Category: Stock Market News

Shares of CenturyLink Inc. surged 1.4% in premarket trade Friday, after the communications company announced a deal to sell its data centers and colocation business to a group led by BC Partners for $2.15 billion in cash and a minority stake in the company valued at $150 million. The deal is expected to close in the first quarter of 2017. CenturyLink plans to use the proceeds from the sale to help fund its acquisition of Level 3 Communications Inc. , a $25 billion deal announced earlier this week. CenturyLink’s stock has lost 8.6% year to date through Thursday, while the iShares U.S. Telecommunications ETF has gained 2% and the S&P 500 has tacked on 2.2%.

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WASHINGTON (MarketWatch) – The U.S. gained 161,000 jobs in October and hiring was stronger in the prior two months than previously reported, reflecting steady gains in employment that are likely to spur the Federal Reserve to raise interest rates soon. Economists polled by MarketWatch had predicted a 175,000 increase in new nonfarm jobs. The unemployment rate dipped to 4.9% from 5%, the government said Friday. Average hourly wages rose 0.4% to $25.92. Hourly pay increased 2.8% from October 2015 to October 2016, the most rapid 12-month gain since mid-2009. Hours worked were flat at 34.4 hours. Total employment gains for September and August, meanwhile, were 44,000 higher than previously reported. The government said 191,000 new jobs were created in September instead of 156,000. August’s gain was raised to 176,000 from 167,000.

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Taco Bell, the Yum Brands Inc. Mexican fast-food chain, said Friday that it plans to add 100,000 new jobs in the U.S. by 2022 at an additional 9,000 new locations. The company launched a new platform earlier this month to attract and retain talent, and offers help for staffers looking to further their education and training programs for those with career goals within the company. Over the next six years, the company aims to reach $15 billion in global sales, according to Taco Bell Chief Executive Brian Niccol. Yum Brands shares are inactive in premarket trading and up 14.5% for the year. The S&P 500 Index is up 2.2% for 2016 so far.

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Smith & Wesson Holding Corp. said Friday that it was buying survival and camping equipment maker Ulitmate Survival Technologies Inc. for $32.3 million in cash. The gun maker expects the acquisition, which will be made through its Battenfeld Technologies subsidiary, to close later this month. UST’s trailing 12-month revenue was about $24 million. “With its complete offering of survival gear, UST Brands is our first acquisition that is entirely focused on the outdoor market, which is a key part of our vision to become the leading provider of quality products for the shooting, hunting, and rugged outdoor enthusiast,” said Smith & Wesson Chief Executive James Debney. The stock, which was still inactive in premarket trade, has run up 21% year to date, while the S&P 500 has gained 2.2%.

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Samsung Electronics America Inc. said it was voluntarily recalling certain top-load washing machines made since March 2011, citing risks that the drums inside the washers could lose balance, triggering excessive vibrations and cause the top to come off. The company, a wholly-owned subsidiary of South Korea’s Samsung Electronics Co. Ltd. said the problem could occur when a high-speed spin cycle is used for bulky items. Consumers with the recalled washers will have the option for a free in-home repair or a rebate that can be applied toward the purchase of a new washer from Samsung or other brand. “We are moving quickly and in partnership with the CPSC to ensure consumers know the options available to them and that any disruption in the home is minimized,” said General Manager John Herrington.

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EBay Inc. forecast to post full-year 2016 GAAP earnings from continuing operations between $2.32 a share and $2.42 a share, the e-commerce company said in a filing late Thursday. Fourth-quarter GAAP earnings from continuing operations are seen between $1.15 a share and $1.25 a share, the company said. Analysts polled by FactSet had expected the company to post GAAP earnings of $1.11 a share in the last quarter of the year, and 2016 GAAP EPS of $2.26. The guidance update reflects the sale of additional shares of MercadoLibre, Inc. stock to underwriters, the company said. EBay sold most of its stake in Mercado Libre, an online marketplace in Latin American countries, last month. Shares of eBay were flat in late trading Thursday after ending the regular trading day down 0.7%.

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Shares of Hortonworks Inc. soared in Thursday’s extended session after the distributor of Hadoop software issued a revenue outlook ahead of Wall Street’s estimates. Hortonworks reported its third-quarter loss widened to $64.7 million, or $1.10 a share, from a loss of $45.3 million, or $1.03 a share, a year earlier. On an adjusted basis, the company would have lost 68 cents a share. Revenue rose 47% to $47.5 million. Analysts surveyed by FactSet had forecast a loss of 66 cents a share on revenue of $45.1 million. The company forecast revenue of $48 million in the fourth quarter and $180.5 million for 2016, slighty ahead of analysts’ estimate of $47.7 million and $177.7 million, respectively. Shares jumped 14% after hours.

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Shares of GoPro Inc. tumbled 20% in after-hours trade Thursday after the company reported a much weaker-than-expected third-quarter loss and provided a disappointing outlook for the current quarter. The action camera maker reported a net loss of $104 million, or 74 cents a share, compared with a profit of $19 million, or 13 cents, in the year-earlier period. Excluding one-time items, GoPro said its adjusted loss was 60 cents a share, far below the 36-cent loss analysts had been expecting, according to FactSet. Revenue for the three-month period fell to $240.5 million from $400 million, short of the consensus estimate of $313 million. The company is calling for revenue of $625 million, plus or minus $25 million, for the current quarter, which is below the $666 million analysts were expecting. It projects earnings per share of 30 cents for the quarter, below the 43-cent consensus. GoPRo CEO Nicholas Woodman said the company expects to return to profitability in fiscal 2017, due to new products such as its Karma drone and Hero5. Shares of GoPro slumped to $9.18 in extended trade. They closed down 7% to $11.94 in the regular session Thursday, extending the decline to 10% in the past three months and 52% in the past year. The Dow Jones Industrial Average, meanwhile, is down just 2.3% in the past three months and flat on the year. The S&P 500 is down 3.5% in the past three months and down 1% on the year.

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Lions Gate Entertainment Corp. shares rose in the extended session Thursday after the movie and TV company turned in better-than-expected quarterly results. Lions Gate shares advanced 3.1% to $19.60 after hours. The company reported a fiscal second-quarter loss of 12 cents a share on revenue of $639.5 million. Analysts surveyed by FactSet had expected a loss of 25 cents a share on revenue of $553.6 million.

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Shares of food giant Kraft Heinz Co. fell 1% late Thursday despite earnings that came in above expectations. Kraft Heinz said it earned $842 million, or 69 cents a share, in the third quarter, reversing a loss of $303 million, or 27 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 83 cents a share in the third quarter, up from 44 cents a share a year ago. Net sales rose to $6.3 billion, from $6.1 billion a year ago. Analysts polled by FactSet had expected Kraft Heinz to report adjusted earnings of 74 cents a share on sales of $6.3 billion. Thursday’s results reflected a combination of “significant gains” from cost savings post the 2015 merger that created the company. Shares of Kraft Heinz had ended the regular trading day down 2.2%.

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