Category: Stock Market News

Johnson Controls International PLC said Wednesday it will raise its quarterly cash dividend by 4% to 26 cents a share, from 25 cents a share. The new dividend will be payable Jan. 12 to shareholders of record on Dec. 18. At Tuesday’s stock closing price of $37.13, the new annual dividend rate implies a dividend yield of 2.80%, compared with the implied yield for the S&P 500 of 1.91%. The said it has paid a consecutive dividend since 1887. Shares of the diversified industrial technologies company, which were still inactive in premarket trade, has lost 9.9% year to date through Tuesday, while the S&P 500 has gained 17.5%.

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Vera Bradley Inc. shares rose 4.8% in Wednesday premarket trading after the accessories company reported third-quarter earnings that beat expectations. Net income totaled $359,000, or a penny per share, down from $8.78 million, or 24 cents per share, for the same period last year. Adjusted EPS was 23 cents per share. Revenue was $114.1 million, down from $126.7 million last year. The FactSet consensus was for EPS of 14 cents and sales of $115.0 million. Same-store sales including e-commerce were down 7.4%, which the accessories company says reflects a 6.9% same-store sales decline and an 8.6% decline in e-commerce sales. Same-store sales were hurt by both store and e-commerce traffic, but partially offset by one new full-line store and seven factory outlets. The FactSet consensus was for a 4% decline. Vera Bradley sees fourth-quarter revenue of $127.0 million to $132.0 million and EPS of 30-to-33 cents. The FactSet estimate is for sales of $138.7 and EPS of 30 cents. Vera Bradley shares are down more than 41% for the past year while the S&P 500 index is up 18.9% for the period.

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Square Inc. shares are rising 2% in premarket trading Wednesday after CEO Jack Dorsey tweeted overnight that the company was “turning on bitcoin for a lot more Cash app folks right now.” A separate tweet from company’s Square Cash account said that capabilities would be going to “more of our most active customers.” Square said in November that it had started to allow a small number of users of its Square Cash peer-to-peer payments app to buy and sell bitcoin through the platform. Square shares have soared 176% so far in 2017, compared with a 17% gain for the S&P 500 . The price of Bitcoin has risen 1231% in that time.

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Shares of H&R Block Inc. fell 1% in premarket trade Wednesday, after the tax preparation company reported a fiscal second-quarter loss that widened from a year ago, as seasonal expenses increased. The net loss for the quarter to Oct. 31 was $153.6 million, or 74 cents a share, compared with a loss of $146.2 million, or 68 cents a share, in the same period a year ago. Excluding discontinued operations, the loss per share was 71 cents. The FactSet consensus for per-share losses was 72 cents. The company said about half of the increase in losses per share was a result of a reduction in share count. Revenue increased to $140.9 million from $131.3 million, above the FactSet consensus of $131.7 million. “Seasonal expenses increased in the second quarter, but we expect to continue last year’s improved financial performance this fiscal year, targeting modest revenue growth and margins consistent with the prior year,” said Chief Financial Officer Tony Bowen. The stock has gained 14.4% year to date through Tuesday, while the S&P 500 has climbed 17.5%.

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American Eagle Outfitters Inc. shares rose 4.2% in Wednesday premarket trading after the apparel retailer reported third-quarter same-store sales that beat estimates. Net income totaled $63.7 million, or 36 cents per share, down from $75.8 million, or 41 cents per share, for the same period last year. Adjusted EPS was 37 cents, below the 38-cents FactSet consensus. Revenue was $960.4 million, up from $940.6 million last year and below the $961.0 million FactSet consensus. Same-store sales rose 3% for the quarter, exceeding the FactSet consensus for a 1.9% increase. American Eagle sees fourth-quarter EPS of 42-to-44 cents. The FactSet consensus is 39 cents. American Eagle shares are up 6.2% for the year so far, but down 5.5% for the last year. The S&P 500 index is up nearly 19% for the past 12 months.

