Category: Stock Market News

Tupperware Brands Corp. provided downbeat second-quarter guidance after missing first-quarter revenue expectations but meeting EPS expectations. Earnings for the latest quarter rose to $43.4 million, or 86 cents a share, from $29.5 million, or 59 cents a share, in the same period a year ago. The FactSet earnings-per-share consensus was 86 cents. Revenue was $525.7 million, compared with $581.8 million a year ago, missing the FactSet consensus of $527.8 million. For Q2, the company expects EPS between $1.02 and $1.07, compared with a FactSet consensus of $1.13. Tupperware said “economic and political headwinds” affected the company this quarter and that it expects “some softness in local currency sales growth in 2016.” The stock rose 24.7% in the last three months, compared with a 13% rise in the S&P 500.

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Shares of Coca-Cola Co. dropped 1.3% in premarket trade Wednesday, after the beverage giant beat profit expectations, but missed on revenue. Earnings fell to $1.48 billion, or 34 cents a share, from $1.56 billion, or 35 cents a share, in the same period a year ago. Excluding non-recurring items, such as one-time charges related to refranchising certain territories and restructuring, adjusted earnings per share came to 45 cents, above the FactSet consensus of 44 cents. Revenue fell 4% to $10.28 billion, just shy of the FactSet consensus of $10.29 billion. Global unit case volume increased 2%, with sparkling beverage volume flat and still beverages rising 7%. For 2016, the company expects organic revenue to grow 4% to 5%, which is in line with Coke’s long-term target. “Amidst a challenging global macro environment, the continued focus on our five strategic initiatives enabled us to gain global value share in the first quarter and deliver positive top-line growth and strong underlying margin expansion,” said Chief Executive Muhtar Kent. The stock has surged 8.5% year to date through Tuesday, while the Dow Jones Industrial Average has gained 3.6%.

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Dish Network Corp. said Wednesday it had net income of $389 million, or 84 cents a share, in the first quarter, up from $351 million, or 76 cents a share, in the year-earlier period. Revenue rose to $3.79 billion from $3.72 billion a year ago. The FactSet consensus was for EPS of 63 cents and revenue of $3.79 billion. The pay-tv company said it added 657,000 new subscribers in the quarter, after adding about 723,000 in the year-earlier quarter. The company had 13.874 million pay-tv subscribers at the end of the quarter, compared with 14.013 million a year ago. Shares were not yet active in premarket trade, but are down 17% in the year so far, while the S&P 500 has gained 2.8%.

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U.S. stock futures pointed to a lower open Wednesday as oil prices dropped, putting the S&P 500 on track to end a two-day advance. Ahead of the opening bell, investors are waiting to get a March reading on existing home sales and earnings reports from Coca-Cola Co. and supermarket operator Supervalu Inc. S&P 500 futures fell 4.95 points, or 0.2%, to 2,088.75, while Dow Jones Industrial Average futures shed 32 points, or 0.2%, to 17,929. Nasdaq-100 futures lost 9 points, or 0.2%, to 4,517.75. The recent rally for riskier assets has “fatigued,” RBC foreign exchange analysts said in a note Wednesday. “Oil led the way after the Kuwait oil workers union decided to cancel their strike, prompting crude to fall ~$1/bbl, with other risk assets following suit.” On Tuesday, the S&P and Dow both closed up 0.3%, leaving the two stock gauges just 1.4% below their all-time highs hit last May.

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European stock markets dropped on Wednesday as oil prices headed lower after Kuwaiti oil workers ended a three-day strike. The Stoxx Europe 600 index dropped 0.5% to 347.68, falling back from a three-month closing high hit on Tuesday. Sentiment was soured by amore than 2% drop in both WTI crude oil and Brent , which weighed on Europe’s energy majors. Shares of BP PLC fell 1.2%, while TGS-NOPEC Geophysical Company ASA dropped 2.7%. On a more upbeat note in Europe, ARM Holdings PLC put on 2.6% after the chip designer said profit rose 7.6% in the first quarter. Heineken NV gained 0.8% after the brewer reported a rise in beer volumes for the first quarter, thanks to strong sales in Vietnam and China.

