Category: Stock Market News

Shares of Tesla Inc. fell 2.4% in early trading Wednesday, their worst performance in six sessions, as the Silicon Valley car maker geared up to report third-quarter results after the bell. Analysts polled by FactSet expect Tesla to report a loss of $2.31 a share on sales of $2.95 billion. Tesla has scheduled a call with analysts at 2:30 p.m. Pacific to go over the results and Wall Street will be parsing out any comments about Model 3 production ramp and demand for the mass-market sedan as well as demand for Tesla’s luxury vehicles. MarketWatch will be live-blogging the conference call.

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Groupon Inc. shares jumped 3% in Wednesday trading after the company reported third-quarter earnings that were above estimates. Net income totaled $59.0 million, or breakeven on a per share basis, compared with a loss of $38.0 million, or 7 cents per share, for the same period last year. Adjusted EPS was 1 cent, ahead of the breakeven FactSet consensus. Revenue totaled $634.5 million, down from $686.6 million last year and below the $643.0 million FactSet estimate. The company said its focus is to “maximize gross profit, which may come at the expense of revenue” with a shift to the “more differentiated” Local category and away from the Goods category. North American revenue fell 14% in the third-quarter, driven by a 30% decline in the Goods category. Groupon shares are up nearly 48% for the year so far while the S&P 500 index is up 15.5% for the period.

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U.S. stocks opened higher on Wednesday, with major indexes pushing into record territory on the back of strong corporate results. The Dow Jones Industrial Average rose 100 points, or 0.4%, to 23,480. The S&P 500 was up 8.5 points to 2,584, a rise of 0.3%. The Nasdaq Composite Index was up 32 points, or 0.5%, to 6,759. Both the S&P and the Nasdaq hit intraday records in early trading. Among the market’s biggest movers, U.S. Steel Corp. gained 11% a day after it reported results that came in above analyst forecasts. Allergan Plc. fell 1.9% despite results that also came in ahead of expectations. Markets have been buoyed by a rebound in private-sector employment last month as employers added 235,000 jobs. An upbeat set of manufacturing data from China, as well as a rally in oil prices, which continued to push above a two-year high supported global equity markets.

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Shares of Ford Motor Co. rallied 1.2% in premarket trade Wednesday, after the automaker reported October U.S. sales that rose 6.2%. The company said truck sales rose 11.4%, while SUV sales increased 5.3% and car sales fell 2.4%. Within Ford-branded trucks, F-Series sales jumped 15.9% while E-Series sales fell 7.1%. In Ford SUVs, Explorer sales rose 5.0%, Escape sales declined 1.9% and Expedition sales fell 46.7%. In Ford cars, Focus sales rose 7.8% while Fusion sales dropped 6.2%. Lincoln brand vehicle sales declined 1.8% during the month. Ford’s stock has rallied 12.1% over the past three months through Tuesday, while rival General Motors Co. shares have run up 23.7% and the S&P 500 has gained 4.0%.

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Shares of Sturm Ruger & Co. tumbled 7.7% in premarket trade Wednesday, putting them on track to suffer a fifth-straight loss, after the gun maker reported disappointing third-quarter results. The company reported late Tuesday earnings and revenue that missed expectations for a second-straight quarter. A fifth-straight decline for the stock would be the longest such streak since the six-session losing streak ending July 27, 2017. The company’s results weighed on the shares of Smith & Wesson parent American Outdoor Brands Corp. , which shed 2.3% ahead of the open. Shares of gun makers have fallen since President Trump has been elected, as fears of tighter regulations have faded. From Nov. 8, 2016 through Tuesday, Sturm Ruger’s stock had tumbled 23%, American Outdoor shares had plunged 50% and Vista Outdoor Inc. shares had plummeted 46%, while the S&P 500 had rallied 20%.

