Category: Stock Market News

Gannett Co. Inc. shares rose 6% in premarket trading Tuesday after the USA Today publisher said it has given up its effort to acquire Chicago Tribune and Los Angeles Times publisher, which changed its name to Tronc Inc. from Tribune Publishing in June. Tronc shares tumbled 29% on the news. The Gannett decision comes after months of bid speculation and acquisition talks.

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Discovery Communications Inc. and Major League Baseball Advanced Media’s BAMTech announced a long-term partnership to form BAMTech Europe. The new venture will “represent BAMTech’s expansion in Europe and will provide world-class digital technology services to a broad set of sports, news and entertainment clients in Europe,” the companies said in a news release. Discovery’s partnership with BAMTech — minority owned by Walt Disney Co. — comes as media and tech companies continue to seek out one another in tie-ups and on the same day Discovery reported third-quarter earnings, in which it posted decreased profit and flat revenue, both falling short of Wall Street expectations. Shares of Discovery Communications were inactive in premarket trade and are down more than 2% in the year, underperforming the S&P 500 Index , which is up 4%.

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DineEquity Inc. , which operates Applebee’s Neighborhood Grill & Bar and IHOP brands, beat third-quarter earnings expectations Tuesday. The company reported net income of $23.9 million, or $1.33 per share, compared to $23.9 million, or $1.28 per share in the year-earlier period. The company reported adjusted earnings per share of $1.46, above the FactSet consensus of $1.38. It reported revenue of $156 million, down from $162 million in the year-earlier period and below the FactSet consensus of $161 million. The company announced a 5.4% increase to its quarterly dividend, bringing the total to 97 cents per outstanding share of common stock. The fourth quarter dividend will be payable on Jan. 6, 2017 to stockholders of record as of Dec. 16, 2016. Shares of DineEquity have fallen 3.6% in the past three months, compared to the S&P 500’s drop of 2%.

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Angie’s List Inc. shares soared 10.5% in premarket trade, after the company said it has hired financial advisers to review its strategic options as it continues to work on a turnaround and seeks new opportunities. The online marketplace for home-improvement and other services made the announcement as it reported third-quarter earnings, showing a jump in new memberships but a wider-than-expected loss. The company said it had a net loss of $16.8 million, or 28 cents a share, in the quarter, after net income of $100,000, or breakeven, in the year-earlier period. Revenue fell to $79.7 million from $86.9 million. The FactSet consensus was for a loss of 12 cents a share and revenue of $82.2 million. Chief Executive Scott Durchslag said the company attracted 1.6 million new members since it removed its reviews paywall, and added 1,367 service providers. “That said, our revenue and adjusted EBITDA are down year over year so our financial results are lagging the leading indicators in our operating metrics, as often happens when changing business models,” he said in a statement. The company has hired Allen & Co. LLC and BofA Merrill Lynch to help it explore its options. Shares are down about 18% in the year to date, while the S&P 500 has gained 4%.

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Amazon.com Inc. said Tuesday that it has launched its Black Friday Deals Store, offering new deals as often as every five minutes through Dec. 22. For the first time, Alexa voice shopping will be available for Prime members using devices such as the Echo Dot. Prime members are also eligible for additional deals. Amazon has created curated holiday gift guides including one for home and another for electronics, and Watch-a-Deal alerts to keep track of discounts. Starting Nov. 15, Package X-Ray will allow customers who own an iPhone to see what’s been delivered without opening the box by scanning a barcode with the camera icon in the Amazon mobile app. Amazon shares are up 0.4% in premarket trading, and up nearly 17% for the year so far. The S&P 500 INdex is up 4% for 2016 to date.

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Shares of Archer Daniels Midland Co. rallied 2.6% in premarket trade Tuesday, after the agricultural services company beat third-quarter profit expectations by a wide margin, although revenue missed. Earnings for the quarter to Sept. 30 rose to $341 million, or 58 cents a share, from $252 million, or 41 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 59 cents, above the FactSet consensus of 46 cents. Revenue fell to $15.83 billion from $16.57 billion, below the FactSet consensus of $16.28 billion, as oilseeds processing and corn processing revenue fell a little more than expected, offsetting a bigger-than-expected increase in agricultural services revenue. “After working through the challenging environment in the first half of the year, we capitalized on improving operating conditions in the third quarter and are positioned well for a solid finish to the year,” said Chief Executive John Luciano. The stock has run up 19% year to date through Monday, while the S&P 500 has gained 4%.

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Coach Inc. shares fell 0.2% in Tuesday premarket trading after the fashion and accessories company reported sales that missed consensus. Coach had net income of $117.4 million, or 42 cents per share, up from $96.4 million, or 35 cents per share, for the same period last year. Adjusted earnings per share were 45 cents, meeting the FactSet consensus. Sales were $1.04 billion, up from $1.03 billion last year and missing the $1.07 billion FactSet consensus. Coach brand North American same-store sales increased 2%. The company maintained its fiscal 2017 outlook, forecasting a revenue increase in the low-to-mid single digits and double-digit growth in net income and EPS. Coach shares are up 9.7% for the year so far while the S&P 500 Index is up 4% for the same period.

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Molson Coors Brewing Co. reported third-quarter profit just above Wall Street expectations, while revenue came up short. Net income for the quarter came in at $202.5 million, or 94 cents per share, compared with $13.7 million, or 7 cents per share during the same quarter a year ago. Adjusted earnings per share for the quarter were $1.03, just above FactSet’s $1.02 consensus. Revenue for the quarter hit $947.6 million, which was a 7% decline from the last year’s $1.02 billion during the same period and below the FactSet consensus of $983.0 million. The company said beer volume worldwide was down 4% to 15.9 million hectoliters and volume of flagship brand Coors Light fell 3%. Shares of Molson Coors were inactive in premarket trade, but are up more than 10% in the year to date, outperforming the S&P 500 Index , which is up a little more than 4%.

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Ford Motor Co said late Monday it will not release October sales results on Tuesday because of a fire that occurred at its headquarters. Ford said it plans to release results “later this week” because an electrical fire at its Dearborn, Mich., headquarters interrupted power to its data systems. “While battery backups worked as intended to protect data saved in the system, the lack of full power resulted in the data center being shut down for most of Monday’s business day, and dealers were unable to report final-day sales,” Ford said in a statement. Ford shares declined 0.1% to $11.73 after hours.

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Tennant Co. said late Monday its board approved a dividend hike and a new share repurchase plan. The maker of industrial cleaning equipment said its board raised the quarterly dividend 5% to 21 cents a share. The dividend is payable Dec. 15 to shareholders of record as of Nov. 30. Tennant’s board also approved the buyback of up to 1 million shares. Tennant shares were unchanged at $62.95 after hours.

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