Category: Stock Market News

Shares of Arista Networks Inc. declined in the extended session Thursday after the International Trade Commission issued a cease and desist order against the company concerning three Cisco Systems Inc. patents. Arista shares fell 3.8% to $71 after hours. Arista said the ITC found that its Ethernet switch products infringed upon three out of five Cisco patents in contention under a final determination. Back in February, an ITC judge initially determined the products infringed three out of the five patents. Cisco shares rose 0.2% to $29.29 after hours.

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Shares of Arista Networks Inc. declined in the extended session Thursday after the International Trade Commission issued a cease and desist order against the company concerning three Cisco Systems Inc. patents. Arista shares fell 3.8% to $71 after hours. Arista said the ITC found that its Ethernet switch products infringed upon three out of five Cisco patents in contention under a final determination. Back in February, an ITC judge initially determined the products infringed three out of the five patents. Cisco shares rose 0.2% to $29.29 after hours.

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The British pound rose to a six-month high versus the dollar late Thursday as polls closed in the United Kingdom’s vote on whether to remain a member of the European Union. The pound fetched $1.4988 after trading as high as $1.50, a level last seen in December. The currency rallied amid expectations that voters opted to remain a part of the EU. The results of a survey conducted Thursday by pollster YouGov and released after the polls closed showed a 52%-to-48% advantage for the “remain” camp. Nigel Farage, leader of the U.K. Independence Party and a lead advocate for exiting the EU, told Sky News that “remain” would likely “edge” to victory amid heavy turnout.

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DTE Energy Co. said late Thursday its board of directors agreed to increase the utility’s dividend by 4 cents, or 5.5%, to 77 cents a share. The dividend is payable Oct. 15 to shareholders of record Sept. 19. The Detroit-based company said it has issued a cash dividend for more than 100 years. Shares of DTE were flat in late trading after ending the regular session up 0.3%.

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Sonic Corp. shares plunged late Thursday after the drive-in chain narrowly missed quarterly revenue expectations and its same-store sales grew less than forecast. Sonic said it earned $21 million, or 43 cents a share, in the fiscal third quarter, compared with $19.3 million, or 36 cents a share, in the year-ago period. Revenues reached $165.2 million in the quarter, up from $164.7 million in the fiscal third quarter of 2015. Analysts polled by FactSet had expected Sonic to report earnings of 42 cents a share on sales of $165.8 million. System-wide, same-store sales rose 2% in the quarter, whereas the analysts surveyed by FactSet had expected a 2.7% increase. Sonic shares fell 7% in late trading after ending the regular session up 2.9%.

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Synnex Corp. shares rose in the extended session Thursday after the business process services company topped Wall Street estimates for the quarter and issued a healthy outlook. Synnex shares rose 5.1% to $98.75 after hours. The company reported adjusted fiscal second-quarter earnings of $1.37 a share on revenue of $3.38 billion. Analysts surveyed by FactSet had forecast earnings of $1.31 a share on revenue of $3.28 billion. Synnex estimates adjusted third-quarter earnings of $1.52 to $1.57 and share on revenue of $3.4 billion to $3.53 billion. Analysts expect $1.52 a share on revenue of $3.4 billion.

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Oil futures settled back above $50 a barrel Thursday at their highest level in two weeks as traders bet that the U.K. will vote to remain in the European Union. That eased worries about the potential disruption a U.K. exit, or “Brexit,” from the bloc would cause in global financial markets and economies. August WTI crude settled at $50.11 a barrel on the New York Mercantile Exchange, up 98 cents, or 2%.

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HP Inc. is recalling lithium-ion batteries containing Panasonic cells used in HP and Compaq Notebook computers due to the risk of fire and burns, the Consumer Product Safety Commission said Thursday. Consumers are being urged to immediately stop using the batteries which were made in China, remove them from computers and contact HP for a free replacement, the CPSC said in a statement. About 41,000 units are affected, roughly 2,600 of which were sold in Canada and about 4,500 of which were sold in Mexico. The batteries have the following barcodes: 6BZLU, 6CGFK, 6CGFQ, 6CZMB, 6DEMA, 6DEMH, 6DGAL and 6EBVA. The company has so far received seven reports of battery packs overheating, melting or charring, and four reports of property damage. The batteries were sold at Best Buy , Wal-Mart and Costco stores, as well as at authorized dealers across the U.S. in the period stretching from March 2013 to August 2015. They were also sold online by HP. HP shares were up 2% in early afternoon trade, and are up 8.8% in the year so far, while the S&P 500 has gained 2.9%.

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WASHINGTON (MarketWatch) – House Democrats on Thursday ended their sit-in on the floor of the House after more than 25 hours of speeches demanding action on gun control legislation in the wake of the Orlando shooting. Some members suggested Democrats might resume the sit-in when the House returns from its recess after July 4 holiday. House Speaker Paul Ryan called the sit-in a publicity stunt.

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Kroger Co. said Thursday that it raised its quarterly dividend by 14% to 12 cents per share, to be paid on Sept. 1 to shareholders of record as of the close of business on Aug. 15. Kroger said it expects to continue to increase the dividend “over time.” The company also said it has approved a $500 million share repurchase program. This new program replaces the prior share repurchase authorization, which has been completed. Kroger shares are up 0.7% in Thursday trading, but down 17.6% for the year to date. The S&P 500 is up 3% for the year so far.

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