Category: Stock Market News

3D Systems Corp. disclosed in a filing Tuesday, that two senior executives–Chief Operating Officer Mark Wright and Chief Merchandising Officer Cathy Lewis–have resigned. Lewis’s resignation is effective June 10 and Wright’s is effective June 17. The three dimensional printing company said no new compensatory or severance arrangements have been entered into with Lewis or Wright. The resignations follow the appointment of Chief Executive Vyomesh Joshi on April 4. On Monday, the company said it prevailed in a lawsuit related to its purchase of certain website domains. The stock, which slipped 0.1% in premarket trade, has soared 60% year to date through Monday, while the S&P 500 has gained 3.2%.

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Ralph Lauren Corp. shares tumbled 7% in premarket trade Tuesday, after the company unveiled a restructuring plan aimed at boosting profitability. The high-end clothing retailer said it will take a number of steps to reduce supply chain lead times, overhauling sourcing and improving its multi-channel distribution model. “We have assessed every value-creating component of the company and, with our Way Forward Plan, we will build on our strengths, refocusing on our core brands and instilling a financial discipline that is highly focused on return on investment,” Chief Executive Stefan Larsson said in a statement. The company is expecting to book charges of up to $400 million and an up to $150 million inventory charge related to the reduction of inventory out of current liquidation channels. The charges are expected to be mostly realized by the end of fiscal 2017. The company expects to generate $180 million to $220 million in annualized cost savings from the restructuring. It is now expecting first-quarter revenue to be down at a mid-single digit rate, and full-year revenue to decline at a low-single digit rate. Shares are down about 14% in the year so far, while the S&P 500 has lost 3.2%.

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Shares of DryShips Inc. were the biggest decliners in premarket trade Tuesday, plummeting 39% toward a split-adjusted record low, after the ocean transportation company disclosed in a filing that it defaulted on three bank loans. The company said in the filing, released late Monday, that the lenders could require immediate repayment of the loans, which totaled $213.7 million. If its lenders demand repayment, DryShips said it doesn’t expect cash on hand and cash generated from operations and asset sales to be sufficient to repay its loans. The stock has tumbled 46% year to date through Monday. The stock was changing hands recently at $1.43. The selloff comes after a 1-for-25 reverse stock split when into effect on March 11. The stock closed at a split-adjusted $2.73 the day before the stock split, meaning its pre-split price was about 11 cents.

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Biogen Inc.’s stock tumbled 8.6% in premarket trade Tuesday, after the biotechnology company said a Phase 2 study of its treatment for relapsing forms of multiple sclerosis failed to meet its primary and secondary objectives. The primary endpoint for opicinumab was improvement of physical and cognitive function and disability, while the secondary endpoint was slowing of disability progression. Biogen said opicinumab showed evidence of clinical effect and was well tolerated. “Achieving repair of the human central nervous system through remyelination would be a substantial achievement, and while we missed the primary endpoint, the SYNERGY study results suggest evidence of a clinical effect of opicinumab,” said Chief Medical Officer Alfred Sandrock. “Due to the complex nature of the data set, we continue to analyze the results to inform the design of our next study.” The stock had lost 5.4% year to date through Monday, while the S&P 500 had gained 3.2%.

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Myriad Genetics Inc. on Tuesday said its board approved an additional $200 million for its share buyback program. As of the end of its fiscal third quarter, the personalized medicine company said it repurchased more than $1.1 billion in stock since it started its buyback program in 2010, according to a news release. Shares of Myriad are down 20% in the year so far, underperforming the S&P 500 Index, which is up 3%.

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Alexion Pharmaceuticals Inc. shares fell in the extended session Monday after the biotech company said its treatment for a rare neuromuscular disease did not reach its main goal of a late-stage clinical trial. Following a brief halt, Alexion shares dropped 8.9% to $141.28. The company said a Phase III study of its drug Soliris did not significantly improve symptoms of people with refractory generalized myasthenia gravis, a condition characterized by profound muscle weakness that can result in slurred speech, choking and respiratory failure.

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Shares of United Natural Foods Inc. rallied more than 8% late Monday after the wholesale food retailer reported better-than-expected quarterly earnings and sales largely in line with forecasts. United Natural said it earned $38.3 million, or 76 cents a share, in the fiscal third quarter, compared with $41.75 million, or 83 cents a share, in the year-ago period. Sales reached $2.13 billion, up 0.8% from $2.11 billion a year ago. Analysts polled by FactSet had expected the company to earn 66 cents a share on sales of $2.16 billion in the quarter. The retailer tweaked its expectations for full fiscal 2016, estimating net sales between $8.46 billion to $8.50 billion, an increase of about 3.4% to 3.8% over fiscal 2015. The company expects GAAP earnings of $2.39 a share to $2.45 a share for the year, compared with fiscal 2015 GAAP earnings of $2.76 a share. Shares ended the regular trading session up 0.6%.

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Oil futures settled higher on Monday, rebounding from last week’s loss amid ongoing supply disruptions in Canada and Nigeria. Prices had briefly pared some of their earlier gains after U.S. Federal Reserve Chairwoman Janet Yellen, in a speech Monday, failed to rule out an interest-rate increase at the central bank’s meeting later this month. But “her acknowledgement of the poor jobs data in May and the consequences of a Brexit on U.S. monetary policy led to speculation that a rate increase could be delayed further out,” said Fawad Razaqzada, market analyst at Forex.com. July WTI crude settled at $49.69 a barrel on the New York Mercantile Exchange, up $1.07, or 2.2%. Prices, which lost 1.4% last week, settled at their highest level since July.

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Gold futures pared back some of their earlier gains Monday as U.S. Federal Reserve Chairwoman Janet Yellen said further gradual increases in U.S. interest rates will “probably” be appropriate. Higher interest rates can boost the dollar and weigh on dollar-denominated prices of gold. Gold for August delivery traded at $1,245.10 an ounce, up $2.20, or 0.2%, as Yellen spoke to the World Affairs Council of Philadelphia. Prices were trading at around $1,246.30 before the speech began.

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General Mills Inc. said Monday that it will introduce Tiny Toast nationwide in June, the first new cereal launch for the company in more than 15 years. Tiny Toast features crunchy toast pieces covered in small pieces of strawberries or blueberries. The cereal is made with real fruit and other natural flavors, but contains no artificial flavors, colors from artificial sources, or high fructose corn syrup. More than 80% of General Mills’ cereals contain no artifical flavors or colors from artificial sources, the company said in a release. General Mills’ cereal brands include Cheerios, Trix, and Lucky Charms. General Mills shares are down 0.4% in Monday trading, but up 16.6% for the past year. The S&P 500 is up 0.8% for the last 12 months.

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