Category: Stock Market News

Coach Inc. shares rose 2% in Wednesday premarket trading after the accessories company was upgraded to outperform from neutral at Credit Suisse. Credit Suisse analysts believe the core of Coach’s business has stabilized and it has regained brand strength with improved product design and materials, fashion shows and engagement with the fashion press. Analysts believe acquisitions could be in Coach’s future. “We believe there is compelling opportunity for a long-term acquisition narrative to not only drive earnings power, but also help Coach develop into an American luxury brand house, creating a diverse portfolio to help mitigate specific category risk long-term,” analysts wrote in a note. Coach acquired Stuart Weitzman in May 2015. Coach shares are up 40.3% for the past year while the S&P 500 Index is up 4.9% for the same period.

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Apple Inc.’s stock surged 7.9% in premarket trade Wednesday, putting it on track to open at the highest level since April 26, in the wake of the technology giant’s quarterly results. The stock was still trading 4.3% below where it ended the first quarter, at $108.99. Carl Icahn disclosed in a May filing that he no longer owned any Apple shares as of March 31, after owning 45.8 million shares as of Dec. 31. The filing doesn’t disclose at what prices Icahn sold his Apple stock. The stock traded within a range of $92.39 to $110.42, and the average of the volume-weighted average closing prices during the quarter was $99.59, based on data provided by FactSet.

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Shares of Gannett Co. Inc. fell 2.5% premarket on Wednesday after the company reported second-quarter earnings just shy of Wall Street expectations. Net income for the quarter came in at $12.3 million, or 10 cents per share, compared with $53.3 million, or 46 cents during the same period a year ago. Adjusted earnings per share was 30 cents, just below the FactSet consensus of 31 cents per share. Revenue for the quarter hit $748.8 million, compared with $727.1 million and below the FactSet consensus of $776.0 million. Gannett said digital-only subscriptions grew 40% during the quarter and national digital advertising revenue was up 22.4%. Shares of the media company are down close to 12% in the year to date, underperforming the S&P 500 Index , which is up more than 6%.

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Apple Inc.’s stock soared 7.3% in premarket trade Wednesday, to keep the Dow Jones Industrial Average futures in positive territory ahead of the open. The $7.03 price gain in the stock would add about 48 points to the price of the Dow, which is a price-weighted index. Dow futures were up 46 points. Apple reported late-Tuesday fiscal third-quarter earnings and revenue that beat expectations. Raymond James upgraded the stock to outperform from market perform, citing better-than-expected iPhone sales.

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Mondelez International Inc. shares fell 1.2% in Wednesday premarket trading after the food giant reported second-quarter sales that missed estimates. The company reported net income of $464 million, or 29 cents per share, up from $406 million, or 25 cents per share, for the same period last year. Adjusted earnings were 44 cents per share, beating the 40 cents per share FactSet consensus. Revenue totaled $6.30 billion, down from $7.66 billion for the same period last year and falling short of the $6.33 billion FactSet consensus. The 17.7% revenue decline was driven by Mondelez’s deconsolidation of the coffee business and the Venezuela operations, as well as currency headwinds, the company said. The company expects adjusted EPS to rise between 3 cents and 5 cents for the year. Mondelez reported earnings of $1.75 last year, and the FactSet consensus for 2016 is $1.83. Mondelez stock is up 7.7% for the past year while the S&P 500 Index is up 4.9% for the same period.

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Eqiq Systems , a legal technology provider, said Wednesday it has agreed to be acquired by OMERS Private Equity and funds managed by Harvest Partners LP in a deal valued at about $1 billion. The buyers will pay $16.50 per Epiq share, equal to a 42% premium over its closing price Feb. 19, the last trading day before a media report speculating about potential bids for the company, it said in a statement. The deal is expected to close in the fourth quarter, at which time Epiq will be combined with DTI, a legal process outsourcing company owned by OMERS. Epiq shares were halted in premarket trade, but are up 10% in the year so far, while the S&P 500 has gained 6%.

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Shares of T-Mobile US Inc. saw a more than 4% pop in premarket trade Wednesday after the wireless phone company reported second quarter earnings that beat Wall Street expectations. T-Mobile said net income for the quarter amounted to $225 million, or 25 cents per share, compared with $479 million, or 42 cents share during the same quarter a year ago. The FactSet consensus on earnings per share was 20 cents. Revenue for the quarter rose 12.8% to $9.20 billion. The FactSet revenue consensus was $9.02 billion. The company said it added 1.9 million customers in the quarter, making it the 13th consecutive quarter adding more than one million customers. Shares of T-Mobile are up nearly 15% in the year to date, outperforming the S&P 500 Index , which is up more than 6%.

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The Boeing Co. shares rose 3% in premarket trade Wednesday, after the aerospace giant posted a smaller-than-expected loss for its second quarter. Boeing said it had a net loss of $234 million, or 37 cents a share, in the quarter, after profit of $1.1 billion, or $1.59 a share, in the year-earlier period. The company said it had a core loss per share of 44 cents, narrower than the 92 cents loss consensus of FactSet analysts. Revenue rose to $24.8 billion from $24.5 billion, ahead of the FactSet consensus of $24.2 billion. The loss was due to a $3.23-per-share charge related to previously announced 787 research and development reclassification and 747 and tanker charges. “Actions taken during the quarter that impacted our earnings were the right, proactive steps to reduce risk and strengthen our position for the future,” Chief Executive Dennis Muilenburg said in a statement. The company said it now expects full-year GAAP EPS of $6.40 to $6.60, down from previous guidance of $8.45 to $8.65, because of the same charges. Non-GAAP EPS is expected to range from $6.10 to $6.30, down from a previous range of $8.15 to $8.35. Shares are down 6.7% in the year so far, underperforming the Dow Jones Industrial Average ps: djia], which is up about 6%.

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Mondelez International Inc. said Wednesday that it will enter the $2.8 billion China chocolate market with the Milka brand. More than a dozen core products along with special edition items will land on shelves in September. Mondelez has been in China for 30 years, and entered China’s gum market in 2012, which has grown into a $200 million business, the company said. Mondelez shares are inactive in premarket trading, but up 7.7% for the past year. The S&P 500 Index is up 4.9% for the last 12 months.

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Six Flags Entertainment Corp. missed second-quarter earnings and revenue expectations Wednesday. Earnings for the latest quarter decreased to $60.9 million, or 64 cents per share, from $65.5 million, or 67 cents per share in the year-earlier period. The year-earlier period benefited from a one-time tax benefit, the company said. Earnings-per-share of 64 cents were below a FactSet consensus of 69 cents per share. Revenue rose to $407 million from $386 million, compared with the FactSet consensus of $409 million. Six Flags shares slumped close to 1% in pre-market trade. Shares of the company have declined 3.1% over the last three months, compared with a 3.5% rise in the S&P 500 .

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