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PepsiCo beats profit expectations but sales fall shy

PepsiCo Inc. reported first-quarter earnings that fell to $931 million, or 64 cents a share, from $1.22 billion, or 81 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share was 89 cents, beating the FactSet consensus of 81 cents. Revenue declined 3% to $11.86 billion, just shy of the FactSet consensus of $11.86 billion, as weakness in Quaker Foods North America and Latin America sales offset strength in North America beverages and Frito-Lay North America. The beverage and snack giant affirmed its 2016 outlook for core revenue growth of 4% and EPS of $4.66. The FactSet 2016 EPS consensus of $4.70. The stock, which was still inactive in premarket trade, has climbed 3.9% year to date, while the S&P 500 has gained 1.8.%.

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Calumet plummets nearly 30% after ending cash distribution

Calumet Specialty Products Partners LP fell nearly 30% in late trading Friday after the energy company announced that it would end quarterly cash distributions amid a struggle with profitability. Chief Executive Tim Go said in the announcement that the distribution halt and a debt placement of $400 million will “position us to manage our capital structure with prudence and conservatism during a challenging period for our business.” The company said it expects to report a net loss in the first quarter of $59 million to $83 million, while analysts were expecting on average a net loss of $19 million, according to FactSet. Calumet, which expects to report full earnings information May 5, fell 28.9% in after-hours trading following the announcement after closing with a 7.4% loss at $10.27.

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London investment firm buys J. D. Power from McGraw Hill for $1.1B

XIO Group, a London-based investment firm, said late Friday it had agreed to buy consultant J. D. Power from McGraw Hill Financial Inc. for $1.1 billion. The deal is expected to close in the third quarter, XIO Group said. XIO will “support” J. D. Power’s current management team in expanding to other markets, particularly “fast-growing Asian markets,” the company said. The deal was the first for XIO in the U.S. following acquisitions of companies based in Germany and Israel last year. Shares of McGraw Hill were flat in late trading Friday after ending the regular trading session down 0.3%.

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Aon raises dividend by 10% to 33 cents a share

Aon Plc said late Friday its board of directors has authorized a 10% increase to its annual dividend to 33 cents a share. The dividend is payable May 16 to shareholders of record on May 2. Shares of Aon, a human resources, consultancy and insurance company, were flat in late trading Friday after ending the regular trading day up 0.4%.

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Dow, S&P 500 end 3-day rise to finish lower, but post weekly gains

U.S. stocks closed out a healthy week of gains in negative territory Friday as a retreat in crude-oil prices weighed on energy shares ahead of a key meeting of major oil producers slated for Sunday in Doha, Qatar. Uncertainty about the outcome of the meeting of members of the Organization of the Petroleum Exporting Countries and non-OPEC members, which could set the tone for crude futures, put a cap on upbeat sentiment over corporate results that have so far proved better than expected. The Dow Jones Industrial Average closed off 29 points, or 0.2%, to end at 17,896, while the S&P 500 index ended 2 points, or 0.1%, lower at 2,080. Shares of Apple Inc. led the Dow industrials lower, off 2%, after a report in Saturday’s edition of Japan’s Nikkei newspaper said demand for iPhones is lagging–the slide weighed on technology stocks, which were down 0.5%. The Nasdaq Composite index closed down 7 points, or 0.2% at 4,938. Energy stocks topped the S&P 500’s sector laggards, closing off 1.3%. West Texas Intermediate crude , fell $1.14, or 2.8%, to settle at $40.36 a barrel. On the week, the Dow scored its best weekly gain, up 1.8%, since March 18. The S&P 500 registered a 1.6% weekly gain, while the Nasdaq was up 1.8% on the week.

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Obama releases 2015 tax returns showing first family paid 18.7% effective rate

WASHINGTON (MarketWatch) – President Obama on Friday released his 2015 federal income tax returns, showing the first family’s effective tax rate is 18.7%. Obama and his wife filed their returns jointly and reported adjusted gross income of $436,065. The couple paid $81,472 in total tax. The Obamas donated $64,066 to charity, with the largest contributions going to the Fisher House Foundation, the Beau Biden Foundation and Sidwell Friends School, which is where their two children are in high school.

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Obama releases 2015 tax returns showing first family paid 18.7% effective rate

WASHINGTON (MarketWatch) – President Obama on Friday released his 2015 federal income tax returns, showing the first family’s effective tax rate is 18.7%. Obama and his wife filed their returns jointly and reported adjusted gross income of $436,065. The couple paid $81,472 in total tax. The Obamas donated $64,066 to charity, with the largest contributions going to the Fisher House Foundation, the Beau Biden Foundation and Sidwell Friends School, which is where their two children are in high school.

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Fairway in tentative deal with creditors on bankruptcy filing: Bloomberg

New York grocery chain Fairway Group Holdings Corp. has reached a tentative deal with creditors to restructure its debt in bankruptcy, Bloomberg reported Friday, citing people familiar with the matter. The chain could file for Chapter 11 protection by the end of May, Bloomberg said. Fairway has struggled in recent months for its survival after being battered by competition from Whole Foods Market Inc. and other competitors on its home turf. The company has also grappled with a substantial debt load, much of it taken on to finance an ill-timed expansion. Shares were trading down 7.5% Friday at 37 cents, and are down 44% in the year so far, while the S&P 500 has gained about 1.7%.

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Gold ends higher, but logs first weekly decline in 3 weeks

Gold futures notched a gain Friday, but posted a weekly drop as a flight to haven assets dissipated and as a weekly gain in the dollar pressured the yellow metal. The U.S. ICE Dollar Index , a gauge of the buck against a basket of six rival currencies, climbed 0.5% this week-its first weekly gain in three weeks, coinciding with weekly moves for gold . June gold settled $8.10, or 0.7%, higher at $1,234.60 an ounce. Gold’s weekly decline was its first in three weeks. Outshining gold was its sister metal, silver , which also climbed Friday, gaining 0.9%, but booking a nearly 6% weekly advance, the gray metal’s best weekly climb in about a month.

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Magnitude 7.0 earthquake strikes southern Japan, triggering tsunami warning

An earthquake with a magnitude of 7.0 has struck in southern Japan, according to the United States Geological Service, triggering a tsunami warning along the coast. The quake shook buildings in Kumamoto, and comes after a 6.2 magnitude earthquake hit nearby Kyushu Island on Thursday.

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Synnex shares fall as earnings outlook misses Street view

Synnex Corp. shares fell in the extended session Thursday after the business process services company’s earnings outlook fell short of Wall Street estimates. Synnex shares fell 8% after hours, following a 3.5% gain to close at $118.40 in the regular session. For the second fiscal quarter, Synnex estimates adjusted earnings of $2.25 to $2.35 a share on revenue of $4.58 billion to $4.78 billion. Analysts expect earnings of $2.41 a share on revenue of $4.75 billion. The company reported fiscal first-quarter net income of $24.4 million, or 61 cents a share, compared with $61.8 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $2.14 a share. Revenue rose to $4.55 billion from $3.52 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.11 a share on revenue of $4.47 billion.

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