Category: Stock Market News

Shares of discount real estate brokerage Redfin tumbled nearly 9% Friday as the company reported solid growth, but reaffirmed strong headwinds in the housing market. Net income was $10.6 million in the third quarter, up from $5.7 million in the year-ago period, and revenue rose 35%. The company’s GAAP net loss per diluted share was 50 cents, compared with a net income per diluted share of 3 cents a share in the third quarter of 2016. Analysts polled by FactSet had expected GAAP per-share earnings of 12 cents a share. The company reported its market share had increased by 14 basis points to 0.71%, an acceleration in share growth, while web site traffic was up 38%. Still, the housing market remains extremely constrained by tight inventory, and the company expects to book a loss of between $6.0 and $3.9 million in the fourth quarter. Analysts surveyed by FactSet have a consensus per-share loss of 22 cents for the full year. “We continue to like the company’s long-term prospects and disruptive business model but view risk/reward as balanced in the near-term,” wrote Stifel analysts Friday morning. Shares are down 8.81% for the year to date, compared to a 15.5% gain for the S&P 500 and a 10.9% increase for Zillow Group , which is often considered the industry leader in real estate brokerages.

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Omeros Corp. shares rose 17% in premarket trade Friday after the company reported a third-quarter revenue beat and a narrower-than-expected profit loss. The company reported a loss of $7.48 million, or a loss of 16 cents per share, after a loss of $13.96 million, or a loss of 34 cents per share in the year-earlier period. The FactSet earnings-per-share consensus was a loss of 33 cents. Revenue rose to $21.66 million from $11.29 million, compared with the FactSet consensus of $17.8 million. The latest results included a 26% increase in revenue from its key product Omidria, which is used in certain eye surgeries, from the prior quarter and a 92% rise from the year-earlier period. Omeros shares have plummeted 40.2% over the last three months to $14.09, compared with a 6% surge in the S&P 500 and a 7.4% rise in the Dow Jones Industrial Average .

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Kohl’s Corp. shares were upgraded to outperform by analysts at Baird on Friday, due to the company’s off-mall footprint, improving product portfolio and strong loyalty program in the face of Amazon.com Inc.’s looming threat to the retail industry. Baird analyst Mark Altschwager wrote that Kohl’s looks well-positioned to hold its own over the pivotal holiday period. Cost savings, as well as inventory reduction initiatives provide good near-term visibility into free cash flow, Altschwager wrote. “Looking ahead, we believe a more pragmatic growth outlook from management, aggressive actions on the cost front, and momentum with traffic and omni-channel initiatives result in better risk/reward for shares,” Altschwager wrote in a note to analysts. Shares of Kohl’s have declined close to 17% in the year to date, while the S&P 500 index is up more than 15% and the Dow Jones Industrial Average is up nearly 19%.

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J.C. Penney Co. Inc. shares soared 7.3% in Friday premarket trading after the department store retailer reported third-quarter revenue and same-store sales that beat estimates. The company had a net loss of $128.0 million, or 41 cents per share, compared with a loss of $67.0 million, or 22 cents, for the same period last year. The adjusted loss was 33 cents, ahead of the 42-cent loss FactSet forecast. J.C. Penney attributed the loss to increased cost of goods sold, restructuring charges from store closures, and a charge associated with the company’s pension plan. Revenue was $2.81 billion, down from $2.86 billion last year but ahead of the $2.78 billion FactSet consensus. The company attributed the revenue decrease to 139 store closures. Same-store sales increased 1.7%, ahead of the 0.6% increase FactSet forecast. The company expects fiscal 2017 adjusted EPS of 2 cents to 8 cents and same-store sales to range from a 1% decline and flat. J.C. Penney shares are down 41.6% for the last three months and down 68.8% for the past year. The S&P 500 index is up 19.3% for the last 12 months.

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Finish Line. Inc. was downgraded to underperform from market perform at Cowen & Company based on “skyrocketing” promotions and the impact it is having on margins and the company’s relationships with brands. Cowen cut Finish Line’s price target to $7 from $10. Analysts led by John Kernan point out that Finish Line’s gross margin has declined 20 of the last 22 quarters year-over-year. “Aggressively undercutting Nike , Adidas and Under Armour on price is not sustainable as brands eliminate allocations to undifferentiated retailers and focus on digital and differentiated experiences,” Cowen wrote. Finish Line shares are down 52.4% for the past year while the S&P 500 index is up 19.3% for the period.

