Category: Stock Market News

Rovi Corp. , which helps viewers discover entertainment with personalized data, said on Friday it’s reached an agreement to buy TiVo Inc. in a deal valued at $1.1 billion. Rovi will pay $10.70 per share in cash and stock — 14% above Thursday’s close — and will adopt the TiVo name. Rovi Chief Executive Tom Carson will remain at the helm of the new company. “The combined capabilities of TiVo and Rovi place us in a tremendous position to extend services across platforms and to a customer base that includes traditional, over-the-top and emerging players across the globe,” Carson said in a statement. The combined company is expected to have at least $100 million in annual cost synergies, with 65% in the first 12 months, according to a news release. Both TiVo and Rovi shares are halted for news.

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VF Corp. , an apparel company whose brands include The North Face, Wrangler and Lee, said Friday it had first-quarter net income of $260.27 million, or 61 cents per share, down from $288.70 million, or 67 cents per share, for the same period last year. The FactSet consensus was 58 cents per share. Revenue for the quarter was $2.84 billion, flat with last year and just above the FactSet consensus of $2.82 billion. Inventories were up 9% compared with last year. About half of that was related to cold-weather product that has been positioned to fill second-half 2016 demand. The company reaffirmed its full-year revenue outlook, with estimates of a mid-single-digit percentage rate increase. VF Corp. shares are unchanged in premarket trading, but down 14.4% for the past year. The S&P 500 is down 1.5% for the last 12 months.

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VF Corp. , an apparel company whose brands include The North Face, Wrangler and Lee, said Friday it had first-quarter net income of $260.27 million, or 61 cents per share, down from $288.70 million, or 67 cents per share, for the same period last year. The FactSet consensus was 58 cents per share. Revenue for the quarter was $2.84 billion, flat with last year and just above the FactSet consensus of $2.82 billion. Inventories were up 9% compared with last year. About half of that was related to cold-weather product that has been positioned to fill second-half 2016 demand. The company reaffirmed its full-year revenue outlook, with estimates of a mid-single-digit percentage rate increase. VF Corp. shares are unchanged in premarket trading, but down 14.4% for the past year. The S&P 500 is down 1.5% for the last 12 months.

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Quarterback Jared Goff was selected by the Los Angeles Rams as the first pick in the 2016 NFL Draft on Thursday night in Chicago. In three seasons at the University of California at Berkeley, Goff set 26 school records, including career marks for most passing yards (12,220), touchdown passes (96) and yards per game (329.7), and in 2015 Goff set Pac-12 season records for most yards passing (4,719) and touchdown passes (43). Goff joins an offensively deprived team,and will likely be the starting quarterback when the Rams take the field in Los Angeles for the first time in two decades, after moving back from St. Louis in the offseason. Goff is in line to make more than $6 million a year with his rookie contract. Last year’s top pick, quarterback Jameis Winston, signed a four-year deal worth $25.3 million with the Tampa Bay Buccaneers, including $16.7 million in guarantees. Goff is the first Cal player to be the No. 1 draft pick since quarterback Steve Bartkowski was selected by the Atlanta Falcons in 1975.

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U.S.-listed shares of Baidu Inc. gained in Thursday’s extended session after the Chinese search engine turned in quarterly earnings that beat Wall Street’s estimates. Baidu reported its first-quarter earnings fell to 1.98 billion yuan ($308.1 million), or 5.38 yuan per American depositary share, from 2.45 billion yuan, or 6.76 yuan per ADS, a year earlier. On an adjusted basis, the company would have earned 6.80 yuan a share, or $1.06. Revenue grew 31.2% to 15.82 billion yuan ($2.45 billion). Analysts surveyed by FactSet had forecast earnings of $1.01 a share. Baidu shares rose 3.5% in after-hours trading.

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Expedia Inc. shares rallied in the extended session Thursday after the travel website posted a surprise profit for the quarter. Expedia shares surged 13% to $120.53 after hours. The company reported adjusted first-quarter earnings of 9 cents a share on revenue of $1.9 billion. Analysts surveyed by FactSet had forecast a loss of 5 cents a share on revenue of $1.84 billion.

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Juniper Networks Inc. shares declined in the extended session Thursday after the networking company’s earnings came in at the high end of an April profit warning but were still below Wall Street estimates. Juniper shares declined 0.8% to $23.22 after hours. The company reported first-quarter earnings of 37 cents a share on revenue of $1.1 billion. Earlier in the month, Juniper cut its earnings outlook for the first quarter to a range of 35 cents and 37 cents a share because of weaker business demand. Even with the profit warning, analysts surveyed by FactSet were last forecasting 39 cents a share on revenue of $1.12 billion. For the second quarter, Juniper sees adjusted earnings of 44 cents to 50 cents a share on revenue of $1.16 billion to $1.22 billion. Analysts had estimated earnings of 50 cents a share on revenue of $1.21 billion.

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Regal Entertainment Group shares popped as much as 6.7% in after-hours trade Thursday after it beat on profit and revenue for the first quarter. The theater operator said net income rose to $40.7 million, or 26 cents per share, compared with $23 million, or 15 cents during the same period a year ago. Adjusted earnings for the quarter was 27 cents per share, just above the FactSet consensus of 26 cents. The company said revenue hit $787.1 million, coming in above last year’s $691.3 million and the FactSet consensus of $771.0 million.

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LinkedIn Corp. shares rallied in the extended session Thursday after the social network’s earnings and outlook topped Wall Street estimates. LinkedIn shares surged 15% to $142 after hours. The company reported adjusted first-quarter earnings of 74 cents on revenue of $860.7 million. Analysts surveyed by FactSet had estimated 60 cents a share on revenue of $827.8 million. For the second quarter, LinkedIn forecast adjusted earnings of 74 cents to 77 cents a share on revenue of $885 million to $890 million. Analysts had estimated earnings of 71 cents a share on revenue of $885.9 million.

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Shares of Amazon.com Inc. skyrocketed 11% in after-hours trade Thursday, following the company’s much stronger-than-expected first-quarter earnings. The company swung to a profit in the quarter, with net income coming in at $513 million, or $1.07 a share, after a loss of $57 million, or 12 cents a share, in the year-earlier period. Revenue climbed 28% year-over-year. Analysts on average were calling for earnings of 58 cents on sales of $28 billion, according to FactSet. The company forecast sales for the current quarter between $28 billion and $30.5 billion, compared with the consensus estimate of $28.3 billion. In a statement, CEO Jeff Bezos attributed the quarter’s gains to hardware, with Amazon selling twice as many Fire tablets than in the same quarter last year. However, the company does not breakout revenue from hardware specifically. Sales of Amazon Web Services grew to $2.57 billion during the quarter from $1.56 billion last year.

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