Category: Stock Market News

Lions Gate Entertainment Corp. shares rallied in the extended session Wednesday after the movie and TV production company reported a surprise profit for the fourth quarter. Lions Gate shares jumped 14% to $22.53 after hours. The company reported fourth-quarter earnings of 7 cents a share on revenue of $791.2 million. Analysts surveyed by FactSet had forecast a loss of 2 cents a share on revenue of $738.7 million.

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PVH Corp. shares rallied in the extended session Wednesday after the clothing-brands company topped Wall Street estimates for the quarter and raised its outlook for the year. PVH shares surged 6.8% to $95.96 after hours. The Calvin Klein and Tommy Hilfiger parent company reported adjusted first-quarter earnings of $1.50 a share on revenue of $1.92 billion. Analysts had estimated $1.43 a share on revenue of $1.9 billion. PVH raised its adjusted earnings outlook for the year to a range of $6.45 to $6.55 a share, up from a previous range of $6.30 to $6.50 a share. Analysts had forecast earnings of $6.46 a share.

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Edison International late Wednesday said Theodore Craver Jr., chairman, president and chief executive officer of Edison International, is retiring on Sept. 30, 2016. Craver’s retirement is in keeping with the company’s practice of its CEOs stepping down on reaching the age of 65, it said. Craver will be succeeded by Pedro Pizarro, president of Southern California Edison, as CEO and William Sullivan, an independent director, will become non-executive chair. Shares of Edison were unchanged in extended trading after the stock slipped 0.2% to close at $69.77 during the regular session.

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Gold futures settled at their lowest level in seven weeks on Wednesday as overall gains in the U.S. dollar and equities continued to dull the metal’s investment appeal. Prices for the yellow metal tallied a 4.4% loss during a six-session losing streak. Gold for June delivery fell $5.40, or 0.4%, to settle at $1,223.80 an ounce.

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Vanguard on Wednesday named Michael Rollings as chief financial officer, replacing Managing Director Glenn Read, who will remain on the firm’s 11-person senior leadership team. Rollings was most recently executive vice president of MassMutual Financial Group. Vanguard had more than $3.5 trillion in assets under management as of April 30.

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Mortgage servicer Ocwen Financial has been cleared of wrongdoing in a multi-billion dollar lawsuit brought by mortgage bond investors including BlackRock and Pimco, according to reports by HousingWire. Ocwen had fought the charges and claimed that the investors wanted to keep underwater homeowners from accessing a government loan modification program that would reap lower cash flow. On Wednesday, Ocwen released documents prepared by valuation experts Duff & Phelps which found no evidence of the negligence and misconduct alleged by the bond investors.

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Oil futures held onto most of their earlier gains on Wednesday after the U.S. Energy Information Administration reported that U.S. crude supplies fell 4.2 million barrels for the week ended May 20. The American Petroleum Institute late Tuesday had reported a 5.1 million-barrel fall, while analysts polled by S&P Global Platts expected a 3.3 million-barrel decline. Gasoline supplies were up by 2 million barrels, while distillate stockpiles fell 1.3 million barrels last week, according to the EIA. July crude was at $49.24 a barrel on the New York Mercantile Exchange, up 62 cents, or 1.3%. Prices traded at $49.38 before the data.

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Fast-fashion retailer H&M Hennes & Mauritz AB announced Wednesday that its next designer collaboration will be with Paris fashion house Kenzo. Kenzo X H&M will launch in select global locations and online on November 3. Kenzo’s creative directors are Humberto Leon and Carol Lim, founders of the global retail and e-commerce chain Opening Ceremony, known for selling merchandise from emerging brands and its collaborations with brands like Rodarte and Topshop. H&M’s last designer collaboration, with the fashion house Balmain, was a popular line that prominently featured supermodels Kendall Jenner and Gigi Hadid in its advertising campaigns. H&M shares are down 25% for the past year while the S&P 500 is down 1.8% for the same period.

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From:: Stock Market News

Fast-fashion retailer H&M Hennes & Mauritz AB announced Wednesday that its next designer collaboration will be with Paris fashion house Kenzo. Kenzo X H&M will launch in select global locations and online on November 3. Kenzo’s creative directors are Humberto Leon and Carol Lim, founders of the global retail and e-commerce chain Opening Ceremony, known for selling merchandise from emerging brands and its collaborations with brands like Rodarte and Topshop. H&M’s last designer collaboration, with the fashion house Balmain, was a popular line that prominently featured supermodels Kendall Jenner and Gigi Hadid in its advertising campaigns. H&M shares are down 25% for the past year while the S&P 500 is down 1.8% for the same period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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