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Dynavax Technologies Corporation shares surged 18% in premarket trade Friday after the company said its hepatitis B vaccine was approved by the Food and Drug Administration. The vaccine, Hepislav-B, is the first new hepatitis B vaccine in the U.S. in decades and consists of just two doses over a month, compared with current hepatitis B vaccines’ three doses over six months. Dynavax expects to launch the vaccine in the first quarter of 2018, and said it has been building infrastructure and working on manufacturing processes to meet expected demand. The latest development marks the culmination of a prolonged roller-coaster ride for Dynavax, including two previous applications that the FDA failed to approve and a major corporate restructuring and significant layoffs undertaken by Dynavax. Moreover, despite previous expectations that the vaccine’s label would include questions about cardiovascular risk, the label does not have such a warning; prescribing information only mentions cardiovascular incidents in its summary of clinical trial results. “Our read of the label looks like a best-case scenario, with no red flags around safety,” said RBC Capital Markets analyst Matthew Eckler. “Given Hepislav’s superior efficacy and convenience profile, we continue to see potential to grow the current hep B vaccine market (~$270 M) through increased compliance, premium pricing and the capture of adult diabetic population, resulting in $300M projected peak revenue.” Hepatitis B can be a lifelong, chronic disease and lead to liver damage, liver cancer and death. Though it has no cure, treatment can help. Dynavax shares have surged 26.5% over the last three months, compared with a 6% rise in the S&P 500 and a 7.4% rise in the Dow Jones Industrial Average .

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Uber Technologies Inc. has lost a legal appeal in the U.K. over a decision ordering the ride-sharing company to treat its drivers as employees, according to reports Friday. An employment tribunal in October found that drivers working for Uber were entitled to receive the minimum wage and vacation pay. Uber will appeal Friday’s decision by the Employment Appeal Tribunal, according to Sky News. Uber is currently appealing a separate decision by London’s transport regulator to strip the company of its operating license. Transport for London in September said Uber had demonstrated a lack of corporate responsibility on issues such as reporting serious crimes and its approach to driver background checks.

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Electronic Arts Inc. announced Thursday that it will acquire Respawn Entertainment, a videogame studio known for the “Titanfall” series of games. The company said it has agreed to pay $151 million in cash for Respawn, along with $164 million in equity awards that will vest over a four-year period. There are additional incentives in the deal that could be realized through performance milestones, capped at $140 million, and the deal is expected to close around the end of the year. EA and Respawn already work closely together, with EA publishing both of the “Titanfall” titles and the two companies working on a videogame based in the “Star Wars” universe, EA said in its announcement. “We’ve seen firsthand the world-class caliber of Respawn as a development studio with incredible vision, deep talent and an inspiring creative mindset,” EA Chief Executive Andrew Wilson said in the news release. EA shares were quiet in late trading following the announcement, but have gained 42.1% so far this year, while the S&P 500 index has increased 15.9%.

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Walt Disney Co. is making a new “Star Wars” trilogy, the company said Thursday. Disney said it is tapping Rian Johnson, who directed the upcoming film “Star Wars: The Last Jedi” to write and direct the first of the new films, and create the entire trilogy. The new trilogy will be separate than the Skywalker-themed episodic saga, the company said, and will introduce new characters “from a corner of the galaxy that ‘Star Wars’ lore has never before explored.” Disney stock is up a fraction to $103.07 after hours. The stock has dropped 1% this year, with the S&P 500 index rising 16%.

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Shares of Puma Biotechnology Inc. fell more than 8% late Thursday after the biotech company reported an adjusted third-quarter loss in line with expectations, and sales that were above Wall Street forecasts. Puma reported a net loss of $77.2 million, or $2.07 a share, for the quarter, compared with a net loss of $65.8 million, or $2.02 a share, in the year-ago period. Adjusted for one-time items, the company lost $50.7 million, or $1.36 a share, in the quarter, compared with a net loss of $36 million, or $1.11 a share, a year ago. Revenue reached $6.1 million, and consisted of sales of Nerlynx, Puma’s first and only commercial product to date, used to treat breast cancer. The Food and Drug Administration approved Nerlynx in July, and shipments to wholesalers started in late July. Analysts polled by FactSet had expected an adjusted loss of $2.06 a share on sales of $4.1 million.

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