Category: Stock Market News

Catalonia could formally declare its independence from Spain on Thursday, should the Spanish government in Madrid rescind the regions’ autonomy, Catalan president Carles Puigdemont said, according to a report by Reuters. The Spanish government set a deadline for Thursday to resolve the domestic political conflict caused by Catalonia’s independence referendum in which residents voted overwhelmingly for secession amid low voter turnout. Following the vote Puigdemont refrained from formally declaring independence in favor of dialogue with Madrid. It would take three to five days for Catalonia’s autonomy to get suspended after a decision in Madrid, the report said. The political turmoil is the focal point for currency traders who are assessing the overall health of the eurozone’s shared currency. The euro last bought $1.1793, compared with $1.1766 late Tuesday.

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United Continental Holdings Inc. reported better-than-expected third-quarter earnings Wednesday despite thousands of hurricane-related flight cancellations. The airline reported third-quarter net income of $637 million, or $2.12 a share, on revenue of $9.9 billion, which was basically even from the same quarter a year ago. After adjustments for special charges and tax effects, United claimed profit of $2.22 a share, down from $3.11 a share a year ago. Analysts on average expected adjusted earnings of $2.16 a share on revenue of $9.88 billion. United said it cancelled 8,300 flights in the quarter as the result of devastating hurricanes and other storms in Texas, Florida and the Caribbean, which reduced pre-tax income by an estimated $185 million. United said it set new company records for on-time performance in the quarter despite the difficulties. United stock declined less than 1% after the earnings were released, falling to $67.50 after closing with a 0.7% increase at $67.99.

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Shares of Adobe Systems Inc. rose more than 5% late Wednesday after the company announced fiscal 2018 revenue and earnings targets slightly above Wall Street expectations. Adobe said it expects revenue of about $8.7 billion for fiscal 2018, a 20% increase over fiscal 2017 sales, and adjusted earnings of $5.50 a share for the year. Analysts polled by FactSet expect fiscal 2018 earnings of $5.20 a share on sales around $8.6 billion. The company also called for a 20% year-over-year growth for its cloud bookings. The outlook reflects “our continued momentum and leadership,” Chief Executive Shantanu Narayen said in a statement. Adobe said it was on track for fiscal 2017 fourth-quarter revenue of $1.95 billion and fourth-quarter adjusted earnings of $1.15 a share. The analysts surveyed by FactSet expect fourth-quarter earnings of $1.16 a share on sales of $1.95 billion.

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American Express Co. said late Wednesday that Stephen Squeri, the current vice-chairman, will become chief executive and chairman on Feb. 1. Squeri, who leads the company’s Global Commercial Services group, succeeds Kenneth Chenault. Shares of American Express declined 0.6% to $91.55 after hours. The announcement followed AmEx’s release of quarterly earnings, which topped Wall Street estimates.

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EBay Inc. shares plunged in the extended session Wednesday day after the company reported third-quarter earnings. EBay shares fell 4.2% to 36.40 after hours. The company reported third-quarter net income of $514 million, or 48 cents a share, compared to $509 million, or 36 cents a share, in the year-ago period. Adjusted earnings were also 48 cents a share. Revenue rose to $2.4 billion from $2.22 billion in the year-ago period. Analysts surveyed by FactSet had estimated 33 cents a share on revenue of $2.37 billion. For the fourth-quarter, analysts model earnings of 60 cents a share on revenue of $2.58 billion. EBay stock has gained 27.9% this year, with the S&P 500 index rising 14.3%.

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Alcoa Corp. profit came in lighter than expected for the aluminum company’s third quarter on Wednesday, but revenue was a slight beat. Alcoa reported net income of $113 million, or 60 cents a share, on sales of $3 billion; after adjustments for “special items,” the company claimed earnings of 72 cents a share. Analysts on average expected adjusted earnings of 74 cents a share on sales of $2.93 billion, according to FactSet. In the year-ago quarter, Alcoa posted adjusted earnings of 96 cents a share on revenue of $5.2 billion, before a corporate split separated the Alcoa raw-aluminum business from other, faster-growing endeavors. Alcoa also said it increased its forecast for adjusted ebitda for the full year, to $2.4 billion. Shares bounced between slight gains and losses after the announcement, after closing at $47.75.

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Ulta Beauty Inc. was downgraded to neutral from overweight at Piper Jaffray after findings from the firm’s latest Teen Survey showed declines in spending on color cosmetics and skincare, as well as a trough in fragrance spending. The company’s price target was slashed to $210 from $260. Ulta shares are down 1.7% in Wednesday trading. “[O]verall beauty wallet contracted low-double digits,” analysts wrote in a Wednesday note. “While specialty is the primary share gainer within cosmetics, we did see broader signs of strength from Sephora–now the No. 1 preferred beauty format across upper and average-income females–unseating Ulta in average-income survey.” Other popular names from the Teen Survey include Amazon.com Inc. , Adidas AG and Apple Inc. In addition to the survey results, Piper Jaffray analysts cite growing competition from Amazon, Sephora, as well as other up-and-comers in the beauty space, and moderating same-store sales for its downgrade. Ulta shares are down 23.2% for the last three months while the S&P 500 index is up 4.2% for the period.

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NFL Commissioner Roger Goodell said Wednesday that the league’s position remains that players should stand on the sideline during the pregame playing of the U.S.’s national anthem but will not revise its manual to require standing. In a televised New York news conference after a meeting with league owners, the commissioner suggested players directly involved in the protest of allegedly racially biased policing tactics and other forms of systemic racism now number less than 10. Goodell said the NFL is aware of fan and sponsor concerns over the protests, which typically have taken the form of kneeling in silence as the “Star-Spangled Banner” is played, but that players have intended no disrespect to the U.S. flag. He said it was not discussed at the league meeting whether individual teams could or should discipline protesting players. Asked whether he was concerned about polls showing those identifying as Republicans were turning against pro football, Goodell said the league did not intend to enter the political fray.

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Nielsen Holdings shares were up 4.4% during intraday trade on Wednesday after the data and analytics company said it is adding a service for its media clients that will give TV networks deeper insights into viewership on streaming platform Netflix Inc. . With Nielsen’s new ratings service networks will know how many people watch their shows on Netflix and how many people are watching their rivals’ shows. The industry has been clamoring for such insight into Netflix viewing, which the streamer notoriously keeps close to the vest. Eight networks, including Disney/ABC TV Group , NBCUniversal and Warner Bros. [s:TWX] have already signed up for the service. According to media reports, however, Netflix says the data Nielsen is reporting is not accurate and doesn’t include streaming overseas, or on mobile devices. Shares of Nielsen are down less than 1% in the year to date, while the Dow Jones Industrial Average is up more than 16% and the S&P 500 index is up close to 15%.

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Shares of Chipotle Mexican Grill Inc. fell 2.5% Wednesday, as analysts took a cautious view of the stock ahead of third-quarter earnings due next week. Wedbush analysts said they are expecting same-restaurant sales growth to fall below consensus of 2.2%, based on early October checks. “While we noted a benefit from the recent introduction of queso, we estimate the trend line was only up in the low-single digit range, and believe prior to the introduction was likely running in negative territory,” they wrote in a note. “Should transaction trends remain pressured, we believe management may elect to forego the price increase we currently incorporate in our model in Q4.” Bank of America downgraded the stock to underperform from neutral, according to Barron’s. Chipotle shares are down 15% in 2017, while the S&P 500 has gained 14.5% and the Dow Jones Industrial Average has gained 17%.

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