Category: Stock Market News

Shares of Applied Optoelectronics Inc. fell 17% late Thursday after the Sugar Land, Texas, company warned investors about lower-than-expected third-quarter profit and revenue thanks to lower sales to one of its larger data-center customers. The company called for a GAAP profit in the range of $18.6 million to $19.6 million and an adjusted profit between $21.2 million and $22.2 million, compared with a previous outlook of non-GAAP profit between $26.6 million and $29.4 million. GAAP per-share earnings were tweaked lower to between 91 cents and 96 cents, and adjusted earnings per share seen in a range of $1.04 to $1.09, compared with a previous forecast of adjusted earnings of $1.30 a share to $1.43 a share. Applied Optoelectronics shares ended the regular session down 4.2%.

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Antares Pharma Inc. announced Thursday that the U.S. Food and Drug Administration had found deficiencies in the drug Xyosted (testosterone enanthate) during its review process, the company said in a statement. Shares plummeted more than 30% to $2.60 after hours. The FDA did not specify what the deficiencies are but did say that it would prevent moving forward with labeling and postmarketing requirements and commitments at this point. Antares submitted the Xyosted application in December 2016. Antares stock was up 60% this year, based on today’s closing price, with the S&P 500 index up 14.1%.

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Nvidia Corp. is a $220 stock, says RBC Capital Markets analyst Mitch Stevens, who hiked his price target Thursday from a prior $205. Nvidia stock edged down less than 1% to $190.65 after hours. In a note to investors, Stevens wrote that his bull case reflects earnings of $10 per share by fiscal year 2021. What will propel shares to $220 and beyond is the chip company’s data center hardware and increased revenue from its gaming segment due to the higher costs of virtual reality hardware and more stable trends in the core segment, he said. Self-driving vehicles, which Nvidia has made significant bets on, will also drive the company’s stock. Cryptocurrency mining will add a “moderate boost” as well since miners use some Nvidia GPUs. Investors have sent Nvidia stock up 79% this year, with the S&P 500 index rising 14.1%.

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Federal Reserve officials disagreed Thursday about the need for more interest rate hikes. St. Louis Fed President James Bullard told Business Insider that there was “no hurry to raise rates” with inflation below target. But, in an interview with CNBC, Boston Fed President Eric Rosengren said he thought another interest rate would be appropriate in December. He said that the Fed had to consider how much asset prices are likely to go up if the central bank doesn’t continue to raise rates at a gradual pace. Stocks are fully priced, the Boston Fed president said.

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Tesla Inc. said Thursday it is voluntarily recalling some Model X SUVs for an adjustment to the vehicles’ second-row seats. A small number of cables in the second row, fold-flat seats in some 2016 and 2017 Model X models may need the tweak, the company said. Tesla has not received reports of any issues or accidents relating to the issue, but will conduct the recall to inspect affected vehicles, a company spokesperson said. “Although we have never seen any incidence of it in the field, internal testing has indicated that if the cable is not properly adjusted, the seat back on the left side of the second row seats could move forward during a crash,” Tesla said. Tesla customers will have a choice to bring their car to a Tesla service center or use the company’s mobile service to conduct repairs. Tesla shares were flat in after hours and ended the regular session up 0.3%.

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President Donald Trump met with Stanford University economist John Taylor in the search for a new chairman of the Federal Reserve, a White House official said Thursday, according to media reports. Taylor is best known for the eponymous rule he developed to help the Fed make interest-rate decisions. Taylor has been critical of the central bank’s response to the financial crisis. House Republicans hold Taylor in high regard. They have pushed legislation that would require the Fed to follow the “Taylor rule” or a similar interest-rate formula.

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U.S. stocks finished lower Thursday, retreating from records set in the previous session, as investors parsed the first of a batch of third-quarter corporate results from the banking sector. The Dow Jones Industrial Average closed 32 points, or 0.1%, lower at 22,841. Blue-chip components UnitedHealth Group Inc. and Goldman Sachs Group Inc. pressured the price-weighted gauge. The S&P 500 index closed down 0.2% at 2,550, while the Nasdaq Composite Index retreated 0.2% at 6,591. All three benchmarks closed at records in the previous session. In corporate news, J.P. Morgan Chase & Co. posted earnings and revenue that beat expectations, but its trading revenue was weak amid a quiet period for markets. Its shares ended off 0.9%. Meanwhile, shares of Citigroup , which reported a higher-than-expected profit, slid 3.4%, The Financial Select Sector SPDR ETF , which gauges banks and insurers, lost 0.8%. Health-care stocks were mixed after President Donald Trump signed an executive order directing federal agencies to consider expanding health-insurance coverage in low-cost plans that aren’t subject to Affordable Care Act rules. The announcement appeared to weigh on UnitedHealth.

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Asset manager Eaton Vance Corp. said Thursday it will raise its quarterly dividend by 11% to 31 cents a share from 28 cents a share. The new dividend will be payable Nov. 15 to shareholders of record on Oct. 31. The stock was up 0.5% to $50.59 in afternoon trade. At that price, the new annual dividend rate would represent a dividend yield of 2.45%, compared with the implied S&P 500 dividend yield of 1.95%, according to FactSet. Eaton Vance’s stock has rallied 21% year to date, while the S&P 500 has gained 14%.

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Gold prices climbed Thursday to their highest finish in more than two weeks. Prices got a lift after minutes from the U.S. Federal Reserve’s September meeting Wednesday showed that some policy makers questioned the need for another interest-rate hike this year. December gold climbed by $7.60, or 0.6%, to settle at $1,296.50 an ounce. That was the highest finish since Sept. 26, according to FactSet data.

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Orange-juice futures fell Thursday as a report from the U.S. Department of Agriculture pegged the 2017-2018 Florida orange crop at 54 million boxes, down 21% from last season. That would be the lowest level in 71 years, according to a report from Bloomberg. Given the price decline, it appears that “traders were anticipating the effects of citrus greening and Hurricane Irma to reduce production even more,” said Darin Newsom, senior analyst at DTN. But “keep in mind this is an initial production estimate, with many more to come. Reductions can still be seen,” he said. The Florida Fruit and Vegetable Association had estimated that 70% to 80% of citrus production in South Florida was lost to Hurricane Irma, which made landfall in south Florida on Sept. 10. November frozen concentrated orange juice declined by nearly 4 cents, or 2.3%, to $1.588 a pound on the ICE Futures U.S. exchange. Prices, which were trading higher at $1.638 before the report, have gained about 8% month to date, but still trade roughly 17% lower for the year.

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