Category: Stock Market News

Shares of Mastercard Inc. rose more than 2% in premarket trade on Tuesday after the credit and debit card company reported earnings for the third quarter that were above Wall Street expectations. Mastercard reported net income of $1.4 billion, or $1.34 per share, up from $1.2 billion, or $1.08 per share during the same period a year ago. FactSet’s earnings consensus was for $1.23 per share. Revenue was $3.4 billion, compared with $2.9 billion a year ago, and above the FactSet consensus of $3.3 billion. Mastercard said that as of Sept. 30, its customers had issued 2.4 billion Mastercard and Maestro-branded cards. The company also bought back about 6.4 million shares for $838 million during the quarter. Shares of Mastercard have gained more than 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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Kellogg Co. shares rose 4.5% in Tuesday premarket trading after the food company reported third-quarter earnings and revenue that beat estimates. Net income totaled $297.0 million, or 85 cents per share, up from $292.0 million, or 82 cents per share, for the same period last year. Adjusted EPS was $1.05, ahead of the 94-cents FactSet consensus. Revenue was $3.27 billion, up from $3.25 billion last year and ahead of the $3.21 billion FactSet consensus. Kellogg reiterated its full-year 2017 earnings guidance, however guidance is given on a currency-neutral basis. Kellogg shares are down 21.6% for the past year while the S&P 500 index is up 21% for the period.

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Denny’s Corp. said Tuesday its board has approved an additional $200 million authorization to its share buyback program. The franchisor and fast-food restaurant operator made the announcement as it agreed a new five-year $400 million revolving credit facility, which replaces a $325 million revolving line of credit. Shares were not yet active premarket, but have edged up 0.1% in 2017, while the S&P 500 has gained 15%.

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Shares of Archer Daniels Midland Co. were lower in pre-market trading on Tuesday after the company missed expectations. Archer Daniels reported net earnings of $192 million, or 34 cents per share, down from $341 million, and 58 cents, in the year-ago period. Adjusted EPS was 45 cents, missing the FactSet consensus of 55 cents. Revenue for the quarter came to $14.83 billion, down from $15.83 billion, and below the consensus estimate of $16.04 billion among FactSet analysts. Oilseeds processing revenue came to $5.75 billion, down from $5.78 billion, but beating FactSet’s consensus estimate of $6.19 billion. Third-quarter results “were below our expectations,” CEO Juan Luciano said. The company is transitioning to “lower capital spending and increasing benefits from these investments,” he added. Shares are 6.2% lower for the year to date, while the S&P 500 [s:spx] is up 14.9% for the same period.

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Shopify Inc. shares rose 2.1% in Tuesday premarket trading after the company reported earnings that beat expectations. Shopify is a cloud-based multi-channnel commerce platform for small- and medium-sized businesses. The company reported a net loss of $6.8 million, or 9 cents per share, compared with a loss of $9.7 million, or 11 cents per share, for the same period last year. Adjusted EPS was 5 cents, ahead of the FactSet consensus for a 2-cents loss. Revenue was $171.5 million, up from $99.6 million and ahead of the $166.0 million. Shopify has announced a second office in Waterloo, Ontario Canada, and plans to hire 300-to-500 people over the next two-to-three years. Shopify expects fourth-quarter revenue in the range of $206.0 million to $208 million, and full-year revenue in the range of $656 million to $658 million. The FactSet consensus is for fourth-quarter sales of $204.3 million and full-year revenue of $650.4 million. Shopify shares are up 163.8% for the past year while the S&P 500 index is up 21% for the period.

