Category: Stock Market News

PTC Inc. said Monday that it expects fiscal fourth-quarter earnings and revenue to be at the low end of its previously-provided guidance, as a higher-than-expected subscription mix came with increasing commission expense. The internet of things technology platform company raised its outlook for bookings to a range of $139 million to $142 million for the quarter ending Sept. 30 from its previous guidance of $111 million to $121 million. The company now expects its bookings subscription mix for the quarter to be about 70%, above its previously-provided estimate of 46%. PTC expects to report quarterly results after the Oct. 26 close. The stock, which is still inactive in premarket trade, has soared 28% year to date while the S&P 500 has gained 6.1%.

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Revenue from new U.S. vehicle sales fell to $47 billion in the month of September, down 0.3% from a year ago, according to TrueCar Inc. The decline comes as higher incentives, amid expectations of lower sales, offset a 2% increase in average transaction prices. The average price for a new light vehicle was $33,090 in September, while average incentive spending by car makers rose $245 to $3,387 per vehicle, which raised the ratio of incentive spending to average transaction price (ATP) 0.5 percentage points to 10.2%. “Going forward TrueCar is keeping a close eye on incentive spending as a percent of ATP which exceeded the 10% level for the second straight month,” said TrueCar analyst Eric Lyman. “We expect this figure to drop as the sell down of 2016 model year vehicles is completed in Q4.” Shares of General Motors Co. hve lost 6.6% year to date and Ford Motor Co.’s stock has shed 14%, while the S&P 500 has gained 6.1%.

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Gannett Co.’s longtime efforts to buy publisher Tronc Inc. could pay off with a confirmed deal as soon as Monday morning, Politico reported Sunday night, citing unnamed sources familiar with the talks. The report said asset purchase agreement drafts have been exchanged by Gannett, the country’s second-largest newspaper chain and publisher of USA Today, and Tronc, formerly known as Tribune Publishing and the publisher of the Los Angeles Times, the Chicago Tribune and the Baltimore Sun. The sources stressed that further delays could be possible, or the deal may never materialize. Shares for both publishers were so far seeing limited premarket action.

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The number of accounts stolen in a hack of Yahoo’s data systems may top 1 billion, more than double the number acknowledged by the company, according to a published report. Business Insider cited an unnamed former Yahoo executive who said all of Yahoo’s products rely on a single user database for authentication. The database held personal details of between 700 million and 1 billion active users at the the time of the hack in 2014, according to the report.

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College students, high-school seniors and their parents can begin filling out the federal form for student aid starting Saturday, three months earlier than in the past. The so-called Free Application for Federal Student Aid was opened to applicants on Oct. 1 this year under executive action by President Obama. The form is the starting point for obtaining federal grants, student loans and many forms of state aid for college.

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Hurricane Matthew weakened slightly overnight, but remains a powerful category 4 storm in the southern Caribbean Sea with sustained winds of 155 mph, the National Hurricane Center said in a morning update Saturday. The storm is projected to turn to the north over the next 24 hours on a path that will take it close to Jamaica on Monday. The current projected path also takes Matthew over southeastern Cuba, close to the Guantanamo detention facility maintained by the U.S.

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Alphabet Inc. has hired an adviser to help evaluate a bid to acquire Twitter Inc. , which would add another Internet advertising revenue stream to the search giant’s portfolio, Bloomberg News reported Friday afternoon. Twitter is looking for potential acquisition bids, according to a report last week, and reports of companies evaluating the move so far have included Salesforce.com Inc. and Walt Disney Co. Bloomberg reported that Alphabet had hired Lazard Ltd. to evaluate a potential acquisition, the same firm that oversaw Alphabet’s acquisition bid for Apigee Corp. earlier this year. Twitter shares, which have gained nearly 25% since reports of a potential acquisition surfaced last week, added almost 4% in after-hours trading Friday after the report hit. Alphabet shares were stable in late trading.

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KBR Inc. shares fell in the extended session Friday after the engineering and energy-industry services company cut its profit outlook for the year because of increased costs. KBR shares dropped 7.5% to $14 after hours. The company now forecasts full-year adjusted earnings of 30 cents to 50 cents a share, down from a previous range of $1.20 to $1.45 a share. Analysts surveyed by FactSet had estimated full-year earnings of $1.30 a share. The bulk of the cost increases center on an engineering, procurement and construction project for an electric power-generating facility, KBR said. “While the cost increases are highly disappointing, particularly on the power project, these legacy projects are nearing completion and we will not execute any new standalone fixed price EPC power projects,” the company said in a statement. “We believe this performance confirms that the decision for KBR to exit the fixed price EPC power business is the right one.”

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Wells Fargo & Co. faces a possible ban from doing business in Chicago and Illinois, according to reports Friday, citing statements from city and state officials. Edward Burke, head of the Chicago’s finance committee, introduced an ordinance Friday that would ban the city from doing business with Wells Fargo for at least two years, according to reports from CNBC and Reuters. Similarly, Illinois Treasurer Michael Frerichs has scheduled a Monday press conference to announce plans to suspend billions of dollars of investment activity with Wells Fargo, according to reports. Wells Fargo has been under intense scrutiny from Congress recently for its business practices. Wells Fargo shares rose 0.4% to $44.44 after hours Friday.

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BlackLine Inc. plans to raise up to $100 million in an initial public offering, according to a late Friday filing with the Securities and Exchange Commission. The company, which offers cloud-based accounting and finance software, reported a loss of 12 cents a share on revenue of $83.6 million in 2015. Goldman Sachs and J.P. Morgan are listed among the underwriters on the deal. BlackLine plans to list on the Nasdaq Global Select Market exchange under the ticker symbol “BL”.

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