Category: Stock Market News

Coty Inc. shares jumped in the extended session Tuesday after S&P Dow Jones Indices said the beauty-products maker will replace Diamond Offshore Drilling Inc. on the S&P 500 index . Coty shares rose 4.7% to $24.56 after hours. “Diamond Offshore Drilling is ranked at the bottom of the S&P 500 and has a market capitalization more representative of the mid-cap market space,” S&P said of the index change, which will occur after markets close on Friday. Diamond Offshore shares declined 0.7% to $15.90 after hours.

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General Mills said late Tuesday its board of directors has authorized the payment of a quarterly dividend of 48 cents a share, payable Nov. 1 to shareholders of record Oct. 10. The company’s current annualized dividend rate of $1.92 a share represents an increase of 8% over the dividend of $1.78 paid in fiscal 2016, the food company said. Shares of General Mills were flat after hours after ending the regular session up a fraction.

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Shares of Sonic Corp. skidded in Tuesday’s extended session after the drive-in restaurant issued weak preliminary results for the quarter ended Aug. 31. Sonic reported fourth-quarter earnings per share of 51 cents to 53 cents. On an adjusted basis, Sonic expects EPS of 43 cents to 45 cents versus 47 cents forecast by analysts in a FactSet survey. The restaurant chain also projected same-store sales to decline about 2%. The company is scheduled to release its quarterly earnings on Oct. 24. Shares of Sonic slumped 6.4% after hours.

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Pier 1 Imports Inc. shares rose more than 5% late Tuesday after the home-goods retailer said its board of directors adopted a shareholders’ agreement aimed at fending off unwanted takeovers. The agreement restricts people or groups from buying 10% or more of the company’s shares, the company said. Hedge fund firm Alden Global Capital LLC last week revealed a 9.5% stake in the retailer, saying that Pier 1, which is searching for a new CEO amid disappointing sales, was at a “critical juncture.” Pier 1’s board “feels it is important to ensure that all shareholders have the opportunity to realize the long-term value of the iconic Pier 1 Imports brand, and to guard against coercive or unfair tactics to gain control of the Company without paying all shareholders an appropriate premium,” Chairman Terry E. London said in the statement. The agreement will not prevent takeovers but may cause “substantial dilution,” which may render more difficult or block a merger that is not supported by the board, Pier 1 said. Shares ended the regular session up 1.7%.

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Harmonic Inc. reached a deal with Comcast Corp. that would give Comcast the right to buy common shares of Harmonic if the video services company meets certain sales and deployment milestones during a certain time frame, the San Jose-based company said Tuesday. A warrant gives the holder the right but not the obligation to buy or sell a stock. “We are well positioned to further strengthen our partnership with Comcast, drive new growth and create value for our stockholders,” said President Patrick Harshman of Harmonic. More details will be available during a conference call at 6 a.m. Pacific on Wednesday. Harmonic stock surged 4.1% while Comcast was unchanged after hours.

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Nike Inc. shares fell in the extended session Tuesday after the athletic apparel company topped Wall Street estimates for the quarter but reported a single-digit rise in future orders and a double-digit rise in inventories. Nike shares dropped 4.2% to $52.99 after hours. The company reported fiscal first-quarter earnings of 73 cents a share on revenue of $9.06 billion. Analysts surveyed by FactSet had estimated 56 cents a share on revenue of $8.86 billion. Futures orders for September 2016 through January 2017 rose 5% to $12.3 billion, while inventories as of Aug. 31 rose 11% to $4.9 billion from the year-ago period.

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Corrections Corporation of America announced a plan to lay off 12% of headquarters staff and cut other costs Tuesday, as the company continues to face fallout from criticism of the use of private prisons in the U.S. CCA said Tuesday afternoon that it would slash 50-55 jobs and institute a cost-cutting plan that it expects will save about $9 million in 2017. Chief Executive Damon Hininger also said he would forfeit $2 million worth of restricted stock units he received in February and requested the board not award him any equity-based compensation in 2017. Companies that run private prisons have suffered greatly since the Justice Department said last month it would phase out use of the facilities for prisoners, and the Homeland Security department has said it will also examine use of private prisons. The growth of private prisons in the U.S. has been under a greater spotlight since the magazine and website Mother Jones published an expose over the summer detailing a reporter’s experience working as a prison guard in a CCA facility. CCA shares were steady in after-hours trading, after falling 7.6% in regular trading; shares have fallen more than 45% since the Justice Department announcement in August.

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Tempur Sealy International Inc. shares plunged late Tuesday after the mattress maker and retailer said its third-quarter sales are below expectations and net 2016 sales likely will be 1% to 3% lower than 2015 sales. For the full year 2016, the company expects adjusted earnings to range from $500 million to $525 million, Tempur Sealy said. The company is expected to report third-quarter results Oct. 27. Shares fell nearly 20% in late trading after ending the regular session down 0.1%.

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Petco on Tuesday said Chairman and Chief Executive Jim Myers will step down as CEO but retain his role as chairman and board member. President and Chief Merchant Brad Weston will succeed Myers on Feb. 1 as CEO. Petco is a privately owned national petstore chain.

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Oil futures settled with a loss on Tuesday, with oil producers not expected to reach an official agreement on output in Algeria. Saudi Arabia and Iran said that a meeting of the Organization of the Petroleum Exporting Countries and other big oil producers Wednesday will merely be “consultative.” November West Texas Intermediate crude lost $1.26, or 2.7%, to settle at $44.67 a barrel on the New York Mercantile Exchange. It gained 3.3% on Monday.

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