Category: Stock Market News

Valeant Pharmaceuticals International Inc. shares surged 12.1% in premarket trade Tuesday after the company reported a third-quarter revenue beat and lowered its 2017 revenue outlook. Earnings for the latest quarter rose to $1.30 million, or $3.69 per share, from $1.22 million, after a loss of $3.49 per share in the year-earlier period. A Valeant spokesperson said in an email that the company doesn’t report adjusted EPS but instructed MarketWatch to calculate one based on shares outstanding. The FactSet earnings-per-share consensus was 89 cents. Revenue declined to $2.22 billion after $2.48 billion, compared with the FactSet consensus of $2.16 billion. Valeant also lowered its 2017 revenue outlook, and now expects revenue of $8.65 billion to $8.80 billion, down from $8.70 to $8.90 billion. Valeant shares have dropped 21.7% over the last three months, compared with a 4.4% rise in the S&P 500 .

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Lyft Inc. Chief Operating Officer Rex Tibbens is stepping down, according to a report late Monday. Axios said Tibbens plans to leave the company by year’s end. Tibbens joined the ride-sharing company in 2015 and previously worked at Amazon.com Inc. and Dell Inc. “In the new year, he’ll spend time advising companies, reacquainting himself with his family, and figuring out what’s next,” Lyft said in an email to employees that Axios acquired. Lyft did not say who will replace Tibbens. The position will be crucial if the rival to Uber Technologies Inc. is to go public next year, as some analysts have suggested. Last month, Lyft raised another $1 billion in funding, at a valuation of $11 billion.

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Hollywood mogul Harvey Weinstein hired private security companies to gather information on women accusing him of sexual misconduct and journalists investigating their reports, according to a new report published Monday by The New Yorker. Those companies reportedly included Kroll, a global corporate intelligence firm, and Black Cube, a business intelligence company made up largely of former Israeli intelligence officers. Citing multiple documents and sources, The New Yorker said Weinstein hired the firms to send agents using false identities to get close to people, such as actress Rose McGowan, to find out what damaging information they had. Through those investigations, Weinstein was able to keep tabs on who might speak out against him, the report said, and allegedly made efforts to pressure them into silence. According to one contract cited in the report, one investigation was explicitly undertaken to suppress the allegations that eventually emerged last month in The New Yorker and the New York Times that resulted in Weinstein’s downfall. Weinstein’s spokesperson called the report “fiction.”

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Salesforce Inc. said late Monday it expects 20% revenue growth in fiscal 2019 as the cloud-software company launched its Dreamforce convention in San Francisco. The company forecast fiscal 2019 revenue of $12.45 billion to $12.5 billion, compared with its expected fiscal 2018 revenue of $10.4 billion. Analysts surveyed by FactSet expect revenue of $12.46 billion in fiscal 2019 and $10.39 billion in fiscal 2018, which ends in January. Earlier in the day, Salesforce announced a cloud partnership with Alphabet Inc.’s Google. Shares of Salesforce rose 2.6% to $105.08 after hours.

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Shares of Manitowoc Co. rose nearly 5% late Monday after the crane manufacturer reported a surprise third-quarter profit thanks to a pickup in demand in the U.S. energy and commercial construction markets. Manitowoc said it earned $9.6 million, or 7 cents a share, versus a loss of $141 million, or $1.02 a share, in the year-ago period. Net sales rose to $399.4 million, from $349.8 million a year ago, thanks mostly to increased demand in the U.S., offset by lower demand in the Asia-Pacific market, Manitowoc said. Analysts polled by FactSet had expected a loss of 4 cents a share on sales of $385 million. Shares ended the regular session up 1.2%.

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Cybersecurity giant Symantec Corp. has acquired SurfEasy Inc., the company said Monday. SurfEasy makes virtual private networks, which can offer users privacy and increase security when using the web, especially when connected via public Wi-Fi networks. SurfEasy will join Symanetc’s consumer safety unit, which helps people protect their personal information, privacy and identity, the company said. Symantec stock was flat after hours at $28.90. The company did not say how much it paid for SurfEasy. Symantec stock is up 21% this year, with the S&P 500 index rising 15.6%.

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McKesson Corp. said late Monday it has agreed to buy RxCrossroads from CVS Health Corp. for $735 million. The deal will be funded by cash on hand, and it is expected to close in the fourth quarter, McKesson said in a statement. Following the close, RxCrossroads will become part of the company’s Specialty Health business. McKesson expects the transaction to add about 20 cents to adjusted per-share earnings by the third year after the deal is completed. Shares of McKesson were flat in late trading after ending the regular trading session down 1.7%.

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Skyworks Solutions Inc. stock dipped in late trading Monday despite beating earnings expectations in wrapping up its fiscal year. Skyworks reported fourth-quarter net income of $281.3 million, or $1.51 a share, on sales of $984.6 million, up from $835.4 million a year ago. After adjustments for stock-based compensation and other effects, the company reported earnings of $1.82 a share, up from $1.47 a share in the same period last year. On average, analysts expected Skyworks to report adjusted earnings of $1.75 a share on sales of $980.2 million. The company’s guidance for the first quarter of the 2018 fiscal year was in line with analysts’ expectations, calling for adjusted earnings of $1.91 a share on sales of $1.05 billion. Shares fell more than 3.5% in late trading, moving close to $112 after closing with a 2.8% gain at $116.33, in an earnings season that has beenoccasionally brutal to chip makers who don’t post big earnings beats. Skyworks stock had gained 55.8% this year through Monday’s close, while the S&P 500 index had gained 15.6%.

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Shares of Etsy Inc. rallied in Monday’s extended session after the craft-oriented e-commerce company swung to a quarterly profit. Etsy reported third-quarter earnings of $25.8 million, or 21 cents a share, versus a loss of $2.4 million, or 2 cents a share, a year earlier. Revenue grew 21.5% to $106.4 million while gross merchandise sales increased 13.2% to $766.4 million. Analysts surveyed by FactSet had projected earnings of 7 cents a share on revenue of $105 million. The company reiterated its 2017 revenue outlook of 18% to 20% growth from the previous year. Etsy shares gained 2% after hours.

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Shares of Avis Budget Group Inc. fell 9% late Monday after the car rental company posted adjusted third-quarter earnings above expectations but tweaked lower its 2017 sales forecast. Avis said it earned $245 million, or $2.91 a share, in the quarter, compared with $209 million in the year-ago period. Adjusted for one-time items, Avis earned $260 million, or $3.10 a share, compared with $227 million, or $2.47 a share, a year ago. Revenue rose to $2.75 billion, compared with $2.66 billion a year ago, thanks to a 5% increase in rental days on the back of “strong” summer demand, with time and mileage revenue per day increasing in North America but lower for Avis’s international segment, the company said in a statement. Analysts polled by FactSet had expected adjusted third-quarter earnings of $3.04 a share on sales of $2.77 billion. Avis tweaked its forecast for 2017 revenue to a range of $8.80 billion to $8.90 billion. In August, the company guided for sales in the range of $8.80 billion to $8.95 billion. Per-unit fleet costs rose 5% to $326 million in the quarter. Shares ended the regular session up 1.1%.

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