Category: Stock Market News

The Securities and Exchange Commission said it’s barred the former head trader in residential mortgage-backed securities at Goldman Sachs from the securities industry. The SEC says it’s fined Edward Chin $400,000 after alleging he concealed the prices at which Goldman bought the securities and then re-sold at higher prices. The SEC also said Chin misled purchasers by saying he was negotiating a transaction between customers when he actually was selling out of Goldman’s inventory. The customers in these trades were primarily advisers to hedge funds. Chin’s misconduct began in 2010 and ended when he left the firm in 2012, the SEC alleged. Chin didn’t admit or deny the findings.

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U.S. stocks slumped Tuesday, pushing the three main benchmarks off records set Monday, as the dollar weakened against most major currencies. The Dow Jones Industrial Average retreated 44 points, or 0.2%, to 18,591, the S&P 500 index gave up 4 points, or 0.2%, at 2,185, while the Nasdaq Composite Index, slipped 14 points, or 0.3%, at 5,247. The dollar, as gauged by the U.S. ICE Dollar Index , was down 0.6% at 94.68. Against the yen , the buck dipped below the psychologically significant level of ¥100, but had recovered somewhat. In companies news, Home Depot Inc. was trading modestly higher after the do-it-yourself retailer reported same-store sales up by 5.4% in the second quarter.

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Anthera Pharmaceuticals Inc. stock rose 7.3% in pre-market trade Tuesday after the company said an independent expert advisory group gave a positive review of a late-stage clinical trial of its cystic fibrosis drug. The group, the Data and Safety Monitoring Board, said it had “no concerns” with data to date on the phase 3 clinical trial for Sollpura in cystic fibrosis patients with pancreatic insufficiency and voted that the study continue without protocol or charter changes. Shares of Anthera dropped 7.9% over the last three months, compared with a 6.0% rise in the S&P 500 .

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TJX Cos. shares fell 2.1% in premarket trading after the off-price retail company forecast earnings that are below FactSet estimates. For the latest quarter, net income totaled $562.17 million, or 84 cents per share, up from $549.34 million, or 80 cents per share, for the same period last year. The FactSet estimate was 81 cents. Revenue for the second quarter totaled $7.88 billion, up from $7.36 billion last year and beating the FactSet consensus of $7.84 billion. Same-store sales increased 4%, beating the FactSet consensus for a 3.5% increase. TJX sees third-quarter EPS in the range of 83 cents and 85 cents, below the 90 cents per share FactSet estimate. TJX expects wage increases to negatively impact EPS growth by 3%. TJX raised its full-year same-store sales outlook to an increase between 3% and 4%, in the range of FactSet expectations for an increase of 3.8%. The retailer sees full-year EPS in the range of $3.39 to $3.43, below the FactSet consensus of $3.48. TJX shares are up 17.2% for the past year while the S&P 500 Index is up 4.7% for the same period.

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Cintas Corp. announced Tuesday that it will buy G&K Services Inc. in a deal that values the uniform and facilities services company at about $2.2 billion. Under terms of the deal, Cintas will pay $97.50 for each G&K share outstanding, representing a 19% premium to Monday’s closing price. The deal, which is expected to close in the next four to six months, is expected to add to Cintas’ earnings in the second full year after closing. Annual synergies are expected to be in the range of $130 million to $140 million. G&K shares, which were halted for news until 9:00 a.m. ET, had run up 31% year to date through Monday, while the S&P 500 had gained 7.2%. Cintas shares, which were still inactive in premarket trade, had climbed 18% so far this year.

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Athletic apparel marker Wolverine Worldwide said Tuesday its board has approved a $300 million share buyback program. The four-year program replaces the company’s 2014 program. Shares were not yet active in premarket trade, but are up 45% in the year to date, while the S&P 500 has gained 7%.

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Dick’s Sporting Goods Inc. shares rose 5.7% in Tuesday premarket trading after the retailer beat second-quarter earnings estimates and raised its full-year outlook. Dick’s reported net income of $91.4 million, or 82 cents per share, up from $90.8 million, or 77 cents per share, for the same period last year. The FactSet consensus was 69 cents per share. Revenue totaled $1.97 billion, up from $1.82 billion last year and beating the FactSet consensus of $1.88 billion. Same-store sales increased 2.8%, exceeding the FactSet estimate of a 2.2% decline. Dick’s expects third-quarter EPS in the range of 39 cents and 42 cents, excluding costs to convert former The Sports Authority stores into Dick’s stores. The FactSet consensus is 38 cents. The company raised its full-year EPS guidance to a range of $2.90 to $3.05 from $2.60 to $2.90. The FactSet consensus is $2.84. Dick’s Sporting Goods shares are up 55.3% for the year so far while the S&P 500 Index is up 7.2% for the same period.

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Coty Inc. reported a fiscal fourth-quarter net loss of $31 million, or 9 cents per share, compared with $21 million, or 5 cents per share, for the same period last year. Adjusted earnings were 13 cents per share, beating the FactSet consensus of 6 cents per share. Revenue totaled $1.08 billion, down from $1.02 billion last year and beating the FactSet estimate of $1.05 billion. The company said Tuesday it is “well advanced” in its preparations for the P&G Beauty Brands merger, with office locations, structure and key staffing complete. Coty sees revenue returning to growth during the second half of fiscal 2017, excluding the impact of foreign currency. Coty shares are inactive in premarket trading, but up 16.1% for the year so far. The S&P 500 Index is up 7.2% for the same period.

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Northern Oil & Gas Inc. said Tuesday Chief Executive Michael Reger has been terminated, effective immediately, and has ceased being a member of the oil and gas company’s board. Thomas Stoelk, who was served as chief financial officer since December 2011, was named interim CEO. The company said it has been evaluating “strategic alternatives to increase shareholder value,” given the challenges of operating in a lower commodity price environment. The company said it still has access to over $220 million under its revolving credit facility. The stock, which was still inactive in premarket trade, has tumbled 16% over the past three months, while the S&P 500 has gained 6%.

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Visteon Corp. said Tuesday it has appointed Christian Garcia as chief financial officer, effective October. Garcia will replace William Robertson, who will continue with the company as vice president and corporate controller. Garcia comes from Halliburton Co. , where he was acting CFO. Shares were not yet active in premarket trade, but are down 38% in the year so far, while the S&P 500 has gained 7%.

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