Category: Stock Market News

Kimberly-Clark Corp. shares slipped 0.4% in Monday premarket trading after the personal-care company reported third-quarter sales that missed expectations. Net income for the quarter totaled $567.0 million, or $1.60 per share, up from $550.0 million, or $1.52 per share, for the same period last year. The FactSet consensus was $1.54. Revenue totaled $4.64 billion, up from $4.59 billion and below the $4.66 billion FactSet estimate. Sales in the consumer tissue and K-C Professional segments rose, while the sales from the personal care segment, which includes Huggies diapers and baby wipes, fell. The company maintained its guidance for full-year 2017 EPS at the low end of the range of $6.20 to $6.35. The FactSet consensus is $6.20. Kimberly-Clark shares are down 9.5% for the last three months, and down 0.6% for the year so far. The S&P 500 index is up 15% for 2017 to date.

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Global Blood Therapeutics shares dropped 11.5% in premarket trade Monday after the company said it is discontinuing its idiopathic
pulmonary fibrosis therapy. Results from three early and mid-stage clinical trials “did not demonstrate sufficient overall clinical benefit to justify continuing the program,” said Chief Executive Ted Love. The company will continue developing the therapy, GBT440, for sickle cell disease, Love said, with early clinical trial results for a phase 3 trial expected in the first half of 2019. GBT440 appears to be the only therapy in Global Blood Therapeutics’ pipeline, according to the company’s website. Global Blood Therapeutics shares have risen 8.7% to $32.55 over the last three months, compared with a 4.2% rise in the S&P 500 .

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Shares of Deltic Timber Corp. were indicated up over 7% in premarket trade Monday, after the timberland holding company agreed to merge with Potlatch Corp. , creating a company with total enterprise value of $4.0 billion. Under terms of the deal, Deltic shareholders will receive 1.8 Potlatch shares for each Deltic share they own. Based on Friday’s stock closing prices, that values Deltic shares at $95.40 each, a 7.05% premium. After the deal closes, which is expected to occur in the first half of 2018, Potlatch shareholders will own 65% of the combined company. Deltic will convert to a real estate investment trust (REIT) structure, and will pay out accumulated profits of $250 million to shareholders through a dividend consisting of 80% stock and 20% cash by the end of 2018. The companies expect to realize synergies of $50 million. Deltic’s stock has rallied 15.6% year to date through Friday, while Potlatch shares have run up 27.3% and the S&P 500 has gained 15.0%.

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VF Corp. shares rose 4% in Monday premarket trading after the clothing company reported third-quarter earnings that beat expectations and raised its outlook. VF Corp. brands include Timberland, The North Face, Wrangler and Dickies. Net income for the quarter totaled $386.1 million, or 97 cents per share, down from $498.5 million, or $1.19 per share. Adjusted EPS was $1.23, ahead of the $1.12 per share FactSet consensus. Revenue was $3.51 billion, up from $3.33 billion last year and ahead of the $3.39 billion FactSet consensus. VF Corp. now expects 2017 revenue of $12.1 billion, up from previous guidance of $11.85 billion. EPS is expected to be $2.73, and adjusted EPS is expected to be $3.01. The previous adjusted EPS estimate was $2.96. On Oct. 19, VF Corp. raised its dividend to 46 cents per share, up 10% from the previous quarter. VF Corp. shares are up 13.2% for the last three months, and up 24.4% for the year so far. The S&P 500 index is up 15% for 2017 to date.

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Bank of America’s Merrill Lynch has been hit with a £34.5 million ($45.5 million) fine by U.K. regulators for failing to report 68.5 million exchange traded derivative transactions between February 2014 and February 2016. The Financial Conduct Authority said Monday the reporting requirement was one of the “key reforms” introduced after the financial crisis to improve transparency. “There needs to be a line in the sand. We will continue to take appropriate action against any firm that fails to meet requirements,” said Mark Steward, FCA executive director of enforcement and market oversight, in a press release. Merrill Lynch agreed to settle at an early stage, receiving a 30% discount on the overall fine, the FCA said. Bank of America shares were down 0.6% in premarket trade.

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Voters in two Northern Italian regions supported greater autonomy from Rome’s central government, according to reports early Monday. More than 90% of voters in separate referendums in Lombardy and Veneto backed a drive toward more independence, according to Reuters which cited preliminary results. The Lega Nord party, which promoted the nonbinding referendums, was aiming to give regional leaders a mandate to seek better terms for financial independence, education and security from Rome, reports said. The Italian votes were held after the Oct. 1 referendum in Spain’s Catalonia region, where 92% of voters who participated supported declaring independence from the central Madrid government.

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Singapore commodities trader Noble Group Ltd. warned Monday it expects to report total net loss of $1.1 billion to $1.25 billion for the July to September period due to non-cash losses from asset disposals. The company said separately it plans to sell its U.S. oil-liquids business to Vitol Holding B.V. for $582 million and will use the proceeds to reduce its debt. Shares in Noble fell 6.6% after the news.

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Cisco Systems Inc. is nearing a deal to acquire telecommunications-focused software company Broadsoft Inc. , according to a Sunday report. Bloomberg News reported, based on anonymous sources, that a deal could be announced as early as Monday. Bloomberg did not report a projected price tag; Broadsoft ended Friday trading with a market capitalization of $1.67 billion, according to FactSet. Cisco has been acquiring software companies in hopes of boosting subscription-based revenues as growth in its core networking revenue has slowed. The company acquired startup Appdynamics earlier this year for $3.7 billion, and said Thursday’s announced deal for Perspica was the 200th acquisition in the history of the acquisitive company.

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A powerful typhoon was expected to make landfall in Japan overnight Sunday, triggering a warning for tens of thousands to evacuate, according to media reports. The Category 4 storm was south of Japan, moving northeast, and has already killed two and injured many more, according to Reuters, citing the Japan Meteorological Agency and Kyodo news agency. The storm is expected to weaken to a Category 2 when it lands near Tokyo early Monday, the report said. See also: Japan’s Abe set for landslide win in Sunday’s parliamentary elections, polls show

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U.S. benchmark stock indexes all rose on Friday to close at record levels after the Senate adopted a federal budget for next year, a key step on the road to tax cuts. The Dow Jones Industrial Average advanced 164 points to 23326, and was up 2.0% for the week. The Nasdaq Composite Index gained 24 points at 6629. The S&P 500 was up 13 points to 2575, and 0.9% for the week. The Dow and the S&P 500 close out their sixth straight weekly gain, while the Nasdaq notched its fourth straight positive week. This is the longest stretch of weekly gains for the Dow since a seven-week rally that ended in December.

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