Category: Stock Market News

WASHINGTON (MarketWatch) — The Treasury Department will auction $62 billion in notes and bonds next week in its quarterly refunding auctions, the same size refunding as the prior quarter, the government said Wednesday The department announced it will auction $24 billion in 3-year notes and $23 billion in 10-year notes . The government will also sell $15 billion in 30-year bonds . The department said it intends to maintain coupon issuance sizes at current levels over the current quarter. The offerings will refund about $58.5 billion of Treasury notes and raise $3.5 billion in new cash.

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Shares of Yelp jumped 10% in premarket trade Wednesday after beating third-quarter expectations with a surprise profit. The company reported net income of $2.1 million, or 2 cents per share, compared to a net loss of $8.1 million, or a loss of 11 cents per share in the year-earlier period. It reported adjusted earnings per share of 22 cents, compared to the FactSet consensus of a loss of 3 cents. It reported revenue of $186 million, up from $143 million in the year-earlier period and above the FactSet consensus of $183 million. For the fourth quarter the company expects net revenue of $191 million to $195 million and for the full year it expects net revenue of $709 million to $713 million. It expects a restructuring charge of $2 million to $4 million in the fourth quarter after winding down sales and marketing outside the U.S. and Canada, resulting in the laying off of up to 175 employees. Shares of Yelp have gained 3% in the past three months, compared to the S&P 500’s loss of 2%.

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Time Warner Inc. shares rose as much as 2.4% in premarket trade on Wednesday after the media and entertainment company reported third-quarter profit and revenue that were above Wall Street expectations. Time Warner reported net income of $1.47 billion, or $1.87 per share for the quarter, compared with $1.04 billion, or $1.26 per share during the same period a year ago. Adjusted earnings per share came in at $1.83, blowing past FactSet’s $1.37 consensus. Revenue for the quarter hit $7.17 billion, up from $6.56 billion during last year’s third quarter and above FactSet’s consensus of $7.01 billion. Time Warner’s network segment provided the lion’s share of revenue, increasing 9% to $2.61 billion, with advertising revenues up 2% thanks to Turner’s news business. The company said higher domestic rates and growth at Turner’s international networks helped boost subscription revenues, though that was partially offset by lower subscriber numbers domestically. Revenue at HBO rose 4%, and revenue at Warner Bros. film division rose 7%. Time Warner, which is currently navigating a proposed merger with AT&T Inc. , has seen shares climb more than 36% in the year to date, outperforming the S&P 500 Index , which is up 3%.

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Estee Lauder Cos. Inc. said Wednesday it had net income of $294 million, or 79 cents a share, in its fiscal first quarter, down from $309 million, or 82 cents a share, in the year-earlier period. Adjusted per-share earnings came to 84 cents, ahead of the FactSet consensus of 80 cents. Sales rose 1% to $2.87 billion from $2.83 billion, compared with a FactSet consensus of $2.89 billion. Chief Executive Fabrizio Freda said small to mid-sized brands were strong contributors to sales, along with the travel retail channel and many developed and emerging markets. “As expected, this growth was partially offset by continued macro challenges, a decline in retail traffic in U.S. mid-tier department stores, the results of the slowdown in the Middle East, continued softness in Hong Kong, and difficult comparisons with the prior year in the United States and France,” he said in a statement. The cosmetics company is still expecting full-year EPS to grow 8% to 10% before charges. Shares were not yet active in premarket trade, but are down 2% in the year so far, while the S&P 500 has gained 3.3%.

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Oil futures dropped in electronic trading Tuesday after the American Petroleum Institute reported a 9.3 million-barrel climb in U.S. crude supplies for the week ended Oct. 28, according to sources. Analysts polled by S&P Global Platts forecast an increase of 1.9 million barrels in stockpiles. Supply data from the Energy Information Administration will be released Wednesday. December crude was at $46.33 a barrel in electronic trading, down from the contract’s settlement of $46.67 on the New York Mercantile Exchange.

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Shares of Etsy Inc. swung in an out of the red late Tuesday after the online marketplace company reported revenue above Wall Street expectations and said its chief financial officer will leave next year. Etsy said it lost $2.4 million, or 2 cents a share, in the third quarter, compared with $6.9 million, or 6 cents a share, in the year-ago period. Adjusted for one-time items, Etsy earned $13 million in the quarter. Revenue reached $87.6 million in the quarter, up from $65.7 million a year ago. Analysts polled by FactSet had expected a GAAP loss of 2 cents a share and flat adjusted per-share earnings on sales of $86.8 million. In the same statement, Etsy said CFO Kristina Salen has decided to leave the company in March. The company will launch a search for its next CFO immediately, it said. Shares of Etsy had ended the regular trading day down 0.2% and were most recently up 0.4%.

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Microsoft Corp. on Tuesday said that hackers associated with the Russian government are responsible for cyber attacks that exploited a flaw in its Windows operating system, Reuters reported. Microsoft is planning to make a patch available on Nov. 8 that will fix the problem, the news service said. The security issue was made public by Google Inc. on Monday after Microsoft apparently failed to respond to a previous notice made in private. Microsoft shares were flat after hours.

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Herbalife Ltd. shares fell in the extended session Tuesday despite better-than-expected quarterly earnings, and the nutritional-supplements company announced its next chief executive. Herbalife reported quarterly net income of $87.7 million, or $1.01 a share, on sales of $1.1 billion. After adjustments for “expenses incurred responding to attacks on the company’s business model” and other factors, Herbalife reported profit of $1.21 a share. Analysts on average expected Herbalife to report adjusted earnings of $1.09 a share on sales of $1.14 billion. Herbalife also detailed its CEO succession plan, announcing that COO Richard Goudis will take over the top spot on June 1, succeeding Michael Johnson, who will become executive chairman. Goudis was CFO for Herbalife from 2004 to 2009 and has been the company’s operating chief since 2010. Herbalife has been the focus of attention for some of Wall Street’s biggest names in recent history, with activist investor Carl Icahn taking a large stake in the company while rival Bill Ackman heavily shorts the stock and refers to it as a “pyramid scheme.” Herbalife shares fell about 2% in late trading after declining 2.6% in the regular session.

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Tableau Software Inc. shares dropped in the extended session Tuesday after the visual data analytics company’s revenue fell short of Wall Street estimates while topping those for earnings. Tableau shares dropped 14% to $42.45 after hours. The company reported adjusted third-quarter earnings of 16 cents a share on revenue of $206.1 million. Analysts surveyed by FactSet had forecast earnings of 7 cents a share on revenue of $213.8 million.

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Shares of Etsy Inc. swung in an out of the red late Tuesday after the online marketplace company reported revenue below Wall Street expectations and said its chief financial officer will leave next year. Etsy said it lost $2.4 million, or 2 cents a share, in the third quarter, compared with $6.9 million, or 6 cents a share, in the year-ago period. Adjusted for one-time items, Etsy earned $13 million in the quarter. Revenue reached $87.6 million in the quarter, up from $65.7 million a year ago. Analysts polled by FactSet had expected a GAAP loss of 2 cents a share and flat adjusted per-share earnings on sales of $86.8 million. In the same statement, Etsy said CFO Kristina Salen has decided to leave the company in March. The company will launch a search for its next CFO immediately, it said. Shares of Etsy had ended the regular trading day down 0.2% and were most recently up 0.4%.

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