Category: Stock Market News

Sotheby’s said Monday that it had a first-quarter net loss of $25.9 million, or 41 cents per share, after net income of $5.1 million, or 7 cents per share, for the same period last year. The FactSet consensus was a loss per share of 26 cents. Revenue for the quarter totaled $106.5 million, down from $155.7 million for the same period last year. The FactSet consensus was $121 million. The art auction company said the quarter was impacted by a 35% decrease in net auction sales. In the same period last year, the company reported “record sales” of Impressionist and contemporary art in London, and Asian art sales in New York, leading to an “atypically profitable first quarter for the seasonality of Sotheby’s business.” The company has had some “high points” for the second quarter so far, according to a statement from Tad Smith, Sotheby’s chief executive, including a 17% sales increase in Hong Kong. Sotheby’s shares are unchanged in premarket trading, and down 37.6% for the past 12 months. The S&P 500 is down 2.8% for the last year.

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Lending Club Corp. said Monday that Chief Executive Renaud Laplanche is resigning after a review of sales of $22 million in near-prime loans to a single investor breached that investor’s explicit instructions. “A key principle of the company is maintaining the highest levels of trust with borrowers, investors, regulators, stockholders and employees. While the financial impact of this $22 million in loan sales was minor, a violation of the company’s business practices along with a lack of full disclosure during the review was unacceptable to the board,” board director Hans Morris, who has taken on the role of executive chairman, said in a statement. The online lender said it has named President Scott Sanborn as acting CEO, to be supported by Morris. The company said it will take stops to resolve the material weaknesses in its internal controls and improve its disclosure controls. Three senior managers have resigned after the review. The company said it had net income of $4.1 million, or 1 cent a share, in the first quarter, after a loss of $6.4 million, or 2 cents a share, in the year-earlier period. Adjusted per-share earnings came to 5 cents, matching the FactSet consensus. Revenue rose to $151.3 million from $81.0 million, ahead of the FactSet consensus of $148 million. Shares are down 36% in the year so far, while the S&P 500 has gained 0.7%.

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The U.S. economy is on pace for growth of 2.5% over the course of 2016, said Charles Evans, president of the Federal Reserve Bank in Chicago, speaking in London on Monday. “The most important fundamental is the improvement of labor prospects. The U.S. labor market has been strong for quite some time,” he said at the City Week conference. “More recently, labor-force participation has improved noticeably,” he said. But weak spots for the economic outlook include the impact of lower commodity prices on capital expenditure, and “the international sector has been a drag on growth.” Evans, considered to be a dovish Fed official, is not a voting member on the Fed’s interest-rate setting board this year.

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The Bank of England could discuss lowering interest rates at its policy meeting on Thursday, according to multiple media reports. A gloomy economic U.K. backdrop “could prompt at least one policymaker to push for a cut in borrowing costs to shore up stalling growth,” a Guardian report said. The central bank has asked banks to prepare for the possibility of a rate cut in a sign that it may be preparing for the U.K. voting to leave the European Union, a Times of London report said. Overall expectations are that the BOE on Thursday will keep its benchmark rate at a record low of 0.50%.

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Nyquist, the undefeated three-year-old colt who was a champion 2-year-old, won the 142nd Kentucky Derby Saturday, extending his unbeaten string to eight races and rewarding his many backers who had staked him as the 2-1 favorite. Nyquist, who entered the Derby with the biggest bankroll in the race’s history at $3.3 million, picked up the winner’s share of the $2 million purse. He paid $6.60 to win. Nyquist is owned by Reddam Racing LLC, trained by Doug O’Neill and was ridden Saturday by Mario Gutierrez. Exaggerator, the Santa Anita Derby winner, ran second and Gun Runner, winner of the Louisiana Derby came in third.

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Nant Health LLC late Friday filed for an initial public offering to raise up to $92 million in capital, according to a filing with the Securities and Exchange Commission. Culver City, Calif.-based Nant uses computer models to personalize treatment decisions for patients with critical illnesses. In 2015, the company booked a net loss of $72 million on revenue of $58.3 million. Jefferies and Cowen & Co are serving as joint book-running managers. The company plans to trade on the Nasdaq under the ticker symbol “NH”.

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Berkshire Hathaway Inc. said Friday its operating earnings reached $3.7 billion in the first quarter, down from $4.2 billion in the year-ago period. The conglomerate led by legendary investor Warren Buffett reported net earnings of $5.6 billion, from $5.2 billion a year ago. Operating earnings per Class A share reached $2,275 in the quarter, down from $2,583 a year ago. Analysts polled by FactSet had expected operating earnings per Class A share of $2,609. The Class A shares were flat late Friday after ending the regular trading session down 0.5%.

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U.S. stocks bounced back from earlier weakness to close higher on Friday but logged their second straight week of losses. Main indexes were pressured after data showed that the economy added only 160,000 new jobs in April while the unemployment rate remained flat at 5%. Economists polled by MarketWatch had expected a gain of 203,000. However, the market shrugged off the disappointing data as investors focused on the possibility that the Federal Reserve may refrain from raising interest rates in the near future.
S&P 500 rose 7 points, or 0.3%, to close at 2,057 while the Dow Jones Industrial Average added 80 points, or 0.5%, to finish at 17,740 and the Nasdaq gained 19 points, or 0.4%, to close at 4,736.

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Shares of Spring Bank Pharmaceuticals , a biopharmaceutical company, opened at $11.28 midday Friday, below the company’s issue price of $12. The company sold 920,000 shares to raise about $11 million. The company said it expects to receive net proceeds of about $8.2 million after discounts and commissions. Dawson James Securities, Inc. acted as the sole underwriter of the offering.

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Crude-oil futures logged a gain Friday as a wildfire in oil-rich Canadian regions and an attack on a Chevron-operated offshore oil facility in southern Nigeria fueled concerns about global crude-output disruptions. West Texas Intermediate crude oil for June delivery added 34 cents, or 0.8%, to settle at $44.66 a barrel. For the week, WTI lost 2.7% as oversupply supply worries and a strong dollar dragged prices lower.

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