Category: Stock Market News

LogMeIn Inc. shares fell more than 5% in the extended session Thursday after the company missed revenue expectations and issued weaker-than-expected first-quarter guidance. The company reported fourth-quarter net income of $93.3 million, or $1.74 a share, compared with $1.9 million, or 7 cents a share, in the year-ago period. Adjusted earnings were $1.20 a share. Revenue rose to $279.9 million from $88 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $1.17 a share on revenue of $277.6 million. For the first quarter, analysts model adjusted earnings of $1.10 a share on sales of $279 million. The company said it expects earnings of $1.17 to $1.18 a share on revenue of $276 million to $277 million. LogMeIn stock has gained 40% in the past year, with the S&P 500 index rising 15%.

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Shares of Wendy’s Co. rose in Thursday’s extended session after the fast-food company said it will raise its quarterly dividend by 21% to 8.5 cents. The dividend will be paid on March 15 to shareholders of record as of March 1. The board also approved a stock buyback plan of up to $175 million that will expire in March 2019. Wendy’s shares gained 1.8% after hours.

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China’s holdings of U.S. government paper rose the most in seven years last year, according to recently published data from the widely-watched Treasury International Capitol Report. The second-largest economy’s stockpile of Treasurys climbed more than $120 billion in 2017 to $1.185 trillion as of December. As pressure on the yuan abated last year, it began to accumulate U.S. government paper. The People’s Bank of China buys Treasurys, a mainstay of its foreign-exchange reserves, to stabilize the currency . Earlier in January, reports suggested the Chinese government would diversify away from U.S. bonds amid a flare-up in its trade relations. The reports were later refuted, but underlined bond investors’ concerns the U.S. was ramping up issuance of debt at a time when its largest foreign holder appeared unwilling to absorb this increase in supply.

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Shake Shack Inc. shares were volatile in the extended session Thursday after the fast-food chain topped Wall Street estimates on earnings but offered a weak-than-expected outlook. Shake Shack shares, which had risen by as much as 5%, traded between gains and losses and were last up 2.4% after hours. The company reported a fourth-quarter loss of $14.4 million, or 55 cents a share, compared with net income of $3.9 million, or 15 cents a share, in the year-ago period. Adjusted earnings, excluding charges from the U.S. tax overhaul, were 10 cents a share. Revenue rose to $96.1 million from $73.3 million in the year-ago period. Analysts surveyed by FactSet had estimated 6 cents a share on revenue of $92.8 million. For the year, Shake Shack sees revenue of $444 million to $448 million. Analysts expect revenue of $459 million.

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Following an investigation into claims of sexual harassment, Amazon.com Inc.’s Amazon Studios has decided that Jeffrey Tambor will not return to the Emmy- and Golden Globe-winning show “Transparent,” according to media reports. Amazon representatives did not immediately respond to requests for comment. In the wake of sexual harassment allegations against Tambor in November the 73-year-old actor said, “I don’t see how I can return to ‘Transparent’.” The future of the show is unclear, but Amazon renewed “Transparent” for a fifth season back in August. Shares of Amazon are up 97% in the last 12 months, while the S&P 500 index is up more than 16% and the Dow Jones Industrial Average is up nearly 21%.

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CBS Corp. class B stock rose 2.1% in the extended session Thursday after the company beat earnings expectations. The company reported fourth-quarter net losses of $42 million, or 10 cents a share, compared with losses of $113 million, or 27 cents a share, in the year-ago period. Adjusted earnings were $1.20 cents a share. Revenue rose to $3.92 billion from $3.52 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $1.14 a share on revenue of $3.71 billion. For the first quarter, analysts model adjusted earnings of $1.30 on sales of $3.54 billion. CBS class B stock has fallen 13% in the past year, as the S&P 500 index rose 15%.

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Roche Holding AG said Thursday it agreed to acquire all the shares of Flatiron Health Inc. for $1.9 billion. New York City-based Flatiron has raised $313 million in funding from such investors as Alphabet Inc.’s Google Ventures and Roche, according to Crunchbase. Flatiron specializes in electronic health record software for cancer patients and research. Roche already owns 12.6% of Flatiron. Roche expects to close the transaction in the first half of 2018. Roche U.S. shares rose 1.2% in recent activity.

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President Trump’s former chief strategist, Steve Bannon, has been interviewed several times in the past week by the special counsel looking into Russian influence on the 2016 election, NBC News reported. Special Counsel Robert Mueller is also probing whether the Trump campaign colluded with the Russians. Bannon left the White House last year and fell out of favor with Trump after critical remarks he made about the president and his family in the book “Fire and Fury.” Bannon reportedly had been questioned by Mueller’s team for 20 hours. Bannon previously denied the White House colluded with Russia, but he blamed Donald Trump Jr. for meeting with a Russian lawyer claiming to have negative information on Hillary Clinton.

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The Senate rejected a bipartisan immigration bill that didn’t include money for President Donald Trump’s proposed border wall. The measure needed 60 votes to advance and got only 52. The bill from Sens. John McCain, an Arizona Republican, and Chris Coons, a Delaware Democrat, would provide a path to citizenship for more than 1.8 million Dreamers. The Senate is debating four different immigration proposals on Thursday.

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Oil futures settled higher Thursday, reversing earlier losses, as dollar weakness continued. West Texas Intermediate crude for March delivery on the New York Mercantile Exchange rose 74 cents, or 1.2%, to close at $61.34 a barrel. A weaker dollar can be positive for commodities priced in the currency, making them cheaper to users of other currencies.

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