Category: Stock Market News

U.S. stocks were mostly unchanged at the open on Thursday, as investors weighed expectations for rising inflation and bond yields against an economic backdrop that is seen as solid. The Dow Jones Industrial Average fell 33 points, or 0.1%, to 24,865. The S&P 500 was up 1 point to 2,682. The Nasdaq Composite Index gained 19 points to 7,072, a rise 0.3%. Wall Street has seen steep gyrations in each of the past several sessions, and major indexes remain sharply lower for the week. Among the most active sectors of the day, energy and tech both rose 0.3%, while financials fell 0.4%. In company news, Twitter Inc. jumped 27% after it reported better-than-expected quarterly results. 21st Century Fox Inc. was also higher in the wake of its results; the stock rose 0.3%.

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Shares of Goodyear Tire & Rubber Co. were little changed in premarket trade Thursday, after the tire maker reported fourth-quarter profit and revenue that beat expectations. For the quarter to Dec. 31, the company swung to a net loss of $96 million, or 39 cents a share, from a profit of $561 million, or $2.14 a share, in the same period a year ago. Excluding non-recurring items, such as a $299 million non-cash charge related to recent tax legislation, adjusted earnings per share was 99 cents, beating the FactSet consensus of 76 cents. Revenue rose 9% to $4.07 billion from $3.74 billion, above the FactSet consensus of $3.96 billion, as tire unit volumes rose 2%, replacement tire shipments increased 3% and original equipment unit volumes fell 1%. “Our fourth-quarter results were highlighted by our performance in the 17-inch-and-larger segment in consumer replacement, which delivered nearly double the industry growth in the U.S. and Europe,” said Chief Executive Richard Kramer. “Our strong volume recovery in the quarter gives us positive momentum as we head into 2018.” The stock has climbed 14.5% over the past three months, while the S&P 500 has gained 3.4%.

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The New York Times Co. reported fourth-quarter earnings that were above consensus. The newspaper company reported a net loss of $57.84 million, or loss of 35 cents per share, after income of $37.63 million, or 23 cents per share during the same quarter a year ago. Adjusted earnings per share for the quarter was 39 cents, above the FactSet consensus of 29 cents. Total revenue was $484.1 million, up from $439.7 million the year earlier, and above the $467.0 million forecast of two analysts following the stock via FactSet. The company’s advertising revenue fell 1.3% year-over-year, but was offset by a 19.2% increase in subscription revenue. New York Times Chief Executive Mark Thompson said that advertising now represents just one-third of company revenue. The New York Times added 157,000 digital-only subscribers in the quarter. “We’re pleased with the continued rate of growth and particularly pleased to be seeing strong retention from the large group of new subscribers who came to the Times late last year,” Thompson said in a statement. “We believe there remains a large opportunity to continue to extend our subscription reach and will continue to invest in areas of the business that will allow us to achieve that growth.” The company said that fourth-quarter results included, among other things, $102.1 million in pension settlement charges. The company also have severance costs of $1 million in the quarter. New York Times shares have increased close to 50% in the last 12 months, while the S&P 500 index is up nearly 17% and the Dow Jones Industrial Average is up more than 24%.

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Shares of Grubhub Inc. shot up more than 25% in premarket trade Thursday, after the company announced a partnership with Yum Brands Inc. , under which Yum will acquire $200 million of its shares. The deal is aimed at driving online sales and delivery to Yum’s restaurants, including KFC and Taco Bell. “This will be an exclusive partnership, and according to the release, Grubhub will be integrated into the POS,” said Mizuho analysts. “This is a major win for Grubhub as it will likely be accompanied by a joint marketing campaign during the roll-out phase.” Stifel analysts agreed that the deal is a big win for Grubhub “and potentially a hit to its competitors in restaurant delivery.” Shares have gained 75% in the last 12 months, while the S&P 500 has gained 17%.

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NBA star Kevin Garnett has been named creative director and brand ambassador for basketball brand AND1. Garnett retired from the NBA in 2016 and is now an analyst on “Area 21,” which airs on the TNT network. AND1 is part of the Sequential Brands Group Inc. portfolio of names. AND1 is celebrating its 25th anniversary, and will launch a capsule collection designed with help from Garnett. He will appear in an accompanying advertising campaign. Sequential Brands shares are down nearly 60% for the last year while the S&P 500 index is up nearly 17% for the period.

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Kellogg Co. reported fourth-quarter net income of $428.0 million, or $1.23 per share, compared with a loss of$53.0 million, or 15 cents per share, for the same period last year. Adjusted EPS was 96 cents. Sales were $3.21 billion, up from $3.10 billion. The FactSet consensus was for EPS of 96 cents and revenue of $3.10 billion. The U.S. Snacks and U.S. Morning Foods categories were among those that experienced a sales decline for the quarter. Starting in 2018, Kellogg will change how it presents non-GAAP results, so that net sales will be renamed “organic” versus “currency-neutral comparable,” and non-GAAP earnings will be “adjusted.” The new “adjusted” earnings will no longer exclude integration costs. Revenue recognition adoption in the first quarter will impact 2017 adjusted EPS by negative two cents to three cents. And the interest cost, return on assets, and prior-year service cost components of the pension and post-retirement expense will move out of cost of goods sold and SGA (selling, general and administrative) expenses, and into other income and expense. Kellogg shares are down 1.5% in Thursday premarket trading, and down 12.6% for the past year. The S&P 500 index is up nearly 17% for the last 12 months.

