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Corning Inc. shares ticked higher in the extended session Wednesday after the glass and ceramics maker’s board authorized a new share repurchase program. Corning shares rose 0.7% to $24.75 after hours. The company said its board approved up to $4 billion in share buybacks.
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Tax preparer and tax software developer H&R Block Inc. late Wednesday reported a fiscal second-quarter per-share loss in line with Wall Street expectations and sales above forecasts. H&R Block said it lost a net $143 million in the quarter, or 68 cents a share, flat compared to the year-ago period. Per-share earnings from continuing operations were 67 cents in the quarter. Revenue rose to $131 million, from $128 million a year ago. Analysts polled by FactSet had expected an adjusted loss of 68 cents a share on sales of $127 million. The company usually reports a second-quarter loss due to the seasonality of its tax business, and the quarter represents less than 5% of its annual revenues, H&R Block said. Shares rose more than 5% in late trading after ending the regular session up 2.9%.
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Donald Trump will nominate former WWE chief executive Linda McMahon to head the Small Business Administration, the president-elect’s transition team said Wednesday. McMahon co-founded the entertainment company, which focuses on professional wrestling, and ran unsuccessfully for Senate from Connecticut in 2010.
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Costco Wholesale Corp. boosted profit in its fiscal first quarter, the company announced Wednesday. Costco reported net income of $545 million, or $1.24 a share, on revenue of $28.1 billion. Profit increased 13.5% from last year, while net sales gained 3%. Analysts polled by FactSet expected profit of $1.19 a share on revenue of $28.3 billion. Costco shares, which gained 1.9% to $153.85 in Wednesday’s trading session, declined about 1% in after-hours trading.
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Shares of Lululemon Athletica Inc. soared in Wednesday’s extended session after the yoga apparel company posted better-than-expected earnings and announced a new buyback plan. Lululemon reported its third-quarter earnings rose to $68.3 million, or 50 cents a share, from $53.2 million, or 38 cents a share, a year earlier. Excluding certain items, Lululemon would have earned 47 cents a share. Revenue grew 13% to $544.4 million and total comparable sales, which include both store and direct-to-consumer sales, rose 7%. Analysts surveyed by FactSet had forecast the yoga-wear maker to earn 43 cents a share on revenue of $541 million. In the fourth quarter, the company expects earnings per share of 96 cents to $1.01 and revenue in a range of $765 million to $785 million. Wall Street is expecting EPS of $1 and revenue of $788 million. The company’s board also approved a new share repurchase program of up to $100 million. Lululemon shares surged 10% after hours.
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Oil futures fell Wednesday to settle below $50 a barrel for the first time in a week. Data revealed that U.S. crude supplies fell for the week ended Dec. 2, but some analysts attributed the change to the declines usually seen at year end as companies attempt to cut their taxes on onshore crude stockpiles. Supplies of gasoline and distillates also climbed more than expected. January West Texas Intermediate crude fell $1.16, or 2.3%, to settle at $49.77 a barrel on the New York Mercantile Exchange, the lowest settlement since Nov. 30, according to FactSet data.
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Gold futures settled higher Wednesday after two consecutive sessions of declines. A retreat in the U.S. dollar helped buoy demand for the dollar-denominated metal ahead of next week’s U.S. Federal Reserve decision on interest rates. Analysts also kept an eye on the potential demand impact of the Shariah Gold Standard. The Standard, which offers guidance in gold investing that adheres to religious laws governing members of Islam, was announced earlier this week. February gold rose $7.40, or 0.6%, to settle at $1,177.50 an ounce.
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The Dow Jones Transportation Average on Wednesday traded its best intraday level in more than two years, when it last reached a record high. The Dow transports touched an intraday level of 9,260.77, and were last up 1.3% at just under 9,260. Back in late November 2014, the Dow transports hit an intraday record of 9,310.22, according to FactSet data. For its part, the Dow Jones Industrial Average also touched an intraday record of Wednesday, and was last up 0.5% at 19,342.
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The U.S. Energy Information Administration reported Wednesday that domestic crude supplies fell, but inventories of gasoline and distillates climbed more than expected. Crude stockpiles fell by 2.4 million barrels for the week ended Dec. 2. The American Petroleum Institute late Tuesday reported a decline of 2.2 million barrels, according to sources, while analysts polled by S&P Global Platts expected a fall of 1.7 million barrels. Gasoline supplies climbed by 3.4 million barrels and distillate stockpiles rose 2.5 million barrels, according to the EIA. The S&P Global Platts survey forecast much smaller increases of 900,000 barrels for gasoline and 100,000 barrels for distillates. January crude was down $1, or 2%, to $49.93 a barrel on the New York Mercantile Exchange, down from $50.41 right before the data.
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The Canadian dollar strengthened while Canadian bond yields ticked lower on Wednesday after The Bank of Canada left its benchmark interest rate unchanged at 0.5%. In a brief policy statement, the central bank said the Canadian economy is growing in line with expectations, though exports — highlighted by the central bank as a key driver of growth — have continued to disappoint. The central bank said that growth was robust in the third quarter, following a weak first half, though it expects the pace of growth to moderate in 2017. One U.S. dollar bought C$1.3268 in recent trade, down 0.1% from C$1.3284 late Tuesday. The yield on the 10-year Canadian government bond fell 3.5 basis points to 1.596%.
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