Category: Stock Market News

Wendy’s Co. shares were indicated up 0.2% in Wednesday premarket trading after the fast-food company reported third-quarter earnings that beat expectations. Net income was $48.9 million, or 18 cents per share, up from $7.6 million, or 3 cents per share, for the same period last year. Adjusted earnings per share were 11 cents, beating the 10-cent FactSet consensus. Revenue was $364.0 million, down from $464.6 million, but ahead of the $351 million FactSet consensus. Same-restaurant sales across the North American system were up 1.4%. The company has 433 fewer company-operated restaurants compared to last year, said Chief Executive Todd Penegor in a statement, and it’s on track to reduce company-operated ownership to about 5% of the total system by the end of 2016. Wendy’s plans to sell about 315 restaurants to franchisees by the end of 2016, the company said. As part of a previously authorized $1.4 billion share buyback program, the company intends to accelerate the repurchase of $150 million of its common stock. The board has approved an increase of 0.5 cents per share of its quarterly dividend rate. The new rate of 6.5 cents will be effective with the next dividend payment on Dec. 15, 2016 to shareholders of record as of Dec. 1. Wendy’s is increasing its 2016 outlook to adjusted EPS of 40 cents to 41 cents from 39 cents to 40 cents. It now expects same-restaurant sales growth of about 1.5% for the North American system. Wendy’s shares are up 3.3% for the year so far while the S&P 500 Index is up 4.7% for the same period.

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

Energy stocks tumbled in premarket trade Wednesday, led by solar stocks, as investors braced for an administration that is expected to favor traditional energy sources over alternatives. “Trump would allocate more resources to traditional energy sectors (oil, gas and coal) than would Clinton, but allocate less to alternative energy industries,” Dr. Mickey Levy, chief economist for the Americas and Asia at Berenberg, wrote in an early note. Vivint Solar Inc. was the biggest decliner, tumbling 14% in premarket trade. SolarCity Corp. slid 7% and SunPower fell 11%. Exxon Mobil Inc. was down 0.7% and Chevron Corp. lost 1.1%. The Energy Select Sector SPDR ETF lost 0.9%. S&P 500 futures were down 2.4%.

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

Shares of companies that operate in the prison industry rose in Wednesday premarket trading in the aftermath of Donald Trump’s election win. Shares of Corrections Corporation of America soared 19.7%, while GEO Group Inc , a real estate investment trust (REIT), were up 9.1%. Shares of both companies have sunk in the year to date. Corrections Corp. is down 46.4% for that period and GEO Group is down 17.4%. The S&P 500 Index is up 4.7% for the year to date.

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

Financial stocks are falling in premarket trade Wednesday, in the wake of Donald Trump being elected president, but are outperforming the broader market as both the Senate and House of Representatives retained republican control. The SPDR Financial Select Sector ETF shed 1.5% ahead of the open, but that’s less the 2% decline in the SPDR S&P 500 ETF . Among the financial ETF’s most heavily weighted components, shares of Berkshire Hathaway Inc. dropped 1.6%, Bank of America Corp. slipped 0.3%, J.P. Morgan Chase & Co. gave up 0.8%, Wells Fargo & Co. lost 0.6% and Citigroup Inc. fell 1.1%. Analyst Keith Horowitz at Citigroup wrote in a note to clients Tuesday that a Trump victory increases uncertainty about policy, but republicans retaining the Senate would be a positive for the sector. The XLF has gained 3.3% year to date through Tuesday, while the S&P 500 has climbed 4.7%.

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

Viacom Inc. shares indicated down about 1% in Wednesday premarket trading after the media company reported a fourth-quarter revenue miss. Net income was $254 million, or 64 cents per share, down from $884 million, or $2.21 per share, for the same period last year. Adjusted earnings per share were 69 cents, beating the 66-cent FactSet consensus. Revenue was $3.23 billion for the quarter, down from $3.79 billion last year and below the $3.30 billion FactSet consensus. The company reported an 11% revenue decline in the media networks division to $2.48 billion, due to a drop in advertising. And the filmed entertainment division revenue declined 24% to $774 million, owing to lower theatrical revenue due to the strong international performance of “Mission: Impossible – Rogue Nation” a year ago, the company said. Viacom shares are down 9.3% for the year so far while the S&P 500 Index is up 4.7% for the same period.

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

The suspect in a mass shooting that left one person dead and three wounded near a polling place in Azusa, California, was found dead Tuesday night. The shooting occurred around 2 p.m. in the Los Angeles suburb. Responding police were reportedly shot at, and two nearby polling places were locked down for hours with voters inside. The shooting, however, “had nothing to do with the ballot or voting,” said Los Angeles County sheriff’s Lt. John Corina. Police had surrounded the heavily armed gunman in a home in a residential neighborhood and a standoff ensued for several hours. Police said it was unknown whether the suspect died from wounds inflicted by officers, or committed suicide.

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

California voters approved a ballot measure that allows residents to possess and use recreational marijuana, according to projections. In early returns, California voters approved Proposition 64 by a margin of 54.3% to 43.7%. The Associated Press projected that the proposition would pass less than 15 minutes after polls closed in the state. California was the third state in the nation to approve a marijuana measure Tuesday night, after Florida and North Dakota efforts for medical marijuana passed. Four other states have voted to declare recreational marijuana use and possession legal: Colorado, Washington, Alaska and Oregon.

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

Bitcoin prices soared as Republican Presidential candidate Donald Trump pulled ahead of his rival, Democrat Hillary Clinton, rattling stocks and sending safety plays like gold sharply higher. Bitcoin was up 2.6% at $724 in recent trade. The bulk of trading volume was conducted in U.S. dollars, according to CoinMarketCap.com, suggesting that U.S.-based investors were responsible for the surge.

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

California voters approved a ballot measure that allows residents to possess and use recreational marijuana, according to projections. In early returns, California voters approved Proposition 64 by a margin of 54.3% to 43.7%. The Associated Press projected that the proposition would pass less than 15 minutes after polls closed in the state. California was the third state in the nation to approve such a measure Tuesday night, after Florida and North Dakota efforts also passed. Three states had already voted to declare recreational marijuana use and possession legal: Colorado, Washington and Oregon.

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

Airbnb was dealt a major blow in its hometown Tuesday, as a federal judge rejected its challenge to a San Francisco ordinance that would prohibit the short-term rental company from taking bookings from hosts who have not registered with the city. Airbnb said that federal law protected it from the actions of its users, but U.S. District Judge James Donato rejected that argument. The city ordinance calls for $1,000-a-day fines against companies for each user who flaunts the law by not registering. Only about 1,700 hosts out of an estimated 8,000 to 10,000 in San Francisco have registered so far. Airbnb may catch a break, however, as the judge also said the ordinance should be suspended until the city can figure out a “functional verification system.” Airbnb is likely to appeal the verdict.

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