Category: Stock Market News

Shares of athletic shoe maker Skechers USA Inc. zoomed more than 26% in premarket trade Friday, after the company blew past earnings estimates for the third quarter. Susquehanna analysts raised their stock price target to $38 from $34 on the news, and said international sales are driving “exceptional growth” while the U.S. business is healthy. “SKX’s results are evidence that SKX is not the one trick pony it once was,” analysts led by Sam Poser wrote in a note. Skechers’ international wholesale business grew by 25.7% and China growth was about 50%. “SKX believes China is a $1B business in two to three years and could be as large, or larger, than the U.S. – a realistic notion considering success thus far, brand strength in China, and investments, which include breaking ground on a new DC in 3Q18/4Q18,” said Poser. Shares were down 2.2% in 2017 through Thursday, while the S&P 500 has gained 14%.

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Sealed Air Corp. said Friday Chief Financial Officer Carol Lowe will leave the packaging company on Oct. 31, after more than five years in the role. The company said Chief Accounting Officer William Stiehl will assume the role of acting CFO. Lowe joined the company as CFO in June 2012. Sealed Air’s stock, which was still inactive in premarket trade, has lost 2.6% year to date, while the S&P 500 has gained 14.4%.

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Shares of payment processor PayPal Holdings Inc. surged 3.8% in premarket trade Friday, after better-than-expected third-quarter earnings. Analysts weighing in mostly stuck with their ratings, but many raised stock price targets, including SunTrust Robinson Humphrey’s Andrew Jeffrey, who raised his to $75 from $60 while maintaining a hold rating. “PayPal has done an impressive job driving new account growth and user engagement,” he wrote in a note. “However, we remain cautious regarding its long-term value proposition, particularly in light of the shares’ valuation; the market probably isn’t considering these risks today.” Stifel analyst Scott Devitt also lauded execution and the growth in new accounts, but stuck with his hold rating on the stock. “With shares already trading at a healthy premium to the card networks, we believe the current valuation reflects the outsized growth opportunity,” he wrote in a note. “As such, we remain on the sidelines although our target price increases to $70 (from $61).” PayPal shares have gained 70% in 2017, outperforming the S&P 500’s 14.4%.

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Shares of General Electric Co. have extended their slide following a rare profit miss, and were now down 6.0% in very active premarket trade, putting them in danger of their worst one-day post-earnings performance in over eight years. Volume topped 1.4 million shares two hours before the open, making the stock the most actively traded in the premarket. This would mark the eighth-straight quarter that GE’s stock has fallen the day it reported results. But the last time the stock dropped this much was July 17, 2009, when it fell 6.1% after Q2 2009 results. GE’s stock is on track to open at the lowest price seen during regular session hours since Aug. 24, 2015, but also puts it in danger of its lowest close since April 25, 2013. If there’s a silver lining for investors, GE’s low price means the big selloff is having a minimal effect on the Dow Jones Industrial Average . The stock’s price decline of $1.41 was only shaving about 10 points off the Dow’s price, while Dow futures were up 87 points.

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Celgene Corp. was downgraded to neutral at Baird Equity Research on Friday after the drugmaker abandoned three Crohn’s disease drug trials late Thursday. Baird analyst Brian Skorney also lowered the company’s price target by 16% to $136. Celgene shares, which closed at $135.96 on Thursday, dropped 5.9% in premarket trade Friday. Skorney said the downgrade was based on removing Celgene’s GED-0301 from his model and on lower “prospects for long-term growth, as pressure to succeed in [inflammation and immunology] is now almost exclusively on ozanimod,” which Celgene is developing for relapsing multiple sclerosis, ulcerative colitis and Crohn’s disease. Celgene said late Thursday that is it still waiting to review full data from a mid-stage trial of GED-0301 in ulcerative colitis, but “we believe the drug’s target, SMAD7, has more mechanistic rationale in Crohn’s, not UC,” Skorney said, adding, that the “high-profile GED-0301 failure has potential to call into question the pipeline.” Celgene shares have dipped 0.3% over the last three months, compared with a 3.6% rise in the S&P 500 .

