Category: Stock Market News

Moody’s Investors Service on Monday placed Turkey’s Baa3 credit rating on review for a possible downgrade, raising the possibility that the country could lose its investment grade status in the wake of the failed power grab over the weekend. “Despite the coup’s failure, Moody’s considers its occurrence a reflection of broader political challenges, as associated credit risks remain elevated,” said Moody’s in a statement. The political upheaval adds to the challenges that the country faces in pushing ahead with economic reforms, it said. Baa3 is the lowest of investment grade ratings and any downgrade will push the country into junk status, increasing the cost for Turkey to borrow funds.

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Shares of Netflix Inc. fell more than 16% after hours Monday after the company reported second-quarter earnings that were better than expected, but missed the mark on subscriber growth. Adjusted earnings for the quarter came in at 9 cents per share, above the FactSet consensus of 3 cents. Revenue for the quarter hit $2.11 billion, meeting FactSet’s consensus of $2.11 billion. Investors’ focus was on the streaming giant’s subscriber growth in the U.S. and internationally and both numbers disappointed. Netflix added just 1.68 million new subscribers during the quarter, which was below FactSet’s 2.46 million forecast and the 2.50 million Netflix expected to add going into the quarter. “We are growing, but not as fast as we would like or have been,” Netflix wrote in a letter to shareholders. The company added 160,000 subscribers in the U.S. and 1.52 million internationally.

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VMware Inc. shares rose in the extended session Monday after the computer-virtualization company topped Wall Street estimates for the quarter. VMware shares advanced 4.8% to $65.50 after hours. The company reported adjusted second-quarter earnings of 97 cents a share on revenue of $1.69 billion. Analysts surveyed by FactSet had forecast earnings of 95 cents a share on revenue of $1.68 billion.

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Shares of International Business Machines Corp. rallied in Monday’s extended session after the technology giant turned in better-than-expected financial results. But it also marked the 17th straight quarter of revenue drop on a year-over-year basis. IBM reported its second-quarter earnings declined to $2.5 billion, or $2.61 a share, from $3.45 billion, or $3.50 a share, a year ago. Revenue fell 3% to $20.24 billion. Excluding charges and items, Big Blue would have earned $2.95 a share. Analysts surveyed by FactSet had forecast earnings of $2.89 a share on revenue of $22.06 billion. IBM maintained its adjusted earnings outlook at $13.50 for 2016. IBM shares climbed 3.2% after hours.

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Oil futures settled lower on Monday, with the flow of oil through a key port reportedly undisturbed by the failed coup attempt in Turkey. Traders have also been concerned about a slowdown in crude production declines and the increasing number of active oil-drilling rigs in the U.S. August WTI crude fell by 71 cents, or 1.6%, to settle at $45.24 a barrel on the New York Mercantile Exchange.

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Sprint Corp. shares tumbled almost 7% Monday, as investors responded to the news that Japan’s Softbank Group Corp. has agreed to acquire ARM Holdings in a $32 billion deal. Softbank acquired Sprint in 2013 and has struggled since then to turn the company around by cutting costs, offering discounts and working to upgrade its network. Today’s deal is expected to divert attention from the fourth=biggest mobile carrier in the U.S., which has not made a profit in years. Softbank founder Masayoshi Son, speaking about Softbank’s fiscal fourth-quarter earnings in May, declined to say when Sprint would likely return to profitability. Sprint shares have nonetheless gained about 29% in the year so far, outperforming the S&P 500 roughly 6% gain.

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Oil production from seven major U.S. shale plays is forecast to decline by 99,000 barrels a day to 4.55 million barrels a day in August from July, according to a monthly report from the Energy Information Administration released Monday. Oil output at the Eagle Ford shale play in South Texas is expected to see the largest decline, down 48,000 barrels in August. The Bakken shale play, which stretches from Canada into North Dakota and Montana, is expected to see output fall by 32,000 barrels a day, the report said. August oil traded at $45.14 a barrel, down 81 cents, or 1.8%, shortly before the settlement on the New York Mercantile Exchange.

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Season seven of Games of Thrones will only consist of seven episodes, rather than 10, The Hollywood Reporter reported, citing HBO . The fantasy drama will premier later than usual, in summer 2017, becausethe production has to wait for gloomier, winter weather to come. The production will be based in Northern Ireland and scenes will also be shot in Spain and Iceland, according to The Hollywood Reporter.

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An exchange-traded fund tracking the Turkish stock market fell sharply Monday, catching up with losses in the Turkish market after a failed coup attempt at the weekend. The iShares MSCI Turkey ETF was last down 6.2% at $39.02. Telecoms company Turkcell , Turkey’s only American Depositary Receipt to be listed on a U.S. exchange, was down 5.1% at $9.09. In Turkey, the benchmark BIST 100 index closed down 7.1%, with all of its components down except for industrial conglomerate Dogan Sirketler Grubu Holding AS , which was up 2%. The company owns CNN Turk, whose on-air broadcast was briefly interrupted early Saturday as soldiers overtook the broadcaster’s studio. The Turkish lira was up 1.8% against the dollar, after falling 4.7% on Friday.

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Starbucks Corp. said Monday that it is expanding health-care benefits for all eligible part-time and full-time workers. A new online platform created with Aon PLC will offer as many as six carriers and five levels of coverage. Workers could save up to $800 annually by selecting a plan that better suits their needs, Starbucks said in a statement. Starbucks staffers will also have access to Healthcare Advocates to help choose a health care plan. The company will continue to cover about 70% of premium costs and 100% of preventive care services. Starbucks employs more than 160,000 workers and has been providing health care to eligible workers since 1988. Starbucks shares are down 0.2% in Monday trading and 4.5% for the year so far. The S&P 500 is up 6.1% for the year to date.

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