Category: Stock Market News

Shares of Dave & Buster’s Entertainment Inc. tumbled 9.7% in premarket trade Monday, after the restaurant and games venue operator cut its 2017 profit and sales outlook. The company now expects fiscal 2017 net income of $108 million to $110 million, down from previous guidance of $110 million to $112 million. Revenue is now expected to be $1.138 billion to $1.142 billion, compared with a prior outlook of $1.148 billion to $1.155 billion, while the same-store sales guidance range was cut to down 1.0% to down 0.7% from flat to up 0.75%. “As indicated on our fiscal third-quarter conference call, we had a slower-than-expected start to the fourth quarter,” said Chief Executive Steve King. “We expected sales to improve during our seasonally strong weeks in December but instead trends softened further leading us to update our financial outlook for fiscal year 2017.” The stock has rallied 13.4% over the past three months through Friday, while the S&P 500 has gained 7.6%.

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Walgreens Boots Alliance Inc. disclosed Monday it estimates a tax benefit of $200 million for fiscal 2018 as a result of the recently-enacted tax legislation. The drug store chain said it expects adjusted earnings per share to increase by 30 cents to 35 cents as a result of the legislation, which would be 5.3% to 6.2% above the current 2018 FactSet EPS consensus of $5.61. The company said in a filing with the Securities and Exchange Commission that it will provide a more comprehensive assessment of the full impact of the legislation, and plans to provide a further update in the future. The stock, which was little changed in premarket trade, has slipped 0.4% over the past three months, while the S&P 500 has gained 7.6%.

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Whirlpool Corp. said Monday it will activate Apple Watch functionality for its home appliances in early 2018. Consumers will be able to remotely communicate with ovens, washers and dryers via Apple Inc.’s Apple Watch, with the roll out to more than 20 Whirlpool brand appliances. “Bringing intuitive technology and functionality to the appliance category that helps take the friction out of household chores is chief among our goals as we innovate for the smart home,” said Brett Dibkey, vice president of brand strategy. “Our consumers are sophisticated and expect their appliances to work smarter, not harder.” Separately, Whirlpool said it was collaborating with Honeywell International Inc. , to allow consumers to connect smart appliances from Whirlpool to Honeywell’s thermostats. Whirlpool’s stock was still inactive in premarket trade, while Apple shares eased 0.1%. Over the past three months, Whirlpool’s stock has dropped 7.1%, Apple shares have climbed 12.7%, Honeywell shares have tacked on 8.3% and the Dow Jones Industrial Average has rallied 11.1%.

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Shares of Axovant Sciences Ltd. plunged 46% toward a record low in premarket trade Monday, after the biopharmaceutical company said it would discontinue its intepirdine program for the treatment of dementia after it failed to meet its primary efficacy endpoints in a phase 2 trials. “Based on the totality of intepirdine data to date, there is no evidence to support its further development,” said Chief Executive David Hung. “We are incredibly disappointed and saddened for the millions of people living with these difficult conditions, and are deeply grateful to the patients, caregivers and investigators who participated in our trials.” Separately, the company said its investigational drug nelotanserin met its primary safety endpoing in a phase 2 visual hallucination study. The stock has tumbled 24% over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF has lost 3.2% and the S&P 500 has gained 7.6%.

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New York City firefighters were responding to a blaze at Trump Tower, according to multiple reports Monday. The city’s fire department confirmed there was a fire on the roof of the 68-story building on Fifth Avenue in Manhattan, according to Pix11 News. Video online from CBS News showed smoke billowing from the top floors of Trump Tower, which contain businesses and residential units. There were no reports of injuries.

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Shares of Olive Garden parent Darden Restaurants Inc. ran up 1.7% toward a record high in premarket trade Monday, after the company raised its fiscal 2018 adjusted profit outlook. The company, which restaurant brands also include LongHorn Steakhouse, Yard House and Bahama Breeze, said it now expects adjusted earnings per share of $4.70 to $4.78 up from its previous guidance of $4.45 to $4.53. Separately, said as a result of the Tax Cuts and Jobs Act, the company estimates it will record a non-cash benefit of $70 million, or 56 cents a share, related to the revaluation of deferred tax liabilities. The company said it plans to make a $20 million investment in its workforce in 2018. The stock has shot up 23% over the past three months through Friday, while the S&P 500 has gained 7.6%.

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Shares of Kohl’s Corp. surged 5.4% in premarket trade Monday, after the department store chain raised its 2017 profit outlook, citing strong holiday sales. The company now expects adjusted earnings per share of $3.98 to $4.08, up from previous guidance of $3.60 to $3.80. The gross margin rate is still expected to increase from last year at the high end of its prior guidance of $3.60 to $3.80. That follows total and same-store sales growth of 6.9% for the November-December holiday period. “All lines of business and all regions reported positive comp sales. As expected, growth in digital demand accelerated significantly in the Holiday period from the year-to-date trend. In addition, we experienced positive sales in our stores driven by stronger traffic,” said Chief Executive Kevin Mansell. The stock has soared 25% over the past three months through Friday, while the SPDR S&P Retail ETF has rallied 11% and the S&P 500 has gained 7.6%.

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Shares of Lululemon Athletica Inc. were indicated up about 1.5% in premarket trade Monday, after the yoga-gear maker raised its fourth-quarter profit and revenue guidance ranges, citing accelerating trends during the holiday season. The company now expects adjusted earnings per share of $1.25 to $1.27, up from a previous range of $1.19 to $1.22. The revenue outlook was raised to $905 million to $915 million from $870 million to $885 million, with same-store sales expected to increase in the “high single digits” rather than the “mid-single digits” previously expected. “We are thrilled with our performance this holiday season that reflects an accelerating trend across all parts of our business, and we look forward to continued momentum in 2018 and beyond,” said Chief Executive Laurent Potdevin. Separately, the company said it expects to recognize a “significant income tax expense” in the fourth quarter related to the one-time repatriation tax on accumulated foreign earnings, but said the tax reform will be favorable to the effective tax rate in 2018. The stock has rallied 29.6% over the past three months, while the SPDR S&P Retail ETF has climbed 10.7% and the S&P 500 has gained 7.6%.

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U.S. President Donald Trump is set to return to a key campaign pledge in coming weeks, with his administration preparing to launch an aggressive crackdown on trade, Politico reported late Sunday. The crackdown is likely to include harsh tariffs on Chinese imports in a move aimed at countering the country’s alleged unfair trade practices, the report said, citing three administration officials. The president is expected to meet with Cabinet secretaries as soon as this week to begin finalizing his trade policies. Trump could also use his State of the Union speech later in January to lay out his trade vision, according to the Politico report.

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Elon Musk’s SpaceX successfully launched a Falcon 9 rocket with a secret government payload into orbit Sunday night from Cape Canaveral, Fla. Few details have been released about the classified mission, known as Zuma, other than it includes a satellite built by Northrop Grumman Corp. . The launch was originally scheduled for late November, but was repeatedly delayed. The reusable rocket landed about seven minutes after liftoff, SpaceX said.

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