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Cooper Tire & Rubber Co. on Thursday named Bradley Hughes as chief executive. Hughes will replace Roy Armes, who is retiring. Shares were not yet active in premarket trade, but are down 10% in the year so far, while the s&P 500 has gained 6%.
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Vera Bradley Inc. on Thursday said it posted income of $5.1 million, or 14 cents per share for its fiscal second quarter, compared with income of $5.7 million, or 15 cents in the prior year period. The FactSet consensus was for 13 cents. Revenue for the quarter hit $119.2 million, which was just below last year’s $120.7 million, but slightly above FactSet’s $119 million consensus. The handbag and accessories company expects revenue for fiscal 2017 to come in between $510 million to $515 million, compared with $502.6 million in revenue for the year earlier. Earnings per share for 2017 are expected to land between 88 cents and 92 cents, which is below the FactSet consensus of 93 cents. Last year’s EPS was 82 cents. Shares of Vera Bradley are down 5% in the year to date, underperforming the S&P 500 Index , which is up more than 6%.
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Campbell Soup Co. shares slumped 3.6% in premarket trade on Thursday after the company’s earnings and sales came up short, which did not please Chief Executive Denise Morrison. Campbell reported a loss of $37 million, or 26 cents per share for its fiscal fourth quarter, after income of $43 million, or 5 cents per share during the same time period a year ago. On an adjusted basis, Campbell reported earnings of 46 cents per share, which was below the FactSet consensus of 50 cents. Sales for the quarter hit $1.687 billion below FactSet’s $1.694 billion consensus and down from last year’s $1.693 billion during the same quarter. “I am not pleased with the results of our fourth quarter,” Morrison said. “While we have made progress, we recognize we need to deliver sales growth — and it remains a top priority.” Looking forward, Campbell expects sales to increase about 1% for 2017 and adjusted EPS to increase by 2% to 5%, reaching $3.00 to $3.09 per share for the year. Shares of Campbell Soup are up more than 15% in the year to date, outperforming the S&P 500 Index , which is up a little more than 6%.
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Vista Outdoor Inc. said Thursday it has acquired privately owned Camp Chef for $74 million. Camp Chef makes camp stoves, barbecue mills, pellet grills and other outdoor cooking equipment, along with cast=iron cookware and accessories. “Camp Chef strengthens our leadership position in outdoor recreation, allows us to enter the growing camping and outdoor cooking market, and the brand’s effective multi-product, multi-channel strategy increases our presence across both brick-and-mortar and ecommerce distribution platforms.” Vista Chief Executive Mark DeYoung said in a statement. The deal is expected to boost 2017 per-share earnings. Camp Chef was set up in 1990 in Utah, and has about 50 employees. Vista shares were not yet active in premarket trade, but are down 10.5% in the year so far, while the S&P 500 has gained 6%.
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The yields on U.K. government debt and the pound moved firmly higher on Thursday after data showed the country’s manufacturing sector rebounded sharply in August. The Markit/CIPS purchasing managers index jumped to 53.3 for the month, up from the 41-month low of 48.3 recorded in July following the Brexit vote. Analysts had expected the manufacturing PMI to climb to 49.6. “Certainly this is great news for the British economy and a sign that the Bank of England need not push for any further accommodation in the coming months. Indeed the report highlights that inflation is picking up fast as input costs increase,” said Neil Wilson, markets analyst at ETX Capital, in a note. The pound jumped to its highest level against the euro in almost a month, trading at €1.1887, up from €1.1774 late Wednesday in New York. Against the dollar, sterling rose to $1.3252 from $1.3138. The yield on 10-year U.K. gilts climbed 6 basis points to 0.597%.
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Shares of SkyPeople Fruit Juice Inc. were up slightly in the extended session after having a big week. The Chinese-based fruit juice company’s shares closed up 51% at $12.60 Wednesday, gaining an additional 2% after hours. For the week, shares are up 110%. Trading in the microcap company became volatile this week following reports that it reached an agreement to sell a majority stake in one of its units to a concern backed by the Chinese state, sending shares higher. That was followed by a drop Tuesday after micro-cap research firm GeoInvesting published a due diligence report on the deal that many took to have negative implications. Then, on Wednesday, GeoInvesting tweeted that media outlets were making incorrect assumptions about the report, reigniting a rally in the stock.
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Sunovion Pharmaceuticals Inc. said late Wednesday it has agreed to buy Cynapsus Therapeuticals Inc. for $40.50 a share in an all-cash deal that values the Toronto-based Cynapsus at $624 million and represents a 120% premium over Cynapsus’ close of $18.36 on Wednesday. Both companies’ board of directors have approved the acquisition, expected to close this fall, the companies said in a statement. Cynapsus is testing medication to treat Parkinson’s disease and “pivotal” clinical trials are underway, the company said on its website. Shares of Cynapsus closed at 0.3% higher on Wednesday.
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Infoblox Inc. spiked to a 52-week high Wednesday after a report that it was accepting acquisition bids, and the security-software company beat expectations with an earnings report after the market closed. Reuters reported Wednesday afternoon that Infoblox, under pressure from activist investor Starboard Value LP, had launched a sale process, and shares spiked nearly 10% before closing with a 6.6% gain at $21.46. Shares briefly ducked lower than $21 in late trading but bounced back to the closing price after the company released its quarterly earnings report, showing a net loss of $10.3 million, or 18 cents a share, on sales of $86.3 million. After adjustments for stock-based compensation and other factors, Infoblox claimed a profit of 8 cents a share. Analysts polled by FactSet on average expected Infoblox to report adjusted earnings of 7 cents a share on sales of $84.6 million. Infoblox has struggled to find solid footing this year, and launched a strategic review earlier this year that included laying off more than 100 employees.
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McDonald’s Corp. said late Wednesday Mike Andres, its president of U.S. operations, will retire at the end of the year. The fast-food giant named Chris Kempczinski, who serves as vice president of strategy and business development, as a replacement. Andres and Kempczinski will work together to ensure a smooth transition, the company said. Kempczinski joined McDonald’s last year from Kraft Foods Group, now Kraft Heinz. Shares of McDonald’s were flat in late trading after ending the regular session up 0.3%.
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Box Inc. shares rose late Wednesday after the online file-sharing company posted a narrower-than-expected second-quarter loss and growing sales. Box said it lost $38 million, or 30 cents a share, in the second quarter, compared with 42 cents a share in the year-ago period. Adjusting for one-time items, Box lost 14 cents a share in the quarter, compared with an adjusted loss of 28 cents a year ago. The Redwood City, Calif., company said sales hit $95.7 million in the quarter, a record for the company and up 30% from $73.5 million a year ago. Analysts polled by FactSet had expected Box to report a loss of 19 cents a share on sales of $95 million. Billings reached $106.5 million, up 34% from a year ago, Box said. The company also raised its expectations for next year, saying it expects full-year sales around $391 million to $395 million and a loss in the range of $1.30 to $1.28 a share from previous expectations of a loss between $1.43 and $1.40 a share. Shares of Box rose 1.7% in late trading after ending the regular session up 3.2%.
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From:: Stock Market News