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Teva Pharmaceutical Industries Ltd. shares plummeted 10.2% in premarket trade Thursday after the company reported fourth-quarter profit and revenue beats but provided 2018 guidance that fell well short of expectations. The company reported a loss of $11.60 billion, or a loss of $11.41 per share, after a loss of $1.04 billion, or a loss of $1.10 per share. Adjusted earnings-per-share were 93 cents, compared with the FactSet consensus of 77 cents. Revenue declined to $5.46 billion from $6.49 billion, compared with the FactSet consensus of $5.29 billion. The company also recorded goodwill impairments totaling $17.1 billion in 2017, mainly relating to its U.S. generics reporting unit due to various competitive pressures. Teva expects 2018 revenue of $18.3 billion to $18.8 billion, compared with the FactSet consensus of $19.24 billion, and 2018 adjusted EPS of $2.25 to $2.50, compared with the FactSet consensus of $3.83. Teva also said that its migraine therapy fremanezumab — which got fast track designation from the Food and Drug Administration in December — has an active pharmaceutical ingredient manufactured solely by Celltrion , which recently received a FDA warning letter for its South Korea facility. The warning letter will likely result in a delayed approval, Teva said, adding that it is in “active dialogue” with the FDA. “2017 was a challenging year for Teva. Starting 2018 we are focused on meeting our financial obligations and ensuring a much more solid and sustainable business model going forward,” said Chief Executive Kåre Schultz. Teva shares have surged 76.3% over the last three months, compared with a 3.4% rise in the S&P 500 .

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Tyson Foods Inc. shares jumped 7% premarket Thursday, after the company blew past estimates for its fiscal first quarter. The owner of Jimmy Dean, Hillshire Farm and Ball Park food brands said it had net income of $1.631 billion, or $4.40 a share, in the quarter to Dec. 30, up from $594 million, or $1.59 a share, in the year-earlier period. The number was boosted by 21 cents a share by the tax overhaul signed into law in December. Adjusted per-share earnings came to $1.81, ahead of the FactSet consensus of $1.49. Sales rose to $10.2 billion from $9.2 billion, also ahead of the FactSet consensus of $9.9 billion. The company said it expects fiscal 2018 earnings to be boosted by about 85 cents a share thanks to the tax bill, It expects to generate more than $300 million in cash which it will invest in its frontline team members. The company is planning to make more than $100 million in one-time cash bonuses in the second quarter. The company is expecting adjusted EPS of $6.55 to $6.70 for fiscal 2018, up 23% to 26% from fiscal 2017. Shares have gained 13% in the last 12 months, while the S&P 500 has gained 17%.

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Tyson Foods Inc. shares jumped 4.9% premarket Thursday, after the company blew past estimates for its fiscal first quarter. The owner of Jimmy Dean, Hillshire Farm and Ball Park food brands said it had net income of $1.631 billion, or $4.40 a share, in the quarter to Dec. 30, up from $594 million, or $1.59 a share, in the year-earlier period. The number was boosted by 21 cents a share by the tax overhaul signed into law in December. Adjusted per-share earnings came to $1.81, ahead of the FactSet consensus of $1.49. Sales rose to $10.2 billion from $9.2 billion, also ahead of the FactSet consensus of $9.9 billion. The company said it expects fiscal 2018 earnings to be boosted by about 85 cents a share thanks to the tax bill, It expects to generate more than $300 million in cash which it will invest in its frontline team members. The company is planning to make more than $100 million in one-time cash bonuses in the second quarter. The company is expecting adjusted EPS of $6.55 to $6.70 for fiscal 2018, up 23% to 26% from fiscal 2017. Shares have gained 13% in the last 12 months, while the S&P 500 has gained 17%.

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Shares of GrubHub Inc. gained 0.4% in premarket trading after the company reported better-than-expected revenue and announced a partnership with Yum Brands Inc , while earnings missed expectations. Net income rose to $53.5 million for the fourth quarter from $13.6 million a year ago, while earnings per share increased to 60 cents from 16 cents. On an adjusted basis, GrubHub reported net income of $33.3 million or 37 cents a share, up from $19.8 million and 23 cents per share, respectively. Those adjusted metrics came up short of analysts expectations for net income of $27.6 million and per-share earnings of 31 cents, according to FactSet. Revenue of $205.1 million for the quarter rose $137.5 million and came in ahead of estimates for $201.7 million. Active diners totaled 14.5 million, up from 8.2 million a year earlier. The company expects revenue for the first quarter to be between $224 million and $232 million; analysts had been expecting $226.7 million. “Over the past two years we have taken incredible strides in expanding the breadth and depth of our restaurant network, growing the number of local restaurants we work with from 40,000 to over 80,000 today,” CEO Matt Maloney said in a release. “The partnership with Yum! which we announced this morning will accelerate the expansion of our delivery network and amplify our diner acquisition efforts, raising consumer awareness of online ordering and driving more volume for all restaurants across our platform.” GrubHub also has a partnership with Yelp Inc. Shares of the food-delivery platform are up 75% over the past 12 months, while the S&P 500 Index has gained 17%.

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