Category: Stock Market News

SolarCity Corp. shares fell late Tuesday after the solar-power installer reported a narrower-than-expected second-quarter loss and sales came in above forecast, but cut third-quarter expectations. SolarCity reported a net loss of $250 million in the second quarter, compared with $156 million in the year-ago quarter. Adjusted for one-time losses, SolarCity lost $2.32 a share in the quarter. Revenue hit $186 million, up 81% year-over-year from $103 million a year ago. Analysts polled by FactSet had expected the solar-power installer to report a loss of $2.47 a share on sales of $143.3 million. The company forecast an adjusted loss between $2.55 a share and $2.65 a share for the third quarter; the analysts surveyed by FactSet expect a loss of $2.47 a share. Tesla Motors Inc. has proposed to buy SolarCity, and the two companies cleared a hurdle last week, valuing the proposed deal at $2.6 billion, subject to regulatory and shareholder approval. SolarCity shares fell 0.5% after ending the regular trading session up 1%.

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Myriad Genetics Inc. shares plummeted in the extended session Tuesday after the molecular diagnostics company’s earnings and outlook fell below Wall Street estimates. Myriad shares dropped 22% to $23.09 after hours. The company forecast adjusted fiscal 2017 earnings of $1 to $1.10 a share on revenue of $740 million to $760 million, and adjusted earnings of 25 cents to 27 cents a share on revenue of $168 million to $170 million for the first quarter. Analysts surveyed by FactSet had estimated $1.77 a share on revenue of $790.4 million for the year, and 42 cents a share on revenue of $191.6 million for the quarter. For the fourth quarter, Myriad reported earnings of 36 cents a share on revenue of $186.5 million, while analysts had forecast 37 cents a share on revenue of $187.7 million.

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Walt Disney Co. said Tuesday that it would launch a direct-to-consumer ESPN streaming service as part of an investment in BAMTech, Major League Baseball’s streaming-technology arm. Disney, which bought a third of BAMTech for $1 billion, said the new streaming service will feature live sporting events, but also said it would not include content from ESPN’s linear networks. Disney currently offers a streaming service to cable subscribers called WatchESPN that includes live feeds of all of ESPN’s networks and offerings, and ESPN President John Skipper said the new offering would be “an outstanding complement” to that service. In an interview with CNBC, Disney Chief Executive Robert Iger mentioned college sports and others that would be highlighted on the service, but did not go into detail on if specific sports will be televised live. Live sports is one of the few televised offerings that command high advertising rates, as people still watch live instead of recording to watch later, and contracts for major-league and college sports broadcasts have ballooned in recent years.

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(Updating to clarify the added sugar content is not yet available on all KIND products and won’t be until 2018.)
KIND Healthy Snacks said Tuesday it had revised labels on its snack products to include added sugar content, two years ahead of the Food and Drug Administration’s late July 2018 imperative. However, that information is only available on the company’s website, a spokeswoman clarified late Tuesday. All KIND bars will be labeled with this information by 2018, the same year the government requires the information be on labels. The new requirement that food companies disclose added sugars, part of a larger nutrition label overhaul that also changes calorie counts, faced a good deal of industry opposition before it passed.

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The Humane Society of the United States is asking the Federal Trade Commission to bring action against 17 retailers who they allege sold real fur merchandise but advertised it as faux fur. The retailers include Amazon.com Inc. , Kohl’s Corp. , Nordstrom Inc. , Ross Stores and Neiman Marcus.The items included 37 styles of apparel and accessories that the Humane Society said included fur from racoon dogs, a member of the dog family, rabbits and coyotes. The violations occurred between December 2011 and December 2015. The Humane Socety says the sale of these items is a violation of a number of regulations including the Fur Products Labeling Act and, in some cases, cease-and-desist orders that are already in place. Violations can lead to up to one year in jail and/or fines of up to $40,000.

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Walt Disney Co. shares slipped in the extended session Tuesday even after the media and entertainment giant topped Wall Street views for the quarter. Disney shares declined 1.3% to $95.37 after hours. The company reported adjusted fiscal third-quarter earnings of $1.62 on revenue of $14.28 billion. Analysts surveyed by FactSet had estimated earnings of $1.61 a share on revenue of $14.15 billion. Operating income in Disney’s media networks was flat for the quarter at $2.37 billion from a year ago as revenue rose 2% to $5.91 billion. In a separate statement, Disney said it will acquire a 33% stake in video streaming company BAMTech for $1 billion for use in ABC and ESPN programs.

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Shares of The Container Store fell 2.5% after hours Tuesday after the company missed first-quarter revenue expectations. It reported a net loss of $2.06 million, or 4 cents per share, compared to a loss of $5.8 million, or 12 cents per share, in the year-earlier period. This quarter’s net loss includes a 5 cent “benefit from new employment arrangements.” The FactSet consensus was for a loss of 9 cents. It reported sales of $177.4 million, up from $169.9 million in the year-earlier period, but below the FactSet consensus of $185 million. Shares of The Container Store have fallen 17.6% in the past three months, compared to the S&P 500’s gain of 6%.

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Valeant Pharmaceuticals International Inc.’s stock shot up 24.86% in the final stretch of Tuesday’s trading session, putting it on track to break the record for its biggest one-day gain in the drugmaker’s 22-year public history. The shares’ second-biggest percentage gain so far was the 23.59% jump on Sept. 9, 2005. The shares went public on March 29, 1994. Ahead of Tuesday’s open, Valeant reported second-quarter results that missed expectations, but the company didn’t lower its full-year outlook for a change, and indicated it would be going in a new strategic direction. Volume reached 100 million shares with 15 minutes left in the session, more than four times the full-day average, and enough to make the stock the most active trading on U.S. exchanges. The stock has still tumbled 72% year to date, while the SPDR Health Care Select Sector ETF has gained 3.8% and the S&P 500 has climbed 6.7%.

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Gold prices closed up modestly on Tuesday as weakness in the U.S. dollar delivered a boost to the yellow metal. December gold rose $5.40, or 0.4%, to settle at $1,346.70 an ounce. Gains for the precious metal came as the buck retreated 0.2% against its main rivals, as measured by the ICE U.S. Dollar Index . The advance for gold ends two sessions of losses for the metal, after a healthy reading of nonfarm-payrolls on Friday resulted in a surge in stocks, viewed as risky, and a $23 drop in gold futures, amid heightened expectations of a rate hike by the Federal Reserve. Higher rates can boost the value of the greenback, making dollar-priced assets more expensive to buyers using other currencies.

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KIND Healthy Snacks said Tuesday it had revised labels on its snack products to include added sugar content, two years ahead of the Food and Drug Administration’s late July 2018 imperative. The company said it is the first national snack brand to do so, and announced an initiative last year to reduce added sugar in selected bars. Once those new bars become available, which is expected to be next year, all KIND snacks will have half to two and a half teaspoons of added sugar per serving, a fraction of the government’s 12 teaspoon a day intake recommendation. The new requirement that food companies disclose added sugars, part of a larger nutrition label overhaul that also changes calorie counts, faced a good deal of industry opposition before it passed.

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