Category: Stock Market News

Oil futures extended their gains Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by 3 million barrels in the week ended Sept. 30. A 2 million-barrel climb was expected by analysts polled by S&P Global Platts, while the American Petroleum Institute late Tuesday reported a drop of 7.6 million barrels, according to sources. The EIA has now reported surprise supply declines for five weeks in a row. Gasoline supplies, meanwhile, edged up by 200,000 barrels, while distillate stockpiles fell 2.4 million barrels, according to the EIA. November crude rose $1.09, or 2.2%, from Tuesday’s settlement to $49.78 a barrel on the New York Mercantile Exchange. Prices traded at $49.60 before the data.

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WASHINGTON (MarketWatch) – There is no evidence the U.S. Justice Department is signaling out foreign banks for punishment for their roles in the financial crisis, the International Monetary Fund said Wednesday. “If you look at the magnitude of those fines, you’ll find that U.S. institutions have actually suffered more fines relative to other countries,” said Matthew Jones, assistant director of the IMF’s monetary and capital markets department, at a press conference Wednesday. Investor concern about the underlying profit model of banks and their ability to survive in the current environment of low interest rates has had a bigger impact on bank share prices than any concern about Justice Department fines, he added. The comment comes amid intense discussion over the size of the penalty that may be meted out to Deutsche Bank over faulty mortgages.

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U.S. stocks opened modestly higher on Wednesday, boosted as a 2% rise in crude oil prices lifted energy companies. While a read on private sector employment came in below expectations, a negative sign for the labor market, it was also seen as evidence that the Federal Reserve may not be too aggressive in raising interest rates. The Dow Jones Industrial Average [S: DJIA] rose 0.2%, or 54.37 points, to 18,227.07. The S&P 500 [S: SPX] rose 0.3%, or 5.35 points, to 2,155.88, with energy the top-performing sector. The Nasdaq Composite index [S: COMP] rose 0.3%, or 16.35 points, to 5,306.01.

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Red Robin Gourmet Burgers Inc. said Wednesday that it’s reevaluating the company’s fast-casual platform, with closures and rebrandings as part of the strategy. The restaurant chain closed nine of 12 Red Robin Burger Works restaurants on September 30. The remaining three will be renamed Red Robin Express. The rebranded locations will be remodeled, with all three expected to be complete by late 2016 or early 2017. The rebrand is meant to further differentiate the company’s limited-service locations from the full-service Red Robin restaurants. The first of the company’s smaller, fast-casual locations opened in 2011. Red Robin shares are inactive premarket trading, and down 43.8% for the last year. The S&P 500 Index is up 8.2% for the past 12 months.

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VF Corp. said Wednesday that Steven Rendle, the branded apparel and accessories company’s chief operating officer, has been named chief executive officer, effective Jan. 1, 2017. Rendle has been with the company for 16 years, and has 30 years of experience in the outdoor and action sports industry. Among VF Corp.’s brands are The North Face, Timberland and Nautica. Rendle succeeds Eric Wiseman, who will continue on as executive chairman of the VF Corp. board of directors. VF Corp. shares are inactive in premarket trading, and down 21.6% for the last year. The S&P 500 Index is up 8.2% for the past 12 months.

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Kohl’s Corp. announced Wednesday that its mobile payment option, Kohl’s Pay, has launched nationwide. Kohl’s Pay integrates the Kohl’s private label credit card, store offers, rewards and other perks into the retailer’s mobile app, which can be applied from the device at checkout. Kohl’s Pay works on iOS and Android devices. The Kohl’s mobile app has been downloaded more than 14 million times, the company said. Kohl’s shares are inactive in premarket trading, and down 9.2% for the year so far. The S&P 500 Index is up 5.2% for 2016 to date.

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Monsanto Co. saw shares trend up on solid volume after the company reported fiscal-fourth quarter earnings and revenue above FactSet consensus. The seed and agricultural product distributor reported a net loss of $191 million during the quarter, or 44 cent loss per share, compared with a $495 million loss, or $1.06 during the same period a year ago. Monsanto reported adjusted earnings per share of 7 cents, while FactSet expected a 5 cents loss. Sales in the quarter hit $2.56 billion, compared with $2.36 billion last year. The FactSet sales consensus was for $2.36 billion. Monsanto is still in the process of merging with Bayer AG , which it expects to close by the end of 2017. Monsanto shares are up more 3% in the year to date, underperforming the S&P 500 Index , which is up 5%.

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Constellation Brands Inc. shares rose 4% in premarket on Wednesday after the company reported better-than-expected profit and revenue for the fiscal second quarter. Net income for the quarter came in at $359 million, or $1.75 per share, which is up 17% compared with the same period last year. Adjusted earnings per share were $1.77, which beat the $1.65 FactSet consensus. Sales hit $2.02 billion during the quarter, up 17% from last year, and came in above the FactSet consensus of $1.96 billion. The beer, wine and spirit producer also raised its 2017 fiscal year guidance on EPS to a $6.30 to $6.45 range, above FactSet’s expected $6.28 for the year. Shares of Constellation Brands have increased more than 16% in the year to date, outperforming the S&P 500 Index , which is up 5%.

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Eli Lilly and Co. unit Elanco U.S. Inc. has agreed to acquire Boehringer Ingelheim Vetmedica Inc.’s U.S. feline, canine and rabies vaccines portfolio, in a deal valued at $885 million. The acquisition includes a manufacturing and research & development site, and will expand Elanco’s companion animal portfolio, the company said in a statement. The deal is expected to close by early 2017 and is expected to boost Eli Lilly’s GAAP earnings by 2019 and its non-GAAP earnings by 2018. Elanco has a portfolio of parparasiticides, pain and dermatology medicines, which will be joined by vaccines for bordetella, Lyme disease, rabies and parvovirus, among others. The deal is one step toward completing the acquisition of Merial by Boehringer Ingelheim. Eli Lilly shares were indicating higher in premarket trade, but are down 3.7% in the year so far, while the S&P 500 has gained 5.2%.

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Acacia Communications Inc. shares rallied in the extended session Tuesday after the optical-networking products company forecast higher earnings than it had originally estimated. Acacia shares surged 8% to $110.18 after hours. The company said it expects adjusted third-quarter earnings of 83 cents to 90 cents a share, following an original forecast of 64 cents to 76 cents a share. Analysts surveyed by FactSet had estimated 74 cents a share. Separately, Acacia said it plans a follow-on offering of 4.5 million shares, 1.2 million of which will be sold by the company. Shares of Acacia made their public market debut in May. Optical-networking stocks have been a tear since last quarter.

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