Category: Stock Market News

AmerisourceBergen Corp. said Thursday it will raise its quarterly dividend by 7% to 36.5 cents a share from 34 cents. The new dividend will be payable Dec. 5 to shareholders of record on Nov. 21. The drug sourcing and distribution company’s stock rallied 4.1% to $78.69 in morning trade. Based on that price, the new annual dividend rate would imply a dividend yield of 1.86%, compared with the aggregate S&P 500 dividend yield of 2.13%, according to FactSet. AmerisourceBergen’s stock has tumbled 24% year to date, while the S&P 500 has gained 6.6%.

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The Dow Jones Industrial Average hit a record high as stocks rallied for a fourth session as investors hold out hope that Donald Trump’s presidency will focus on traditional Republican policy objectives like tax cuts. The blue-chip gauge gained 115 points, or 0.6%, to 18,708. The S&P 500 gained 10 points, or 0.5%, to 2,173. The Nasdaq Composite Index advanced 30 points, or 0.6%, to 5,280.

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Macy’s Inc. shares fell 0.7% in Thursday premarket trading after the retailer reported third-quarter earnings that missed estimates. Net income was $15 million, or 5 cents per share, down from $117 million, or 36 cents per share, for the same period last year. Adjusted earnings per share were 17 cents, missing the 41-cent FactSet consensus. Revenue was $5.63 billion, down from $5.87 billion last year, but in line with the FactSet consensus. Same-store sales for stores on an owned-plus-license basis were down 2.7%, and same-store sales for stores on an owned basis were down 3.3%. The FactSet estimate was a decline of 2.8%. The retailer expects full-year 2016 same-store sales on an owned-plus-license basis to decline in the range of 2.5% to 3%, and it continues to expect EPS in the range of $3.15 to $3.40. The FactSet consensus is for a 3% same-store sales decline and EPS of $3.37. Macy’s announced a strategic alliance with Brookfield Asset Management, an alternative asset manager, giving Brookfield the exclusive right to create a “pre-development plan” for each of Macy’s real estate assets, a total of about 50, for up to 24 months. Additional assets could be added. The goal is to “realize the development potential of the Macy’s portfolio,” the company said in a statement. Macy’s has also signed contracts to sell its 248,000-square-foot Union Square Men’s building in San Francisco for $250 million, and to sell its downtown Portland, Ore. store for $54 million. The Union Square deal is expected to close Jan. 2017 and the company expects to recognize a gain of about $235 million in Jan. 2018. The Portland deal is expected to close in the fourth quarter of 2016 at which time the company will see a gain of about $36 million. Macy’s shares are up 9.7% for the year so far while the S&P 500 Index is up 5.8% for the same period.

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Shares of Ralph Lauren Corp. hiked up 2.6% in premarket trade, after the apparel and accessories seller reported fiscal second-quarter profit and sales that beat expectations. Earnings for the quarter to Oct. 1 fell to $45 million, or 55 cents a share, from $160 million, or $1.86 a share, in the same period a year ago. Excluding non-recurring items, such as one-time restructuring charges, adjusted earnings per share came to $1.90, above the FactSet consensus of $1.71. Revenue fell to $1.82 billion from $1.92 billion, but beat the FactSet consensus of $1.81, as better-than-expected retail revenue offset less-than-expected wholesale and licensing revenue. For the fiscal third quarter, revenue is expected to decline in the low-double-digit to low-teens percentage range, while the FactSet consensus of $1.71 billion implies a 12% decline. The company expects its fiscal 2017 restructuring plan to result in charges of $400 million, and cost savings of $180 million to $220 million. The stock has dropped 8.4% year to date through Wednesday, while the SPDR Consumer Discretionary Select Sector ETF has gained 1.1% and the S&P 500 has climbed 5.8%.