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Aetna Inc. shares surged 1.3% premarket on Tuesday after the company reported a third-quarter profit beat and raised its 2017 earnings guidance. Earnings for the latest quarter rose to $838 million, or $2.52 per share, from $604 million, or $1.70 per share in the year-earlier period. Adjusted earnings-per-share were $2.45, compared with the FactSet consensus of $2.08. Revenue declined to $14.99 billion from $15.78 billion, compared with the FactSet consensus of $15.11 billion. The latest results include lower transaction and integration-related costs in 2017 than the prior year, strong performance in Aetna’s health care segment and the negative effect of lower premiums in the health care segment, including lower membership in the company’s Affordable Care Act products and the temporary suspension of the 2017 health insurer fee. Aetna also increased its 2017 earnings guidance. It now expects 2017 EPS of about $5.95, up from previous guidance of $5.46 to $5.56, and 2017 adjusted EPS of about $9.75, up from previous guidance of $9.45 to $9.55. Aetna shares have risen 11% over the last three months, compared with a 4% rise in the S&P 500 .

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Under Armour Inc. shares sank 14.2% in Tuesday premarket trading after it reported third-quarter revenue that missed expectations and issued a profit warning, due to a decline in North America demand. Net income totaled $54.2 million, or 12 cents per share, down from $128.2 million, or 29 cents per share, for the same period last year. Adjusted EPS was 22 cents, ahead of the 19-cents FactSet consensus. Revenue totaled $1.41 billion, down from $1.47 billion last year and below the $1.49 billion FactSet consensus. Under Armour’s North American revenue was down 12% in the quarter, while apparel revenue was down 8%. The company now expects revenue up at a low-single-digit percentage rate, and gross margins are expected to be down about 220 basis points, year-over-year. Adjusted EPS is expected to be 18 cents to 20 cents. The FactSet consensus is 37 cents. Under Armour shares are down 47.2% for the past year while the S&P 500 index is up 21% for the period.

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Hormel Foods Corp. said on Tuesday that it’s entered a definitive agreement to buy Columbus Manufacturing Inc. in a deal valued $850 million. The deal will increase Hormel’s position in the premium, authentic deli meat business the company said. Columbus Manufacturing is a Chicago-based premium deli meat company with annual sales of about $300 million, and is expected to grow at a rate of more than 5% a year. Hormel said in a news release that it expects the acquisition to be modestly accretive to per-share earnings in fiscal 2018, and full-year accretion in 2019 is expected to by between 6 cents to 8 cents per share. “This acquisition significantly enhances our scale in the deli by broadening our portfolio of products, customers and consumers,” said Hormel Chief Executive Officer Jim Snee in a statement. “Columbus is capitalizing on one of the fastest-growing areas in the retail grocery store with premium, authentic products that are on-trend with today’s consumers who are looking for unique experiences, flavors and products.” Hormel Foods said it will provide further commentary on the deal during a conference call at 9 a.m. Eastern. Shares of Hormel were inactive in premarket trade, but are down more than 13% 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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Sanmina Corp. shares declined in the extended session Monday after the electronics manufacturing services provider’s quarterly results and earnings outlook fell short of Wall Street estimates. Sanmina shares fell 7% to $36.10 after hours. The company reported fiscal fourth-quarter net income of $25.8 million, or 33 cents a share, compared with $100.8 million, or $1.30 a share, in the year-ago period. Adjusted earnings were 64 cents a share. Revenue rose to $1.76 billion from $1.67 billion in the year-ago period. Analysts surveyed by FactSet had estimated 76 cents a share on revenue of $1.75 billion. For the fiscal first quarter, Sanmina estimates earnings of 68 cents to 72 cents a share on revenue of $1.75 billion to $1.8 billion. Analysts had forecast earnings of 78 cents a share on revenue of $1.76 billion.

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Shares of Rent-A-Center Inc. reversed course late Monday to rise 3.3% after the company said its board of directors was exploring “strategic and financial alternatives” to turn the company around, with J. P. Morgan investment bankers serving as financial advisers. The company has suspended its dividend until the process is concluded, it said. In a separate statement, Rent-A-Center said it lost an adjusted $8 million, or 15 cents a share, versus earnings of $5.9 million, or 11 cents a share, in the year-ago period. Revenue fell to $644 million in the quarter, compared with $694 million a year ago. Analysts polled by FactSet had expected the Plano, Texas, company to report an adjusted loss of 3 cents a share on sales of $649 million. The stock ended the regular trading day up 5.8%.

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