Category: Stock Market News

Shares of cloud company Apptio Inc. surged 44% Friday in their trading debut, jumping to more than $23 from their issue price of $16. The company sold 6 million shares late Thursday to raise $96 million. The company is now enjoying a market capitalization of 2.6 billion. The stock is trading on the Nasdaq exchange under the ticker symbol ‘APTI’.

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U.S. stocks on Friday opened slightly lower, taking a pause after three straight days of gains as investors cheered the Federal Reserve’s decision to leave interest rates unchanged earlier this week. On Friday, Boston Fed President Eric Rosengren said he had wanted to raise interest rates this week to help prolong the economic expansion. Meanwhile, a drop in oil prices also weighed on sentiment, ahead of next week’s much-anticipated meeting of major oil producers. The S&P 500 fell 4 points, or 0.2%, to 2,173. The Dow Jones Industrial Average lost 24 points, or 0.1%, to 18,370. And the Nasdaq Composite fell 12 points, or 0.2%, to 5,327.

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Shares of Twitter Inc. rocketed 17% in active premarket trade Friday, after a report that the social network getting close to a buyout deal. The stock was changing hands at $21.73, which puts it on track to open at the highest level since Jan. 6. The stock reversed earlier losses of nearly 5% following a downgrade at RBC Capital, after CNBC reported that Twitter was moving closer to a sale of the company. With 7.3 million shares traded, the stock was the most active before the open. The stock had tumbled 19% year to date through Thursday, while the S&P 500 had gained 6.5%.

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Shares of Oshkosh Corp. slumped 3.3% in premarket trade Friday, after the specialty vehicles maker raised its 2016 financial estimates but provided a downbeat outlook for 2017. The company now expects adjusted earnings per share this year in the range of $2.85 to $3.00, compared with a previous range of $2.60 to $2.80, while the revenue outlook was raised to $6.1 billion to $6.2 billion from $6.0 billion to $6.1 billion. For 2017, the company expects EPS of $3.00 to $3.40 and revenue of $6.5 billion to $6.7 billion. The FactSet consensus for EPS is $3.54 and for revenue is $6.66 billion. The outlook for next year includes expectations of lower earnings and sales from the access equipment business. The stock had soared 46% year to date through Thursday, while the S&P 500 had gained 6.5%.

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Netflix Inc. is losing subscribers to as it increases prices for new and current customers. A Survey done by Jefferies looked at more than 1,100 Netflix subscribers who have received a notification of the price hike and only 65% of them accepted the price change. “The results suggest that the price point could have a larger impact on cancellations,” Jeffries analysts, led by John Janedis, wrote in a note to clients. According to the survey 7% of the respondents had already cancelled their subscription, 4% plan on cancelling and 24% had yet to make a decision. Maybe more telling, of the respondents, 16% who accepted the increase said they would cancel their subscription if Netflix raised prices another $1 in the next two years. This is key as Netflix continues to shell out large amounts of cash to acquire content and solidify its position around the world. Shares of Netflix are down more than 16% in the year to date, while the S&P 500 Index is up nearly 7%.

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Cloud company Apptio Inc. priced its initial public offering at $16 a share late Thursday, above its range of $13 to $15. The company said it sold 6 million shares to raise $96 million. The stock is expected to begin trading Friday on the Nasdaq Global Market, under the ticker symbol ‘APTI.’ Goldman Sachs, J.P. Morgan and BofA Merrill Lynch were joint lead bookrunners for the offering.

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Carnival Corp. & plc said Friday that its joint venture in China, created with China State Shipbuilding Corp and Italy-based Fincantieri S.p.A., has signed a non-binding memorandum of agreement to order the first Chinese-made cruise ships built for the Chinese market. This is a first for the industry, the company said. The two ships will operate as part of a multi-ship cruise brand in China, with the first ship expected for delivery in 2022. The joint venture has the option of ordering two additional ships. Carnival shares are down 0.9% in premarket trading and down 14% for the year so far. The S&P 500 Index is up 6.5% this year.

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Tropical Storm Karl could have strengthened to close to hurricane level when it passes near or east of Bermuda Friday night, the National Hurricane Center said in its latest advisory. Karl is expected to drop three to five inches of rain over Bermuda through Saturday and early Sunday, said the advisory. The storm has maximum sustained winds of 60 miles per hour, and is located about 290 miles south of Bermuda. The first category on the Saffir-Simpson scale measuring hurricane intensity calls for winds of 74 to 95 miles per hour.

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The Finish Line Inc. shares rose 1.9% in premarket trade Friday, after the sporting goods retailer posted stronger-than-expected sales for its fiscal second quarter. Finish Line said it had net income of $22.1 million, or 53 cents a share, in the quarter to August 27, down from $25.9 million, or 57 cents a share, in the year-earlier period. Sales rose to $509.4 million from $483.2 million. The FactSet consensus was for EPS of 53 cents and sales of $495 million. Same-store sales rose 5.1%, well ahead of the FactSet consensus of 2.9%. The company said it now expects full-year same-store sales to grow 3% to 5%, and EPS to range from $1.50 to $1.56, which wrap around the current consensus for each metric. Shares have gained 33% in the year so far, while the S&P 500 has gained 6.5%.

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Endo International PLC said Rajiv De Silva has stepped down as chief executive officer and as a member of the board, a year after the drug maker completed its acquisition of Par Pharmaceuticals. Endo named Paul Campanelli as its CEO, effective immediately. Campanelli was CEO of Par, then became president of Endo’s generic and over-the-counter drugs business after the deal closed. “Given the continued evolution of Endo’s business and Paul’s impressive track record of delivering strong operating results, the Board concluded that Paul is the right leader for Endo at this juncture as we focus on execution and increasing the value of our attractive U.S. branded, U.S. generic and international pharmaceutical assets,” said Chairman Roger Kimmel. Separately, Endo affirmed its third-quarter adjusted earnings-per-share outlook of 77 cents to 82 cents and its revenue outlook of $830 million to $870 million. The FactSet consensus for EPS is 81 cents and for revenue is $865 million. The stock, which was still inactive in premarket trade, has plunged 67% year to date, while the SPDR Health Care Select Sector ETF has gained 1.8% and the S&P 500 has climbed 6.5%.

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