Category: Stock Market News

Blackberry Ltd. said Thursday it had a net loss of $670 million, or $1.28 a share, in the first quarter, after income of $68 million, and what the company said was a loss of 10 cents a share, in the year-earlier quarter. Non-GAAP net income was breakeven for the quarter, the company said. Revenue fell to $400 million from $658 million. The FactSet consensus was for a loss per share of 9 cents and revenue of $608 million. The company said its GAAP net loss included the following charges: “a non-cash, long lived asset impairment charge of $501 million, a $57 million goodwill impairment charge, inventory write-down of $41 million, $28 million in amortization of acquired intangibles, stock compensation expense of $12 million, purchase accounting deferred revenue write-down of $24 million, $23 million in restructuring charges, $7 million related to acquisition costs, and a non-cash credit of $24 million for our convertible debt.” Shares were indicating slightly higher in light premarket trade, but are down 27% in the year so far, while the S&P 500 has gained 2%.

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Blackberry Ltd. said Thursday it had a net loss of $670 million, or $1.28 a share, in the first quarter, after income of $68 million, and what the company said was a loss of 10 cents a share, in the year-earlier quarter. Non-GAAP net income was breakeven for the quarter, the company said. Revenue fell to $400 million from $658 million. The FactSet consensus was for a loss per share of 9 cents and revenue of $608 million. The company said its GAAP net loss included the following charges: “a non-cash, long lived asset impairment charge of $501 million, a $57 million goodwill impairment charge, inventory write-down of $41 million, $28 million in amortization of acquired intangibles, stock compensation expense of $12 million, purchase accounting deferred revenue write-down of $24 million, $23 million in restructuring charges, $7 million related to acquisition costs, and a non-cash credit of $24 million for our convertible debt.” Shares were indicating slightly higher in light premarket trade, but are down 27% in the year so far, while the S&P 500 has gained 2%.

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A poll released as voting was underway in the U.K.’s Brexit referendum showed more voters supported the country staying in the European Union. An Ipsos Mori poll for the Evening Standard showed 52% of respondents in the “remain” camp compared with 48% backing the “leave” side. The pound gained ground following the poll, trading at $1.4866 compared with $1.4835 just ahead of the release.

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Twilio Inc. priced its initial public offering at $15 a share Wednesday, above the expected range of $12 to $14. The San Francisco-based cloud communications company is seeking to raise around $160 million, which would value it above $1 billion. It will be the first venture-backed tech IPO since Square went public in November. The fast-growing company has posted hefty revenue gains the past three years, posting sales of $49.9 million in 2013, followed by $88.8 million in 2014 and $166.9 million in 2015. Goldman, Sachs & Co. and J.P. Morgan are the lead underwriters. Twilio will list on the New York Stock Exchange under the symbol “TWLO.”

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A pair of polls released late Wednesday showed the “remain” camp with a modest edge over “leave” on the eve of the U.K. referendum on whether to exit the European Union. A ComRes telephone poll conducted for the Daily Mail newspaper and ITV news showed “remain” had extended its lead, with 48% of respondents favoring a stay vote versus 42% for “leave” and 11% undecided. That compares with a 46%-45% edge for remain in the previous ComRes poll released a week ago. A separate YouGov poll released Wednesday showed voters preferring remain by a 51% to 49% margin. Earlier Wednesday, an Opinium survey showed respondents narrowly favored “leave” by 45% to 44%.

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From:: Stock Market News

A pair of polls released late Wednesday showed the “remain” camp with a modest edge over “leave” on the eve of the U.K. referendum on whether to exit the European Union. A ComRes telephone poll conducted for the Daily Mail newspaper and ITV news showed “remain” had extended its lead, with 48% of respondents favoring a stay vote versus 42% for “leave” and 11% undecided. That compares with a 46%-45% edge for remain in the previous ComRes poll released a week ago. A separate YouGov poll released Wednesday showed voters preferring remain by a 51% to 49% margin. Earlier Wednesday, an Opinium survey showed respondents narrowly favored “leave” by 45% to 44%.

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From:: Stock Market News

A pair of polls released late Wednesday showed the “remain” camp with a modest edge over “leave” on the eve of the U.K. referendum on whether to exit the European Union. A ComRes telephone poll conducted for the Daily Mail newspaper and ITV news showed “remain” had extended its lead, with 48% of respondents favoring a stay vote versus 42% for “leave” and 11% undecided. That compares with a 46%-45% edge for remain in the previous ComRes poll released a week ago. A separate YouGov poll released Wednesday showed voters preferring remain by a 51% to 49% margin. Earlier Wednesday, an Opinium survey showed respondents narrowly favored “leave” by 45% to 44%.

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Shares of Red Hat Inc. fell in Wednesday’s extended session after the open-source software provider posted in-line quarterly earnings and said it will buy API management company 3scale for an undisclosed amount. Red Hat reported fiscal first-quarter earnings rose to $61.2 million, or 33 cents a share, from $48 million, or 26 cents a share, a year earlier. On an adjusted basis, the company known for its Linux OpenStack platform would have earned 50 cents a share. Revenue grew 18% to $567.9 million. Analysts surveyed by FactSet had forecast earnings of 50 cents a share on revenue of $563 million. Red Hat projected second-quarter adjusted earnings per share of 54 cents, which is slightly below analysts’ outlook of 55 cents a share. The company also announced it will buy back up to $1 billion in shares. Red Hat’s stock fell nearly 5% after hours.

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Bed Bath & Beyond Inc. shares fell late Wednesday after the retailer reported worse-than-expected fiscal first-quarter earnings. Bed Bath & Beyond said it earned $122.6 million, or 80 cents a share, in the quarter, compared with $158.5 million, or 93 cents a share, in the year-ago period. Net sales reached $2.74 billion in the quarter, flat compared with a year ago. Analysts polled by FactSet had expected earnings of 86 cents a share on sales of $2.77 billion. Bed Bath & Beyond kept its fiscal 2016 net earnings expectations between $4.50 a share to just over $5 a share, which include a “slight dilution” anticipated from the all-cash deal to buy One Kings Lane, announced last week. Shares of Bed Bath & Beyond fell 5.3% in late trading after ending the regular session down 0.4%.

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The Organization of the Petroleum Exporting Countries saw petroleum-export revenues fall nearly 46% in 2015, compared with the year before, to $518.2 billion, according to OPEC’s Annual Statistical Bulletin released Wednesday. That was the lowest level since 2005. Total OPEC crude-oil exports, meanwhile, stood at 23.6 million barrels a day last year, up 1.7% from 2014, with nearly 62% of OPEC’s oil exported to the Asia Pacific region, the report said. World oil demand rose by 1.7% to 93 million barrels a day, with the largest increases taking place in Asia Pacific countries such as India and China. August Brent crude [uk:lcoq6] settled at $49.88 a barrel on London’s ICE Futures, down 74 cents, or 1.5%. August West Texas Intermediate crude fell 72 cents, or 1.4%, to end at $49.13 a barrel on the New York Mercantile Exchange.

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