Category: Stock Market News

Marvell Technology Group Ltd.’s stock slipped 0.8% in premarket trade Tuesday, after the company said it received notice from Nasdaq that the semiconductor company will not be in compliance with its listing standards. Marvell said it intends to request a hearing to ask for an extension. The Nasdaq’s listing qualifications staff has determined that Marvell will not meet the previously extended deadline, which expires Tuesday, to file financial statements with the Securities and Exchange Commission. The company said on March 1 that it didn’t expect to meet the March 8 deadline because of an investigation into accounting and internal control matters. The stock has climbed 15% year to date, but was still down 39% over the last year. In comparison, the S&P 500 has lost 2.1% this year, and 3.4% over the past 12 months.

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Shares of FireEye Inc. fell 1.5% in premarket trade Tuesday after the security company updated investors on its loss guidance for the year. The company is now anticipating adjusted loss per share between $1.20 and $1.27, versus a range of $1.25 to $1.32, provided when the company reported quarterly earnings in February. It continues to anticipate revenue in the range of $815 million to $845 million. Analysts on average are anticipating fiscal 2016 loss per share of $1.29 on revenue of $830.5 million. FireEye provided a financial outlook in conjunction with its 2016 annual analyst briefing.

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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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United Continental Holdings Inc. said Tuesday it was buying 25 new 737-700 aircraft from Boeing Co. , in addition to a previous order of 40 737s, as part of its effort to update its fleet. The air carrier said it was accelerating the retirement its 747 fleet of aircraft from scheduled service by the end of 2018. As a result, the company said it will convert orders for 787 aircraft originally expected to be delivered in 2020 into four 777-300ER aircraft and five 787-9 aircraft beginning in 2017. “Retiring the 747 fleet and replacing those aircraft with more customer-pleasing, current generation aircraft creates a more reliable and efficient fleet that provides a better overall experience for our customers traveling on long-haul flights,” said Acting Chief Financial Officer Gerry Laderman. UAL’s stock, which was inactive in premarket trade, has gained 0.5% year to date, while the S&P 500 has lost 2.1%.

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U.S. stock futures fell in early trading on Tuesday after downbeat China trade data and as investors began to take profits on gains for crude prices. Dow Jones Industrial Average futures fell 81 points, or 0.5%, to 16,965, while S&P 500 index futures dropped 11.10 points, or 0.6%, to 1,988.25. Nasdaq 100 futures slid 27.75 points, or 0.7%, to 4,272.25. The S&P 500 and Dow industrials extended gains to a fifth day on Monday, driven by oil , which powered to its highest settlement of the year. However, investors appeared to be cashing in on some of those gains for U.S. oil on Tuesday, as prices fell 38 cents to $37.52. Meanwhile, fresh data from China showed exports in dollar terms fell for the eighth straight month, dropping 25.4% on an annual basis in February. Economists surveyed by The Wall Street Journal expected a 15% slide.

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A Nashville jury awarded sports reporter Erin Andrews $55 million in damages following the release of nude videos taken of her filmed through a peephole, according to media reports Monday. Andrews had petitioned for $75 million, suing both the stalker who filmed the video, Michael Barrett, and the Nashville Marriott at Vanderbilt, owned by West End Hotel Partners, and operated at the time by Windsor Capital Group. Andrews verified the court win in a Twitter statement thanking her legal team and supporters.

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Michael Bloomberg, the former mayor of New York City, said in a statement Monday that he will not run for president. Bloomberg says many Americans have urged him to run as an independent. “But when I look at the data, it’s clear to me that if I entered the race, I could not win,” says Bloomberg.

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The federal government ran a budget deficit of $192 billion in February, the Congressional Budget Office estimated Monday. The shortfall is the same as the deficit in February 2015. For the fiscal year to date, the deficit is $352 billion, or $34 billion less than the shortfall in the first five months of fiscal 2015. Year-to-date receipts were five percent higher, and spending was up two percent. The government’s fiscal year runs from October through September.

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Shake Shack Inc. shares fell nearly 7% Monday after the fast-casual restaurant chain gave Wall Street a soft outlook for its same-store sales this year. The company swung to gains in the fourth quarter, reporting a net income of $1.2 million, or 7 cents a share, for the quarter, compared with a net loss of $1.4 million, or 5 cents a share, for the same period last year. Total revenue reached $51.1 million in the quarter, up 47% from $35 million in the year-ago period. Analysts polled by FactSet had expected the company to report earnings of 7 cents a share on sales of $50.3 million. Same-store sales rose 11%, the fast-casual restaurant said. The company said it expects to open restaurants in several new cities this year, including the Los Angeles area, and it also plans to enter South Korea, with a partner. Shake Shack predicted total revenue between $237 million and $242 million for fiscal 2016, whereas analysts had expected sales of $240 million for the year. Same-store sales are expected to grow between 2.5% and 3% in 2016, the company said; that contrasts with expectations of 3.1% same-store sales growth for the year, according to FactSet. Shares of Shake Shack had ended the regular trading session up 0.6%.

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