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U.S. creates 160,000 jobs in April; unemployment 5%

WASHINGTON (MarketWatch) – The U.S. created 160,000 new jobs in April, marking the smallest gain in seven months, in a sign that a slower economy may have crimped job creation. Economists polled by MarketWatch had expected an increase of 203,000 nonfarm jobs. The unemployment rate was unchanged at 5%, as more people dropped out of the labor force, the government said Friday. In a bit of good news, average wages climbed 0.3% to $25.53 an hour. Hourly pay rose 2.5% in the past 12 months, up from 2.3%. The labor-force participation fell for the first time since last fall to 62.8%. Employment gains for March and February, meanwhile, were reduced by a combined 19,000. The government said 208,000 new jobs were created in March instead of 215,000. February’s gain was trimmed to 233,000 from 245,000.

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Mueller Industries raises dividend 33%

Mueller Industries Inc. said Friday it will raise its quarterly dividend 33% to 10 cents a share. The industrial manufacturer’s new dividend will by payable June 15 to shareholders of record on June 1. Based on Thursday’s closing price of $30.28 for Mueller’s stock, the new dividend implies an annual dividend yield of 1.3%, compared with an aggregate dividend yield for the S&P 500 of 2.2%, according to FactSet. The stock, which was still inactive in premarket trade, has climbed 12% year to date, while the S&P 500 has edged up 0.3%.

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KemPharm shares drop as drug labeling contested by FDA committee

KemPharm Inc. shares plummeted in the extended session Thursday after a Food and Drug Administration advisory committee did not recommend that abuse-deterrent labeling be added to the drug maker’s painkiller. KemPharm shares dropped 60% to $6.33 after hours. While the FDA committee members voted 16 to 4 to recommend KemPharm’s Apadaz pankiller be approved by the agency, members also voted 18 to 2 recommending against labeling saying that the drug was designed to prevent its abuse. The FDA is not bound to recommendations its committees make but generally goes along with their recommendations.

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Endo International shares plummet after outlook cut

Endo International PLC shares plunged in the extended session Thursday after the drug maker cut its outlook for the year. Endo shares dropped 25% to $19.92 after hours. The company said it now expects adjusted earnings of $4.50 to $4.80 on revenue of $3.87 billion to $4.03 billion for the year. Analysts surveyed by FactSet had forecast earnings of $5.68 a share on revenue of $4.3 billion. For the first quarter, Endo reported adjusted earnings of $1.08 a share on revenue of $964 million. Analysts had expected $1.05 a share on revenue of $960.3 million. Separately, Endo announced its head of U.S. branded pharmaceuticals, Brian Lortie, was stepping down once a successor is found.

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Endo International shares plummet after outlook cut

Endo International PLC shares plunged in the extended session Thursday after the drug maker cut its outlook for the year. Endo shares dropped 25% to $19.92 after hours. The company said it now expects adjusted earnings of $4.50 to $4.80 on revenue of $3.87 billion to $4.03 billion for the year. Analysts surveyed by FactSet had forecast earnings of $5.68 a share on revenue of $4.3 billion. For the first quarter, Endo reported adjusted earnings of $1.08 a share on revenue of $964 million. Analysts had expected $1.05 a share on revenue of $960.3 million. Separately, Endo announced its head of U.S. branded pharmaceuticals, Brian Lortie, was stepping down once a successor is found.

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Arista Networks shares rise as earnings, outlook beat

Arista Networks Inc. shares rose in the extended session Thursday after the cloud-network software company topped Wall Street estimates for the quarter. Arista shares rose 5.9% to $67.53 after hours. The company reported adjusted first-quarter earnings of 68 cents a share on revenue of $242.2 million. Analysts surveyed by FactSet had forecast earnings of 61 cents a share on revenue of $237.6 million. For the second quarter, Arista estimated revenue of $259 million to $265 million, while analysts are looking for $253.6 million.

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Valeant admits mistakes with drug pricing, forms new committee

Valeant Pharmaceuticals International Inc. late Thursday said it is forming a new committee that will oversee how the company’s drugs are priced. Chief Executive Joseph Papa will lead the group that will include Valeant staff, doctors and scientists. The drug company also admitted that it has made mistakes in the past on how it priced its products and the committee is aimed at preventing a repeat of the same errors. Valeant shares remained weak in after hours, falling 2%, following a decline of 2.8% in the regular session. The stock is down 66% amid accounting problems dating back to 2014. Valeant’s woes have also weighed on Bill Ackman’s Pershing Square Holdings Ltd. which has a sizable stake in the company. The hedge fund is down 18% year to date at the end of April.

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Imperva shares drop after revenue outlook misses Street view

Imperva Inc. shares dropped in the extended session Thursday after the data-center security company’s revenue outlook for the second quarter fell below Wall Street estimates. Imperva shares plunged 19% to $36.64 after hours. The company expects an adjusted second-quarter loss of 2 cents to 4 cents a share on revenue of $65.5 million to $66.5 million. Analysts surveyed by FactSet expect a loss of 4 cents a share on revenue of $70.2 million. For the first quarter, Imperva reported an adjusted loss of 25 cents a share on revenue of $59.8 million. Analysts had forecast a loss of 25 cents a share on revenue of $59.5 million.

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Herbalife jumps as first-quarter results beat Wall Street’s expectations

Shares of Herbalife Ltd. surged in Thursday’s extended session after the nutritional-products company turned quarterly results that beat analysts’ expectations. Herbalife reported its first-quarter earnings rose to $95.8 million, or $1.12 a share, from $78.2 million, or 92 cents a share, a year earlier. On an adjusted basis, the company would have earned $1.36 a share. Revenue grew 1% to $1.1 billion. Analysts surveyed by FactSet had projected earnings of $1.09 a share on revenue of $1.07 billion. Herbalife projected second-quarter adjusted earnings per share of $1.10 to $1.20 and revenue growth of flat to up 3%. Wall Street is looking for EPS of $1.16 on $1.19 billion in revenue. Meanwhile, the company’s talks with the Federal Trade Commission is in advanced stages and it may pay $200 million to reach a settlement, CNBC reported Thursday. Herbalife has locked in a battle for credibility with hedge fund manager Bill Ackman, who has characterized the company as a pyramid scheme. Shares surged 8% in after-hours trading.

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GoPro stock surges on quarterly sales beat

Shares of GoPro Inc. surged more than 3% in after-hours trade Thursday, after the company reported stronger-than-expected sales for the first quarter despite swinging to a loss and narrowing its margins. The action camera maker reported a loss of $107.5 million, or 78 cents a share, compared with a year-earlier profit of $16.7 million, or 11 cents a share. Excluding one-time items, GoPro lost 63 cents a share, slightly wider than the 59-cent loss analysts had been expecting, according to a FactSet poll. Non-GAAP gross margin dipped to 33% from 45% last year. Revenue fell 50% to $183.5 million from $363.1 million last year, but topped the consensus estimate of $169 million. The company reiterated its fiscal 2016 revenue guidance range between $1.35 billion and $1.5 billion, versus the median analyst estimate of $1.35 billion.

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