Category: Stock Market News

FactSet Research Systems Inc. reported Tuesday fiscal third-quarter earnings that rose to $66.8 million, or $1.62 a share, from $61.4 million, or $1.45 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.64. That matched the Estimize consensus of $1.64, which is generated by crowd sourcing estimates from buy-side analysts, hedge-fund managers, academics and others. Revenue rose 13% to $287.5 million, just shy of the Estimize consensus of $287.8 million. Annual subscription value as of May 31 was $1.16 billion, up 9.3% from a year ago. For the current quarter ending August, the desktop financial analytics company expects adjusted EPS of $1.68 to $1.72 and revenue of $292 million to $298 million, which surround the Estimize consensus for EPS of $1.70 and revenue of $295.6 million. The stock, which was still inactive in permarket trade, has lost 7% year to date, while the S&P 500 has slipped 2.1%.

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Whirlpool Corp. said Tuesday that despite the uncertainty created by the U.K. vote to leave the European Union, it was affirming its 2016 earnings outlook. The appliance maker said its U.K. business generated about 5% of total 2015 revenue. It still expects net earnings per share of $11.25 to $12.00, and adjusted EPS of $14.00 to $14.75, which compares with the FactSet consensus of $14.74. The stock, which was still inactive in premarket trade, plunged 14% over the past two sessions in the wake of the Brexit vote. “Clearly the ‘Brexit’ vote has created a number of uncertainties, many that will take some time to play out,” said Chief Executive Jeff Fettig. “As we have done in the past in all markets, we are prepared to take swift actions to offset the negative impact to our [Europe, Middle East and Asia] operations.” The company said it still plans to go ahead with a previously-announced price increase in the third quarter.

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Pat Summitt, the winningest coach in Division I college basketball history, and who helped elevate women’s sports during a celebrated 38-year career at the University of Tennessee, has died at 64, her family said in a statement Tuesday. Summitt suffered from Alzheimer’s disease and retired from coaching in 2012. Her son, Tyler Summitt, said “since 2011, my mother has battled her toughest opponent, early onset dementia, ‘Alzheimer’s Type’ … and we can all find peace in knowing she no longer carries the heavy burden of this disease.” Summitt led Tennessee’s Lady Vols to eight national championships.

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Ikea is recalling 29 million chests and dressers after at least six children have been crushed to death by toppling furniture, ABC reported late Monday. Citing the U.S. Consumer Product Safety Commission, the news outlet said at least 36 children have been injured by dressers that tilted over because they weren’t secured to a wall. The six deaths happened between 1989 and as recent February this year. The Swedish furniture giant is offering refunds for affected dressers manufactured between 2002 and 2016 and partial store credits for products made before 2002, the report said. The dressers include the popular Malm and other styles, ABC reported. A spokesperson from Ikea confirmed the company is recalling chests of drawers in the U.S. and Canada only. “The recall is based on the local voluntary [American Society for Testing and Materials] standard, which is applicable in North America. Ikea chests of drawers meet all mandatory stability requirements on all markets where sold,” the spokesperson said.

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SolarCity Corp. said late Monday it will form a two-person committee of independent board members to evaluate Tesla Motor Co.’s buyout offer of the solar panel company. The special committee will be composed of Donald Kendall and Nancy Pfund. SolarCity board members Elon Musk and Antonio Gracias have recused themselves as they sit on both company boards, along with SolarCity chief executive Lyndon Rive. Jeffrey Straubel, Tesla co-founder, and Peter Rive, SolarCity co-founder, recused themselves from board discussions about the merger. SolarCity board member John Fisher, a partner in Tesla and SolarCity investor Draper Fisher Jurvetson, did not officially recuse himself like the other board members, but will not be a part of the special committee. Shares of SolarCity fell 1.4% to $22.30 after hours, while shares of Tesla declined 0.3% to $198.

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Shares of ReachLocal Inc. jumped in the extended session Monday after Gannett Co. announced an agreement to buy the digital marketing company. ReachLocal shares, which had been briefly halted at $1.69, surged 169% to $4.55 after hours. Gannett said it is offering $4.60 a share, which works out to about $138 million based on shares outstanding. Gannett said the deal has a total enterprise value of $156 million. Gannett said it expects to close the deal in the third quarter.

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Shares of ReachLocal Inc. were halted in the extended session Monday after Gannett Co. announced an agreement to buy the digital marketing company. ReachLocal shares were halted at $1.69 after hours. Gannett said it is offering $4.60 a share, or $138 million based on shares outstanding. Gannett said the deal has a total enterprise value of $156 million. Gannett said it expects to close the deal in the third quarter.

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Shares of Regulus Therapeutics Inc. were set to sell off in after-hours trade Monday, after the biopharmaceutical company said the Food and Drug Administration placed its investigational new drug for the treatment of chronic hepatitis C virus infection on clinical hold. The stock was halted for news, and is scheduled to being trading again at 4:40 p.m. ET. Regulus said the FDA initiated the clinical hold after a second serious adverse event of jaundice was reported. Regulus said it expects to receive a formal letter from the FDA within 30 day, and plans to work with the FDA as it seeks a release of the clinical hold. The stock had plunged 43% year to date through Monday, while the SPDR S&P Biotech ETF has lost 29% and the S&P 500 has slipped 2.1%.

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Fitch Ratings lowered the U.K.’s credit rating to AA from AA+ on Monday, the second ratings agency to downgrade the sovereign following the country’s decision to leave the European Union. “Uncertainty following the referendum outcome will induce an abrupt slowdown in short-term GDP growth, as businesses defer investment and consider changes to the legal and regulatory environment,” said Fitch in a statement. It also revised down its outlook on the U.K.’s economic growth to 1.6% from 1.9% in 2016. The outlook on the rating is negative. S&P Global Ratings earlier Monday stripped the U.K. of its triple-A rating, downgrading the country to AA. Moody’s Investors Service could follow suit soon after it changed the outlook on U.K.’s Aa1 rating to negative from stable on Friday.

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The S&P 500 and the Dow Jones Industrial Average finished at their lowest close since March on Monday as investors quit the stock market on mounting uncertainties following the U.K’s decision to leave the European Union. Katie Stockton, chief technical strategist at BTIG, expects the equities selloff to continue for the time being although buying interest may revive as the large-cap index nears 1,950. The S&P 500 skidded 37 points, or 1.8%, to finish at 2,000. The Dow Jones Industrial Average tumbled 260 points, or 1.5%, to end at 17,140 and the Nasdaq Composite sank 114 points, or 2.4% to close at 4,594.

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