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Satellite operator DirecTV on Tuesday has lost the ability to show many of its channels due to what’s called the “sun transit outage.” The AT&T unit is suffering because a satellite link is in a line with the sun, causing solar interference with satellite signals.
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Oil futures settled lower on Tuesday as traders bet that weekly data will show an increase in crude inventories for a fourth straight week. The American Petroleum Institute will release supply data late Tuesday, while the Energy Information Administration’s report comes out Wednesday. Analysts polled by Platts forecast a rise of 3 million barrels for crude stockpiles. April West Texas Intermediate crude fell $1.40, or 3.7%, to settle at $36.50 a barrel on the New York Mercantile Exchange.
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The U.S. Energy Information Administration on Tuesday lowered its 2016 and 2017 estimates for U.S. crude-oil production and forecasts for West Texas Intermediate crude prices. It forecasts average U.S. crude output of 8.67 million barrels a day for 2016, down from a prior estimate of 8.69 million. For 2017, it sees output of 8.19 million barrels a day, down from a previous forecast of 8.46 million. WTI prices are seen at $34.04 a barrel this year, down from a prior estimate of $37.59, the EIA said. For 2017, it expects to see $40.09 a barrel, down from a prior forecast of $50.
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Shares of Dick’s Sporting Goods Inc. fell more than 7.5% in premarket trade after the company missed profit expectations for the fourth quarter. Dick’s Sporting Goods reported net income of $128.99 million, or $1.13 per share, compared with $155.54 million, or $1.30 earnings per share in the prior year period. The FactSet consensus for per-share earnings was $1.15. Sales for the quarter increased about 3.7% to $2.24 billion, compared with $2.16 billion during the same time last year. Sales were just below the FactSet consensus of $2.28 billion. The sports apparel and equipment retailer said same-store sales declined 2.5% in the fourth quarter due to unseasonably warm weather. The company said in a statement it plans to invest $50 million to $55 billion in 2016 to enhance the shopping experience, build equity and transition its eCommerce business. During the fourth quarter the company also bought back $57 million in shares and increased its dividend by 10%. Dick’s Sporting Goods’ shares are up more than 24% in the year so far, outperforming the S&P 500 index, which is down 2%.
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Shares of Dick’s Sporting Goods Inc. fell more than 7.5% in premarket trade after the company missed profit expectations for the fourth quarter. Dick’s Sporting Goods reported net income of $128.99 million, or $1.13 per share, compared with $155.54 million, or $1.30 earnings per share in the prior year period. The FactSet consensus for per-share earnings was $1.15. Sales for the quarter increased about 3.7% to $2.24 billion, compared with $2.16 billion during the same time last year. Sales were just below the FactSet consensus of $2.28 billion. The sports apparel and equipment retailer said same-store sales declined 2.5% in the fourth quarter due to unseasonably warm weather. The company said in a statement it plans to invest $50 million to $55 billion in 2016 to enhance the shopping experience, build equity and transition its eCommerce business. During the fourth quarter the company also bought back $57 million in shares and increased its dividend by 10%. Dick’s Sporting Goods’ shares are up more than 24% in the year so far, outperforming the S&P 500 index, which is down 2%.
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The National Retail Federation forecasts that Americans will spend, on average, $35.37 per person, down from $36.52 last year. According to the St. Patrick’s Day Spending Survey, 56.5% will purchase food and beverages, 28% will buy apparel or accessories and 23.3% will purchase decorations. More than a third of respondents (36.2%) plan to do their shopping at a grocery store, 30.4% will shop at discount stores and 20.8% will make their purchases at bars and restaurants. The biggest spenders will be between the ages of 25 and 34, with an average spend of $42.58. The NRF and Prosper Insight and Analytics surveyed 7,108 consumers between Feb. 2 and Feb. 9.
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Used car retailer CarMax Inc. said it is recruiting for 1,600 open positions across the U.S. in a Tuesday press release. Most positions are in sales, but other openings include service jobs, such as experienced technicians, and positions in the business office. Geographic locations with a large number of openings include the Washington D.C. area, Southern Florida and Los Angeles. The company’s home office in Richmond, V.A. also has 50 job openings for digital and technology staffers. Applications will only be accepted online. CarMax shares are down 3.1% in Tuesday trading and 19% for the past year. The S&P 500 is down 4.2% for the past 12 months.
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Shares of Shopify Inc. rose 1.2% in early trade Tuesday after the stock was upgraded to overweight from sector weight at Pacific Crest. Analyst Brendan Barnicle set a $35 12-month price target on the shares, which implies a greater than 35% increase from Monday’s closing price. He attributed the upgrade to positive comments from management regarding the pace of growth in small business users of Shopify’s software as a service platform, which helps companies build e-commerce stores. “Shopify is overcoming our concerns,” Barnicle said in a note to clients. The analyst also raised his fiscal 2017 earnings per share estimates on the company. Shopify went public last May.
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U.S. stocks opened lower on Tuesday, retreating after five straight sessions of gains. Weighing on investor sentiment were weak export data from China and a slight pullback in oil prices. The S&P 500 opened 11 points, or 0.6%, lower at 1,990. The Dow Jones Industrial Average fell 77 points, or 0.5%, to 16,004 at the open. Meanwhile, the Nasdaq Composite began the day down 34 points, or 0.7%, at 4,673.
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Barnes & Noble Education Inc. reported a third-quarter loss of $3.6 million, or 7 cents per share, versus a profit of $8.7 million, or 9 cents per share, for the same period last year. Sales for the quarter were $518.4 million, down from $521.6 million last year. Same-store sales decreased 4.1%. The Spring Rush period, however, extended beyond the quarter, with same-store sales decreasing 2.9% when factoring in three additional weeks in Feburary. The company sees same-store sales decreasing 2% in fiscal 2016. “Course material sales for the Spring Rush period were adversely impacted by decreased enrollments in two year community colleges,” said Max Roberts, chief executive of Barnes & Noble Education. The company has closed the offices for its Yuzu e-textbook platform, and eliminated staff in California and Washington in order to cut digital expenditures, taking a $12 million non-cash impairment charge. The company expects to incur restructuring charges of $7 million to $8 million in the fourth quarter, about $4 million non-cash, and $1 million to $2 million in the fiscal first quarter of 2017. Barnes & Noble Education shares are down 0.1% in premarket trading and up 14.5% for the year so far. The S&P 500 is down 2.1% for the year-to-date.
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