Category: Stock Market News

Shares of Dish Network Corp. were trending down in premarket trade on Thursday after the company reported third-quarter earnings below Wall Street expectations. The broadband and TV provider reported net income of $297.4 million, or 57 cents per share, down from $318.5 million, or 67 cents per share in the same quarter a year ago. FactSet consensus for per-share earnings was 60 cents. Revenue for the quarter was $3.58 billion, down from $3.77 billion in the year-earlier period, and below FactSet’s $3.60 billion consensus. Dish said that it proactively cut service to 145,000 subscribers in Puerto Rico and the U.S. Virgin Islands because of Hurricane Maria during the quarter. The company reported losing 129,000 pay-TV subscribers, not accounting for the subscribers lost due to the Hurricane. Dish said it is including Sling TV subscribers in a gross pay-TV subscriber number, bringing the subscriber additions to 638,000, compared to 736,000 during the same quarter a year ago. Shares of Dish have declined nearly 16% in the year to date, while the S&P 500 index is up nearly 16% and the Dow Jones Industrial Average is up more than 19%

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Shares of Vista Outdoor Inc. tumbled 7.8% in premarket trade Thursday, after the gun and outdoor sports products company beat fiscal second-quarter profit expectations, but missed on sales and slashed its full-year outlook. For the quarter to Oct. 1, the company swung to a net loss of $114.7 million, or $2.01 a share, from net income of $73.2 million, or $1.22 a share, in the same period a year ago. Excluding non-recurring items, such as cost for current and possible transactions, adjusted earnings per share came to 34 cents, above the FactSet consensus of 27 cents. Revenue fell to $587.3 million from $684.3 million, missing the FactSet consensus of $588.8 million. The company cut its fiscal 2018 guidance ranges for adjusted EPS to 50 cents to 60 cents from $1.10 to $1.30 and for revenue to $2.24 billion to $2.26 billion from $2.36 billion to $2.42 billion. “During the second quarter, the competitive environment in ammunition, firearms and shooting-related accessories continued to impact our business,” said Chief Financial Officer Stephan Nolan. He expects the market contraction will have more impact in the second half of the year than the first. Separately, the company named Michael Callahan as chairman. The stock has plunged 17.5% over the past three months through Wednesday, while the S&P 500 has gained 4.9%.

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A gradual increase to interest rates is the best way to deal with inflation and keep economic growth afloat, Loretta Mester, president of the Federal Reserve Bank of Cleveland told CNBC Thursday. “Obviously we want to be responsible to changes in the economic outlook and as data comes in we are always revising the outlook,” said Mester, a non-voting member of the policy panel this year. The Fed has signaled its readiness to raise interest rates again next month. The central bank has also started rolling off its $4.5 trillion balance sheet built up under its quantitative easing program, in a further effort to normalize monetary policy. Mester said it’s too soon to try to factor in any impact from proposed tax policy changes to the interest-rate outlook without knowing exactly what that policy will look like, although she said she has included some fiscal stimulus in her forecasts, according to CNBC.

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The eurozone economy is on track to grow at its fastest rate in a decade this year, boosted by robust job creation, rising investment and decreasing debt, the European Commission said on Thursday. In its autumn forecast, the EU body said it expects gross domestic product to expand by 2.2% in 2017, up from its 1.7% forecast in the spring. For 2018, the projection was lifted to 2.1% from 1.8%. Economic growth is then expected to slow to 1.9% in 2019. “After five years of moderate recovery, European growth has now accelerated. We see good news on many fronts, with more jobs being created, rising investment and strengthening public finances,” said EU finance chief Pierre Moscovici in the news release. The euro inched higher after the report was released, buying $1.1608 compared with an intraday low of $1.1586 and $1.1596 late Wednesday in New York.

