Synnex shares fall as earnings outlook misses Street view

Synnex Corp. shares fell in the extended session Thursday after the business process services company’s earnings outlook fell short of Wall Street estimates. Synnex shares fell 8% after hours, following a 3.5% gain to close at $118.40 in the regular session. For the second fiscal quarter, Synnex estimates adjusted earnings of $2.25 to $2.35 a share on revenue of $4.58 billion to $4.78 billion. Analysts expect earnings of $2.41 a share on revenue of $4.75 billion. The company reported fiscal first-quarter net income of $24.4 million, or 61 cents a share, compared with $61.8 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $2.14 a share. Revenue rose to $4.55 billion from $3.52 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.11 a share on revenue of $4.47 billion.

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

Synnex shares fall as earnings outlook misses Street view

Synnex Corp. shares fell in the extended session Thursday after the business process services company’s earnings outlook fell short of Wall Street estimates. Synnex shares fell 8% after hours, following a 3.5% gain to close at $118.40 in the regular session. For the second fiscal quarter, Synnex estimates adjusted earnings of $2.25 to $2.35 a share on revenue of $4.58 billion to $4.78 billion. Analysts expect earnings of $2.41 a share on revenue of $4.75 billion. The company reported fiscal first-quarter net income of $24.4 million, or 61 cents a share, compared with $61.8 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $2.14 a share. Revenue rose to $4.55 billion from $3.52 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.11 a share on revenue of $4.47 billion.

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

Under Armour discloses MyFitnessPal data breach

Under Armour Inc. said late Thursday it has detected a data breach in MyFitnessPal user accounts. The breach did not include government-issued identifiers, such as Social Security numbers and driver’s license numbers, which the company does not collect from users, or credit-card data, which is processed separately, Under Armour said. About 150 million user accounts were affected, the company said. “The investigation indicates that the affected information included usernames, email addresses, and hashed passwords — the majority with the hashing function called bcrypt used to secure passwords,” the company said. Shares of Under Armour were flat in late trading after ending the regular session up 0.1%.

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

Under Armour discloses MyFitnessPal data breach

Under Armour Inc. said late Thursday it has detected a data breach in MyFitnessPal user accounts. The breach did not include government-issued identifiers, such as Social Security numbers and driver’s license numbers, which the company does not collect from users, or credit-card data, which is processed separately, Under Armour said. About 150 million user accounts were affected, the company said. “The investigation indicates that the affected information included usernames, email addresses, and hashed passwords — the majority with the hashing function called bcrypt used to secure passwords,” the company said. Shares of Under Armour were flat in late trading after ending the regular session up 0.1%.

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

Dow’s 350-point jump powered by rallies in Boeing, UnitedHealth and Apple’s stocks in afternoon trade

The Dow Jones Industrial Average marked fresh session highs Thursday afternoon, with markets closed in observance of Good Friday tomorrow, as components Apple Inc. and Boeing staged a late-morning rally. The Dow was most recently up 346 points, or 1.5%, at 24,194. Apple and Boeing Co. were delivering a roughly 80-point jolt to the price-weighted average. Shares of Microsoft Corp. also gained amid reports that it was undergoing a major reorganization. Technology shares have been under pressure for much of the abbreviated trading week, on the heels of worries surrounding Facebook Inc.’s handling of user data. However, Facebook’s shares [: FB] were rebounding up 4.5% on the day, underscoring a recovery for the sector which has seen some of its most prominent names tumble. The technology-laden Nasdaq Composite Index was up 1.9% at 7,080, while the S&P 500 index rallied 1.5% at 2,644. All three benchmarks were on track to book weekly gains. For the Dow, shares of UnitedHealth Group Inc. , up 2%, and Boeing Co. were helping lift the blue chips.

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

Amazon’s market cap falls behind Microsoft’s into 4th place

Amazon.com Inc. has lost its hold as the third-most valuable U.S. company by market capitalization, as the recent selloff in the e-commerce giant’s stock has knocked it below Microsoft . Amazon’s stock fell 1.4% in midday trade, with its market cap falling to $684.3 billion from $693.4 billion, while Microsoft’s stock rose 0.6% to lift its market cap to $692.4 billion from $688.3 billion. Amazon’s stock has tumbled 9.2% amid a three-session losing streak, weighed by President Trump’s criticism of the company. That selloff has shaved $69.3 billion off Amazon’s market cap. Over the same time, Microsoft’s market cap has lost $29.6 billion. The companies are still behind second-place Alphabet Inc. at $717.9 billion and Apple Inc. at $860.5 billion. Amazon shares have still climbed 21% over the past three months while Microsoft’s stock has gained 5.1% and the Dow Jones Industrial Average has lost 2.6%.

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

All 11 sectors of the S&P 500 in positive territory in afternoon trade

The S&P 500 index was trading near session highs Thursday afternoon, with all 11 of its sectors trading in the green. The broad-market index was up 1.2% at 2,636, with gains in the energy sector and technology leading the way higher. Technology shares have been under assault throughout the week, highlighted by sharp weekly declines in Facebook Inc. and Amazon.com Inc. , some of the internet and social-media highfliers. Those companies were slumping due to a slew of negative news stories and the threat of increased governmental scrutiny. The Dow Jones Industrial Average was up 1.2% at 24,136, while the tech-centric Nasdaq Composite Index rose 1.2% at 7,031. All three equity benchmarks are attempting to halt a two-session slide.

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

Snap stock falls after Bloomberg reports of job cuts on advertising team

Shares of Snap Inc. are down 0.3% in Thursday trading after Bloomberg reported that the company was cutting about 100 workers, after cutting more than 100 engineers earlier in March. The latest round of cuts will be focused on the advertising team, Bloomberg said. “Late last year we asked senior leaders across Snap to look closely at their teams to ensure they had the right resources and organizations to support their missions,” Snap’s chief strategy officer Imran Khan said in a statement provided to Bloomberg. “Tighter integration and closer collaboration between our teams is a critical component of sustainably growing our business.” Snap didn’t immediately respond to MarketWatch’s request for comment. The company is in the midst of transitioning to self-serve ad buying. Snap shares are down 30% over the past 12 months, while the S&P 500 has gained 11%.

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

Tesla bull lowers price target to $420 from $500, citing Model 3 production issues

Instinet analyst Romit Shah, formerly the biggest Tesla Inc. bull on Wall Street, lowered his price target on Tesla shares to $420 from $500 on Thursday. Shares are down 1.6% in Thursday morning trading. The lowered target reflects “Model 3 production constraints that have lingered beyond our initial expectations,” as well as reduced multiples for other major tech names, including Amazon.com Inc. , Facebook Inc. , Apple Inc. , and Nvidia Corp. . The new target also takes into account “a forecasted $3 billion capital raise at $250 per share (7% dilutive to current share count).” Shah maintained his buy rating on the stock, partly due to the “inferior competitive landscape” for electronic vehicles. Shares of Tesla are down 9% over the past 12 months, while the S&P 500 has gained 11%.

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

GoPro stock falls after company unveils new budget action camera

Shares of GoPro Inc. are down 0.4% in premarket trading Thursday after the company announced a new entry-level action camera. The $199 Hero camera has a two-inch touchscreen display and is waterproof up to 30 feet. The camera is available today. GoPro’s head of product said in a release that the Hero is intended “for people looking to share experiences beyond what a phone can capture.” GoPro shares are down 45% over the past 12 months, while the S&P 500 has gained 10%.

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