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T-Mobile U.S. Inc. said Wednesday its board has approved a stock buyback program of up to $1.5 billion through Dec. 31, 2018. The company said its majority shareholder, Deutsche Telekom AG , is considering plans to buy additional T-Mobile shares, which would likely take place through Dec. 31, 2018. Shares were not yet active premarket, but have gained 6% in 2017, while the S&P 500 has gained 17%.

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Time Magazine on Wednesday named “The Silence Breakers” as its 2017 person of the year, referring to the many individuals who helped expose the prevalence of sexual harassment in the world of entertainment, technology, the media and other sectors this year. “The galvanizing actions of the women on our cover…along with those of hundreds of others, and of many men as well, have unleashed one of the highest-velocity shifts in our culture since the 1960s,” Time’s editor-in-chief Edward Felsenthal said in a statement. The magazine’s cover photo includes actress Ashley Judd, one of the first women to go public with allegations of abuse by producer Harvey Weinstein; Taylor Swift, who spoke to the magazine for the first time since winning a groping lawsuit against DJ David Mueller; and former Uber engineer Susan Fowler, who went public with allegations that women are discriminated against at the ride-sharing company, leading to the departure of a number of executives, including former chief executive Travis Kalanick.

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Fred’s Inc. shares slid 12% premarket Wednesday, after the company posted weaker-than-expected third-quarter earnings and said it’s canceling its quarterly dividend to preserve cash for debt repayment. The Memphis, Tenn.-based retailer said it had a loss of $51.8 million, or $1.38 a share, in the quarter, after a loss of $38.4 million, or $1.05 a share, in the year-earlier period. The loss includes a 53 cents charge relating to a deferred tax asset, 30 cents for an inventory writedown, 9 cents for professional and legal fees incurred as part of a turnaround strategy and 5 cents for asset impairment for the sale of a corporate airplane. Sales fell 4.5% to $493.6 million and same-store sales slid 0.8%. The FactSet consensus was for a loss per share of 13 cents, sales of $501 million and a same-store sales rise of 0.5%. “We recognize that our EPS results are below expectations; however, the management team, working closely with the Board of Directors, is taking the actions necessary to ensure Fred’s achieves profitability and growth over the long-term,”Chief Executive Michael Bloom said in a statement. Separately, the company said it’s cancelling its dividend and amending a share buyback program to 3.8 million shares. It is also exploring alternatives for non-core assets, including real estate and its specialty pharmacy business. Shares have fallen 73% in 2017, while the S&P 500 has gained 17%.

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Home Depot Inc. said Wednesday it set a new $15 billion stock repurchase program and affirmed its 2017 profit and sales outlook, as part of updated strategic priorities announced at its investor and analyst conference. The home improvement retailer said the new repurchase program replaces its previous authorization, and includes its intention to buy an additional $2.1 billion worth of shares in the fourth quarter. The company still expects 2017 earnings per share to rise 14% to $7.36, revenue to increase 6.3% and same-store sales to grow 6.5%. The FactSet consensus estimates are for EPS of $7.38, revenue growth of 6.4% and a same-store sales increase of 6.5%. Home Depot said it targets compounded annual sales growth of 4.5% to 6.0% from 2017 through 2020 and operating margin from 14.4% to 15.0%. The stock, which fell 1.1% in premarket trade, has rallied 16.8% over the past three months through Tuesday, while the SPDR S&P Retail ETF has climbed 9.7% and the Dow Jones Industrial Average has rallied 10.9%.

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Rock star Johnny Hallyday, known as the “French Elvis,” has died at age 74, media reports said Wednesday. The rock’n’roll singer, who sold more than 100 million records over his 50-plus years of stardom, was suffering from lung cancer. Hallyday’s wife Laeticia phoned French President Emmanuel Macron, a devoted fan of the musician, at 2 a.m. in the morning to tell him of the death, the Guardian reported. “The fans and followers he gathered around him are in tears,” Macron said in a post to Twitter. “We won’t forget his name, his face, nor his voice.” Born in Paris as Jean-Philippe Smet, Hallyday also acted in movies by Jean-Luc Godard and others.

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