Category: Stock Market News

Symantec Corp. late Thursday said it was cutting 10% of its workforce in an effort to restructure the company. The computer security company said it plans to shed 1,200 jobs and close certain facilities at a cost of $230 million to $280 million. As a result, Symantec said it expects to reduce expenses by an estimated $400 million a year. Earlier Thursday, Symantec reported first-quarter results in-line with its recent profit warning and released an outlook for the year. Symantec shares declined 0.7% to $16.79 after hours.

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.

…read more

From:: Stock Market News

Acacia Communications Inc. priced its initial public offering at the high end of the estimated range late Thursday. Acacia said it will price 4.5 million shares at $23 a piece to raise $103.5 million. An additional 675,000 shares will be available to cover overallotments. The optical-networking products maker was estimated to price its IPO in the $21 to $23 a share range. Shares are expected to begin trading on the Nasdaq under the ticker “ACIA” on Friday.

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.

…read more

From:: Stock Market News

Conformis Inc. shares plummeted in the extended session Thursday after the medical maker of custom-fit joint replacements cut its outlook and said its board is looking for a new chief executive. Conformis shares dropped 36% to $6.47 after hours. The company now sees full-year revenue of $76 million to $81 million, down from its previous forecast of $84 million to $87 million. Analysts surveyed by FactSet had estimated revenue of $85.7 million. For the fiscal second-quarter, Conformis reported a loss of 37 cents a share on revenue of $20.3 million. Analysts had expected a loss of 36 cents a share on revenue of $20.2 million. The company said that Philipp Lang will remain on as CEO until the board has chosen a successor through an executive search.

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.

…read more

From:: Stock Market News

Conformis Inc. shares plummeted in the extended session Thursday after the medical maker of custom-fit joint replacements cut its outlook and said its board is looking for a new chief executive. Conformis shares dropped 36% to $6.47 after hours. The company now sees full-year revenue of $76 million to $81 million, down from its previous forecast of $84 million to $87 million. Analysts surveyed by FactSet had estimated revenue of $85.7 million. For the fiscal second-quarter, Conformis reported a loss of 37 cents a share on revenue of $20.3 million. Analysts had expected a loss of 36 cents a share on revenue of $20.2 million. The company said that Philipp Lang will remain on as CEO until the board has chosen a successor through an executive search.

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.

…read more

From:: Stock Market News

Symantec Corp. shares were little changed in the extended session Thursday after the computer security company released its outlook for the year, and made good on a profit warning issued in late April. Symantec shares slipped less than 0.1% to $16.90 after hours. The company forecast adjusted fiscal first-quarter earnings of 24 cents to 26 cents a share on revenue of $865 million to $895 million. For the year, Symantec sees adjusted earnings of $1.06 to $1.10 a share on revenue of $3.49 billion to $3.58 billion. Analysts surveyed by FactSet forecast 24 cents a share on revenue of $880.8 million for the first quarter, and $1.09 a share on revenue of $3.52 billion for the year. The company reported adjusted fiscal fourth-quarter earnings of 22 cents a share on revenue of $873 million, as had been announced in late April. Back then, Symantec cut its earnings and revenue estimates and said Chief Executive Michael Brown was stepping down.

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.

…read more

From:: Stock Market News

Progressive Corp. said late Thursday Chief Executive Glenn Renwick will retire effective July 1, and Chief Operating Officer Tricia Griffith will succeed him. Renwick will join the board of directors after the retirement, the company said in a statement. Shares of Progressive were flat in late trading Thursday after ending the regular session up 1.2%.

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.

…read more

From:: Stock Market News

Nvidia Corp. shares surged in the extended session Thursday after the graphics-chip maker’s first-quarter results and outlook topped Wall Street expectations. Nvidia shares rose 5.3% to $37.41 after hours. The company reported adjusted first-quarter earnings of 46 cents a share on revenue of $1.31 billion. Analysts surveyed by FactSet had forecast earnings of 31 cents a share on revenue of $1.26 billion. For the second quarter, Nvidia expects revenue of $1.32 billion to $1.38 billion, while analysts estimate $1.28 billion.

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.

…read more

From:: Stock Market News

U.S. stocks finished flat Thursday as an afternoon rebound in oil prices helped shares rise off their session lows. However, a sharp drop in Apple Inc. weighed on the Nasdaq Composite. The S&P 500 finished little-changed at 2,064.12. The Dow gained 9 points, or less than 0.1%, to 17,720. The Nasdaq Composite index shed 23 points, or 0.5% to 4,737. On Wednesday, the Dow and S&P logged their worst daily performances in a month.

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.

…read more

From:: Stock Market News

Oil futures settled higher Thursday to mark a third straight session gain, buoyed by expectations that the global glut of crude supplies will ease on the back of production declines. June WTI crude rose 47 cents, or 1%, to settle at $46.70 a barrel on the New York Mercantile Exchange. Prices had fallen to lows under $46, pressured by rising production in Iran.

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.

…read more

From:: Stock Market News

Shares of JetBlue Airways Corp.’s slumped 4% toward a 13-month low in afternoon trade Thursday, with other airline stocks in tow, after the New York-based carrier said it took in a lot less money per passenger in April than it did last year. JetBlue reported late Wednesday that April load factor fell to 84.1% from 85.7% a year ago, as capacity increased at a faster rate than traffic. Revenue per available seat mile dropped 12.5%. JetBlue’s stock, on track to close at the lowest level since March 13, 2015, was the biggest decliner within the Dow Jones Transportation Average , which slumped 1%. The NYSE Arca Airline Index shed 2.3%. Among other Dow transports components, shares of United Continental Holdings Inc. slid 3.6%, of American Airlines Group Inc. dropped 3.3%, of Delta Air Lines Inc. fell 2.6% and of Southwest Airlines Co. declined 1.4%.

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.

…read more

From:: Stock Market News