS of $8.00 to $8.20, above the FactSet consensus of $7.88, and projects revenue of $80.6 billion to $81.4 billion, compared with expectations of $80.7 billion. The stock has run up 30% over the past 12 months, while the Dow Jones Industrial Average has climbed 32%.

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

A magnitude 7.9 earthquake struck off the Gulf of Alaska early Tuesday, prompting tsunami watches for parts of the U.S. West Coast. The earthquake struck 174 miles southeast of Kodiak City, Alaska, at 1.31 a.m. Pacific time, or 9:31 a.m. GMT, at a depth of 15 miles (25 kilometers), according to the U.S. Geological Survey. The first readings of the earthquake came in at 8.0 and 8.2, respectively. Tsunami watches were in effect for Hawaii, the coasts of Washington state and British Colombia, and the coasts of California and Mexico, according to the U.S. Tsunami Warning System.

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

Neil Diamond has been diagnosed with Parkinson’s disease and will retire from touring, the legendary singer announced on his website Monday night. Diamond had been performing in Australia and New Zealand a part of his 50th anniversary tour. On the recommendation of this doctors, his retirement is effective immediately, with the remainder of his tour dates canceled. “It is with great reluctance and disappointment that I announce my retirement from concert touring,” Diamond said in a statement. “I have been so honored to bring my shows to the public for the past 50 years. My sincerest apologies to everyone who purchased tickets and were planning to come to the upcoming shows. I plan to remain active in writing, recording and other projects for a long time to come.” Diamond, known for songs such as “Sweet Caroline” and “Forever in Blue Jeans,” will turn 77 on Wednesday.

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

President Donald Trump signed a bill Monday night ending the three-day-old government shutdown. The temporary measure, passed by the Senate and House earlier in the day, gives Congress 17 more days to negotiate an immigration package. Federal workers who were furloughed Monday will return to work Tuesday. The bill funds the Children’s Health Insurance Program for six years, but does not include protections for so-called Dreamers. As part of a compromise, Senate Democrats agreed to the bill in exchange for Majority Leader Mitch McConnell’s promise to take up the issues of immigration and DACA protections by Feb. 8.

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

Shares of First Solar Inc. jumped 8% late Monday after news that President Donald Trump has approved trade protections on imported solar panels and modules as well as imported washing machines for home use. The solar tariffs are approved for the next four years, with a 30% tariff on the first year diminishing to 15% by year four. U.S. trade representatives will discuss “among interested parties” measures that could lead to a “positive resolution” of the separate antidumping and countervailing duty measures imposed on Chinese solar products, the government said. Chinese-based companies dominate the solar-panel industry. For washers, the tariffs, imposed over three years, start at 20% for the first 1.2 million units of imported finished washers and 50% of all subsequent imports on year one. Shares of Whirpool rose 1.8% in late trading Monday.

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