Category: Stock Market News

Sprint Corp. shares dipped 2.5% in premarket trade Tuesday after the company exceeded second-quarter revenue and earnings expectations and raised its 2016 operating income guidance. Losses for the latest quarter narrowed to $142 million, or a 4 cent per share loss, from a loss of $585 million, or 15 cents per share in the same period a year ago. Chief executive officer Marcelo Claure said the company “took another step forward in our plan toward sustainable profitability and cash generation” in the second quarter. Revenue rose to $8.25 billion from $7.98 billion, above the FactSet consensus of $8.05 billion. Sprint also raised its 2016 operating income guidance from between $1 billion and $1.2 billion to between $1.2 billion and $1.7 billion. Sprint shares rose 17.3% over the last three months, compared with a 0.8% decline in the S&P 500 .

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Caterpillar Inc. shares fell 2% in Tuesday premarket trading after the company reported a third-quarter sales miss and guided below estimates. Caterpillar reported net income of $283 million, or 48 cents per share, down from $559 million, or 94 cents per share, for the same period last year. Adjusted earnings per share were 85 cents, beating the 76 cents per share FactSet consensus. Sales for quarter were $9.16 billion, down from $10.96 billion last year and below the $9.92 billion FactSet consensus. “Economic weakness throughout much of the world persists and, as a result, most of our end markets remain challenged,” said Chief Executive Doug Oberhelman in a statement. For full-year 2016, Caterpillar expects revenue of $39 billion and adjusted EPS of $3.25. The FactSet consensus is for $40.1 billion and EPS of $3.53. Preliminary sales guidance for 2017 “will not be significantly different than 2016,” the company said. FactSet estimates sales of $39.3 billion in 2017. Caterpillar shares are up 26.5% for the year so far while the S&P 500 Index is up 5.3% for the same period.

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Shares of 3M Co. slumped 1.4% in premarket trade Tuesday, after the diversified industrial and consumer products company reported third-quarter earnings that topped expectations but cut its full-year outlook. Earnings for the quarter to Sept. 30 rose to $1.33 billion, or $2.15 a share, from $1.30 billion, or $2.05 a share, in the same period a year ago. The FactSet consensus for earnings per share was $2.14. Revenue was $7.71 billion, in line with a year ago and with the FactSet consensus. For the full year, the company cut its EPS outlook to a range of $8.15 to $8.20 from $8.15 to $8.30. The FactSet consensus is $8.21. The stock had run up 14% year to date through Monday, while the Dow Jones Industrial Average has gained 4.6%.

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Lockheed Martin [S: LMT] shares rose 1% in premarket trade Tuesday after the company beat third-quarter earnings expectations. The company reported net earnings of $2.4 billion, or $7.93 per share, up from $865 million, or $2.77 per share in the year-earlier period. It reported adjusted earnings per share of $3.61, above the FactSet consensus of $2.89. It reported sales of $11.55 billion, up from $10.06 billion in the year-earlier period and above the FactSet consensus of $11.45 billion. It said it expects a 2016 EPS of $12.10 and sales of $46.5 billion, both adjusted for divested business. It expects its 2017 net sales to increase by 7%. Analysts surveyed by FactSet expect a 2016 EPS of $11.92 and revenue of $46.2 billion. Shares of Lockheed have fallen 9% in the past three months compared to the S&P 500’s drop of 1%.

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Heathrow Airport has won approval for the construction of a new runway, the U.K.’s Transport Department [l: said in a statement Tuesday. Business and local communities have waited for more than a decade for the government to decide whether to expand either Heathrow Airport or Gatwick Airport. Heathrow’s new runway is expected to bolster the wider economy by up to £61 billion ($74.6 billion) and create up to 77,000 local jobs, the Transport Department said.

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Shares of Whirlpool Corp. were indicated more than 4% lower in premarket trade Tuesday, after the appliance maker reported third-quarter profit and sales that missed expectations, and provided a downbeat outlook. Net earnings rose to $238 million, or $3.10 a share, from $235 million, or $2.95 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $3.66, below the FactSet consensus of $3.86. Revenue slipped to $5.25 billion from $5.28 billion, missing the FactSet consensus of $5.32 billion, as weakness in Europe sales offset beats in North America and Latin America. For 2016, adjusted EPS is expected to be $14.00 to $14.25, below the FactSet consensus of $14.61. “”We are pleased with strong revenue growth, market share gains and ongoing margin expansion in North America and Latin America that overcame industry softness and currency volatility,” said Chief Operating Officer Marc Bitzer. “In Europe, the U.K. environment remains challenging, but we continue to execute brand and product transitions while adjusting our production levels to right-size our inventory.” The stock has climbed 16% year to date through Monday, while the S&P 500 has gained 5.3%.

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Shares of Whirlpool Corp. dropped 4.3% in thin premarket trade on Tuesday after the appliance maker reported a surprise drop in revenue and warned of softness ahead. For the third quarter, the company reported a profit of $238 million, or $3.10 a share, up from $235 million, or $2.95 a share, in the year-ago period. On an adjusted basis, profit came in at $3.66 a share. Sales slipped to $5.25 billion from $5.28 billion in the same quarter last year. Analysts polled by FactSet expected earnings of $3.86 a share on revenue of $5.32 billion. For the full year, the company said it now expects earnings of $11.50 to $11.75 a share, compared with the $11.50 to $12.00 a share it predicted in its second-quarter statement. “These changes are primarily related to demand softness in the U.S. and the U.K., along with the continued devaluation of the British pound,” Whirlpool said.

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Greece’s eurozone creditors on Tuesday morning approved a €2.8 billion ($3.04 billion) disbursement to the debt-laden country after the government completed a round of economic reform. The approval marks the end of the first review of Greece’s €86 billion bailout, approved last summer after fears the country would default and ultimately leave the eurozone. “Today’s decision to disburse €2.8 billion to Greece is a sign that the Greek people are steadily making progress in reforming their country,” the Board of Directors of the European Stability Mechanism said in a press release. “The government has completed key milestones in the area of pension reform, bank governance, the energy sector, and revenue collection,” it added. The fresh loans approved on Tuesday consist of two parts: €1.1 billion to be used for debt servicing and a further €1.7 billion for clearing arrears.

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Twitter is planning to announce this week it will lay off about 8 percent of its workforce, according to a report Monday night by Bloomberg News. That would be about 300 people. Twitter announced a similar number of job cuts last October, after Jack Dorsey reclaimed his spot as CEO. Twitter will report quarterly earnings Thursday morning, but Bloomberg said the cuts may be announced before that. Twitter shares are down more than 20% year to date, and the money-losing company been the subject of merger speculation with a number of companies in recent months.

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Nordstrom Inc. said late Monday Executive Vice President and Chief Financial Officer Mike Koppel will retire from the company in the spring of 2017. Koppel will remain in his role until then to support the search for a new CFO and assist with his successor’s transition, the retailer said. Koppel joined Nordstrom in 1999 and has been the company’s CFO since 2001. Shares of Nordstrom were flat in the late session after ending the regular trading day up 1.2%.

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