Category: Stock Market News

Global spending on robotics and related services is expected to reach $135 billion in 2019, up from $71 billion in 2015, according to the International Data Corporation. Spending is expected to grow at a compound annual growth rate of 17%, led by purchasing in discrete and processing manufacturing industries, and followed by the resource, healthcare and transportation industries. The Asia/Pacific region makes up more than 65% of robotics spending in the forecast, followed by the region encompassing Europe, the Middle East and Africa.

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From:: Stock Market News

Global spending on robotics and related services is expected to reach $135 billion in 2019, up from $71 billion in 2015, according to the International Data Corporation. Spending is expected to grow at a compound annual growth rate of 17%, led by purchasing in discrete and processing manufacturing industries, and followed by the resource, healthcare and transportation industries. The Asia/Pacific region makes up more than 65% of robotics spending in the forecast, followed by the region encompassing Europe, the Middle East and Africa.

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Power management company Eaton said Wednesday it is raising its quarterly dividend by 4% to 57 cents a share. The new payment will be made March 18 to shareholders of record as of March 7. Shares were not yet active in premarket trade, but are down 21% in the last 12 months, while the S&P 500 has lost 9%.

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Macy’s Inc. was downgraded to hold from buy at Stifel on concerns about the growing expenses tied to the retailer’s multiplatform investments. The price target is $48. Macy’s reported a disappointing holiday shopping season on Tuesday, though the company said that online business for the year experienced double-digit growth. “Omnichannel sales have grown rapidly but not without significant cost; the investment in the omnichannel venue and fulfillment capabilities and the cost of sales cannibalized from the bricks and mortar stores, deleverages those assets,” Stifel analysts wrote in a Wednesday note. Macy’s also said it is considering real estate deals, but analysts highlight the uncertain timing and gains on those potential ventures. “What is not reflected in the share price is the possibility of significant one-time gains from one or more real estate transactions, likely related to the flagship locations,” analysts wrote. Macy’s shares are down 1.4% in premarket trading, but up 21% for the year so far. The S&P 500 is down 6% for the year-to-date.

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Chesapake Energy Corp. shares tumbled 9% in premarket trade Wednesday, after the company’s fourth-quarter loss widened and it unveiled further capex cuts and asset sales. The company said it had a net loss of $2.23 billion, or $3.36 a share, in the quarter, after earnings of $586 million, or 81 cents a share, in the year-earlier period. Its adjusted loss per share came to 16 cents, a penny less than the 17 cents-per-share FactSet consensus. Revenue declined to $2.65 billion from $5.69 billion a year ago, and matched the FactSet consensus. The company said it is planning to slash capex by 57% in 2016 to $1.3 to $1.8 billion. It expects production to be down 0% to 5%, once adjusted for asset sales. The company is targeting further asset sales of $500 million to $1.0 billion in 2016. “In light of the challenging commodity price environment, our focus for 2016 is to improve our liquidity, further reduce our cost structure and address our near-term debt maturities to strengthen our balance sheet,” Chief Executive Doug Lawler said in a statement. Shares have fallen a stunning 89% in the last 12 months, while the S&P 500 has fallen 9%.

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Lowe’s Cos. on Wednesday reported a sharp drop in net profit for the fiscal fourth quarter, as earnings were hit by a big impairment charge. Profit fell to $11 million, or 1 cent a share, from $450 million or 46 cents a share, in the year-ago period. The retailer said the result includes a non-cash impairment charge of $530 million related to its exit of a joint venture in Australia. Excluding this impact, adjusted earnings per share rose to 59 cents, up 28% from 46 cents in the fourth quarter last year. Sales rose to $13.2 billion, up from $12.5 billion a year ago. Analysts surveyed by FactSet expected adjusted earnings of 59 cents a share on sales of $13.1 billion. Shares were down 2.1% in premarket trade.

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A series of tornadoes swept through southern Louisiana and Mississippi on Tuesday night, leaving at least three people dead. At least seven tornadoes hit the area, including one that devastated a mobile home park about 60 miles west of New Orleans, injuring dozens and killing two, according to Reuters. Another person was reported killed near Purvis, Mississippi, the Associated Press reported. The fierce storms were expected to last through the night, and severe weather warnings were in effect in nearby Georgia and Florida.

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Dycom Industries Inc. shares dropped in the extended session Tuesday after the specialty contractor’s quarterly earnings and outlook fell short of Wall Street estimates. Dycom shares fell 17% to $49.50 after hours. The company reported adjusted fiscal second-quarter earnings of 54 cents a share on revenue of $559.5 million. Analysts surveyed by FactSet had estimated 56 cents a share on revenue of $544.1 million. Dycom estimates third-quarter earnings of 70 cents to 78 cents a share on revenue of $585 million to $605 million. Analysts expect 84 cents a share on revenue of $592.1 million. Separately, Dycom said its board authorized an additional buyback of $50 million in company shares.

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HealthSouth Corp. late Tuesday topped Wall Street estimates for the fourth quarter and raised its outlook for the year. The healthcare-services company reported adjusted fourth-quarter earnings of 59 cents a share on revenue of $879.3 million. Analysts surveyed by FactSet had forecast 58 cents a share on revenue of $859.3 million. The company now sees 2016 earnings of $2.32 to $2.44 a share, while analysts estimate $2.50 a share. Shares of HealthSouth were flat at $32.82 after hours.

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