Category: Stock Market News

Qorvo Inc. late Thursday reported it swung to a third-quarter loss of $11.1 million, or 8 cents a share, from a profit of $87.9 million, or $1.18 a share, in the same quarter last year. On an adjusted basis, the company formed from the merger of RF Micro Devices Inc. and TriQuint Semiconductor Inc. earned $1.03 a share. Revenue jumped to $620.7 million from $397.1 million. Analysts surveyed by FactSet had forecast earnings of 94 cents a share on revenue of $620 million. For the fourth quarter, Qorvo projected revenue of about $600 million and earnings per share in a range of 90 cents to 95 cents. Shares of Qorvo shares slid 0.7% in after-hours trading.

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LinkedIn Corp. shares dropped in the extended session Thursday after the social network’s outlook fell well below Wall Street estimates. LinkedIn shares plummeted 22% to $149.73 on heavy volume. The company said it expects adjusted earnings of 55 cents a share in the first quarter on revenue of $820 million, and $3.05 to $3.20 a share for the year on revenue of $3.6 billion to $3.65 billion. Analysts surveyed by FactSet had estimated 75 cents a share on revenue of $868.3 million for the first quarter, and $3.70 a share on revenue of $3.91 billion for the year. For the fourth quarter, LinkedIn reported adjusted earnings of 94 cents a share on revenue of $861.9 million, while analysts were forecasting 78 cents a share on revenue of $857.3 million.

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Shares of Lionsgate fell more than 4% in late trading Thursday after the entertainment company reported fiscal third-quarter 2016 results well below Wall Street expectations. The company reported adjusted net income of $40.7 million, or 27 cents a share, for the quarter, compared with $98.2 million, or 70 cents a share, in the year-ago period. Revenue reached $670.5 million in the quarter, down from $751.3 million a year ago. “While the performance of our theatrical film slate resulted in softer than anticipated results, our other businesses performed strongly in the quarter,” Lionsgate Chief Executive Officer Jon Feltheimer said in a statement. The company’s television business continues to grow, and it expects a “deeper and more diversified” film lineup with lower costs so to “have a clear path to resume our strong and sustainable financial trajectory in fiscal 2017,” he said. Analysts polled by FactSet had expected Lionsgate to report earnings of 47 cents a share on sales of $767 million. Lionsgate shares ended the regular Thursday session down 0.7%.

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U.S. stocks ended higher Thursday, led by gains in materials and industrials stocks. The equity market had been tracking gains in crude-oil prices earlier in the session but bucked that trend as oil turned lower on waning confidence that a pact to curb output by the Organization of the Petroleum Exporting Countries was imminent. The Dow Jones Industrial Average [DJIA] advanced 79.85 points, or 0.5%, to 16,416, the S&P 500 index climbed 3 points, or 0.2%, to 1,915, while the Nasdaq Composite Index moved 5 points, or 0.1%, to 4,509. Weakness in the dollar helped materials stocks gain, with the S&P 500 materials sector ending 2.8% higher. The S&P 500’s industrials sector picked up 1.7% to post the day’s second-best advance.

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President Barack Obama will propose a $10 a barrel tax on oil to pay for transporation programs, reports said Thursday. The proposed tax would help pay for projects to encourage mass transit, high-speed rail and self-driving cars, Politico reported. The proposal is due to be included in Obama’s final budget request next week. The Republican-controlled Congress is likely to harshly criticize Obama’s plan, which comes in the midst of an election year.

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Kohl’s Corp. was downgraded to neutral from buy at MKM Partners after the company cut its outlook in a release Thursday morning. Analysts lowered their price target to $47 from $57. MKM analysts said they “prefer not to make a ratings change in response to a pre-release,” but the bank’s efforts, including a new loyalty program and upgrades in its beauty merchandise, have produced “weak and choppy growth.” While the retailer did see strong holiday sales, future sales aren’t promising. “[S]ales outside the holiday period were very volatile and generally weak, which doesn’t bode well for FY16, particularly the first half when there are fewer seasonal events,” MKM’s note said. Analysts are also concerned that Kohl’s is “particularly vulnerable to another economic slowdown.” Kohl’s shares are down 19% in Thursday trading and down 38% for the past 12 months. The S&P 500 is down 6.2% over the past year. See also: Kohl’s shares sink after company cuts outlook

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Mattel Inc. shares are up 4.8% after Bloomberg reported that the toy company is in merger talks with rival Hasbro Inc. Hasbro shares are up 1.9% in Thursday trading on the news. Mattel toys include Barbie, which recently reported sales gains, and Fisher-Price. Hasbro toys include Play-Doh and Monopoly. Over the past year, both companies have seen their share price rise. Mattel is up 19.4% for the past 12 months while Hasbro is up 34.1% for the same period. The S&P is down 6.3% for the past year.

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The Bank of England on Thursday cut its U.K. growth forecasts for the next three years, pointing to sluggish global economic activity. U.K. gross domestic product is expected to expand by 2.2%, down from a previously expected 2.5% rate. Growth in 2017 and 2018 is pegged at 2.4% and 2.5%, respectively. The BOE had previously forecast 2017 growth of 2.7%, and 2018 growth of 2.6%. The BOE, in its Quarterly Inflation Report, noted the “U.S. economy has grown by less than expected,” over the past three months as have emerging-market economies. “There have also been considerable falls in the prices of risky assets and another significant fall in oil prices,” it said. Bank of England Governor Mark Carney said Thursday he doesn’t expect U.K. inflation to return to its 2% target until 2018.

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Natural-gas futures continued to trade lower on Thursday after the U.S. Energy Information Administration reported that supplies of the commodity declined by 152 billion cubic feet for the week ended Jan. 29. Analysts polled by Platts expected a fall of between 148 billion and 152 billion cubic feet. Total stocks now stand at 2.934 trillion cubic feet, up 490 billion cubic feet from a year ago and 445 billion cubic feet above the five-year average, the government said. March natural gas was at $2.001 per million British thermal units, down 3.7 cents, or 1.8%. Prices traded $1.997 before the supply data.

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U.S. stocks opened slightly lower on Thursday as investors focus on earnings, economic data and volatile oil prices. Weekly jobless claim and productivity growth came in below expectations. Lower guidance from big retailers such as Ralph Lauren Corp. and Kohl’s Corp. weighed on sentiment. The S&P 500 opened 5 points, or 0.2%, lower at 1,909. The Dow Jones Industrial Average was down 18 points, or 0.1%, at 16,315 at the open. Meanwhile, the Nasdaq Composite began the day down 14 points, or 0.3%, at 4,490.

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