Category: Stock Market News

CSX Corp. shares added to losses after hours Wednesday as the railroad operator said it was postponing its investor conference following the appointment of a new chief operating officer. CSX shares fell 3.6% to $51 after hours, following a 2.6% decline to close at $52.92 during the regular session. CSX also announced after the bell it was buying back $1.5 billion in its shares. The company investor conference, which had been scheduled for Oct. 30, will be moved to “a later date,” the company said in a statement. Earlier Wednesday, CSX named James Foote as COO to succeed Cindy Sanborn, who plans to retire on Nov. 15.

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Universal Health Services Inc. shares fell in the extended session Wednesday after the hospital and health care facility operator reported quarterly results that missed Wall Street estimates and cut its outlook for the year. Universal Health shares fell 4.7% to $105.50 after hours. The company reported third-quarter net income of $141.2 million, or $1.47 a share, compared with $151.7 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $1.49 a share. Revenue rose to $2.78 billion from $2.61 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $1.67 a share on revenue of $2.83 billion. For the year, Universal Health reduced estimated earnings to a range of $7.25 to $7.50 a share from a range of $7.50 to $8 a share. Analysts had expected earnings of $7.66 a share.

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Varian Medical Systems Inc. shares dropped more than 6% in after-hours trading Wednesday following an earnings report that showed disappointing profit. The medical-device company reported fourth-quarter net income of $82.7 million, or 89 cents a share, on sales of $739 million, down from $747.2 million a year ago. After adjustments for restructuring and other effects, the company claimed earnings of $1.09 a share, up from $1.03 a share last year. Analysts on average had expected adjusted earnings of $1.19 a share on revenue of $741.7 million, according to FactSet, and Varian had guided for earnings of $1.15 to $1.23 a share. The company’s outlook for its new fiscal year was also lower than expectations, as Varian said full-year adjusted earnings will be $4.20 to $4.32 a share on revenue of $2.72 billion to $2.78 billion. Analysts on average were forecasting adjusted earnings of $4.47 a share on sales of $2.8 billion. Varian shares fell lower than $101 in late trading after closing at $107.90.

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Universal Health Services Inc. shares fell in the extended session Wednesday after the hospital and health care facility operator reported quarterly results that missed Wall Street estimates and cut its outlook for the year. Universal Health shares fell 4.7% to $105.50 after hours. The company reported third-quarter net income of $141.2 million, or $1.47 a share, compared with $151.7 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $1.49 a share. Revenue rose to $2.78 billion from $2.61 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $1.67 a share on revenue of $2.83 billion. For the year, Universal Health reduced estimated earnings to a range of $7.25 to $7.50 a share from a range of $7.50 to $8 a share. Analysts had expected earnings of $7.66 a share.

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O’Reilly Automotive Inc. shares declined in the extended session after the auto-parts retailer’s earnings outlook fell below Wall Street estimates. O’Reilly shares fell 5.9% to $190.80 after hours. For the fourth quarter, the company estimated earnings of $2.65 to $2.75 a share, while analysts surveyed by FactSet expect earnings of $2.80 a share. The company reported third-quarter net income of $283.7 million, or $3.22 a share, compared with $278.5 million, or $2.90 a share, in the year-ago period. Revenue rose to $2.34 billion from $2.22 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $3.15 a share on revenue of $2.34 billion.

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Nutrisystem Inc. skidded in Wednesday’s extended session despite better-than-expected quarterly earnings and a new stock buyback plan. Nutrisystem reported its third-quarter earnings jumped to $15 million, or 49 cents a share, from $7.9 million, or 27 cents a share, a year earlier. Revenue rose 27% to $158.1 million. Analysts surveyed by FactSet had forecast earnings of 46 cents a share on revenue of $155 million. The company projected fourth-quarter revenue of $126 million to $131 million and earnings per share of 37 cents to 42 cents. Analysts are looking for revenue of $128 million and EPS of 39 cents in the current quarter. Nutrisystem also plans to buy back up to $50 million in shares once the existing program expires in November. Shares of the provider of weight management products tanked 12% after hours.

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Netgear Inc. shares fell in the extended session Wednesday after the company beat Wall Street earnings expectations. Netgear shares were down 2.4% to $46.70 after hours. The company reported third-quarter net income of $20.8 million, or 64 cents a share, compared with $25.9 million, or 62 cents a share, in the year-ago period. Adjusted earnings were 81 cents a share. Revenue rose to $355.5 million from $338.5 million in the year-ago period. Analysts surveyed by FactSet had estimated 68 cents a share on revenue of $349.4 million. For the fourth quarter, analysts model earnings of adjusted earnings of 81 cents a share on revenue of $387 million. Netgear stock has fallen 12% this year, with the S&P 500 index rising 14.8%.

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Shares of ServiceNow Inc. fell 9% late Wednesday after the Santa Clara, Calif., company narrowed its quarterly losses but called for adjusted subscription billings below expectations for the year. ServiceNow said it lost $24.2 million, or 14 cents a share, in the third quarter, compared with a loss of $36.3 million, or 22 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $69.3 million, or 38 cents a share, compared with $39.5 million, or 23 cents a share, a year ago. Revenue reached $498 million, compared with $357.7 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 32 cents a share on sales of $492 million. The company guided for subscription revenue around $1.73 billion, compared with expectations of $2.3 billion according to FactSet.

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Citrix Systems Inc. fell 5% in late trading Wednesday after the company reported earnings that missed expectations, but still increased its forecast for the full year. In a third-quarter report, the enterprise tech firm said it had net income of $127 million, or 82 cents a share, on revenue from continuing operations of $691 million, up from $669 million a year ago. After adjusting for stock-based compensation and other effects, the company claimed earnings of $1.22 a share, up from $1.06 a share last year. Analysts on average expected adjusted earnings of $1.60 a share on revenue of $773 million. Citrix increased its guidance for full-year profit despite the earnings miss, saying it expects to collect $4.79 to $4.81 a share for the year, after previously projecting a range of $4.60 to $4.65. Shares fell close to $78 in late trading after closing with a 0.9% loss at $82.43.

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Xilinx Inc. shares dropped in the extended session Wednesday after the chip maker’s earning topped Wall Street estimates but revenue fell short of the consensus view. Xilinx shares fell 5% to $67.21 after hours. The company reported fiscal second-quarter net income of $168 million, or 65 cents a share, compared with $164 million, or 61 cents a share, in the year-ago period. Revenue rose to $620 million from $579 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 63 cents a share on revenue of $621 million. For the fiscal third quarter, Xilinx estimates revenue of $615 million to $645 million. Analysts expect revenue of $626 million.

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