Category: Stock Market News

Cubic Corp. warned Friday that fiscal fourth-quarter earnings, as well as earnings before interest, taxes, depreciation and amortization (EBITDA) were lower than expected, citing funding delays from the U.S. Department of Defense. The defense contractor said it expects revenue for fiscal 2016 ending September to be $1.435 billion to $1.455 billion, below the FactSet consensus of $1.521 billion. “We are disappointed by the shortfall in the fourth-quarter performance which impacted our FY16 financial results,” said Chief Executive Bradley H. Feldmann. “We fully expect that the delayed orders will be received in fiscal year 2017 and we continue to expect improved performance in 2017.” The stock, which was still inactive in premarket trade, has lost 4.7% year to date while the S&P 500 has gained 4.7%.

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Amazon.com Inc. said Thursday it is creating 120,000 seasonal jobs for the holidays, across its fulfillment centers, sortation centers and customers sites. The company said last year, more than 14,000 seasonal jobs turned into full-time positions after the holiday season. Jobs will be available in Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia and Wisconsin. Shares were down 0.6% premarket, but are up 23% in the year so far, while the S&P 500 has gained 4.7%.

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Kellogg Co. said Thursday it was reducing how much it plans to spend on share repurchases in 2016, in an effort “preserve financial flexibility” while it acquires Brazilian biscuit maker Parati Group. The breakfast foods giant said it now plans to spend $450 million to $550 million on buybacks this year, down from previous plans of $700 million to $750 million. Regarding Parati Group, Kellogg is paying the equivalent of $429 million in cash. The company expects the deal to be neutral to earnings in 2016 and 2017, add to earnings in 2018 and beyond. “Brazil is the largest economy in Latin America and this acquisition will allow us to accelerate our growth and improve our margins in the region,” said Kellogg Chief Executive John Bryant. The stock, which was still inactive in premarket trade, has gained 5.8% year to date, while the S&P 500 has tacked on 4.7%.

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Brown & Brown Inc. said late Wednesday its board raised the insurance intermediary’s quarterly dividend by 10%. The dividend of 13.5 cents a share is payable Nov. 9 to shareholders of record as of Oct. 28, an increase from the company’s previous quarterly dividend of 12.5 cents a share. Brown & Brown shares were unchanged at $37.61 after hours.

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SunEdison Inc. is under investigation by the Securities and Exchange Commission, according to a filing Wednesday. SunEdison, which filed for bankruptcy in April, was notified of a non-public, fact-finding SEC investigation on Oct. 5, it said. The notice was accompanied by a subpoena seeking emails and other electronic communications sent or received by current and former directors of the company and of TerraForm Power, Inc. and TerraForm Global, Inc., SunEdison spinoffs that are not part of SunEdison’s bankruptcy filing. SunEdison had been subject of a non-public, informal SEC inquiry earlier this year. According to the filing, the solar-power provider has received subpoenas from the Justice Department “seeking information and documentation relating to various matters.” SunEdison and its board of directors “intend to continue to cooperate fully with the SEC and the DOJ,” according to the filing. Shares of SunEdison fell 2.3% in late trading after ending the regular trading day up 23%.

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Wells Fargo & Co. chairman and CEO John Stumpf is retiring from the company and its board of directors, Wells Fargo said in a statement late Wednesday. Tim Sloan, the company’s president and chief operating officer, will succeed Stumpf as CEO, and Stephen Sanger, its lead director, will serve as the board’s non-executive chairman. Sloan also was elected to the board. Sloan’s appointment as CEO and election to the board are effective immediately, Wells Fargo said. Stumpf “believes new leadership at this time is appropriate to guide Wells Fargo through its current challenges and take the Company forward,” said Sanger in the statement. Shares of Wells Fargo rose 2% in the extended session after ending the regular trading day down 0.3%. Stumpf, who joined Wells Fargo in 1982, has testified twice in Congress in the wake of scandal around the bank’s high-pressure sales tactics. Wells Fargo has agreed to a $185 million settlement with regulators for opening millions of bank and credit-card accounts without customer consent. Wells Fargo is scheduled to report third-quarter earnings on Friday.

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Oil futures inched lower in electronic trading Wednesday after the American Petroleum Institute reported a 2.7 million-barrel rise in U.S. crude supplies for the week ended Oct. 7, according to sources. Analysts polled by S&P Global Platts forecast an increase of 250,000 barrels in stockpiles. Total crude stocks of 479.9 million barrels “reflect the same accounting adjustment to remove lease stocks from the total planned for tomorrow’s [Energy Information Administration] report,” said Tim Evans, energy analyst at Citi Futures. The EIA data will be released Thursday. Data was delayed by one day this week due to Monday’s government holiday. November crude was at $50.09 a barrel in electronic trading, down from the contract’s settlement of $50.18 on the New York Mercantile Exchange.

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From:: Stock Market News

Oil futures inched lower in electronic trading Wednesday after the American Petroleum Institute reported a 2.7 million-barrel rise in U.S. crude supplies for the week ended Oct. 7, according to sources. Analysts polled by S&P Global Platts forecast an increase of 250,000 barrels in stockpiles. Total crude stocks of 479.9 million barrels “reflect the same accounting adjustment to remove lease stocks from the total planned for tomorrow’s [Energy Information Administration] report,” said Tim Evans, energy analyst at Citi Futures. The EIA data will be released Thursday. Data was delayed by one day this week due to Monday’s government holiday. November crude was at $50.09 a barrel in electronic trading, down from the contract’s settlement of $50.18 on the New York Mercantile Exchange.

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CSX Corp. shares rose in Wednesday’s extended session after the railroad operator posted better-than-expected quarterly results. CSX reported its third-quarter earnings fell to $455 million, or 48 cents a share, from $507 million, or 52 cents a share, a year earlier. Revenue shrank 8% to $2.71 billion as coal volume slumped 21%. Analysts surveyed by FactSet had projected earnings per share of 45 cents and revenue of $2.69 billion. CSX gained 2.5% after hours.

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U.S. stocks closed mostly higher Wednesday after minutes from the Federal Reserve’s latest policy meeting underlined expectations for a possible rate hike in December. The S&P 500 gained 2.48 points, or 0.1%, to 2,139.21. The Dow Jones Industrial Average added 15.54 points, or 0.1%, to 18,144.20. However, a sharp selloff in biotechnology stocks weighed on the Nasdaq Composite with the index closing 7.77 points, or 0.2%, lower at 5,239.02.

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