Category: Stock Market News

Biogen Inc. shares rose 2.8% in premarket trade Wednesday after the company beat third-quarter expectations. Earnings for the latest quarter rose to $1.0 billion, or $4.71 per share, from $966 million, or $4.15 per share in the year-earlier period. Adjusted earnings-per-share were $5.19, above the FactSet consensus of $4.70 per share. Revenue rose to $2.96 billion from $2.79 billion, above the FactSet consensus of $2.90 billion. The company said third-quarter growth was propelled by blockbuster multiple sclerosis drug Tecifidera, which had sales rise by 10% to $1.03 billion, above the FactSet consensus of $1.00 billion. Sales of another multiple sclerosis drug, Tysabri, grew by 7% to $515 million, above the $508 million FactSet consensus. Growth of hemophilia drugs Eloctate and Alprolix, as well as biosimilar anti-inflammatory drug Benepali helped offset a decrease in sales of another Biogen multiple sclerosis drug, Avonex, the company said. Biogen shares decreased 6.6% over the year to date, compared with a 4.9% rise in the S&P 500 .

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Coca-Cola Co. shares saw a 1% pop after the beverage company reported third-quarter earnings and revenue just above Wall Street’s expectations. The company reported net income of $1.05 billion, or 24 cents per share, down from $1.4 billion, or 33 cents per share during the year earlier period. Adjusted earnings per share were 49 cents, nudging past FactSet’s 48 cents consensus. Revenue for the quarter hit $10.6 billion, which is down from last year’s $11.4 billion, but above the FactSet consensus of $10.5 billion. The company said it expects full-year adjusted earnings per share to decline 4% to 7% vs. $2 in 2015, while the FactSet consensus expects a 4% to 5% drop. Coca-Cola shares are down 1% in the year to date, underperforming the S&P 500 Index , which is up nearly 5%.

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Twitter Inc. shares jumped in the extended session Tuesday following a rumor that Walt Disney Co. has taken a renewed interest in acquiring the microblogging site. Twitter shares rose 4.3% to $18 after hours, while Disney shares shed 0.5% to $92.25. Late Tuesday, the blog Betaville reported that Disney and Twitter have already agreed on a price. Earlier in the month, Twitter shares fell after interest in acquiring the site from multiple bidders such as Apple Inc. , Salesforce.com Inc. , Alphabet Inc.’s Google, and Disney faded.

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Chipotle Mexican Grill Inc. said it will seek strategic alternatives for its ShopHouse brand restaurants, after the Southeast Asian cuisine chain failed to gain traction. In a conference call with analysts, after Chipotle reported third-quarter earnings that missed expectations, the company said that ShopHouse “hasn’t demonstrated the ability to support an attractive unit economic model,” according to a transcript provided by FactSet. The ShopHouse concept started in 2011, and how has 15 restaurants in three markets. Chipotle said it took a $14.5 million charge to fully impair the assets related to ShopHouse. Chipotle’s stock, which was little changed in recent after-hours trade, has tumbled 15% year to date, while the S&P 500 has gained 4.9%.

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Capital One Financial Corp. shares slipped in the extended session Tuesday after the credit-card company reported quarterly results. Capital One shares declined 2.5% to $73.50 after hours. The company reported earnings of $1.90 a share on revenue of $6.46 billion. Excluding a charge for a U.K. Payment Protection Insurance customer refund, the company would have reported earnings of $2.03 a share. Analysts surveyed by FactSet had forecast earnings of $1.94 a share on revenue of $6.4 billion.

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Juniper Networks Inc. shares surged in the extended session Tuesday after the computer network company forecast higher-than-expected quarterly results. Juniper shares jumped 10% to $26.07 after hours. The company said it expects adjusted third-quarter earnings of 58 cents a share on revenue of $1.29 billion. Analysts surveyed by FactSet had estimated 52 cents a share on revenue of $1.25 billion.

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Chipotle Mexican Grill inc. shares fell 0.7% in Tuesday after-hours trading after the fast-casual restaurant chain reported third-quarter results that missed estimates. Net income totaled $7.8 million, or 27 cents per share, down from $144.9 million, or $4.59 per share, for the same period last year. The FactSet consensus was $1.56 per share. Revenue for the quarter totaled $1.04 billion, down from $1.22 billion lsat year and missing the $1.09 billion FactSet consensus. Same-restaurant sales declined 21.9%. The FactSet consensus was for an 18.3% decline. Chipotle’s board has approved an additional $100 million to repurchase shares, on top of $69.2 million available as of Sept. 30, 2016 from a previous buyback program. Management forecasts same-store sales declines in the low-single-digits for fourth-quarter 2016. And for 2017, Chipotle is targeting earnings totaling $10 per share. The FactSet consensus is $9.88. Chipotle shares are down 15.5% for the year so far while the S&P 500 Index is up 4.9% for the same period.

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Shares of Pandora Media Inc. slide in Tuesday’s extended session after the internet radio company recorded another quarterly loss. Pandora reported its third-quarter loss narrowed to $61.5 million, or 27 cents a share, from a loss of $85.9 million, or 40 cents a share, a year earlier. On an adjusted earnings before interest, tax, depreciation and amortization basis, which excludes certain items, the company lost $6.6 million. Revenue rose 13% to $351.9 million. Analysts surveyed by FactSet had forecast a loss of 6 cents a share on revenue of $366 million. In the fourth quarter, Pandora projects revenue in the range of $362 million to $374 million while adjusted EBITDA loss is expected to come in between $51 million to $39 million. Pandora shares dropped more than 5% after hours.

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Shares of Panera Bread Co. rose more than 5% late Tuesday after the fast-casual restaurant chain reported third-quarter earnings above expectations and a rise in same-store sales. Panera said it earned $32 million, or $1.37 a share, in the quarter, compared with $32 million, or $1.27 a share, in the year-ago period. Adjusted for one-time items, Panera reported earnings of $1.37 a share, compared with $1.32 a year ago. Sales reached $684 million in the quarter, from $665 million a year ago. Analysts polled by Factset had expected adjusted earnings of $1.34 a share on sales of $680 million. Company-owned comparable-store sales were up 3.4% in the quarter, the company said. Panera also raised its expectations for full-year 2016 per-share profit to $6.67 to $6.72, up 7% to 8% from a previous estimate. Shares had ended the regular trading day down 2%.

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Oil futures fell Tuesday to settle under $50 a barrel for the first time in just over a week as doubts continued to surround the Organization of the Petroleum Exporting Countries’ plan to curb production. The market also looked ahead to the latest weekly data due from the American Petroleum Institute later Tuesday and the Energy Information Administration early Wednesday. They are expected to show a rise of 400,000 barrels in crude stockpiles, according to S&P Global Platts. December WTI crude fell 56 cents, or 1.1%, to settle at $49.96 a barrel on the New York Mercantile Exchange.

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