Category: Stock Market News

Shares of Viacom Inc. saw a more than 1% pop in premarket trade after the company reported third-quarter earnings and revenue above Wall Street expectations. Net income for the quarter was $432 million, or $1.09 per share, compared with $591 million, or $1.47 per share in the same quarter a year ago. Adjusted earnings for the quarter were $1.05 per share, beating the FactSet EPS consensus of $1.02. Revenue for the quarter hit $3.11 billion, an increase from last year’s $3.06 billion. The FactSet consensus was $3.00 billion. The media and entertainment company touted ratings increases across some of its networks, including Nickelodeon. And while revenue at Viacom’s media networks declined 3%, that was offset by the company’s filmed entertainment segment, which grew 30%. Shares of Viacom are down nearly 21% in the last 12 months, but are up nearly 7% in the year to date, outperforming the S&P 500 Index , which is up nearly 6%.

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The Bank of England on Thursday cut its key interest rate to a record low 0.25% from 0.5%, meeting widely held expectations. The central bank also expanded its quantitative easing program to £435 billion ($579 billion) from £375 billion and said it plans to launch a corporate bond-buying plan. Markets had overwhelmingly priced in chances of a rate cut, the first since March 2009, as economic data have worsened since the U.K. voted on June 23 to leave the European Union, or Brexit. Policy makers voted 9-0 for the rate cut. Recent “surveys of business activity, confidence and optimism suggest that the United Kingdom is likely to see little growth in GDP in the second half of this year,” the BOE said in a statement. The pound fell to $1.3167 from $1.3321 just before the BOE’s policy decision was announced.

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Restaurant Brands International Inc. said Thursday it had net income of $90.9 million, or 38 cents a share, in the second quarter, up from $11 million, or 5 cents a share, in the year-earlier period. Adjusted per-share earnings came to 41 cents, below the FactSet consensus of 46 cents. Revenue edged down to $1.040 billion from $1.042 billion, also below the FactSet consensus of $1.374 billion. Same-restaurant ales grew 4.8% at the company’s Tim Horton restaurants, and 3.9% at Burger King, the company said in a statement. Shares were not yet active in premarket trade, but are up about 20% in the year so far, while the S&P 500 has gained about 6%.

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A woman was killed and at least five others wounded in a knife attack in central London on Wednesday night. A suspect is reported to be in custody, and police said terrorism is being investigated as a motive. The attack occurred in Russell Square, an area near a number of hotels and museums around 10:30 p.m. The incident happened just hours after London’s Metropolitan Police announced it would increase the number of armed police in the streets in the wake of recent terrorist attacks across Europe. The suspect in Wednesday’s stabbing was apparently subdued by police with a Taser.

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Nike Inc. said late Wednesday that it would no longer make golf equipment like clubs, balls and bags and will focus more on golf shoes and apparel. The company said it plans to partner with “more of the world’s best golfers” in the transition to solely making shoes and apparel for the sport. Declining interest in the golf has pressured equipment makers. Back in May, Adidas said it planned to divest its equipment brands. Nike shares rose 0.4% to $54.99 after hours.

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Shares of TripAdvisor Inc. skidded in Wednesday’s extended session after the travel website posted quarterly results that missed Wall Street’s estimates. TripAdvisor reported its second-quarter earnings fell to $34 million, or 23 cents a share, from $58 million, or 40 cents a share, a year earlier. Excluding items and charges, it would have earned 38 cents a share. Revenue fell 3% to $391 million and average monthly unique visitors totaled 350 million. Analysts surveyed by FactSet had forecast adjusted earnings of 42 cents a share on revenue of $402 million. TripAdvisor sank more than 8% after hours.

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21st Century Fox Inc. fluctuated between gains and losses in the extended session Wednesday after the media company’s fiscal fourth-quarter earnings topped Wall Street estimates but revenue didn’t. 21st Century Fox shares were last up less than 0.1% at $27.05 after hours. The company reported adjusted earnings of 45 cents a share on revenue of $6.65 billion. Analysts surveyed by FactSet had estimated earnings of 37 cents a share on revenue of $6.68 billion. 21st Century Fox also announced a plan to buy back an additional $3 billion in shares and hiked the annual dividend by 6 cents a share to 36 cents a share.

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Square Inc. shares jumped late Wednesday after the digital payments company raised its revenue guidance for the year. Square shares surged 9.2% to $11.40 in after-hours trading. The company forecast that adjusted full-year revenue will be between $655 million and $670 million, up from a previous range of $615 million to $635 million. An analyst survey by FactSet had produced a consensus estimate of $642.6 million. For the second quarter, Square reported a loss of 8 cents a share on adjusted revenue of $171 million. Analysts had estimated a loss of 3 cents a share on revenue of $157.8 million.

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Fresh Del Monte Produce Inc. said Wednesday its board has approved an increase in its quarterly dividend to 15 cents a share from 12.50 cents. The new payment will be made Sept. 9 to shareholders of record as of Aug. 17. Shares closed up 3.8% and are up 54% in the year so far, while the S&P 500 has gained about 6%.

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Herbalife Ltd shares rose 1.4% in Wednesday after-hours trading after the company reported second-quarter earnings that beat expectations and raised its full-year guidance. Herbalife reported a net loss of $22.9 million, or 28 cents per share, compared with net income of $82.8 million, or 97 cents per share, for the same period last year. Adjusted earnings, which excludes the impact of $203 million in regulatory settlements, were $1.29 a share, beating the FactSet consensus of $1.21. Revenue totaled $1.20 billion for the quarter, up from $1.16 billion for the same period last year and beating the $1.19 billion FactSet consensus. Herbalife sees full-year adjusted EPS in the range of $4.50 to $4.80, up from previous guidance of $4.40 to $4.75, but below the FactSet consensus of $4.82. Herbalife shares are up 34.7% for the past year while the S&P 500 Index rose 3.1% for the same period.

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