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From:: Stock Market News

European stock markets dropped on Wednesday as oil prices headed lower after Kuwaiti oil workers ended a three-day strike. The Stoxx Europe 600 index dropped 0.5% to 347.68, falling back from a three-month closing high hit on Tuesday. Sentiment was soured by amore than 2% drop in both WTI crude oil and Brent , which weighed on Europe’s energy majors. Shares of BP PLC fell 1.2%, while TGS-NOPEC Geophysical Company ASA dropped 2.7%. On a more upbeat note in Europe, ARM Holdings PLC put on 2.6% after the chip designer said profit rose 7.6% in the first quarter. Heineken NV gained 0.8% after the brewer reported a rise in beer volumes for the first quarter, thanks to strong sales in Vietnam and China.

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Shares in Mitsubishi Motors Corp. fell 15% on Wednesday in Tokyo after it emerged that the Japanese automaker’s cars didn’t pass a fuel economy test and misconduct was a possibility. “One of our models was found to have failed part of a fuel economy test,” a Mitsubishi Motors spokesman said, according to a Reuters report. A Mitsubishi executive was slated to address issues of misconduct related to such testing at a news conference, the report added. Investors are sensitive to news about testing snafus following Volkswagen AG’s emissions scandal that erupted last year. Japanese news outlet NHK said about 600,000 vehicles could be affected, including cars that Mitsubishi makes for rival Nissan Motor Co.

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U.K. stocks dropped for the first time in three days on Wednesday, with a renewed selloff in oil prices driving a downbeat trading mood. The FTSE 100 index slid 0.5% to 6,376.91, easing back from the highest closing level since Dec. 2 reached on Tuesday. Oil prices were a key driver for the trading action in London on Wednesday, hitting sentiment as WTI and Brent slumped more than 2.5%. Shares of BP PLC shaved off 0.9% and Royal Dutch Shell PLC lost 0.8%. Miners, on the other hand, were among biggest gainers on Wednesday after industry giant BHP Billiton PLC cut its iron-ore production target for the year. On Tuesday, peer mining major Rio Tinto PLC also downgraded its expectations for iron-ore production after reporting a sharp fall in shipments in the first quarter. Less supply in the market is seen as a bullish signal for metals prices and could help the sector shake off years of oversupply and low prices. Shares of BHP climbed 1.6%, while Rio Tinto gained 2.4%. ARM Holdings PLC put on 3.7% after the chip designer said profit rose 7.6% in the first quarter. At 9:30 a.m. London time, or 4:30 a.m. Eastern Time, attention turns to unemployment and wage data for the U.K.

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From:: Stock Market News

U.K. stocks dropped for the first time in three days on Wednesday, with a renewed selloff in oil prices driving a downbeat trading mood. The FTSE 100 index slid 0.5% to 6,376.91, easing back from the highest closing level since Dec. 2 reached on Tuesday. Oil prices were a key driver for the trading action in London on Wednesday, hitting sentiment as WTI and Brent slumped more than 2.5%. Shares of BP PLC shaved off 0.9% and Royal Dutch Shell PLC lost 0.8%. Miners, on the other hand, were among biggest gainers on Wednesday after industry giant BHP Billiton PLC cut its iron-ore production target for the year. On Tuesday, peer mining major Rio Tinto PLC also downgraded its expectations for iron-ore production after reporting a sharp fall in shipments in the first quarter. Less supply in the market is seen as a bullish signal for metals prices and could help the sector shake off years of oversupply and low prices. Shares of BHP climbed 1.6%, while Rio Tinto gained 2.4%. ARM Holdings PLC put on 3.7% after the chip designer said profit rose 7.6% in the first quarter. At 9:30 a.m. London time, or 4:30 a.m. Eastern Time, attention turns to unemployment and wage data for the U.K.

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From:: Stock Market News

Lexmark International Inc. shares rallied in the extended session Tuesday after the printer and software company agreed to be acquired by Apex Technology Co. and PAG Asia Capital for $3.6 billion in cash. Lexmark shares jumped 13% to $39 after hours. Under the agreement, Apex and PAG will acquire Lexmark for $40.50 a share in cash. The companies expect the deal to close by the second half of 2016.

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From:: Stock Market News