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Foot Locker Inc. said late Wednesday that its chief executive will take on the additional role of chairman. The shoe retailer said that CEO Richard Johnson will become chairman effective immediately, succeeding Nicholas DiPaolo, who has served as chairman for a year. Shares of Foot Locker were unchanged at $57.12.
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Shares of Salesforce.com Inc. climbed in Wednesday’s extended session after the cloud software company posted quarterly results ahead of Wall Street’s estimates. Salesforce reported its first-quarter earnings rose to $38.8 million, or 6 cents a share, from $4.1 million, or a penny a share, a year earlier. On an adjusted basis, the company earned 24 cents a share. Revenue grew to $1.78 billion from $1.41 billion. Analysts surveyed by FactSet had forecast earnings of 23 cents a share on revenue of $1.89 billion. Salesforce projected second-quarter adjusted earnings per share of 24 cents to 25 cents and $1 to $1.02 for 2017. It also forecast second-quarter revenue in a range of $2.005 billion to $2.015 billion. Salesforce jumped more than 5% after hours.
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Shares of Salesforce.com Inc. climbed in Wednesday’s extended session after the cloud software company posted quarterly results ahead of Wall Street’s estimates. Salesforce reported its first-quarter earnings rose to $38.8 million, or 6 cents a share, from $4.1 million, or a penny a share, a year earlier. On an adjusted basis, the company earned 24 cents a share. Revenue grew to $1.78 billion from $1.41 billion. Analysts surveyed by FactSet had forecast earnings of 23 cents a share on revenue of $1.89 billion. Salesforce projected second-quarter adjusted earnings per share of 24 cents to 25 cents and $1 to $1.02 for 2017. It also forecast second-quarter revenue in a range of $2.005 billion to $2.015 billion. Salesforce jumped more than 5% after hours.
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Tesla Motors Inc. has filed to sell about $2 billion of common stock to grease its way to the Model 3, the $35,000 mass-market electric car it hopes to sell by late next year. The Silicon Valley electric-car maker said it will offer about $1.4 billion of shares, with the remaining shares to be sold by Chief Executive Elon Musk to cover tax obligations associated with his exercising of more than 5.5 million stock options, the company said in a press release. Net proceeds from the offering will “accelerate the ramp of Model 3,” the company said. Musk’s stock options, granted in 2009, are due to expire in December and, since Tesla shares have risen “considerably” in the intervening years, Musk will owe a “significant amount of taxes.” Musk will also be donating 1.2 million shares to charity. The company didn’t specify the charity recipients. Tesla shares fell 3.6% late Wednesday after ending the regular trading day up 3.2%. Morgan Stanley and Goldman Sachs are the offer’s joint bookrunners. Goldman Sachs earlier Wednesday upgraded Tesla stock to buy.
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Oil futures reversed course late Wednesday to settle narrowly lower as minutes from the U.S. Federal Reserve showed that an interest-rate hike was possible in June. The news supported the U.S. dollar and pressured dollar-denominated prices for oil. June WTI crude fell 12 cents, or 0.3%, to settle at $48.19 a barrel on the New York Mercantile Exchange. Prices had traded higher for most of the session as bigger-than-expected declines in oil-product stocks implied a higher demand outlook for crude.
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U.S. stocks fell under pressure Wednesday after the Federal Reserve released minutes of its April meeting showing the central bank is ready to lift interest rates in June if the economy show improvement. The Dow Jones Industrial Average , which had been up as high as 106 points, slipped into negative territory and was last down 36 points at 17,494. The S&P 500 Index , which had traded up as many as 13 points, fell 4 point to 2,043. The Nasdaq Composite Index , following a rise of up to 47 points, was up 8 points, or 0.2%, at 4,723.
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Short-term Treasury yields spiked to their highest level in over two months Wednesday after the minutes from the Federal Reserve’s April meeting showed most Fed policy makers were ready to lift interest rates in June if the economy improved. Short-term yields are most sensitive to changes in the fed-funds rate and tend to spike when rate-hike expectations increase. Treasury yields rise when prices fall and vice versa. After the release, the two-year Treasury yield gained 5.3 basis points to 0.876%, its highest level since March 15, according to Tradeweb. One basis point is equal to one-hundredth of a percentage point. The yield on the 10-year U.S. Treasury note, the Treasury market’s benchmark, gained 6.9 basis points to 1.826%, its highest level since May 2. And the yield on the 30-year bond,known as the long bond, gained 5.6 basis points to 2.642%, its highest level since May 3.
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A 6.8 magnitude earthquake has struck near the coast of Ecuador, 18 miles west southwest of Rosa Zarate, the United States Geological Service reported Wednesday. The quake has not triggered a tsunami warning, according to the Pacific Tsunami Warning Center.
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A technical malfunction at the New York Stock Exchange on Wednesday resulted in the suspension of trading of about 200 securities, a NYSE spokeswoman confirmed to MarketWatch. The glitch occurred soon after the start of trading at 9:30 a.m. E.T. and the NYSE is working to resolve the issue, the spokeswoman said. The malfunction is affecting just about 4% of NYSE-listed securities. Stocks that were suspended on the Big Board are being rerouted to other exchange venues, including NYSE Arca, an NYSE-run trading platform. Fortress Investment Group , Agree Realty Corp. , Graco Inc. , OneMain Holdings Inc. , Townsquare Media Inc. and BlackRock Resources & Commodities Strategies Trust are among the securities suspended on the NYSE. The NYSE spokeswoman said orders related to those impacted securities have been cancelled. The NYSE Group is a unit of Intercontinental Exchange Inc. . It isn’t exactly clear when the technical snafu will be fixed.
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Shares of MGT Capital Investments Inc. plunged 23% in active morning trade, reversing an earlier intraday surge of 34%, putting it on track to snap a seven-session win streak. With volume of 49 million shares, the stock was the most active trading on U.S. exchanges, according to FactSet. At the intraday high of $5.58, the highest price seen since November 2012, the acquisition firm’s stock had rocketed more than 15 fold since May 6, when it closed at 36 cents. The stock’s recent spike up started with a 34% jump on May 9, after MGT announced plans to appoint John McAfee as its chief executive officer. McAfee founded antivirus software company McAfee Inc., which was acquired by Intel Corp. in 2010. McAfee is also known for escaping from Belize amid a murder investigation. Separately, a regulatory filing Wednesday disclosed that Robert Ladd, current CEO of MGT, acquired a 5.01% stake in vitro diagnostic company Venaxis Inc. . That stake includes a 2.89% stake indirectly owned by MGT. Venaxis shares ran up 12% Wednesday, and have climbed 64% amid a four-session win streak.
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