Category: Stock Market News

Boeing Co. reported Wednesday third-quarter net income that fell to $1.85 billion, or $3.06 a share, from $2.28 billion, or $3.60 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.72, above the FactSet consensus of $2.65. Revenue increased 2% to $24.31 billion from $23.90 billion, above the FactSet consensus of $23.99 billion, as better-than-expected defense, space and security and global services revenue offset a surprise decline in commercial airplanes sales. The company raised its guidance range of 2017 adjusted EPS to $9.90 to $10.10 from $9.80 to $10.00, and its cash flow guidance to about $12.50 billion from $12.25 billion, while maintaining its revenue outlook of $90.5 billion to $92.5 billion. The FactSet EPS consensus was $10.05 and the revenue consensus is $92.2 billion. The stock slumped 1.5% in premarket trade, after soaring 25% over the past three months through Tuesday. The Dow Jones Industrial Average has gained 8.5% over the past three months.

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Shares of Sirius XM Holdings Inc. were up nearly 3% in premarket trade after the internet radio company reported third-quarter earnings that were above Wall Street’s expectations. Net income for the quarter was $275.7 million, or 6 cents per share, up from $193.9 million, or 4 cents per share during the year-earlier period. FactSet’s consensus on earnings was for 4 cents per share. Revenue in the quarter was $1.38 billion, up from the $1.28 billion a year ago, and just above FactSet’s $1.37 billion consensus. Sirius said self-pay subscribers increased 311,000, but net subscriber additions were 119,000 due to the decline in paid promotional subscribers. The company increased guidance for the full year, and now expects revenue of $5.4 billion and self-pay subscriber additions of 1.4 million. Shares of Sirius have gained more than 28% in the year to date, while the S&P 500 index is up nearly 15% and the Dow Jones Industrial Average is up almost 19%.

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Hanesbrands Inc. was downgraded to market perform from outperform on concerns about risks from both long- and short-term headwinds. The price target was lowered to $23 from $27. Analysts led by Ike Boruchow say the company is exposed to the weaknesses in brick-and-mortar retail and despite weaker organic performance, margins remain at peak levels. Moreover, visibility on some areas of the business, like innerwear, is low. “[W]ith VFC Corp.’s call-out this week that they expect weaker performance out of their Jeanswear business (partially die to ongoing de-stocking with their largest partner, we feel it simply further clouds the holiday time period for Hanesbrands,” the note said. Hanesbrands shares are down 3.1% for the last year while the S&P 500 index is up nearly 20% for the the period.

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Walgreens Boots Alliance Inc. shares rose 3.3% in premarket trade Wednesday after the company reported fourth-quarter profit and revenue beats. Earnings for the latest quarter fell to $802 million, or 76 cents per share, from $1.03 billion, or 95 cents per share in the year-earlier period. Adjusted earnings-per-share were $1.31, above the FactSet consensus of $1.21. Revenue rose to $30.15 billion from $28.64 billion, above the FactSet consensus of $29.93 billion. The latest results include costs related to the company’s Rite Aid Corp. deal, largely merger termination fees, Walgreens said. Ownership of the Rite Aid stores is expected to transfer in phases, with a spring 2018 completion goal, Walgreens said. Integration of the stores and other assets is expected to be completed within the next three years at a cost of about $750 million, the company said, with an additional about $500 million spent on store conversions and related activities. Walgreens also expects to save $300 million in “annual synergies” through such things as procurement and cost savings within four years of the transaction closing. Walgreens has done well despite “ongoing prescription reimbursement pressure and competing in fast-changing retail environments,” Chief Executive Stefano Pessina said. The company expects 2018 adjusted EPS of $5.40 to $5.70, compared with the FactSet consensus of $5.40. Walgreens shares have plummeted 16% over the last three months, compared with a 3.7% rise in the S&P 500 .

