Category: Stock Market News

Glu Mobile Inc. said Thursday that Chief Executive Niccolo de Masi would transition to executive chairman and pass the CEO job to Nick Earl, a former executive at Kabam and Electronic Arts Inc. who has served as president of Glu’s studios for the past year. The mobile-game maker also announced a much wider-than-expected loss for the third quarter and the acquisition of a controlling interest in Crowdstar, which makes a popular mobile game called “Covet Fashion.” Glu reported a loss of $43.7 million, or 33 cents a share, on sales of $51.4 million. Analysts polled by FactSet expected a loss of 9 cents a share on sales of $50.9 million. De Masi noted royalty-impairment charges of $29.8 million for underperforming games as a cause of the miss. Glu has struggled to follow up a big hit, a mobile game based on celebrity Kim Kardashian, and revenues declined 18.8% year over year. The stock added about 3% in late trading Thursday.

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Shares of generic drug makers took a dive in afternoon trade Thursday, after reports that U.S. government regulators may be ready to file charges by the end of the year. Mylan N.V.’s stock tumbled 7.3%, putting it on track to close at the lowest level since Sept. 9, 2013. At about 2:09 p.m. ET, the stock was down just 1.2%. Among shares of other generic drug sellers, Mallinckrodt PLC dropped 7.1%, Teva Pharmaceutical Industries Ltd. tumbled 9.9%, Endo International PLC plunged 16%, Valeant Pharmaceuticals International Inc. shed 7%, Allergan PLC fell 4.1%, Lannett Co. Inc. plummeted 21% and Impax Laboratories Inc. shed 12%. Drug makers have been under fire after some companies raised live-saving drug prices sharply in an effort to boost profits, as Mylan did with its EpiPen.

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Oil futures dropped under $45 a barrel on Thursday to settle at a six-week low. Last week’s record climb in U.S. crude inventories and ongoing uncertainty surrounding the Organization of the Petroleum Exporting Countries’ plan to curb output kept pressure on prices, which marked a fifth-consecutive session decline. December WTI crude fell 68 cents, or 1.5%, to settle at $44.66 a barrel on the New York Mercantile Exchange. That marked the lowest settlement since Sept. 23, according to FactSet data.

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Donald Trump has the support of 37% of Utah voters in the latest Monmouth University poll, keeping his lead over Hillary Clinton in the state. The poll of likely voters, taken Oct. 30 to Nov. 2, showed Clinton with 31% support and independent candidate Evan McMullin in third place with 24%.

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Shares of 21st Century Fox Inc. enjoyed a 7% bump on Thursday, a day after the company reported fiscal first-quarter earnings and revenue that were above Wall Street expectations. The media company posted adjusted per-share earnings of 51 cents, which is an improvement compared with the same quarter a year ago and above the 44 cents expected by FactSet. Revenue for the quarter hit $6.506 billion, above the FactSet consensus of $6.474 billion and an improvement over last year. Higher affiliate and advertising revenue helped drive a 6% increase in the cable network business, though that was partially offset by increased expenses due to the cost of the Rio Olympics. For Fox News, advertising revenue rose 6% thanks to higher ratings and pricing. Broadcast TV revenue fell 1% due to lower ad contributions. Fox shares are up more than 1% in the year to date, underperforming the S&P 500 Index , which is up nearly 3%

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Shares of Genesco Inc. , which owns the Lids brand stores, rallied 2% in morning trade, with Susquehanna Financial analyst Sam Poser recommended buying the stock following the Chicago Cubs’ World Series win. Poser said the Cubs’ victory, which wasn’t built into the company’s outlook for the second half of this year, could give a big lift to holiday sales. He kept his rating at positive, but boosted his stock price target to $62 from $57, and raised his fiscal 2017 earnings-per-share estimate by 15% to $4.47, which is well above the FactSet consensus of $3.92. “The Cubs victory is a give that should keep on giving through the holidays,” Poser wrote in a note to clients. “There are 40 Lids’ Group stores in Illinois including 2 Cubs’ Clubhouse stores and 9 Chicago Locker Room by Lids stores.” The stock had lost 4.3% year to date, while the S&P 500 has gained 2.8%.

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AMC Networks Inc.’s stock swung to 1.3% drop in morning trade Thursday, after the TV network’s third-quarter sales miss was enough to flip Albert Fried & Co. analyst Rich Tullo to bearish from bullish. The stock had fun up as much as 6.4% in the opening minutes, as earnings beat expectations, before turning sharply lower. Tullo cut his rating to underweight, after being at overweight for the last 2 1/2 years, saying AMC’s results validate his “ad recession” thesis, making the stock “dead money.” Tullo also slashed his stock price target by more than half to $37, which is 24% below current levels, from $76. “The data suggests [AMC Networks] has a mounting TV ratings problem excluding ‘The Walking Dead’ which is sun setting,” Tullo wrote in a note to clients. He said that prior to “The Walking Dead” season 7 premier, AMC ratings were down about 27% in the fall. He said “The Walking Dead” drives about $175 million of AMC’s annual revenue, which is about 6.3% of the FactSet 2016 revenue consensus of $2.77 billion. The stock has tumbled 35% year to date, while the S&P 500 has gained 2.8%.

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Natural-gas futures climbed Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 54 billion cubic feet for the week ended Oct. 28. That was generally in line with the 57 billion-cubic-foot rise expected by analysts polled by S&P Global Platts. Total stocks now stand at 3.963 trillion cubic feet, up 48 billion cubic feet from a year ago and 173 billion cubic feet above the five-year average, the government said. December natural gas rose 1.6 cents, or 0.6% from Wednesday’s settlement to $2.808 per million British thermal units. It traded at $2.789 before the data.

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GoPro Inc.’s stock slumped 4.7% in morning trade Thursday, as the plunge in Fitbit Inc. shares may have spooked investors ahead of the action camera maker’s third-quarter results due after the close. Since Fitbit’s stock went public on June 18, 2015, the correlation coefficient between the stock and fellow gadget maker GoPro’s shares has been 0.89, according to an analysis of FactSet data, just below a perfect correlation of 1.00. Fitbit’s stock was tumbling 30% to $9.01, less than half its initial public offering price of $20. GoPro’s stock, which went public on June 26, 2014, was trading at $12.23, just above half its IPO price of $24. GoPro’s stock has lost 32% year to date, while Fitbit shares have plummeted 70% and the S&P 500 has gained 2.7%.

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U.S. stocks opened flat on Thursday as a drop in Facebook Inc. and worries about Democratic presidential nominee Hillary Clinton’s narrowing lead in the polls constrained gains. The S&P 500 , which was looking to snap its longest losing streak in five years, gained 3 points, or 0.1%, to 2,100. Meanwhile, the Nasdaq gained 7 points, or 0.1%, to 5,112, largely thanks to Facebook. The Dow Jones Industrial Average added 23 points, or 0.1%, to 17,983.

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