Category: Stock Market News

Sears Holdings Corp. said Tuesday that its Cyber Monday sales event will begin a day early, on Sunday, and last a day longer, through Tuesday. The department store chain said it will offer online-only discounts on an extensive line of products, and will provide same-day or next day service in some cases. Sears’ announcement comes a day after Wal-Mart Stores Inc. said it was beginning its Cyber Monday sales event three days early on Friday. Sears’ stock, which was still inactive in premarket trade, has tumbled 39% year to date, while the SPDR S&P Retail ETF has gained 5.3% and the S&P 500 has climbed 7.6%.

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Alaska Air Group Inc. unit Alaska Airlines said Tuesday it will offer savings deals starting Sunday as part of its Cyber Monday promotion. The sale will being at 5 p.m. Pacific Time on Sunday on its website. Shares were not yet active in premarket trade, but are down 2.2% in the year so far, while the S&P 500 has gained 7.6%.

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Dollar Tree Inc. shares rose 6% in premarket trade, after the company reported better-than-expected profit for its third quarter. The retailer said it had net income of $171.6 million or 72 cents a share, up from $81.9 million, or 35 cents a share, in the year-earlier period. Earnings include a 9 cents expense for debt refinancing. The FactSet consensus was for EPS of 78 cents. Sales rose 1.1% to $5.00 billion, compared with a FactSet consensus of $5.064 million. Same-store sales adjusted for the impact of the Canadian dollar rose 1.8%, above the FactSet consensus for a rise of 1.4%. The company said it expects fourth-quarter sales to range from $5.59 billion to $5.69 billion, compared with a current FactSet consensus of $5.597 billion. EPS is expected to range from $1.24 to $1.33, wrapping around the current FactSet consensus of $1.29. Shares had gained 6.2% in the year so far, while the S&P 500 has gained 7.6%.

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Campbell Soup Co. said Tuesday it had net income of $292 million, or 94 cents a share, in its first fiscal quarter to Oct. 30, down from $194 million, or 62 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.00, ahead of the FactSet consensus of 95 cents. Sales edged down to $2.202 billion from $2.203 billion, but were also ahead of the FactSet consensus of $2.198 billion. “As expected, organic sales were down slightly compared to the prior year, due to the performance of Campbell Fresh,” Chief Executive Denise Morrison said in a statement. “Campbell Fresh continues to rebuild capacity for Bolthouse Farms Protein PLUS drinks following a voluntary recall last quarter, and remains focused on working to regain lost carrot customers over time with improved quality.” The company said it still expects full-year sales to be flat to up 1%, and adjusted per-share earnings to rise 2% to 5%. Shares were not yet active in premarket trade, but are up 4.7% in the year so far, while the S&P 500 has climbed 7.6%.

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Shares of Medtronic PLC’s tumbled 5.7% in premarket trade Tuesday toward a 5 1/2-month low, after the medical technology company reported fiscal second-quarter sales that missed expectations and cut its profit outlook. Earnings for the quarter to Oct. 28 rose 114% to $1.12 billion, or increased 122% on a per-share basis to 80 cents. Adjusted earnings per share came to $1.12, above the FactSet consensus of $1.11. Revenue increased 4% to $7.35 billion, missing the FactSet consensus of $7.45 billion. The company’s press release did not include a table with year ago results. “We faced issues that affected our growth, including slower than expected revenue as we await new product introductions, particularly in CVG and diabetes,” said Chief Executive Omar Ishrak. He said some of the challenges that affected second-quarter revenue could persist in the near term. As a result, the company cut its full fiscal year adj. EPS outlook to $4.55 to $4.60 from $4.60 to $4.70. The stock has gained 4.8% year to date through Monday, while the SPDR Health Care Select Sector ETF has lost 2.9% and the S&P 500 has climbed 7.6%.

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Dr. Pepper Snapple Group Inc. announced Tuesday a deal to buy premium antioxidant infused beverage company Bai Brands for $1.7 billion in cash. The beverage company said the purchase price includes a $400 million tax benefit. The company expects the acquisition to add 132 million to 2017 sales expectations, reduce 2017 earnings by 3 cents a share then added to earnings in 2018. “Bai has contributed greatly to our allied brand lineup since we began distributing it broadly in 2013,” said Chief Executive Larry Young. “Adding it to the broad range of choices and options in our company-owned portfolio is a natural next step.” Dr. Pepper’s stock, which was still inactive in premarket trade, has declined 8.5% year to date while the S&P 500 has gained 7.6%.

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Hormel Foods Corp. reported Tuesday fiscal fourth-quarter earnings that rose to $243.9 million, or 45 cents a share, from $187.2 million, or 35 cents a share, in the same period a year ago. That matched the FactSet consensus for earnings per share of 45 cents. The packaged foods company said revenue for the quarter to Oct. 30 increased to $2.63 billion from $2.40 billion, beating the FactSet consensus of $2.62 billion, as better-than-expected sales from refrigerated foods, grocery products and specialty products offset a miss for Jennie-O Turkey Store. For fiscal 2017, the company expects adjusted EPS of $1.68 to $1.74, above the FactSet consensus of $1.67, aided by favorable grain prices for its Jennie-O Turkey Store business and continued low input costs in refrigerated foods. The stock, which was still inactive in premarket trade, has dropped 12% year to date, while the S&P 500 has gained 7.6%.

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Six children were killed and 23 injured when a school bus crashed into a tree in Chattanooga, Tenn., on Monday afternoon. The bus was carrying 35 students, ranging from kindergarten to fifth grade, when it crashed around 3:30 p.m. The bus turned onto its side, and its roof wrapped around a tree. Chattanooga Police Chief Fred Fletcher called the crash “every public safety professional’s worst nightmare,” and noted that “speed is being investigated very, very strongly as a factor.” The National Transportation Safety Board said it will investigate the crash.

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Ally Financial Inc. said late Monday it has settled a federal probe into its residential mortgage-backed securities business for $52 million. Ally said the settlement resolves “all outstanding investigations and potential claims” by the Department of Justice into Ally’s former mortgage unit Residential Capital LLC. The company said it reserved the full amount for the settlement in the third quarter. Ally shares were unchanged at $19.47 after hours.

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Hormel Foods Corp. said late Monday it will increase its annual dividend by 17% to 68 cents a share. Its board of directors authorized the first quarterly dividend of 17 cents a share to be paid on Feb. 15 to shareholders of record Jan. 17. Shares of the Austin, Minn., food company rose 0.2% in late trading after ending the regular trading day down 1.8%. Hormel earlier Monday had announced it was selling Clougherty Packing LLC, parent company of Farmer John and others, to Smithfield Foods Inc. for $145 million.

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