Category: Stock Market News

Shares of Imax Corp. were indicated up more than 3% in light premarket trade Thursday, after the movie theater operator reported first-quarter profit and sales that rose well above expectations, on the back strong box office growth. Earnings for the latest quarter came to $9.53 million, or 14 cents a share, compared with $391,000, or breakeven on a per-share basis, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share were 22 cents, beating the FactSet consensus of 15 cents. Revenue rose 48% to $92.1 million, above the FactSet consensus of $83.9 million. Global box office grew 64% to $272 million. The company approved a $50 million increase to its share repurchase program. The stock has dropped 7.3% year to date through Wednesday, while the S&P 500 has gained 2.9%.

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The European Central Bank on Thursday left official interest rates unchanged, as expected. The ECB left the interest rate on its main refinancing operations at 0%, the interest rate on its marginal lending facility at 0.25%, and the interest rate on its deposit facility at minus 0.4%. The ECB at its March meeting lowered interest rates, expanded its bond-buying program and launched a new series of cheap, long-term loans for eurozone banks. The ECB said it has started to expand its monthly asset purchases to 80 billion euros, as announced in March and that the “focus is now on the implementation of the additional non-standard measures” decided last month. ECB President Mario Draghi will hold a news conference in Frankfurt at 2:30 p.m. local time, or 8:30 a.m. Eastern. The ECB said further details of its corporate sector purchase program released last month will be released after the news conference.

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Kohl’s Corp. has partnered with designer Reed Krakoff on a 100-piece collection, the retailer said Thursday. Reed Krakoff is the creative director of an eponymous label and was the executive creative director of Coach Inc. between 1996 and 2013. The collection, called Reed, is now available and includes handbags priced between $15 and $129 and apparel priced between $38 and $130. Kohl’s shares are inactive in premarket trading, but down 38.5% for the past year. The S&P 500 is up 0.2% for the same period.

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Under Armour shares rose 4% in Thursday premarket trading after the company beat earnings expectations and slightly revised up its full-year revenue guidance. The sports apparel and accessories company said it had first-quarter net income of $19 million, or 4 cents per share, up 63% from $12 million, or 3 cents per share, for the same period last year. This year’s earnings per share reflect the April 7 Class C stock dividend, which had the same effect as a two-for-one stock split. The FactSet consensus was 2 cents per share. Revenue rose 30% to $1.05 billion from $805 million last year, beating the $1.04 billion FactSet consensus. During the first quarter, apparel revenue increased 20% to $667 million versus $555 million last year. Footwear revenue was up 64% to $264 million from $161 million last year, owing largely to the Steph Curry basketball line and expanded running line. Accessories were up 26% to $80 million from $63 million last year, driven by headwear and bags. Under Armour says it now expects full-year revenue of $5 billion, up from the $4.95 billion forecast previously. Under Armour shares are up 5.5% for the year so far, outpacing the S&P 500, which is up 2.9% for the same period.

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Travelers Companies Inc. reported Thursday first-quarter earnings that fell to $691 million, or $2.30 a share, from $833 million, or $2.55 a share, in the same period a year ago. Excluding non-recurring items, operating earnings per share declined to $2.33 from $2.53, due primarily to higher catastrophe losses related to hail storms in Texas last month. The FactSet EPS consensus was $2.55. Total revenue increased to $6.686 billion from $6.629 billion, while net written premiums rose 5% to $6.166 billion. That beat the FactSet consensus for total revenue of $6.707 billion and net written premiums of $6 billion. The insurance giant raised its quarterly dividend 10% to 67 cents a share. “Our results from time to time will be impacted by higher levels of catastrophe losses, as they were this quarter, but the strength of our franchises, our meaningful and sustainable competitive advantages and our relentless execution have enabled us to deliver industry-leading returns over time, and we are well positioned to continue to do so,” said Chief Executive Alan Schnitzer. The stock, which was still inactive in premarket trade, has gained 2.6% year to date, while the Dow Jones Industrial Average has climbed 3.9%.

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Apple Inc. changed the planned date of its first-quarter earnings report Wednesday, pushing the report back a day. According to Wall Street Journal reporter Daisuke Wakabayashi, Apple moved its earnings date from Monday, April 25, to Tuesday, April 26, because many executives plan to attend memorial services for Bill Campbell, a former Apple board member and Intuit Inc. CEO who died this week. Apple is expected to report the first year-over-year decline in iPhone sales since the smartphone was introduced in 2007.

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Apple Inc. changed the planned date of its first-quarter earnings report Wednesday, pushing the report back a day. According to Wall Street Journal reporter Daisuke Wakabayashi, Apple moved its earnings date from Monday, April 25, to Tuesday, April 26, because many executives plan to attend memorial services for Bill Campbell, a former Apple board member and Intuit Inc. CEO who died this week. Apple is expected to report the first year-over-year decline in iPhone sales since the smartphone was introduced in 2007.

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American Renal Associates Holdings Inc. said Wednesday it priced its initial public offering of 7.5 million shares at $22.00 a share, at the higher end of the expected pricing range of $20 to $23. The provider of dialysis services also granted the underwriters the option of purchasing an additional 1.13 million shares at the IPO price. American Renal is expected to begin trading on the New York Stock Exchange on Thursday under the ticker ARA. Bank of America Merrill Lynch, Barclays and Goldman Sachs & Co. are serving as lead joint book-running managers.

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Wal-Mart Stores Inc. said Wednesday it has cut down the number of its board members to 12 from 15 directors in an effort to “maximize” the board’s “effectiveness in supporting the company’s strategy,” the retailer said in statement. The company also said it added Marissa Mayer, president and CEO of Yahoo Inc., and Kevin Systrom, CEO and co-founder of Instagram, to its board in order to focus on technology. Four board members will retire. The changes take effect after the company’s annual meeting on June 3. Shares of Wal-Mart rose 0.1% in late trading Wednesday after ending the regular trading day down 0.8%.

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