Category: Stock Market News

Dollar General Corp. shares ticked slightly higher in the extended session Wednesday after the discount retailer provided long-term growth forecasts and said it plans to open nearly 2,000 new stores over the next two years. Dollar General shares advanced 0.5% to $84.96 after hours. The company said it plans to open about 900 new stores in 2016, and open about 1,000 new stores in 2017. Long term, the company said it expects net sales to grow by 7% to 10% a year, and earnings per share to grow by 10% to 15%. Analysts surveyed by FactSet, on average, expect 2016 earnings to grow 16.5% from the year-ago period, and sales to grow by 9.8%.

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Shares of retailer PHV Corp. rose nearly 6% in late trading Wednesday after the parent company of Calvin Klein, Tommy Bahama and other brands reported slightly better-than-expected fourth-quarter results. PVH said it earned an adjusted $125 million, or $1.52 a share, compared with $147 million, or $1.76 a share, in the year-ago period. Sales reached $2.11 billion in the quarter, compared with $2.07 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of $1.46 a share on sales of $2.07 billion. The company said it expects adjusted earnings of $6.30 to $6.50 a share for full-year 2016, reflecting about $1.60 a share related to the stronger dollar. The analysts surveyed by FactSet had expected earnings of $6.56 a share for the year.

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Sportsman’s Warehouse Holdings Inc. shares fell in the extended session Wednesday after the sporting goods retailer’s earnings outlook for the year fell below Wall Street estimates. Sportsman’s Warehouse shares fell 6.2% to $12.93 after hours. The company sees break-even results to a loss of 2 cents a share for the first quarter on revenue of $155 million to $160 million, and earnings of 65 cents to 73 cents a share for the year on revenue of $800 million to $820 million. Analysts surveyed by FactSet had forecast a loss of 1 cent a share on revenue of $162.4 million for the first quarter, and earnings of 76 cents a share on revenue of $816.4 million for the year. The company reported fourth-quarter earnings of 27 cents a share on revenue of $212.7 million. Analysts had estimated 25 cents a share on revenue of $206.8 million.

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Alex Rodriguez told ESPN on Wednesday that he plans on retiring at the end of the 2017 season, after the final year of his current contract with the New York Yankees. Rodriguez, who turns 41 on July 27, is the team’s designated hitter but made his name as a home-run-hitting All-Star shortstop and third baseman. He will start this season with 687 home runs, putting him fourth on the all-time list. Rodriguez, whose career has been tainted by his use of performance-enhancing drugs, enjoyed a rebound season last year when he hit 33 home runs. The slugger will earn $40 million over the last two years of his 10-year, $275 million deal.

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The Dow Jones Industrial Average is selling off, but not with the panic-like force that market breadth data seems to suggest. The Dow fell 82 points, or 0.5%, in afternoon trade. Meanwhile, the NYSE’s Arms Index, a volume-weighted measure of market breadth that tends to rise above 1.00 when the broader market declines, jumped to year-to-date high of 2.43. Technicians say an Arms reading above 2.0 suggests panic-like selling, or capitulation by bulls, that often leads to a short-term bounce. The last time the Arms Index topped 2.0 was Feb. 2, when it closed at 2.30 while the Dow tumbled 296 points, or 1.8%. The Dow then rallied 263 points over the next two sessions.

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Oil futures dropped back below $40 a barrel on Wednesday as data showed that U.S. crude supplies rose for a sixth straight week-and more than three times the amount the market expected. The Energy Information Administration said supplies rose 9.4 million barrels last week, while analysts polled by Platts expected a 2.7 million-barrel increase. May WTI crude fell $1.66, or 4%, to settle at $39.79 a barrel on the New York Mercantile Exchange.

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Gold futures fell Wednesday to settle at their lowest level in nearly a month, pressured by strength in the U.S. dollar . Gold for April delivery settled at $1,224 an ounce, down $24.60, or 2%, after trading as low at $1,215.40. The settlement was the lowest since Feb. 26, according to FactSet data.

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Pinnacle Foods Inc.’s stock is having its worst day since the packaged foods company went public three years ago, following the surprise departure of its chief executive officer, although some analysts weren’t too concerned about the news. The stock plunged 10.4%, in morning trade. Recent volume of 5.6 million shares was already nearly seven times the full-day average. The stock’s previous worst-ever day was May 27, 2014, when it slid 5.4%. Earlier, the company, which brands include Duncan Hines and Birds Eye Frozen, said its CEO Robert Gamgort was leaving at the end of April, after nearly seven years with the company, to be the CEO of Keurig Green Mountain. Analyst Eric Gottlieb at D.A. Davidson reiterated his neutral rating on the stock following Gamgort’s “surprise” departure. “We view the departure as a loss as the company has taken many steps forward under Gamgort’s leadership,” Gottlieb wrote in a note to clients. “That said, we believe the company is on solid footing and new leadership should not change company momentum.”

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Corvus Pharmaceuticals, Inc. , a company developing cancer treatment drugs, opened at $15 a share Wednesday in its debut on the Nasdaq. The company had priced its offering at $15 Tuesday night at the low-end of its $15 to $17 range. Corvus Pharmaceuticals sold 4.7 million shares to raise about $70.5 million. Cowen & Co., and Credit Suisse Securities were the lead underwriters of the offering. Shares of Corvus were trading at $14.90 in early morning trade.

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