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U.S. stocks opened higher Tuesday as rising oil prices boosted energy shares. The Dow industrials gained 90 points, or 0.5%, to 17,789. The S&P 500 rose 8 points, or 0.4%, to 2,067. The Nasdaq Composite climbed 15 points, or 0.3%, to 4,766.
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The Justice Department is investigating high frequency trading firms Citadel and KCG regarding the firms’ routing of customer stock orders they’ve bought from large retail brokerage firms, according to a Reuters report on Tuesday. The authorities have subpoenaed information from the market-making side of the firms, and will look into whether small investors are getting unfair pricing when the firms execute stock transactions on their behalf, according to the Reuters report. The high speed proprietary trading firms say their technology delivers cheaper and more transparent trades to investors. Critics have alleged that firms with the fastest trading technology are using speed to manipulate stock prices, giving investors a bad deal.
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Shares of World Wrestling Entertainment Inc. surged 3% in light premarket trade Tuesday, after the company reported first-quarter profit and sales that beat expectations. Earnings for the latest quarter rose to $13.9 million, or 18 cents a share, from $9.8 million, or 13 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 10 cents. Revenue slipped 3% to $171.1 million from $176.2 million, given the impact of the timing of WrestleMania, but beat expectations of $169.8 million. Media division revenue increased 5% and consumer products revenue rose 10%, but live events revenue declined 36%, as WrestleMania occurred in the second quarter, compared to the first quarter of last year. Average paid subscribers grew 39% to 1.29 million, and the company expects second-quarter average paid subscribers to be about 1.5 million. The stock had declined 4.4% year to date through Monday, while the S&P 500 had gained 0.7%.
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Johnson & Johnson disclosed in a regulatory filing Tuesday that its Janssen Pharmaceuticals Inc. subsidiary received a civil investigative demand from the U.S. Attorney’s Office related to contractual relationships with pharmacy benefit managers. The demand was issued in connection with an investigation under the False Claims Act, and covers the period from Jan. 1, 2006 to the present. J&J’s stock, which was still inactive in premarket trade, has surged 11% year to date, while the Dow Jones Industrial Average has gained 1.6%.
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Allergan plc shares were up 4.4% in pre-market trade Tuesday after the company said it approved a new $10 billion share buyback program. Allergan plans to buy back $4 to $5 billion in the open market over four to six months, depending on market conditions. The company said it may extend the program after that if the company’s shareholders approve an increase in distributable reserves and “if favorable market conditions persist.” The buyback can only start after the company divests its global generics business to Teva, projected to be completed by the end of June 2016. Allergan said it can choose to end the buyback at any time.
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Dean Foods Co. reported first-quarter earnings of $39.2 million, or 43 cents a share, compared with a loss of $73.7 million, or 78 cents a share, in the same period a year ago. Excluding non-recurring items, the milk and processed dairy products company said adjusted earnings per share came to 45 cents, beating the FactSet consensus of 38 cents. Revenue declined to $1.88 billion from $2.05 billion, as total volume declined 3.2%, but matched the FactSet consensus of $1.88 billion. The share of U.S. fluid milk volumes decreased by 0.70 percentage points to 34.6%. For the second quarter, adjusted EPS is expected to be 32 cents to 40 cents, surrounding the FactSet consensus of 34 cents. Late Monday, Dean Foods said it was buying Friendly’s Ice Cream for $155 million in cash. The stock, which was still inactive in premarket trade, has climbed 6.2% year to date, while the S&P 500 has gained 0.7%.
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Brazil’s Senate is back on track to hold an impeachment vote against President Dilma Rousseff, after lawmakers rejected a bid to halt the process, media reports said Tuesday. The acting Speaker of Brazil’s lower house, Waldir Maranhao, has reversed his earlier decision to annul a lower house ballot held April 17 that set the impeachment process in motion, the BBC reported. The Senate will now proceed with its own vote Wednesday as planned, to decide whether Rousseff should face an impeachment trial. The leftist president faces accusations that she has covered up the extent of shortfalls in Brazil’s budget, as the country struggles with an economic downturn. If the impeachment process goes ahead, Rousseff will need to step down during the proceedings and hand power temporarily to a substitute. Stocks on Brazil’s Bovespa market closed 1.4% lower Monday as the political uncertainty took hold.
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Hertz Global Holdings Inc. shares declined in the extended session Monday after the car-rental company’s first-quarter results fell below Wall Street expectations. Hertz shares declined 3% to $8.50 after hours. The company reported an adjusted first-quarter loss of 12 cents a share on revenue of $2.31 billion. Analysts surveyed by FactSet had forecast a loss of 1 cent a share on revenue of $2.38 billion. For the year, Hertz sees adjusted earnings of 95 cents to $1.10 a share. Analysts expect 96 cents a share.
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Stamps.com Inc. shares surged in Monday’s extended session after the Internet-based postage service turned in better-than-expected quarterly results. Stamps.com reported it swung to a first-quarter profit of $13.2 million, or 71 cents a share, from a loss of $970,000, or 6 cents a share, a year earlier. On an adjusted basis, the company would have earned $1.72. Revenue grew 86% to $81.6 million. Analysts surveyed by FactSet had forecast earnings of 25 cents a share on revenue of $761 million. Stamps.com also raised its 2016 revenue outlook to $310 million to $330 million from $290 million to $310 million. It also hiked its adjusted EPS forecast to a range of $6.00 to $6.50 versus $5.00 to $5.50. Shares jumped 17% in after hours.
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From:: Stock Market News
Stamps.com Inc. shares surged in Monday’s extended session after the Internet-based postage service turned in better-than-expected quarterly results. Stamps.com reported it swung to a first-quarter profit of $13.2 million, or 71 cents a share, from a loss of $970,000, or 6 cents a share, a year earlier. On an adjusted basis, the company would have earned $1.72. Revenue grew 86% to $81.6 million. Analysts surveyed by FactSet had forecast earnings of 25 cents a share on revenue of $761 million. Stamps.com also raised its 2016 revenue outlook to $310 million to $330 million from $290 million to $310 million. It also hiked its adjusted EPS forecast to a range of $6.00 to $6.50 versus $5.00 to $5.50. Shares jumped 17% in 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.
From:: Stock Market News