Category: Stock Market News

Chipotle Mexican Grill Inc. shares plunged in the extended session Tuesday after the company missed earnings expectations. Chipotle shares dropped 5.4% to $324.30 after hours. The company reported third-quarter net income of $19.6 million, or 69 cents a share, compared to $7.8 million, or 27 cents a share, in the year-ago period. The company said there was a 64 cents per share impact from a cybersecurity breach announced in April of 2017 and a 13 cents per share impact from hurricanes Harvey and Irma. Revenue increased to $1.13 billion from $1.04 billion in the year-ago period. Analysts surveyed by FactSet had estimated $1.65 a share on revenue of $1.14 billion. For the fourth-quarter, analysts model earnings of $1.80 a share on revenue of $1.14 billion. Chipotle stock has dropped 14% this year, with the S&P 500 index rising 14.6%.

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Shares of Acadia Healthcare Co. Inc. tanked more than 18% late Tuesday after the company missed third-quarter earnings and revenue expectations. Acadia said it earned $45.6 million, or 52 cents a share, in the quarter, versus a net loss of $117.8 million, or $1.36 a share, for the third quarter of 2016. Adjusted for one-time items, the company reported earnings of 58 cents a share. Revenue fell 2.4% to $716.7 million, compared with $734.7 million for the third quarter of 2016. Analysts polled by FactSet had expected adjusted earnings of 65 cents a share on sales of $726 million.

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Texas Instruments Inc. shares slipped in the extended session Tuesday even after the chipmaker topped Wall Street estimates for the quarter. Texas Instruments shares declined 0.2% to $96.30 after hours. The company reported third-quarter net income of $1.29 billion, or $1.26 a share, compared with $1.02 billion, or 98 cents a share, in the year-ago period. The $1.26 a share in earnings included a 2-cents-a-share tax benefit. Revenue rose to $4.12 billion from $3.68 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $1.12 a share on revenue of $3.91 billion. For the fourth quarter, Texas Instruments estimates earnings of $1.01 to $1.15 a share on revenue of $3.57 billion to $3.87 billion. Analysts expect earnings of $1.01 a share on revenue of $3.67 billion.

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Sen. Jeff Flake, a moderate Republican from Arizona, announced Tuesday he will not seek re-election in 2018, according to a report in the Arizona Republic. Flake has been one of the Senate’s more prominent critics of President Donald Trump.

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Oil prices climbed for a third session in a row on Tuesday to settle at their highest level since mid-April. Prices got a boost after Saudi Arabia’s oil minister reiterated a pledge to bring the crude market into balance and as risks to output from Iran and Iraq lingered. December WTI crude rose 57 cents, or 1.1%, to settle at $52.47 a barrel on the New York Mercantile Exchange–the highest since April 17, according to FactSet data.

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Gold prices settled Tuesday at their lowest level in more than two weeks, with strength in the U.S. stock market dulling demand for the precious metal amid uncertainty surrounding the leadership for the U.S. Federal Reserve. December gold fell $2.60, or 0.2%, to settle at $1,278.30 an ounce–the lowest since Oct. 6, according to FactSet data.

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Hulu, the streaming platform jointly owned by Walt Disney Co. , Comcast Corp. , 21st Century Fox Inc. and Time Warner Inc. , said on Tuesday that Chief Executive Mike Hopkins is stepping down. Hopkins had been CEO of Hulu since 2013 and saw the company through significant growth in its original programming and audience, as well as nabbing the first best drama Emmy for a streaming service and launching Hulu’s live internet TV service. Hopkins, according to media reports, is heading to Sony Pictures Entertainment . He will be replaced at Hulu by Randy Freer, who serves on the company’s board and has been the president and chief operating officer at Fox Networks Group since 2013.

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Amazon.com Inc. said Tuesday it has launched Business Prime Shipping in the U.S. and Germany, an annual membership program that offers free two-day shipping for all users on an Amazon Business account. The membership price would be $499 for up to 10 users, $1,299 for up to 100 users and $10,099 for over 100 users. “Business Prime Shipping enables businesses with multiple users to further simplify their procurement procedures and increasingly rely on Amazon Business to deliver,” said Amazon Business Vice President Prentis Wilson. The stock rallied 1.2% in midday trade. It has lost 5.9% over the past three months, but was still up 30% year to date. In comparison, the S&P 500 has gained 4.0% over the past three months and has climbed 15% so far this year.

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Biogen Inc. shares plummeted as much as 7% in extremely heavy Tuesday morning trade after Wall Street analysts raised questions about revenue growth for rare disease therapy Spinraza. Though sales of the spinal muscular atrophy therapy came in above analyst expectations, or $271 million compared with the FactSet consensus of $253 million, U.S. sales for the drug barely budged, coming in at $198 million compared with $195 million in the second quarter. (Spinraza was approved late last year.) Mizuho analyst Salim Syed described the growth as “flattish.” However, because of $30 million of revenue build in the second quarter, “U.S. sales were not really flat,” said Bernstein analyst Ronny Gal. “Our estimate is the rate of new US starts will be relatively stable and this will drive slight but limited US growth,” Gal said, adding that it’s likely that site capacity is slowing down new starts at existing sites. Biogen’s shares declined in Tuesday trade despite reporting third-quarter profit and revenue beats, which EvercoreISI analyst Umer Raffat said “seems a bit overdone to me.” Biogen management described Spinraza as a “key current and future growth driver” during its Tuesday third-quarter earnings call. “We expect that Spinraza continues on a strong trajectory in terms of patient uptake in the U.S. and internationally,” said Biogen Chief Executive Michel Vounatsos, according to the FactSet earnings transcript. “However, due to the impact of the dosing scheduling, we anticipate Spinraza revenue growth in Q4 will be mostly driven by ex-U.S. markets.” Biogen shares have surged 8.9% over the last three months, compared with a 4% rise in the S&P 500 .

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The largest exchange-traded fund to track the industrial sector rallied on Tuesday, advancing to a record in the wake of better-than-expected results from a pair of major components. The Industrial Select Sector SPDR ETF rose 0.9% and hit an all-time high in early trading. Thus far this year, the fund is up nearly 18%. The fund was boosted by Caterpillar , which jumped 5.8% in the wake of results that topped forecasts. The heavy-machinery maker also raised its outlook. The Dow component is one of the latest components of the fund, comprising 3.5% of the portfolio. Separately, 3M Co. jumped 6.2% in the wake of its own results, putting it on track for its biggest one-day percentage gain since July 2009. The stock is the ETF’s third-largest component, accounting for 5.7% of the holdings.

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