Category: Stock Market News

Community Health Systems Inc. shares dropped in the extended session Tuesday after the hospital operator’s earnings fell well below Wall Street estimates. Community Health Systems shares dropped 13% to $10.60 after hours. The company reported adjusted second-quarter earnings of 9 cents on revenue of $4.59 billion. Analysts surveyed by FactSet had estimated earnings of 56 cents a share on revenue of $4.54 billion.

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Cray Inc. shares plunged late Tuesday as the supercomputer maker reported a larger-than-expected quarterly loss and lower sales. Cray said its net loss for the second quarter reached $13.1 million, or 33 cents a share, versus a net income of $5.8 million, or 14 cents a share, in the second quarter of 2015. Adjusted for one-time items, Cray’s net loss was $11.4 million, or 29 cents a share, compared with $12.4 million, or 30 cents a share, a year ago. Revenue reached $100.2 million, which compares with $186.2 million in the second quarter of 2015. Analysts surveyed by FactSet had expected the company to report a loss of 25 cents a share on sales of $102 million. Shares of Cray lost 17% in the late session, after ending the regular trading day down 0.9%.

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Oclaro Inc. shares rose more than 10% late Tuesday after the company, which manufactures and sells optical components, reported better-than-expected fiscal fourth-quarter results. Oclaro said it earned $12 million, or 11 cents a share, versus a loss of $14 million, or 13 cents a share, a year ago. Adjusted for one-time items, Oclaro earned $15 million, or 11 cents a diluted share, versus a loss of $7 million, or 6 cents a share, in the fourth quarter of fiscal 2015. Sales reached $125 million in the quarter, compared with $82 million in the year-ago period. Analysts polled by FactSet had expected Oclaro to report earnings of 6 cents a share in the quarter on sales of $120 million.

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Shares of Etsy Inc. rallied in Tuesday’s extended session after the online marketplace raised its full year revenue outlook. Etsy reported its loss widened to $7.3 million from $6.4 million a year earlier. On a per-share basis, Etsy lost 6 cents a share versus a loss of 7 cents a share. The company said its results reflect $6.4 million in foreign exchange loss and an income tax provision of $4.3 million. Revenue increased to $85.4 million from $61.4 million. Analysts surveyed by FactSet had forecast Etsy to report a loss of a penny a share on revenue of $80.6 million. The craft-oriented marketplace said it now expects 2016 revenue to grow 25% to 28% from 20% to 25% previously. Etsy shares climbed 4.6% after hours.

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Hanesbrands Inc. shares dropped in the extended session Tuesday after the apparel maker fell short of Wall Street estimates for the quarter. Hanesbrands shares fell 4.5% to $24.49 after hours. The company reported adjusted second-quarter earnings of 51 cents a share on revenue of $1.47 billion. Analysts surveyed by FactSet had estimated earnings of 52 cents a share on revenue of $1.53 billion. Hanesbrands sees full-year adjusted earnings of $1.89 to $1.95 a share on revenue of $6.15 billion to $6.25 billion. Analysts expect $1.92 a share on revenue of $6.12 billion.

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American International Group Inc. shares rose late Tuesday after the insurer reported better-than-expected second-quarter results. AIG said it earned $1.9 billion, or $1.68 a share, in the second quarter, compared with $1.8 billion, or $1.32 a share, in the year-ago period. After-tax operating income declined to $1.1 billion, or 98 cents a share, in the quarter, from $1.8 billion, or $1.39 a share, a year ago. Analysts polled by FactSet had expected adjusted second-quarter per-share earnings of 92 cents a share. AIG’s bottom line was affected by changes in net loss reserve discounts on workers’ compensation reserves, and a decline in earnings from market sensitive assets, the company said in a statement. Shares rose 2.5% in late trading after ending the regular session down 0.1%.

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Tableau Software Inc. shares fell in the extended session Tuesday after the visual data analytics company’s earnings fell short of Wall Street targets. Tableau shares fell 6% to $53 after hours. The company reported adjusted earnings of $300,000, or break-even a share, on revenue of $198.5 million. Analysts surveyed by FactSet had estimated earnings of 5 cents a share on revenue of $193.7 million.

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Oil futures gave up an early bounce to settle lower Tuesday, with the U.S. benchmark closing below $40 a barrel for the first time since early April. September West Texas Intermediate crude on the New York Mercantile Exchange fell 55 cents, or 1.4%, to end at $39.51 a barrel. Oil had rallied in early action, but gave up gains toward midday as losses deepened for equity markets and futures cascaded through important chart support levels as traders await weekly U.S. inventories data amid a global crude glut.

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Starbucks Corp. announced Tuesday that it is recalling reusable stainless steel Cold-to-Go drinking straws after reports of multiple injuries to children. The straws, which came in two sizes, were sold at Starbucks stores and online between June 2012 and June 2016, and came in sets of three for about $6. About 2.5 million were sold in the U.S. with an additional 301,000 sold in Canada. There have been reports of three children with mouth lacerations, according to the Consumer Product Safety Commission. Starbucks says there was a report of an injured child in Canada as well. The CPSC advisies consumers not to allow children to use the straws. Starbucks shares are down 1.3% in Tuesday trading, and down 2.1% for the past year. The S&P 500 Index are up 2.2% for the last 12 months.

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Gold futures closed sharply higher Tuesday, with the yellow metal finishing at its highest level in more than two years. Flagging appetite for assets perceived as risky, including crude-oil and stocks, helped draw bids for haven assets, like precious metals. December gold closed up $13, or 1%, at $1,372.60 an ounce. Gold booked its best finish for a most-active contract since March 2014, according to FactSet data.

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