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Under Armour Inc. was downgraded to hold from buy at SunTrust Robinson Humphrey on concerns about the challenges the company faces in the domestic wholesale channel. Its price target was cut to $14 from $25. Under Armour shares are down 1.2% in Wednesday premarket trading. Analysts led by Pamela Quintiliano think the company’s shares are “range-bound” in the near-term as it manages industry hurdles like a slowdown in the athletic category and internal issues like excess inventory and a company-wide restructuring. “We think the changes Under Armour is making leaves them well positioned to excel in the long-term though we see a turn several quarters out, at least,” the note said. High inventory levels create “a layer of markdown risk,” and the company’s deep wholesale exposure mean the brand “is not necessarily in control of its destiny,” according to SunTrust. Under Armour shares closed down 23.7% in Tuesday trading after a disappointing results, and are down 59% for the last year. The S&P 500 index is up 22% for the past 12 months.

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The New York Times Co. on Wednesday reported net income of $32.3 million, or 20 cents per share for the third quarter, compared with income of $406,000, or break even in the same quarter a year ago. Adjusted earnings per share were 13 cents, above FactSet’s consensus of 8 cents. Total revenue for the quarter was $385.6 million, up from $363.5 million a year ago, but below FactSet’s revenue consensus of $390.0 million. The New York Times said overall subscription revenue for the quarter increased nearly 14% year over year, while advertising revenue dropped 9%. The news organization’s digital properties were the main driver for the increase in subscription revenues. While print advertising revenue declined more than 20%, digital advertising revenue increased 11% and accounted for more than 43% of the total advertising revenue. Shares of the New York Times Co. are up nearly 44% in the year to date, while the S&P 500 index is up 15% and the Dow Jones Industrial Average is up more than 18%.

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Shares of General Electric Co. fell 0.7% in premarket trade Wednesday, putting them in danger of an eighth straight loss, after J.P. Morgan cut its price target to suggest a further 16% selloff. An eight-session losing streak would be the longest since the eight-day stretch ending July 29, 2016. The industrial conglomerate’s stock, on track to open at a 5-year low, has tumbled 15.4% over the past seven sessions, in the wake of third-quarter results. J.P. Morgan analyst C. Stephen Tusa cut his price target to $17, which is 16% below Tuesday’s closing price, from $19, to make him the most bearish of the 20 analysts surveyed by FactSet. He reiterated his underweight rating, which he’s had on GE since May 2016. His lower price target reflects cuts to earnings estimates, on the back of lower profits assumptions from GE’s power business given a lower revenue and margin outlook and accounting-change headwinds. The stock had plunged 36% year to date through Tuesday, while the Dow Jones Industrial Average had rallied 18%.

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DSW Inc. was downgraded to neutral from outperform at Wedbush on concerns that warm weather could thwart boot sales. Its price target was lowered to $20 from $23. Wedbush analysts led by Christopher Svezia note the unseasonably warm weather in many metro areas where DSW operates. “We felt a good start to the season in October would set-up a chase environment and lead to upside in comp and margins,” the Wednesday note said. “Given the slower start from uncooperative weather, it caps some of the upside that we hoped would have developed during the second half.” DSW shares are down 2.1% in Wednesday premarket trading, and down 15.5% for the year so far. The S&P 500 index is up 15% for 2017 to date.

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Pitney Bowes Inc. shares surged 7.4% in premarket trade Wednesday before reversing course to trade down 11%, after the technology company that’s best known for its postage meters and mailing equipment said it has started a review of its strategic alternatives. The company said it has hired Lazard as a financial adviser and Cravath, Swaine and Moore LLp as a legal adviser to help with the process. It made the announcement as it reported third-quarter earnings, with net income of $57.4 million, or 31 cents a share, down from $65.5 million, or 35 cents a share, in the year-earlier period. Adjusted per-share earnings came to 33 cents, below the FactSet consensus of 42 cents. Revenue came to $842.8 million, up from $839.0 million, ahead of the FactSet consensus of $832 million. “Our third-quarter revenue performance was largely in-line with our expectations; however our bottom line results fell short as we continued to realign our businesses to higher growth areas and invest in new business opportunities, products and solutions,” Chief Executive Marc Lautenbach said in a statement. The company lowered its guidance for full-year EPS to a range of $1.38 to $1.46 from a prior $1.70 to $1.78. Shares are down about 10% in 2017 through Tuesday, while the S&P 500 has gained 15%.

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