Category: Stock Market News

EBay Inc. shares fell 8% in Wednesday’s extended session after the e-commerce company reported third-quarter earnings that beat expectations but issued a cautious forecast for the holiday shopping season. EBay reported net income of $413 million, or 36 cents a share, on sales of $2.22 billion; after adjustments for stock-based compensation and other factors, the company claimed earnings of 45 cents a share. Analysts surveyed by FactSet expected eBay to report adjusted earnings of 44 cents a share on revenue of $2.19 billion. For the important fourth quarter, when eBay will be competing with Amazon.com Inc. and other online retailers for shoppers’ attention, the company projected adjusted earnings of 52 cents a share to 54 cents a share on revenue of $2.36 billion to $2.41 billion. Analysts expect fourth-quarter adjusted profit of 54 cents a share on sales of $2.4 billion, according to FactSet. EBay shares closed with a 2.8% gain at $32.53 and fell to close to $30 in after-hours trading.

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Shares of American Express Co. rose 4% late Wednesday after the credit card company reported third-quarter earnings and revenue that beat Wall Street expectations. American Express said it earned $1.14 billion, or $1.20 a share, in the quarter, compared with $1.26 billion, or $1.24 a share, in the third quarter of 2015. Adjusted for one-time items, the company earned $1.24 a share, the same as it reported in the year-ago period. Sales reached $7.77 billion, compared with $8.19 billion a year ago. Analysts polled by FactSet had expected American Express to report adjusted earnings of 97 cents a share on sales of $7.71 billion. Despite losing the Costco account earlier this year, and excluding the impact of Costco-related revenues in the year ago-period, adjusted revenues rose 5%, thanks to an increase in member spending, and higher net interest income and net card fees. Shares of American Express had ended the regular session up 2%.

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Phillips 66 Partners LP said Wednesday it’s raising its quarterly distribution by 5% to 53.10 cents per unit. The new payment will be mad Nov. 14 to unitholders of record as of Nov. 2. Shares were up 1% but are down 23% in the year so far, while the S&P 500 has gained about 5%.

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Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward stagflation where economic growth remains subdued amid higher prices. “2017 is the year of increasing inflation and the economy lagging,” said Bass in an interview with CNBC, noting that consumer prices are picking up and wages and real estate prices are rising. “It’s a stagflation environment” and people will have a hard time generating positive returns, he said, urging investors to avoid long-duration bonds. The hedge fund manager also reiterated his view that China has already reached the point where it is a problem due to excessive debt buildup and that China’s financial woes will drag on global growth. Meanwhile, Bass made no secret of whom he is supporting in the election, referring to Republican nominee Donald Trump as a “circus clown.” “Hillary is the only thing we got,” he said.

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Tesla Motors Inc. Chief Executive Elon Musk tweeted Wednesday the electric-car maker is ready to make a product “announcement” at 5 p.m. Pacific. Thirty minutes of a question-and-answer media session will follow, he said. Musk had postponed the unveiling from Monday. He has said another announcement, this time showcasing a Tesla and SolarCity Corp. product, is scheduled for Oct. 28. Tesla plans on a $2.6 billion merger with SolarCity, a solar-power provider led by Musk’s cousin. Musk is chairman and largest shareholder of both companies. Shares of Tesla ticked higher after the tweet, and were recently up 2.4%. Shares have lost 15% so far this year, contrasting with gains of 5.1% for the S&P 500 index in the same period.

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T-Mobile U.S. Inc. will pay at least $48 million to settle a Federal Communications Commission investigation into whether the mobile service provider inadequately disclosed speed and data restrictions for its unlimited data plan. The investigation found that company policy allowed T-Mobile to slow data speeds when customers exceeded a monthly data threshold. The $48 million settlement includes a $7.5 million fine, at least $5 million in services and equipment to American schools, and $35.5 million in consumer benefits to T-Mobile and Metro PCS customers with unlimited plans. Eligible customers will receive notice about benefits from the settlement on Dec. 15. T-Mobile will also update its disclosures to explain its policy and who may be impacted, and the company must notify customers who are approaching the threshold. T-Mobile shares are down 0.9% in Wednesday trading, but up 20% for the year so far. The S&P 500 Index is up 4.9% for 2016 to date.

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Oil futures extended their rally Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies dropped by 5.2 million barrels in the week ended Oct. 14. Analysts polled by S&P Global Platts expected a 2.5 million-barrel climb, while the American Petroleum Institute late Tuesday reported a decline of 3.8 million barrels. Gasoline supplies, meanwhile, rose by 2.5 million barrels, while distillate stockpiles fell by 1.2 million barrels, according to the EIA. November crude rose $1.25, or 2.5%, to $51.54 a barrel on the New York Mercantile Exchange. Prices traded at $51.16 before the data.

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The U.S. dollar softened against its Canadian rival on Wednesday after the Bank of Canada left its benchmark policy rate unchanged at 0.5%. The greenback sunk to a session low at C$1.3063, compared with C$1.3107 late Tuesday in New York, before paring its decline to $1.3064 in recent trade. Canadian bond yields inched higher, with the 10-year rising two basis points to 1.220%. In a quarterly outlook released Wednesday, the Bank of Canada lowered its projections for growth and inflation, and also pushed back its expectations for closing the country’s output gap until mid-2018. Bank of Canada Gov. Stephen Poloz will hold a press conference at 11:15 a.m. Eastern Time.

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U.S. stocks mostly climbed on Wednesday as Morgan Stanley topped earnings expectations and as crude-oil prices traded above $51 a barrel, lifting sentiment somewhat. The Dow Jones Industrial Average gained 33 points, or 0.2% at 18,195, the S&P 500 index advanced 2 points, or less than 0.1%, at 2,141, while the Nasdaq Composite Index traded little-changed at 5,240. Oil gains came after Saudi Arabia’s oil minister, Khalid A. Al-Falih, spoke hopefully about a pact to stabilize prices at a London conference ahead of the Organization of the Petroleum Exporting Countries next month. On the corporate earnings front, Morgan Stanley reported quarterly earnings early Wednesday before the open that beat expectations, as the big Wall Street firm benefited from a trading rebound that has helped some of the country’s largest banks.

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Oxford Industries Inc. disclosed in a filing Wednesday that it expects results for the fiscal third quarter ending in October to be hurt Hurricane Matthew and the recent bankruptcy filing by South Korea’s Hanjin Shipping. The company didn’t provide details, but said the hurricane resulted in lost sales for Tommy Bahama, Lilly Pulitzer and Southern Tide in Florida, as well as the coastal regions of Georgia, South Carolina and North Carolina. The company said the Hanjin bankruptcy will delay the shipping of some Lilly Pulitzer product into the fourth quarter that would have shipped during the third quarter. Still, Oxford affirmed its previously-provided guidance for the fiscal year, for revenue of $1.03 billion to $1.05 billion and adjusted earnings per share of $3.65 to $3.80. The FactSet consensus is for revenue of $1.04 billion and EPS of $3.74. The stock, which was still inactive in premarket trade, has gained 2.1% year to date, while the S&P 500 has climbed 4.7%.

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