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From:: Stock Market News

Shares of athletic shoe maker Skechers USA Inc. zoomed more than 24% in premarket trade Friday, after the company blew past earnings estimates for the third quarter. Susquehanna analysts raised their stock price target to $38 from $34 on the news, and said international sales are driving “exceptional growth” while the U.S. business is healthy. “SKX’s results are evidence that SKX is not the one trick pony it once was,” analysts led by Sam Poser wrote in a note. Skechers’ international wholesale business grew by 25.7% and China growth was about 50%. “SKX believes China is a $1B business in two to three years and could be as large, or larger, than the U.S. – a realistic notion considering success thus far, brand strength in China, and investments, which include breaking ground on a new DC in 3Q18/4Q18,” said Poser. Shares were down 2.2% in 2017 through Thursday, while the S&P 500 has gained 14%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Shares of Procter & Gamble Co. fell 1.2% in premarket trade Friday, after the consumer products company reported fiscal first-quarter profit that rose above expectations but revenue that came up a bit shy. Net income for the quarter to Sept. 30 increased to $2.85 billion, or $1.06 a share, from $2.71 billion, or 96 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.09, above the FactSet consensus of $1.08. Revenue grew 1% to $16.65 billion, just below the FactSet consensus of $16.69 billion. Of the company’s largest business segments, revenue from fabric & home care and beauty beat expectations, while baby, feminine & family care missed. The company affirmed its full-year guidance for organic sales growth of 2% to 3% and for core EPS growth of 5% to 7%. The stock has gained 8.9% year to date through Thursday, while the SPDR Consumer Staple Select Sector ETF has tacked on 4.5% and the Dow Jones Industrial Average has climbed 17.2%.

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From:: Stock Market News

Shares of General Electric Co. dropped 3.7% in premarket trade Friday, after the industrial conglomerate reported third-quarter profit that missed expectations, the first such miss in 2 1/2 years. Net income slipped to $1.80 billion, or 21 cents a share, from $1.99 billion, or 22 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 29 cents, missing the FactSet consensus of 49 cents. GE hasn’t missed EPS expectations since the first quarter of 2015. Revenue increased 14% to $33.47 billion from $29.27 billion, beating the FactSet consensus of $32.51 billion. Revenue from GE’s power, oil & gas, aviation, healthcare and transportation business topped expectations, while renewable energy revenue fell short. “This was a very challenging quarter,” said Chief Executive John Flannery, in his first quarterly report in charge. “While a majority of our businesses had solid earnings performance, this was offset by a decline in Power performance in a difficult market.” The stock has tumbled 25.4% year to date through Thursday, while the Dow Jones Industrial Average has gained 17.2%.

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From:: Stock Market News

U.S. stock futures rose early Friday after the Senate adopted a budget for the next fiscal year, a move that is seen as paving the way for tax reform. Dow Jones Industrial Average futures gained 76 points, or 0.3%, to 23,190, while S&P 500 futures rose 6.25 points, or 0.2%, to 2,566.75. Nasdaq-100 futures gained 16.75 points, or 0.3%, to 6,114.75. The Senate passed the budget blueprint late Thursday in a 51-49 vote. Wall Street stocks have been moving higher since the election of U.S. President Donald Trump last year, with gains driven in part by hopes for tax reform.

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Chariot, a Ford Motor Co. -backed commuter shuttle service has been suspended by the California Public Utilities Commission after it failed three successive California Highway Patrol inspections, a spokesman told MarketWatch. “The CPUC has a responsibility to suspend a carrier’s operating permit for failure to maintain a vehicle in safe operating mode, other violations related to transportation safety, and/or failure to comply with the DMV’s employee Pull Notice Program,” the spokesman wrote in an email. Chariot customers in San Francisco tweeted screenshots of an email from the company informing them of the service suspension shortly before the evening commute. The CPUC’s decision affects the San Francisco Bay Area, but Chariot also operates in Seattle, Austin, Texas and New York, according to its website. A spokeswoman declined to answer questions about the safety violations and said in an emailed statement that the company disagrees with the CPUC order and that Chariot is in “full compliance” with regulations. “Chariot is committed to providing our customers with safe and reliable service,” the spokeswoman wrote. “We also are committed to complying with government orders even when we disagree and using appropriate legal processes to resolve them as expeditiously as possible.” Ford did not return a request for comment.

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From:: Stock Market News