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Shares of Dr. Pepper Snapple Group Inc. tumbled 3% pre-market on Wednesday as the company reported results that missed analyst forecasts. Dr. Pepper said it had third-quarter net income of $203 million, and per-share earnings of $1.11, versus $241 million and $3.09 in the year-ago period. Revenue was $1.74 billion, down from $1.68 billion a year ago. The FactSet consensus estimate was for $1.8 billion in revenue and EPS of $1.16. “We continue to make progress in the execution of our priority brand strategy,” CEO Larry Young said in a statement, but blamed “hurricanes and earthquakes in the U.S. and Mexico” for “significant” disruptions in sales during the quarter. The company said it now expects full-year EPS in the range of $4.50-4.57. The FactSet consensus was for $4.59. Shares of the company are down 1% for the year-to-date, while the Dow Jones Industrial Average is up 18.6%.

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Apple Inc. is buying New Zealand company PowerbyProxi for an undisclosed sum in an effort to step deeper into the wireless tech market, media reports said on Wednesday. The takeover was first reported by New Zealand news site Stuff, while Reuters said an Apple spokesperson also confirmed the deal. Dan Riccio, senior vice president of hardware engineering at the California company, told Stuff the team at PowerbyProxi will be “a great addition as Apple works to create a wireless future.” The company recently said it was including wireless charging in its new iPhone X and iPhone 8 smartphones. Apple shares were down 0.2% in premarket trade on Wednesday.

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Lumber Liquidators LL said late Tuesday that it reached an agreement with a group of plaintiffs to settle lawsuits associated with Chinese-made laminate flooring previously sold by Lumber Liquidators during Jan. 1, 2009 to May 31, 2015. Under the terms of the memorandum of understanding, Lumber Liquidators will pay $22 million in cash and provide $14 million in store credit to the plaintiffs. “The company’s execution of the MOU does not constitute an admission by the company of any fault or liability,” said Lumber Liquidator in a statement. The lumber retailer had come under fire after “60 Minutes” in 2015 reported that the company sold wood flooring containing dangerous levels of formaldehyde. Shares of Lumber Liquidator rose 2.6% after hours.

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Juniper Networks Inc. shares plunged in the extended session Tuesday after the company issued softer-than-expected fourth-quarter guidance and missed on earnings. Juniper shares fell 6.6% to $24.44 after hours. The company reported third-quarter net income of $174.4 million, or 46 cents a share, compared to $172.4 million, or 45 cents a share, in the year-ago period. Adjusted earnings were 55 cents a share. Revenue fell to $1.26 billion from $1.29 billion in the year-ago period. Analysts surveyed by FactSet had estimated an adjusted 56 cents a share on revenue of $1.28 billion. For the fourth quarter, Juniper executives estimate adjusted earnings of 49 cents to 55 cents a share on revenue of $1.23 billion, plus or minus 30 million. Analysts model earnings of 62 cents a share on revenue of $1.35 billion. Juniper stock has fallen 7.4% this year, with the S&P 500 index rising 14.6%.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies rose by 519,000 barrels for the week ended Oct. 20, according to sources. The API data, however, also showed a drop of 5.8 million barrels in gasoline stockpiles, while inventories of distillates fell by nearly 5 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 425,000 barrels in crude inventories, along with declines of 2.3 million barrels for gasoline and nearly 2.1 million barrels for distillate supplies. December crude was at $52.54 a barrel in electronic trading, up from the settlement of $52.47 on the New York Mercantile Exchange.

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Advanced Micro Devices Inc. shares declined in the extended session Thursday even after the chipmaker topped Wall Street estimates for the quarter. AMD shares, which are usually volatile after earnings, fell 6.5% to $13.33 after hours. The company reported third-quarter net income of $71 million, or 7 cents a share, compared with a loss of $406 million, or 50 cents a share, in the year-ago period. Adjusted earnings were 10 cents a share. Revenue rose to $1.64 billion from $1.31 billion in the year-ago period. Analysts surveyed by FactSet had estimated 8 cents a share on revenue of $1.51 billion. For the fourth quarter, AMD estimates revenue to decline 12% to 18% sequentially, which works out to $1.34 billion to $1.44 billion. Analysts, on average, expect revenue of $1.34 billion.

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