Category: Stock Market News

Skechers USA Inc. shares dropped in the extended session Thursday after the shoe maker fell short of Wall Street estimates for the quarter. Skechers shares fell 12% to $28.30 after hours. The company reported second-quarter earnings of 48 cents a share on revenue of $877.8 million. Analysts surveyed by FactSet had estimated earnings of 52 cents a share on revenue of $888.9 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Chipotle Mexican Grill Inc. shares are up 1.1% in Thursday after-hours trading after the company announced a successful start to its loyalty program, even as the company’s earnings missed expectations. Chipotle reported net income of $25.6 million, or 87 cents per share, down sharply from $140.2 million, or $4.45 per share, for the same period last year. The FactSet consensus was 91 cents per share. Revenue totaled $998.4 million, down from $1.2 billion last year and below the FactSet consensus of $1.05 billion. Same-restaurant sales decreased 23.6%. Chipotle has struggled to turn around its business after a series of illness outbreaks that included E.coli and norovirus. Chipotle opened 58 new restaurants during the second quarter. The company said nearly 30% of transactions at the start of the third quarter are engaged with the company’s new loyalty program, Chiptopia. Chipotle shares are down 37.9% for the past year while the S&P 500 is up 2.2% for the same period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Visa Inc. shares were flat in late trading Thursday after the credit card company reported earnings above expectations and sales in line with Wall Street forecasts. Visa said it earned $412 million, or 17 cents a share, in the second quarter, down from $1.7 billion, or 69 cents a share, in the year-ago period. Adjusted for one-time items, Visa earned $1.6 billion, or 69 cents a share. Net operating revenue hit $3.6 billion in the quarter. Analysts polled by FactSet had expected Visa to report earnings of 67 cents a share on sales of $3.64 billion. Visa also said its board of directors authorized a $5 billion stock buyback plan. U.S. consumer spending across the globe “remains strong and resilient” despite the stronger dollar, Visa said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Schlumberger NV shares rose slightly as the oil-industry services company topped Wall Street estimates for the quarter. Schlumberger reported adjusted second-quarter earnings of 23 cents a share, or a loss of $1.56 a share unadjusted. Revenue fell to $7.16 billion from $9.01 billion a year ago. Analysts surveyed by FactSet had estimated adjusted earnings of 21 cents a share on revenue of $7.13 billion. Schlumberger shares rose 0.7% to $80.61 after hours.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Oil futures settled under $45 a barrel on Thursday as traders fretted over ample U.S. stocks of gasoline and a recent slowdown in domestic production declines. Losses in the last half hour of trading accelerated, following sharper losses in the stock market, said Phil Flynn, senior market analyst at Price Futures Group. “Also, talk that Libya might restart its export terminal,” took some support away from oil, he said. September WTI crude fell by $1, or 2.2%, to settle at $44.75 a barrel on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of EBay Inc. soared 11% to a record high in active afternoon trade Thursday, in the wake of the e-commerce company’s second-quarter results. Volume topped 30 million shares about two hours before the close, which was nearly triple the full-day average. EBay reported late Wednesday earnings and revenue that beat expectations and increased its stock buyback program. The stock reached an all-time intraday high of $30.31 earlier in the session, above the previous record of $29.82 on Dec. 1, 2015. EBay’s stock has now climbed 16% since it completed the spinoff of PayPal Holdings Inc. on July 6, 2015. PayPay shares have climbed 8.4% over the same time, while the S&P 500 has gained 4.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Gold futures settled higher Thursday to recoup much of what they lost in the previous session, when prices finished at their lowest level in about three weeks. Some weakness in the U.S. dollar and stock market helped to draw investors to the precious metal. Gold for August delivery rose $11.70, or 0.9%, to settle at $1,331 an ounce, rebounding from Wednesday’s loss of 1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Back-to-school spending, including shopping for both grade school and college students, is expected to reach $75.8 billion this year, up from $68 billion last year, according to the National Retail Federation. Families with children in kindergarten through grade 12 are expected to spend an average of $673.57 on everything including apparel, electronics and school supplies. That’s up from $630.36 last year. Total spending for this age group is expected to total $27.3 billion. College students and their families are expected to spend an average of $888.71, down from $899.18 last year. Spending will total $48.5 billion versus $43.1 billion last year. Half of college students are expected to spend on electronics, for a total of $11.5 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Cigna Corp. said Thursday that a Department of Justice lawsuit would likely prevent its merger with Anthem Inc. from closing this year, with the earliest closing occurring in 2017 “if at all.” The company also said it was “currently evaluating its obligations consistent with its obligations under” the merger agreement. Anthem said Thursday it planned to complete the merger, calling the Justice Department lawsuit “unfortunate and misguided.” Cigna shares rose 5.4% over the last month, and Anthem shares dropped 2.9%, compared with a 4.0% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Health insurer Humana Inc. said Thursday it is raising its second-quarter and full-year guidance to reflect a better-than-expected performance at its individual Medicare Advantage and healthcare services businesses, which was partially offset by continued weakness in its individual commercial medical business. Humana, which is currently trying to merge with Aetna Inc. , said it now expects full-year adjusted per-share earnings of at least $9.25, up from prior guidance of at least $8.85. The FactSet consensus is for a reading of $8.86. For the second quarter, Humana is expecting EPS of about $2.28, up from earlier guidance of at least $2.15, and compared with a FactSet consensus of $2.18. “Higher projected individual Medicare Advantage pretax results of approximately $185 million, or $0.76 per diluted common share(a), are primarily due to operating initiatives resulting in favorable prior period medical claims development and lower current-year utilization than was anticipated in pricing,” the company said in a statement. Shares were halted for news pending, but have fallen about 12% in the year so far, while the S&P 500 has gained about 7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News