Category: Stock Market News

Argentine cement and concrete manufacturer Loma Negra Compania Industrial Argentina SA priced its initial public offering at $19 a share, the top end of its price range. The company is the second Argentine IPO to price this year and the fifth since 2001. The company sold 50.2 million American Depositary Shares to raise $954 million. Shares will start trading later Wednesday on the New York Stock Exchange under the ticker symbol “LOMA.” Separately, Altair Engineering Inc. , a product design and development, engineering software and cloud computing software company, priced its IPO at $13, the top end of its price range. The company sold 12 million shares to raise $156 million. The Troy, Mich.-based company’s stock will start trading on the Nasdaq later Wednesday under the ticker symbol “ALTR.”

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SodaStream International Ltd. shares rose 4.4% in Wednesday premarket trading after the company reported third-quarter earnings that beat expectations and raised its full-year outlook. Net income for the quarter reached a record according to SodaStream, totaling $19.8 million, or 87 cents per share, up from $14.9 million, or 69 cents per share, for the same period last year. The FactSet consensus is 76 cents per share. Revenue totaled $139.8 million, up from $124.2 million, and ahead of the $135.0 million. SodaStream now expects 2017 revenue of $536.0 million, compared with previous guidance of $523.0 million, and EPS of $2.90, up from $2.70. The FactSet consensus is for sales of $525.1 million and EPS of $2.75. SodaStream shares are up 149.7% for the past year, outpacing the S&P 500 index , which is up 22% for the period.

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Allergan PLC shares rose 4.4% premarket Wednesday after the company reported a third-quarter profit beat and tweaked its 2017 earnings guidance. The company reported a loss of $4.02 billion, or a loss of $12.05 per share, after a loss of $266.4 million, or a loss of $1.15 per share in the year-earlier period. Adjusted earnings-per-share were $4.15, above the FactSet consensus of $4.04. Revenue rose to $4.034 billion from $3.622 billion, compared with the FactSet consensus of $4.037 billion. The company’s central nervous system revenue came to $355.2 million, compared with the FactSet consensus of $355.4 million; gastrointestinal revenue came to $443.5 million, compared with the FactSet consensus of $439.4 million; women’s health revenue came to $265.7 million, above the FactSet consensus of $258.4 million, and diversified brands revenue came to $318.7 million, below the $343.9 million FactSet consensus. Allergan lowered its 2017 EPS guidance to a loss of $20.05 to $20.35 from previous guidance of a loss of $10.80 to $11.20 and raised the lower end of its 2017 adjusted EPS guidance to $16.15 to $16.45 from previous guidance of $16.05 to $16.45. The company narrowed its 2017 revenue guidance to $15.88 million to $16.03 million from previous guidance of $15.85 million to $16.05 million. Allergan also said it plans to appeal a patent court loss on its key dry eye medication Restasis. “If a generic product enters the market, Allergan is ready to mitigate that impact by growing our base business, reducing costs and deploying our balance sheet,” the company said. Allergan shares have dropped 29.7% over the last three months, compared with a 4% rise in the S&P 500 .

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Molson Coors Brewing Co. on Wednesday reported net income of $280.2 million for the third quarter, or $1.29 earnings per share, compared with pro forma net income of $318.9 million, or $1.47 per share during the same quarter a year ago. Adjusted earnings per share were $1.34, even with FactSet’s consensus for $1.34 earnings per share. Revenue for the quarter was $2.88 billion, down from pro forma revenue of $2.94 billion a year ago, and below FactSet’s $2.97 billion revenue consensus. Shares of Molson Coors were inactive in premarket trade. “Despite challenging market conditions in North America, we remain on track to deliver our 2017 business and financial plans and exceed our original cost savings targets and cash flow goals,” said Molson Coors Chief Executive Mark Hunter in a statement. He also said, that a year since the close of the company’s acquisition of MillerCoors, Molson Coors is focusing on building up it’s international business. International sales increased nearly 97% year over year to $65.7 million, while sales in the U.S. declined close to 6% to $1.89 billion. Shares of Molson Coors have declined almost 17% in the year to date. By comparison, the S&P 500 index is up 15% and the Dow Jones Industrial Average is up more than 18%.