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Kevin Spacey’s scenes in the upcoming film “All the Money in the World” will be cut out, and Christopher Plummer will take over his role in reshot scenes, Deadline reported late Wednesday. The unprecedented move comes after a mounting number of sexual misconduct allegations against Spacey, dating back decades. Last week, Spacey was fired from the Netflix Inc. series “House of Cards,” which will produce a final season without him. “All the Money in the World,” from Sony Corp.’s Sony Pictures, stars Mark Wahlberg and Michelle Williams and is directed by Ridley Scott, and has generated awards buzz. It is scheduled to open Dec. 22, and Deadline reported that is still the target date. Spacey reportedly spent eight to 10 days shooting his scenes, and reshoots with Plummer are expected to start immediately. Plummer will take over Spacey’s role as J. Paul Getty, the billionaire oil tycoon who refused to pay ransom after his grandson was kidnapped in 1973. Another film starring Spacey, “Gore,” a biopic on novelist Gore Vidal that just wrapped production, has been canceled by Netflix.

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Shares of Hologic Inc. fell 6% late Wednesday after the maker of medical devices reported better-than-expected fiscal 2017 fourth-quarter adjusted earnings and sales but called for lower sales for fiscal 2018. Hologic said it earned $83 million, or 29 cents a share, in the quarter, compared with $92 million, or 33 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 50 cents a share, compared with 52 cents a share a year ago. Revenue rose to $803 million, compared with $727 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 49 cents a share on sales of $793 million. The company said it expects revenue between $3.20 billion to $3.28 billion in fiscal 2018, and adjusted per-share earnings between $2.10 and $2.15 for the year. The analysts surveyed by FactSet expect revenue around $3.30 billion for the year, and adjusted EPS of $2.15.

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Shares of ANGI Homeservices Inc. fell in Wednesday’s extended session after the home services website’s quarterly results missed Wall Street’s expectations by a large margin. This is the company’s first financial report following the merger of HomeAdvisor and Angie’s List on Sept. 29. ANGI said it swung to a third-quarter loss of $71.8 million, or 17 cents a share, from a profit of $5.1 million, or a penny a share, a year earlier. On an adjusted basis, it would have lost 2 cents a share. Revenue grew 36% to $181.7 million. Analysts surveyed by FactSet had forecast a profit of 16 cents a share on revenue of $201 million. ANGI shares slumped 3.8% after hours.

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Overstock.com Inc. shares jumped more than 12% late Wednesday after the retailer reported a narrower-than-expected quarterly loss and Chief Executive Patrick M. Byrne said the company continues to explore a “brick-and-click model,” which could include partnering with another company. Overstock.com said it lost $786,000, or 3 cents a share, in the third quarter, compared with a loss of $3.1 million, or 12 cents a share, a year ago. Revenue fell to $424 million, compared with $441.6 million a year ago. Analysts polled by FactSet had expected a loss of 9 cents a share on sales of $453 million. “I have indicated for about 18 months (and loud-and-clear in the last earnings call) that I hear the Gods of Economics whispering that the best model is a brick-and-click model,” Byrne said in a letter to investors. Such “hybridization” could take several forms, including “a strategic partnership formed with the right large partner,” he said.

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Roku Inc. shares shot up 22% in the extended session Wednesday after beating revenue and earnings expectations. Roku shares climbed 22% to $23 after hours. The company reported third-quarter net losses of $46.2 million, or $8.79 a share, compared with losses of $12.7 million or $2.66 a share, in the year-ago period. In the third quarter, $37.7 million of the $46.2 million net loss was related to an increase in the company’s preferred stock warrant liability. Adjusted losses were 10 cents a share. Revenue rose to $124.8 million from $89 million in the year-ago period. Analysts surveyed by FactSet had estimated an adjusted loss of 28 cents a share on revenue of $110.5 million. For the fourth quarter, analysts model a loss of 13 cents a share on revenue of $177.1 million. Executives offered fourth-quarter guidance of net losses of between $8 million and $14 million, on sales of between $175 million to $190 million. Roku stock has dropped 19% in the last month, with the S&P 500 index rising 1.6%. The company went public in September and priced its initial public offering at $14.

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Repealing the Affordable Care Act’s individual health-insurance mandate would leave 4 million more people uninsured in 2019, the Congressional Budget Office said Wednesday. It would also cut deficits by about $338 billion over a decade, versus the $416 billion found by an earlier estimate. In 2027, 13 million more people would be uninsured, the CBO says.

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