Category: Stock Market News

Apple Inc.’s stock seesawed into positive territory in premarket trade Tuesday, adding drama to whether it will snap its losing streak at eight sessions, or extend it to nine sessions. The shares inched up 0.2%, after being down as much as 0.6% earlier. A ninth-straight loss would be the longest such stretch since the nine-session losing streak ending June 14, 1991. The eight-session loss streak as of Monday’s close was the longest since July 1998. Apple Chief Executive Tim Cook was on CNBC late Monday trying to dispel long-term concerns over iPhone demand, but he did acknowledge some near-term headwinds, such as lengthening upgrade cycles and macroeconomic issues.

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New York Times Co. said Tuesday it had a net loss of $8.27 million, or 5 cents a share, in the first quarter, after a loss of $14.3 million, or 9 cents a share, in the year-earlier period. Adjusted per-share earnings came to 10 cents, ahead of the FactSet consensus of 8 cents. Revenue fell 1.2% to $379.5 million from $384.2 million. The FactSet consensus was for revenue of $378 million. The newspaper company said it added 67,000 net digital-only subscribers to its new products, the most for a quarter in more than three years. “We have continued to prioritize deepening the level of engagement of our readers with Times content and this effort, along with the application of new consumer marketing tactics, has led to an increase in new subscribers and improved retention of existing ones,” Chief Executive Mark Thompson said in a statement. Shares were not yet active in premarket trade, but are down 4% in the year so far, while the S&P 500 has gained about 2%.

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Baxter International Inc. said Tuesday that it is raising its quarterly dividend to 13 cents per share from 11.5 cents per share. The dividend is payable on July 1 to shareholders of record as of June 3. The company, which provides renal and hospital products, will have an investor conference on May 9 in New York City. Baxter shares are unchanged in premarket trading, but up 17.2% for the year so far. The S&P 500 is up 1.8% for the year to date.

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Estee Lauder Companies Inc. shares are up 0.9% in Tuesday premarket trading after the beauty company announced fiscal third-quarter sales that beat expectations and job cuts related to a restructuring initiative. Estee Lauder said it had net income of $265.6 million, or 71 cents per share, down from $272.1 million, or 71 cents per share, a year earlier. Adjusted earnings per share totaled 73 cents per share, exceeding the FactSet consensus of 61 cents per share. Sales for the quarter totaled $2.66 billion, up from $2.58 billion for the same period last year and meeting the FactSet consensus. The beauty company said it expects full-year sales to increase between 4% and 5%, with currency exchange expected to impact sales negatively by 5%. Earnings per share are expected to be between $3.00 and $3.07. Estee Lauder’s restructuring initiative, called Leading Beauty Forward, will begin fiscal fourth-quarter 2016. It expects job cuts between 900 and 1,200 positions globally and restructuring and other pre-tax charges between $600 million and $700 million. Estee Lauder expects to yield annual pre-tax benefits between $200 million and $300 million. Estee Lauder shares are up 10.3% for the year-to-date while the S&P 500 is up 1.8% for the same period.

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CVS Health Corp. shares were up 0.2% in pre-market trade after the company beat earnings expectations and provided an upbeat earnings outlook. Earnings for the latest quarter fell to $1.15 billion, or $1.04 per share, from $1.22 billion, or $1.07 per share, in the same period a year ago. Adjusted earnings-per-share were $1.18, above the FactSet consensus of $1.16. Revenue rose to $43.2 billion, up 18.9%, beating the FactSet consensus of $43.0 billion. For 2016, CVS expects adjusted EPS of $5.73 to $5.88, around the FactSet consensus of $5.82. The company said it expects adjusted EPS in the second quarter to be $1.28 to $1.31, above the FactSet consensus of $1.16. Shares in the company rose 6.4% in the last three months, compared with a 8.8% rise in the S&P 500 .

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Archer Daniels Midland Co.’s stock was indicated about 2% lower in premarket trade Tuesday, after the agricultural services company reported first-quarter profit and sales that fell more than expected. Earnings for the latest quarter declined to $230 million, or 39 cents a share, from $493 million, or 77 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at 42 cents, below the FactSet consensus of 45 cents. Revenue fell to $14.38 billion from $17.51 billion, well below the FactSet consensus of $16.85 billion, as agricultural services, oilseeds processing and corn processing revenue all declined more than expected. “Low U.S. export volumes and weak margins continued, and in the quarter, poor results from the global trade desk impacted results for [agricultural] services,” said Chief Executive Juan Luciano. The stock has run up 9.8% year to date through Monday, while the S&P 500 has gained 1.8%.

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The Japanese yen renewed its hard push against the dollar on Tuesday, while the Australian dollar dived after the country’s central bank cut interest rates. Hitting a fresh 18-month low, the U.S. dollar dropped to ¥105.98 from ¥106.54 late Monday. Meanwhile, the euro maintained its highest levels since August 2015 against the dollar reached on Monday. The euro last changed hands at $1.1528 from $1.1536 seen late Monday. Even bigger moves were seen Tuesday for the Australian dollar, which took a hit after the Reserve Bank of Australia cut interest rates for the first time in a year, in a bid to combat record-low inflation and a strong local currency. The cash rate target was cut by one-quarter of a percentage point to a new low of 1.75% – analysts had been split on whether the central bank would cut. The Australian dollar slid to $0.7569 against the dollar, having moved up to $0.772 just ahead of the move.

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Yelp Inc. shares rallied in the extended session Monday following reports that David Einhorn’s hedge fund Greenlight Capital took a further long position in the online reviews website. Yelp shares jumped 6% to $22.80 after hours. Back in February, Greenlight reported a stake of about 260,000 shares of Yelp. A Securities and Exchange Commission filing outlining Greenlight’s holdings is due out this month.

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Shares of On Deck Capital Inc. plunged nearly 29% late Monday after the online small-business lender widened its quarterly loss. On Deck said it lost $13 million in the first quarter, compared with $5 million in the year-ago period. Adjusted for one-time items, On Deck said it lost $8.8 million, or 13 cents a share, compared to a loss of $3.3 million, or 5 cents a share, a year ago. Gross revenue was $63 million, up 11% from the prior-year period, the company said. Analysts polled by FactSet had expected On Deck to report an adjusted loss of 8 cents a share on sales of $69 million in the quarter. On Deck shares had ended the regular trading day down 3.8%.

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Symmetry Surgical Inc. shares were halted in the extended session Monday before the surgical instrument maker said it agreed to be acquired by private-equity firm RoundTable Healthcare Partners for $140.3 million in cash. Prior to the announcement, shares of Symmetry were halted at $10.40 a share. The deal works out to $13.10 for each share of Symmetry. The company said it expects the acquisition to close by the third quarter this year.

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