Category: Stock Market News

House Republicans will need to vote again on the tax bill they passed Tuesday after hitting a procedural snag. The Senate parliamentarian found three provisions in the GOP tax bill break what’s known as the Byrd Rule, which restricts what can be included in budget legislation. Among the provisions are one allowing the use of 529 savings accounts for home-schooling expenses.

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Shares of Red Hat Inc. fell nearly 5% late Tuesday after the software company reported fiscal 2018 third-quarter earnings and sales above Wall Street expectations and called for full-year and fourth-quarter results that were also above expectations. Red Hat said it earned $101 million, or 54 cents a share, in the quarter, compared with $68 million, or 37 cents a share, in the year-ago quarter. Revenue reached $748 million, compared with $615 million a year ago. Analysts polled by FactSet had expected GAAP earnings of 45 cents a share on sales of $735 million. Red Hat guided for full-year fiscal 2018 revenue between $2.906 billion to $2.911 billion, GAAP earnings per share around $2.02, and non-GAAP EPS around $2.88 per share. For the fourth quarter, the company said it expects revenue between $758 million and $763 million, GAAP EPS around 54 cents a share, and non-GAAP EPS around 81 cents a share. All the estimates are above analyst expectations. The stock ended the regular trading day down 0.5%.

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Shares of FedEx Corp. rose more than 2% late Tuesday after the logistics company reported second-quarter results that beat Wall Street expectations. FedEx said it earned $755 million, or $2.84 a share, in the quarter, compared with $700 million, or $2.59 a share, in the year-ago period. Adjusted for one-time items, the company reported earnings of $3.18 a share, compared with $2.77 a share a year ago. Revenue rose to $16.3 billion in the quarter, from $14.9 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of $2.73 a share on sales of $15.7 billion. “Strategic execution by the FedEx team and a stronger global economy drove improved financial results,” Chief Executive Frederick W. Smith said in a statement. The company is on track “for another record holiday-shipping season,” he said. Shares of FedEx ended the regular session up 0.3%.

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Stitch Fix Inc. shares plunged in the extended session Tuesday after the company reported earnings for the first time as a public company. Stitch Fix shares dropped 12% to $21.84 after hours. The online clothing retailer reported fiscal first quarter net income of $13.5 million, compared with $13.2 million in the year-ago period. Revenue rose to $295.6 million from $236 million in the year-ago period. Analysts surveyed by FactSet had estimated revenue of $295 million. For the fiscal second quarter, analysts model revenue of $286 million. Executives forecast fiscal second-quarter sales of $287 million to $294 million. Stitch Fix stock has gained 53% since its November IPO, with the S&P 500 index rising 4.3%.

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Micron Technology Inc. shares rose in the extended session Tuesday after the memory chip maker’s results for the November-ending quarter and outlook topped Wall Street estimates. Micron shares surged 3.8% to $45.55 after hours. By Tuesday’s close, Micron shares have risen just over 100% for the year. The company reported fiscal first-quarter net income of $2.68 billion, or $2.19 a share, compared with $180 million, or 16 cents a share, in the year-ago period. Adjusted earnings were $2.45 a share. Revenue rose to $6.8 billion from $3.97 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $2.20 a share on revenue of $6.44 billion. For the second quarter, Micron estimates earnings of $2.51 to $2.65 a share on revenue of $6.8 billion to $7.2 billion. Analysts had estimated earnings of $2.04 a share on revenue of $6.24 billion.

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Stocks ended with modest losses Tuesday, pulling back from all-time highs. Stocks remained lower as the House of Representatives, as expected, passed tax legislation that would slash corporate rates, sending it on to the Senate where a vote is expected Tuesday evening. The tech-weighted Nasdaq Composite ended 0.4% lower, while the S&P 500 lost 0.3%. The Dow Jones Industrial Average ended around 37 points, or 0.2%, lower to end around 24,755.

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Shares of General Electric Co. slumped 1% in afternoon trade Tuesday, putting them on course to close at the lowest level since Dec. 20, 2011. Since the stock closed at a 6-year low of $11.66 on Dec. 6, it has followed a three-session pattern of bouncing the next session, then closing at a lower 6-year low two sessions later; Tuesday’s selloff would be the third straight time the stock has followed that pattern. The stock has now plunged 14.2% since the new CEO John Flannery unveiled the industrial conglomerate’s turnaround plan on Nov. 13, while the Dow Jones Industrial Average has rallied 1,355 points, or 5.8%, over the same time.

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PlayAGS Inc., a Las Vegas-based maker of electronic gaming machines (EGMs), has filed to go public. The company, which was founded in 2005, has focused on supplying EGMs, including slot machines and video bingo machines, to the Native American gaming market. The filing said the company expects to raise $100 million in the offering, but that is a placeholder amount used to estimate a registration fee, as PlayAGS did not yet provide the number of shares it plans to sell. The company said it plans to apply for listing on the New York Stock Exchange, under the ticker symbol “AGS.” The company said it lost $35.9 million in the nine months ended Sept. 30, 2017, compared with a loss of $63.3 million in the same period a year ago. Revenue rose to $154.3 million from $124.1 million. The company’s IPO filing comes at a time that Renaissance IPO ETF has gained 5.9% over the past three months, while the S&P 500 has rallied 7.1%.

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The House of Representatives passed Republicans’ tax bill on Tuesday, advancing the sweeping legislation a step closer to enactment. The Tax Cuts and Jobs Act heads next to the Senate, where Majority Leader Mitch McConnell says it will come up for a vote Tuesday evening. The bill cuts corporate and individual rates and doubles the child tax credit, among many other steps. The vote in the House was 227 to 203, with no Democrats supporting the bill.

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Roku Inc.’s stock hit a new all-time intraday high in Tuesday trading, putting shares on course to close at a record high for the third straight session. Shares of the streaming-media firm are up 4% in afternoon trading. The company said in a filing released late Monday that Morgan Stanley had a 5.1% stake in the company. Roku shares are up 314% from their September IPO price of $14. The S&P 500 Index has gained 7.1% since Roku went public.

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