Category: Stock Market News

Global Payments Inc. shares ticked higher in the extended session Tuesday after S&P Dow Jones Indices said the payments services company would join the S&P 500 Index. Global Payments shares advanced 1.6% to $77.80 after hours. The stock will replace GameStop Corp. on the index around April 22, S&P said. GameStop shares declined 1.4% to $32 after hours.

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MGM Growth Properties LLC on Tuesday priced its initial public offering at the high end of its expected range, according to media reports. The real-estate investment trust priced 50 million shares at $21 a piece for proceeds of $1.05 billion, according to Dow Jones and Bloomberg. MGM Growth Properties was expected to price within the $18 to $21 range, according to IPO Boutique. Market intelligence firm Ipreo had forecast MGM Properties to debut the largest IPO of the year with $975 million in proceeds.

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Shares of VMware Inc. gained in Tuesday’s extended session after the computer-server software company turned in better-than-expected earnings and announced a sizable stock buyback program. VMware reported its first-quarter earnings fell to $161 million, or 38 cents a share, from $196 million, or 45 cents a share, a year earlier. On an adjusted basis, VMware would have earned 86 cents a share. Revenue rose 5% to $1.59 billion. Analysts surveyed by FactSet had forecast the Silicon Valley company to earn 84 cents a share on revenue of $1.58 billion. The company also plans to buy back up to $1.2 billion in Class A common shares by the end of the year. Shares gained 3.5% in after-hours trading.

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The American Petroleum Institute late Tuesday reported that crude supplies rose by 3.1 million barrels for the week ended April 15, according to sources who reviewed the report. The closely watched Energy Information Administration report will be released Wednesday. Analysts polled by Platts forecast a climb of 1.6 million barrels for crude inventories. May crude was at $40.99 a barrel in electronic trading, down from the contract’s settlement of $41.08 on the New York Mercantile Exchange.

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Yahoo Inc. shares rose in the extended session Tuesday after the web portal topped Wall Street estimates for the first quarter. Yahoo shares advanced 0.6% to $36.54 after hours. The company reported adjusted earnings of 8 cents a share on revenue of $1.09 billion. Excluding traffic acquisition costs, revenue was $859 million. Analysts surveyed by FactSet had forecast earnings of 7 cents a share on adjusted revenue of $846.1 million.

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Intel Corp. said late Tuesday it will lay off 12,000 employees, or about 11% of its workforce, saying in a statement the restructuring is aimed “to speed its transition to a company that powers the cloud.” The layoffs will occur through mid-2017 through consolidation worldwide, a combination of voluntary and involuntary departures, and a re-evaluation of programs, the chipmaker said. Separately, Intel reported first-quarter earnings that beat Wall Street expectations. The company said it earned $2 billion, or 42 cents a share, in the quarter. Adjusted for one-time items, Intel earned $2.6 billion, or 54 cents a share, compared with 45 cents a share in the year-ago period. Revenue hit $13.8 billion in the quarter, up from $12.8 billion a year ago. Analysts polled by FactSet had expected the company to report adjusted earnings of 47 cents a share on sales of $13.73 billion. Intel also announced that Chief Financial Officer Stacy Smith will “transition to a new role,” leading sales, manufacturing and operations once a successor is in place. Smith will remain CFO until then, the company said. Shares were halted in late trading, and ended the trading day down 0.2%.

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Silver futures rallied Tuesday to their highest level in 11 months and gold settled at a one week high, with the dollar-denominated metals buoyed by a weaker greenback. May silver rose 71.9 cents, or 4.4%, to settle at $16.972 an ounce. Prices haven’t settled at a level that high since May 22 of last year. Gold for June delivery rose $19.30, or 1.6%, to finish at $1,254.30 an ounce, the highest since April 12.

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Startup Apester, an audience engagement platform for publishers, said Tuesday it has closed the second tranche of its Series A financing, a $12 million round led by Blumberg Capital. The startup has now raised a total of $17 million from investors that include Mangrove Capital, ex-AOL CMO Tal Simantov, Wix Co-founder Gigi Kaplan, Silverstein Properties President Tal Kerret and Wellborn Ventures, it said in a statement. Apester is used by publishers including Time Inc., AOL, The Daily Telegraph, The Huffington Post, Fox, USA Today, BBC, Sky, Bild and others. The company has more than 50 employees at offices in London, Berlin, Istanbul and Tokyo, as well as a research & development center in Tel Aviv.

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Time Warner Inc.’s premium cable network HBO and Discovery Communications Inc. have bought equity stakes in holographic entertainment company Otoy Inc. Otoy, employs new technologies in creating media and entertainment content and its technology has been used in Hollywood films, such as “The Curious Case of Benjamin Button,” “Spider-Man 3” and “Fantastic Four.” The dollar figure of the investments weren’t disclosed, but it builds on HBO’s previously announced partnership with Otoy to develop programming for the network’s venture with former “Daily Show” host Jon Stewart. “The future of media and entertainment is not going to be constrained by a screen, nor consumed through monolithic apps or platforms,” said Otoy founder and Chief Executive Jules Urbach in a statement. “A key part of this endeavor is unifying production and delivery of content across all possible endpoints, from HTML5 to TV and social to wearables.” The companies hope, through the investments, to develop original holographic content and tap into emerging technologies, such as virtual and augmented reality.

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Illumina Inc.’s stock plunged in heavy volume in morning trade Tuesday, putting it on track to suffer the biggest one-day price loss in the 16 years since it went public, after the biotechnology company warned that first-quarter revenue would miss expectations. The shares tumbled $38.36, or 22%, to the lowest level seen since Feb. 12. The previous biggest price drop was the $20.05 decline on July 22, 2015, while Tuesday’s percentage drop would rank as the fifth biggest. Volume hit 3 million shares within the first 30 minutes of trade, compared with the full-day average of about 1.2 million shares. Before Tuesday’s selloff, the stock has soared 32% since it closed at 22-month low of $135.37 on Feb. 8. Late Monday, the company said it expects to report first-quarter revenue of $539 million, below the FactSet consensus of $582 million.

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