Category: Stock Market News

Valeant Pharmaceuticals International Inc. shares slumped more than 6% in premarket trade Monday, after the company withdrew its financial guidance and said it would reschedule its fourth-quarter earnings release. The company made the announcement as its chief executive Michael Pearson returned from medical leave and the Canadian drugmaker moved to split its chief executive and chairman roles. Valeant named Robert Ingram as chairman of the board, taking that role away from Pearson, who was on medical leave after being diagnosed with severe pneumonia. The company came under fire last year for its drug pricing strategy, as well as for accounting issues and its relationship with the specialty pharma network Philidor. Shares are down 59% in the last 12 months, while the s&P 500 has lost 7%.

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Sysco Corp. said Monday it will layoff 1,200 workers, or about 2% of its workforce, over the next 15 months, as part of its plan to boost earnings. The food products distributor expects to record $25 million to $30 million in severance and benefits charges, starting in the fiscal third quarter ending March. The company will also record charges of $70 million in 2016 and $130 million in fiscal 2017 for writeoffs and accelerated depreciation and technology conversion costs. As a result of its productivity plan, Sysco raised its operating income growth target to at least $500 million from $400 million by the end of fiscal 2018. The stock, which was still inactive in premarket trade, has climbed 11% over the past year, while the S&P 500 has slipped 7.4%.

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AMC Entertainment Holdings Inc. said Monday it had net earnings of $41.6 million, or 42 cents per share in the fourth quarter, up from $29.8 million, or 30 cents a share, during the same period a year ago. Adjusted earnings per share were 43 cents, just above the FactSet consensus of 40 cents a share. Revenue for the quarter hit $783.9 million, which is up from $712.2 million a year ago, but below the FactSet consensus of $802 million. AMC said attendance grew 5.2% in 2015 as the box office had a record year. The theater chain closed its $173 million acquisition of Starplex Cinemas during the fourth quarter. The deal added 33 theaters with 346 screens in 12 states. Shares of were up slightly on low volume in pre-market trade.

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Federal-Mogul Holdings Corp. said Monday it had a net loss of $58 million, or 36 cents a share, in the fourth quarter, narrower than the loss of $185 million, or $1.24 a share, in the year-earlier period. Adjusted per-share earnings came to 22 cents, ahead of the FactSet consensus of 12 cents.The transportation equipment maker said sales edged up to $1.798 billion from $1.795 billion, but were below the FactSet consensus of $1.813 billion. “Net sales increases from the acquired valvetrain business, as well as from strong domestic aftermarket sales in the U.S. and Canada, were offset by a $132 million negative impact from currency exchange rate fluctuations,” the company said in a statement. The earnings came after Icahn Enterprises Inc. offered to buy the shares of Federal-Mogul it does not already own for $7 a share in cash. Shares were halted in premarket trade, but closed at $4.98 on Friday.

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Lumber Liquidators Holdings Inc. on Monday posted a much bigger loss than analysts expected as the retailer’s sales took a hit from allegations surrounding the safety of laminates in its hardwood flooring. The company posted a fourth-quarter net loss of $0.73 per share compared to income of $0.64 in the year-ago period. Net sales decreased 13.7% from the year-ago period to $234.8 million, which included a same-store net sales decline of 17.2%. That was due to a 15.6% fall in the number of customers invoiced and a 1.6% fall in the average sale. A survey of analysts polled by FactSet Research had forecast a loss of $0.19 on sales of $251.3 million. Lumber Liquidators said it “believes net sales continued to be negatively impacted by certain unfavorable allegations surrounding the product quality of its laminates sourced from China.” Shares of the company plunged Feb. 22 after the Centers for Disease Control and Prevention said it had incorrectly assessed the cancer risk associated with the company’s flooring, and that the risk was much higher than from other products. In a statement connected to the earnings, John Presley, chief executive officer, said the company’s “business model is intact, we are addressing legacy issues with clarity and candor, and we are rebuilding our brand.” The company simultaneously announced the appointment of Chief Operating Officer Dennis R. Knowles. Shares of Lumber Liquidators fell 1.8% in premarket trading.

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China’s central bank on Monday cut the reserve-ratio requirement for banks by 0.5 percentage points, according to media reports. The ratio refers to the amount of cash China’s lenders must keep as reserves. Global markets came under pressure on Monday after the central bank guided the yuan lower for a fifth straight session. Investors are concerned that a weaker yuan is a major tool in China’s arsenal to help combat an economic slowdown, even after officials gathered at the Group of 20 meeting over the weekend tried to reassure markets to the contrary. The announcement to ease the reserve-ratio requirement came after the close of markets in China, which ended with a 2.9% loss for the Shanghai Composite Index . U.S. stock futures pointed to opening losses.

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U.S. stock futures fell sharply on Monday, tracking losses out of China where the Shanghai Composite slid over 4%. Dow Jones Industrial Average futures fell 109 points, or 0.7%, to 16,492, while S&P 500 futures dropped 13.7 points, or 0.7%, to 1,929. Nasdaq 100 futures slid 40.5 points, or 1%, to 4,189.25. The last trading day of the year was set to end on a sour note in China after the central bank guided the yuan to its lowest level in three weeks. That’s as officials in China spent the weekend G-2- meeting trying to reassure investors that their strategy does not rely on a weaker currency. Investors flocked to the yen as stock markets weakened around the globe. The dollar slid to ¥112.82 from ¥113.94 late Friday in New York. U.S. oil prices were tipping slightly lower.

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Space X’s latest attempt to land its reusable rocket on an offshore platform was scrubbed Sunday evening, seconds into the launch sequence. It was the third cancelled launch of the Falcon 9 rocket in the past week. Three previous attempts over the past 14 months to successfully land the rocket at sea have failed, and this mission has low expectations due to the rocket’s heavy payload, which will use up more fuel for liftoff, leaving less for landing maneuvers.

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U.S. stocks closed slightly lower Friday, but logged a second straight weekly gain as oil prices stabilized. The S&P 500 finished 3,68 points, or 0.2%, lower at 1,948.01. The Dow Jones Industrial Average closed 57.52 points, or 0.3%, lower at 16,639.83. The Nasdaq Composite closed 8.27 points, or 0.2%, higher at 4,590.47.

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