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Macy’s Inc. shares fell 0.7% in Thursday premarket trading after the retailer reported third-quarter earnings that missed estimates. Net income was $15 million, or 5 cents per share, down from $117 million, or 36 cents per share, for the same period last year. Adjusted earnings per share were 17 cents, missing the 41-cent FactSet consensus. Revenue was $5.63 billion, down from $5.87 billion last year, but in line with the FactSet consensus. Same-store sales for stores on an owned-plus-license basis were down 2.7%, and same-store sales for stores on an owned basis were down 3.3%. The FactSet estimate was a decline of 2.8%. The retailer expects full-year 2016 same-store sales on an owned-plus-license basis to decline in the range of 2.5% to 3%, and it continues to expect EPS in the range of $3.15 to $3.40. The FactSet consensus is for a 3% same-store sales decline and EPS of $3.37. Macy’s announced a strategic alliance with Brookfield Asset Management, an alternative asset manager, giving Brookfield the exclusive right to create a “pre-development plan” for each of Macy’s real estate assets, a total of about 50, for up to 24 months. Additional assets could be added. The goal is to “realize the development potential of the Macy’s portfolio,” the company said in a statement. Macy’s has also signed contracts to sell its 248,000-square-foot Union Square Men’s building in San Francisco for $250 million, and to sell its downtown Portland, Ore. store for $54 million. The Union Square deal is expected to close Jan. 2017 and the company expects to recognize a gain of about $235 million in Jan. 2018. The Portland deal is expected to close in the fourth quarter of 2016 at which time the company will see a gain of about $36 million. Macy’s shares are up 9.7% for the year so far while the S&P 500 Index is up 5.8% for the same period.

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Adobe Systems Inc. said Thursday it has agreed to acquire TubeMogul Inc. in a deal valued at about $540 million net of debt and cash. TubeMogul is a video advertising platform that allows brands and agencies plan and buy ads across desktops, mobile devices, streaming devices and TV. Adobe will pay $14 per TubeMogul share and expects to close the deal in the first quarter of 2017. “Whether it’s episodic TV, indie films or Hollywood blockbusters, video consumption is exploding across every device and brands are following those eyeballs,” said Brad Rencher, executive vice president and general manager, digital marketing, at Adobe. The company is expecting the deal to be neutral to non-GAAP earnings in 2017. TubeMogul shares were halted for the news, while Adobe shares were not yet active. They have gained 15% in the year so far, while the S&P 500 has gained 5.8%.

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Shares of SodaStream International Ltd. shot up 12% in premarket trade Wednesday, putting them on track to open at the highest level since September 2014, after the sparkling water brand company beat third-quarter profit and sales expectations. Earnings for the quarter to Sept. 30 rose to $14.9 million, or 69 cents a share, from $2.2 million, or 11 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 24 cents. Revenue grew 13% to $124.2 million from $110.0 million, above the FactSet consensus of $116.5 million, with Western Europe sales rising 9% to $68.5 million and Americas sales increasing 14% to $26.2 million. “Our top-line performance included a 23% increase in sparkling water maker unit sales to 788,000, our highest quarterly figure in nearly two years, underscoring the growing strength of our business,” said Chief Executive Daniel Birnbaum. The stock has rocketed 72% year to date through Wednesday, while the S&P 500 has gained 5.8%.

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MetLife Inc. said Thursday its board has approved a $3 billion share buyback program. The insurer is currently gearing up for a spinoff of most of its U.S. retail business. Shares rose 2% in premarket trade and are up 6.4% in the year to date, while the S&P 500 has gained 5.8%.

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Financial stocks extended their surge in premarket trade Thursday, in the aftermath of Donald Trump’s election victory. The SPDR Financial Select Sector ETF rallied 0.9%, on track to open at the highest level since May 2008, after running up 4.3% on Wednesday. J.P. Morgan Chase & Co.’s stock climbed 1.3% ahead of the open, after soaring 4.6% Wednesday to a record close. Shares of Bank of America Corp. rallied 2.8% toward a 16-month high in the wake of Wednesday’s 5.7% jump, while Citigroup Inc. shares rose 1.3% toward a new 2016 high after advancing 3.4% the day before. Many analysts expect the regulatory environment to ease and a boost in government spending to raise Treasury supply under a Trump presidency, which should lift longer-term interests rates. And higher long-term yields can boost bank profits, as they increase the spread between what banks earn by funding longer-term assets, such as loans, with shorter-term liabilities The yield on the 10-year Treasury note increased 0.018 percentage points to 2.09% early Thursday, after closing at a 10-month high on Wednesday. The XLF has gained 7.7% year to date through Wednesday, while the Dow Jones Industrial Average has advanced 6.7%.

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