Category: Stock Market News

Facebook Inc. said in a blog post Monday that it does not plan to push publishers out of its main product, amid tests of a new approach that in some countries exiled all such posts from Facebook’s News Feed. Several reports about tests in six countries that split posts from pages out of News Feed and into a new feed called Explore focused on the fact that publishers would have to pay to advertise to get their stories into the News Feed if Facebook made the change globally and permanently. “There is no current plan to roll this out beyond these test countries or to charge pages on Facebook to pay for all their distribution in News Feed or Explore,” wrote Adam Mosseri, who leads Facebook’s News Feed product. “Unfortunately, some have mistakenly made that interpretation – but that was not our intention.” Facebook stock closed down 2.1% Monday but got a 0.2% boost in after-hours trading.

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Tenet Healthcare Corp. on Monday said Trevor Fetter has stepped down as chief executive and resigned from the board effective immediately. The company had said in August that Fetter would resign by March 15 or when a successor had been found. Instead, the board named Executive Chairman Ronald Rittenmeyer as CEO while the company continues to seek a permanent replacement. It is not clear what precipitated Fetter’s exit. Shares of Tenet were flat in the extended session after closing at $14.69.

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Shares of Whirlpool Corp. fell more than 7% late Monday after the appliance maker reported third-quarter per-share earnings and sales below expectations and said raw-materials inflation and an “unfavorable” price mix leads it to downgrade its views on full-year profits. Whirlpool said it earned $276 million, or $3.72 a share, in the quarter, compared to $238 million, or $3.10 a share, in the year-ago period. Adjusted for one-time items, the company reported earnings of $3.83 a share, compared with $3.66 a share a year ago. Sales rose to $5.4 billion from $5.2 billion a year ago. Analysts surveyed by FactSet had expected Whirlpool to report adjusted earnings of $3.93 a share on sales of $5.5 billion. Whirlpool said it expects GAAP earnings between $11.10 to $11.40 a share for the full year, and adjusted earnings between $13.60 and $13.90. The analysts surveyed by FactSet expect full-year adjusted earnings of $14.61 a share. Whirlpool stock ended the regular trading day up less than 0.1%.

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Rambus Inc. shares traded between slight gains and losses in the extended session Monday after the chip maker’s results topped Wall Street estimates. Rambus shares, which traded up as much as 3% and down as much as 3%, were last up 0.8% at $13.86 after hours. The company reported third-quarter net income of $7.7 million, or 7 cents a share, compared to $4.5 million, or 4 cents a share, in the year-ago period. Adjusted earnings were 19 cents a share. Revenue rose to $99.1 million from $89.9 million in the year-ago period. Analysts surveyed by FactSet had estimated 17 cents a share on revenue of $99 million. For the fourth quarter, Rambus estimates earnings of 16 cents to 22 cents a share on revenue of $98 million to $104 million. Analysts expect earnings of 17 cents a share on revenue of $100.5 million.

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Impax Laboratories Inc. shares rose in the extended session Monday after the drug maker said the Food and Drug Administration approved its generic version of Sanofi SA’s Renvela. Impax shares advanced 5.7% to $21.50 after hours. The company said sales of the sevelamer carbonate, the generic name for Renvela, are reflected in its earnings outlook of 55 cents to 70 cents a share this year. Analysts surveyed by FactSet expect earnings of 70 cents a share.

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U.S. stock market indexes fell on Monday to pause from their streak of record highs as investors waded through a heavy run of corporate earnings. All three benchmark equity indexes closed at all-time highs on Friday and hit intraday records early Monday. The S&P 500 fell 10 points, or 0.4%, to 2565. The Dow Jones Industrial Average shed 54 points, or 0.2%, to 23275. The Nasdaq Composite Index retreated 42 points, or 0.6%, to 6587.

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The U.S. oil benchmark eked out a small gain Monday as traders weighed disruptions in Iraqi oil production and optimism over output cuts by members of the Organization of the Petroleum Exporting Countries. West Texas Intermediate crude for December delivery on the New York Mercantile Exchange rose 6 cents to close at $51.90 a barrel.

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Shares of Nvidia Corp. ticked higher Monday after one analyst hiked his target price of the already high-flying stock by nearly 28%. Nvidia shares rose 0.8% to $198.45 in recent trading, and are up 86% for the year, compared with the S&P 500 index’s 15% rise. On Monday, Jefferies analyst Mark Lipacis, who has a buy rating on the stock, hiked his price target on Nvidia to $230 from $180 on the belief that the company’s Volta graphics processing unit will outperform competitors in the field of neural networks applications, and translate into upside surprises over the next 18 to 24 months. Earlier in the year, Lipacis said Intel Corp. stands to lose ground to Nvidia in data center applications in what he called a “tectonic shift.” With the price hike, the average price target for Nvidia is $175.88, according to targets from 38 analysts surveyed by FactSet. Nvidia reports earnings on Nov. 9.

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Shares of disk-drive maker Seagate Technlogy Plc surged 12% in early trade Monday, after the company handily beat earnings estimates for its fiscal first quarter. Seagate said it had net income of $181 million, or 62 cents a share, in the quarter, up from $167 million, or 55 cents a share, in the year-earlier period. Adjusted per-share earnings came to 96 cents, a full 10 cents ahead of the 86 cents FactSet consensus. Revenue edged down to $2.632 billion from $2.797 billion, but was ahead of the FactSet consensus of $2.540 billion. Shares are down 8% in 2017, while the S&P 500 has gained 15%.

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Equifax Inc.’s stock shed 0.9% in morning trade Monday, after the credit reporting company was downgraded at RBC Capital, which cited continued uncertainties surrounding the effects of the massive data breach unveiled last month. Analyst Gary Bisbee cut his rating to sector perform, after being at outperform since August 2015. “Following a health rally off the post-breach lows, we are downgrading Equifax to sector perform,” Bisbee wrote in a note to clients. “We expect the stock to be range-bound for several quarters as the breach impact plays out and until a number of uncertainties begin to clear up.” The stock had tumbled 35% in the week after the breach was unveiled to a two-year low of $92.98 on Sept. 15, then bounced as much as 22% to $113.54 on Oct. 10, before pulling back slightly. Among the “uncertainties” Bisbee notes are how much the underlying earnings power will be hurt by the breach, how much market share will be lost, how will the regulatory environment change and how long with the breach impact work through financials. The stock has shed 7.8% year to date, while the S&P 500 has gained 15%.

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