Category: Stock Market News

Verint Systems Inc. shares dropped in the extended session Tuesday after the software company’s quarterly results and outlook fell short of Wall Street expectations. Verint shares dropped 14% to $15.29 after hours. The company reported adjusted fourth-quarter earnings of 90 cents a share on revenue of $281.8 million. Analysts surveyed by FactSet had forecast earnings of $1.16 a share on revenue of $318.5 million. Verint said it expects 2016 adjusted earnings plus-or-minus 2% from 2015’s $3.04 a share, and revenue “similar” to the past year’s $1.13 billion. Analysts had expected 2016 earnings of $3.54 a share and revenue of $1.23 billion. Verint also said its board authorized $150 million in stock buybacks.

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From:: Stock Market News

Verint Systems Inc. shares dropped in the extended session Tuesday after the software company’s quarterly results and outlook fell short of Wall Street expectations. Verint shares dropped 14% to $15.29 after hours. The company reported adjusted fourth-quarter earnings of 90 cents a share on revenue of $281.8 million. Analysts surveyed by FactSet had forecast earnings of $1.16 a share on revenue of $318.5 million. Verint said it expects 2016 adjusted earnings plus-or-minus 2% from 2015’s $3.04 a share, and revenue “similar” to the past year’s $1.13 billion. Analysts had expected 2016 earnings of $3.54 a share and revenue of $1.23 billion. Verint also said its board authorized $150 million in stock buybacks.

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Sonic Corp. shares jumped nearly 6% Tuesday after the drive-in fast-food chain beat fiscal second-quarter expectations. Sonic said it earned an adjusted $9 million, or 18 cents a share, in the quarter, compared with 13 cents a share in the year-ago period. Revenue reached $133 million, up from $126 million a year ago. Analysts polled by FactSet had expected Sonic to report adjusted earnings of 16 cents a share on sales of $127 million for the quarter. Sonic said its same-store sales rose 6.5%. The company revised up its expectations for adjusted earnings per share growth for fiscal 2016 to 20% to 25% from 16% to 20% and said it anticipates 50 to 60 franchise openings in the year.

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Shares of Restoration Hardware Holdings Inc. slid in Tuesday’s extended session after the upscale home furnishings retailer issued a weak outlook for the current quarter. Restoration Hardware reported its fourth-quarter earnings slid to $33.3 million, or 79 cents a share, from $42.5 million, or $1.02 a share, a year earlier. On an adjusted basis, the company earned 98 cents a share, which fell short of its own projection released in February. Revenue rose to $647.2 million from $582.7 million. The results missed FactSet survey’s estimate of earnings of $1.39 a share and revenue of $711 million. In the first quarter, Restoration Hardware is forecasting revenue in a range of $452 million to $456 million and adjusted earnings per share of 6 cents to 4 cents. Wall Street is expecting revenue of $460 million and EPS of 17 cents. For fiscal 2016, the company expects revenue to grow by low to mid-single digits and flat or slightly lower EPS compared with the previous year. Shares declined 2.3% in after-hours trading.

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U.S. stocks reversed early losses, finishing in positive territory Tuesday after Federal Reserve Chairwoman Janet Yellen emphasized that policy makers would take a cautious approach to raising interest rates. The S&P 500 gained 17.99 points, or 0.9%, to 2,055.03. The Dow industrials gained 98.27 points, or 0.6%, to 17,633.66, with Apple Inc. and Microsoft Corp. leading the blue-chip gauge higher. Both the S&P and Dow logged their highest closes of the year. The Nasdaq gained 79.84 points, or 1.7%, to 4,846.62 — bolstered by strong gains among tech stocks.

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Exchange operator BATS Global Markets said Tuesday it would buy ETF.com, a provider of data about the market for exchange-traded funds. BATS CEO Chris Concannon said the purchase “underscores [BATS’s] commitment to the ETF industry and our focus on providing unique, value-added content for issuers, brokers, financial advisors, market professionals and investors.” ETF.com’s data will add to BATS’s existing proprietary market data and analytics offerings, according to a news release. BATS operates four stock exchanges in the U.S., which represent the largest venue for trading ETFs in the country when taken together, says BATS.Financial terms were not disclosed. The deal is set to close on April 1, according to the statement. The acquisition comes as Lenexa, Kansas-based BATS is trying to grow its ETFs listing platform. The exchange operator last year launched BATS Marketplace, offering to pay ETF providers as much as $400,000 to list on its exchange.

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Oil futures fell for a fifth straight session Tuesday to settle at their lowest level in two weeks, ahead of weekly U.S. data that are expected to show a climb in crude inventories. Prices however, managed to finish above the session’s lows as comments from Federal Reserve Chairwoman Janet Yellen weakened the dollar , offering some support for dollar-denominated oil. May WTI crude settled at $38.28 a barrel on the New York Mercantile Exchange, down $1.11, or 2.8%.

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Gold futures snapped a three-day losing streak to close higher Tuesday after Federal Reserve Chairwoman Janet Yellen quelled speculation of an early interest rate hike with an emphasis on the need for caution in pushing ahead with tighter monetary policy. June gold rose $15.50, or 1.3%, to settle at $1,237.50 an ounce. Yellen, in prepared remarks at The Economic Club of New York, said “only gradual increases in the federal funds rate are likely to be warranted in coming years” due to economic uncertainties.

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Short-term Treasury yields tumbled Tuesday to their lowest level in a month after Federal Reserve Chairwoman Janet Yellen defended the U.S. central bank’s decision to move cautiously on interest-rate hikes given the risky outlook. Treasury yields fell across the board, with prices rising. Yellen remained silent about any prospect of a rate hike at the next meeting on April 26-27 and underscored the risks of stagnant inflation. The market took a dovish interpretation of Yellen’s comments, with Treasury yields tumbling and stocks gaining ground. The 10-year Treasury yield, the Treasury market’s benchmark, briefly hit a one-month low, later paring the decline. It was down 4.4 basis points on the day to 1.840%. The yield on the 2-year Treasury lost 6.7 basis points to 0.820%, its lowest level in a month. The 30-year Treasury yield lost 2.2 basis points to 2.635%, its lowest level in a month.

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U.S. stocks turned higher and climbed modestly on Tuesday, as Federal Reserve Chairwoman Janet Yellen stressed a cautious approach to interest-rate hikes during her speech at the Economic Club of New York. The S&P 500 was up 11 points, or 0.5%, higher at 2,048. The Dow Jones Industrial Average climbed 85 points, or 0.5%, to 17,620. Meanwhile, the Nasdaq Composite advanced 48 points, or 1%, to 4,815.

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