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Pitney Bowes Inc. shares surged 7.4% in premarket trade Wednesday, 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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Uber Technologies Inc. confirmed Tuesday night that New York terror suspect Sayfullo Saipov was one of its drivers, and had passed a background check, CBS News reported. CBS said Saipov, an immigrant from Uzbekistan, was also a truck driver with addresses in New Jersey and Florida with no criminal background, and only four traffic tickets on his record. “We are horrified by the senseless act of violence,” Uber said in a statement late Tuesday. “Our hearts are with the victims and their families. We have reached out to law enforcement to provide full assistance.” Uber banned Saipov from the app sometime after the incident Tuesday afternoon, when Saipov allegedly mowed down pedestrians and cyclists, killing at least eight people in lower Manhattan.

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A wild World Series will end in appropriate fashion — with a dramatic and deciding Game 7 on Wednesday. The Los Angeles Dodgers kept their championship hopes alive Tuesday night with a 3-1 home victory over the Houston Astros in Game 6. In a series that’s been notable for dramatic home runs and multiple lead changes, Tuesday’s game was a throwback, relying more on pitching and timely hitting. The Dodgers took the lead in the sixth inning on a sacrifice fly by Corey Seager off Astros ace Justin Verlander, and Joc Pederson hit a solo home run in the seventh to add insurance. Wednesday’s Game 7 will start at 8:20 p.m. Eastern. It will be the third time in the past four years that the World Series has gone seven games. The San Francisco Giants won Game 7 over the Kansas City Royals in 2014, and the Chicago Cubs beat the Cleveland Indians in Game 7 last year.

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Cisco Systems Inc. is seeking to sell a big part of its business related to pay-TV providers, the NDS Group unit that Cisco purchased for $5 billion just five years ago, according to a Tuesday afternoon report. Bloomberg News reported that Cisco is soliciting offers for the business unit, but did not quote a projected price tag nor any prospective buyers. NDS is part of Cisco’s service-provider video segment, which has experienced declining revenue in each of the last three full years and has already sold the Scientific-American set-top box business for much less than Cisco paid. Cisco shares gained 0.2% in late trading Tuesday after closing with a 0.3% gain at $34.15.

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U.S. Steel Corp. shares rallied in the extended session Tuesday after the steelmaker’s quarterly results and outlook topped Wall Street estimates. U.S. Steel shares surged 9% to $27.50 after hours. The company reported third-quarter net income of $147 million, or 83 cents a share, compared with $51 million, or 32 cents a share, in the year-ago period. Adjusted earnings were 92 cents a share. Revenue rose to $3.25 billion from $2.67 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 70 cents a share on revenue of $3.07 billion. For the year, U.S. Steel estimates adjusted earnings of $1.70 a share. Analysts expect earnings of $1.63 a share.

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Check Point Software Technologies Ltd. shares fell in the extended session Tuesday after the security software company forecast revenue below Wall Street expectations following in-line earnings. Check Point shares fell 7.2% to $109.19 after hours. In a conference call, Check Point forecast adjusted earnings of $1.45 to $1.55 a share on revenue of $485 million to $525 million for the fourth quarter because of restructuring in the company’s U.S. sales force. Analysts surveyed by FactSet had forecast earnings of $1.48 a share on revenue of $529.2 million. The company reported third-quarter net income of $192.7 million, or $1.16 a share, compared with $169.7 million, or $1 a share, in the year-ago period. Adjusted earnings were $1.30 a share. Revenue rose to $454.6 million from $427.6 million in the year-ago period. Analysts had estimated $1.30 a share on revenue of $455 million.

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