Category: Stock Market News

Dollar General Corp. shares rose 1.7% premarket Thursday, after the discount store chain posted better-than-expected sales for its second fiscal quarter and raised the low end of profit guidance for the year. The company said it had net income of $295 million, or $1.08 a share, in the quarter, compared with $307 million, or $1.08 a share, in the year-earlier period. Sales rose 8.1% to $5.83 billion. The FactSet consensus was for EPS of $1.09 and sales of $5.80 billion. Same-store sales rose 2.6%, ahead of the FactSet consensus of 1.6%. Chief Executive Todd Vasos said sales growth was driven by an increase in average transaction amount as well as positive traffic to stores. The company finalized the acquisition of Acquired Stores, adding about 285 new stores to its network. It is now expecting fiscal 2017 EPS of $4.35 to $4.50, compared with earlier guidance of $4.25 to $4.50. Sales are expected to grow 5% to 7%, while same-store sales are expected to come in at the high end of a range of slightly positive to up 2%. The FactSet consensus is for full-year EPS of $4.50 and same-store sales growth of 1.5%. Shares have gained 3.6% in 2017, while the S&P 500 has gained 9.8%.

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As parts of Texas and Louisiana continue to deal with devastating flooding left in the wake of Hurricane Harvey, Tropical Storm Irma is intensifying steadily in the eastern Atlantic Ocean. The National Hurricane Center said Irma is likely to grow into the fourth hurricane of the season sometime Thursday. Irma presents no immediate threat to any land areas, but that could change. The center of the storm is located about 590 miles to the west of the Cabo Verde Islands and is moving westward at 10 to 15 mph, as of about 5 a.m. Eastern Thursday. For the next five days, Irma will continue its general westward movement on the south side of a ridge of high pressure called the Bermuda High, the center said. Irma will not reach the longitude of the Lesser Antilles (eastern Caribbean) until the middle of next week. It’s too early to determine if this new system will pose any threat to the Lesser Antilles or if it will eventually pose a threat to other locations, including the U.S.

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Toshiba Corp. said late Wednesday that it is in ongoing negotiations with three potential buyers for its memory chip unit. In a statement, Toshiba said the suitors include a consortium led by Bain Capital and, reportedly, Apple Inc. ; a consortium that includes Western Digital Corp. ; and a consortium that includes Hon Hai Precision Industry Co. , aka Foxconn. While Toshiba originally sought an Aug. 31 deadline to sell its chip unit, the company said negotiations have not yet reached a point where the board is ready to agree to a sale. Toshiba is seeking to sell its chip unit to raise capital, reportedly around $18 billion, following massive losses by its U.S. nuclear subsidiary, Westinghouse Electric Co., which filed for bankruptcy earlier this year.

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A federal judge late Wednesday temporarily blocked a Texas law targeting sanctuary cities from taking effect. U.S. District Judge Orlando Garcia of San Antonio questioned whether the law, passed earlier this year by Texas Republicans, was constitutional. It outlawed cities from adopting sanctuary policies and threatened fines and jail time for officials who do not cooperate with the law. It also allowed police officers to question the immigration status of anyone they detain. A number of Texas cities sued, claiming the law would erode public trust and discourage undocumented immigrants from reporting crimes, and unfairly punish local officials. The law was scheduled to take effect Friday. The stay granted Wednesday is in effect while the lawsuit proceeds.

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Special counsel Robert Mueller is working with New York Attorney General Eric Schneiderman in his investigation into former Trump campaign chairman Paul Manafort, Politico reported late Wednesday. Investigators from the two teams have shared evidence of potential financial crimes, Politico said. The cooperation could be an indication that the probe into potential ties between President Donald Trump’s campaign team and Russian officials is gaining steam. Politico noted that it could also provide Mueller with more leverage, since presidential pardons apply only to federal crimes, not state crimes. Schneiderman has been an outspoken opponent of Trump, and last year won a $25 million settlement after an investigation into Trump University. He also joined a lawsuit earlier this year against Trump’s immigration ban.

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Shoe Carnival Inc. shares surged in the extended session Wednesday after the shoe retailer topped Wall Street estimates for the quarter. Shoe Carnival shares rallied 16% to $19.05 after hours. The company reported second-quarter net income of $3.9 million, or 24 cents a share, compared to $4.1 million, or 22 cents a share, in the year-ago period. Revenue rose to $235.1 million from $231.9 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 20 cents a share on revenue of $231.3 million. For the year, Shoe Carnival estimates earnings of $1.35 to $1.45 a share on revenue of $1.01 billion to $1.02 billion. Analysts expect earnings of $1.39 a share on revenue of $1.01 billion.

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At least one hacker stole personal information, including phone numbers and email addresses, from high-profile user accounts, Facebook Inc.’s Instagram said late Wednesday. The hacker or hackers exploited a bug in the system that has since been fixed, Instagram said. No account passwords were exposed and Instagram is “running a thorough investigation,” the spokesperson added. The company believes the hack targeted the high-profile users and “out of an abundance of caution” is notifying verified account holders. Earlier this week, the account of celebrity singer and actress Selena Gomez was hacked, and several nude photos of fellow celebrity Justin Bieber were posted on her account.

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Expedia Inc. said late Wednesday its board of directors has approved the appointment of Mark Okerstrom, currently chief financial officer and executive vice president of operations, to succeed Dara Khosrowshahi as president and CEO of Expedia. Okerstrom will also join Expedia’s board. Khosrowshahi was named Uber Technologies Inc.’s CEO earlier this week. He will continue to be a member of Expedia’s board, the company said. “Prior to Dara leaving, Mark Okerstrom was his principal partner in operating the company — and therefore this transition is as natural as water flowing down a snow-packed mountain. There was no other candidate that the Board considered,” chairman Barry Diller said in a statement. Shares of Expedia rose 0.2% in the late session after ending the regular trading day down 0.4%.

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Gains for Workday Inc. shares fizzled late Wednesday after the finance and human resources software company reported fiscal 2018 second-quarter earnings well above Wall Street expectations and raised its 2018 outlook. Workday said it lost $82,532 in the quarter, or 40 cents a share, compared with $107,813, or 55 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 24 cents a share in the quarter, versus a loss of 4 cents a share a year ago. Total revenues rose 41% to $525.3 million, from $373.7 million in the second quarter of fiscal 2017. Subscription revenue rose 42% to $434.5 million. Analysts polled by FactSet had expected adjusted earnings of 15 cents a share on sales of $507 million. Workday also raised its fiscal 2018 outlook, saying it expects subscription revenue of $1.750 to $1.757 billion, or 36% growth. For the third quarter, the company called for subscription revenue between $450 million and $452 million, or growth of 33% to 34%. The analysts surveyed by FactSet expect subscription sales around $435 for the quarter. Shares were down 0.2% after a rise of more than 2% immediately after the earnings report.

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Shares of H&R Block Inc. slid 8% Wednesday to lead S&P 500 decliners, after the tax preparer failed to offer a full update of strategy or plans for the 2018 tax season on its earnings conference call. The company late Tuesday posted a slightly wider-than-expected loss for its fiscal first quarter. H&R Block said it lost 63 cents a share, against a 62 cents-a-share consensus. Revenue rose 10% to $138 million, primarily on increased U.S. assisted tax preparation fees and revenues from the company’s Peace of Mind service plan. Analysts polled by FactSet had expected sales of $129 million. The first quarter typically represents less than 5% of annual revenues and less than 15% of annual expenses. Interim CEO Thomas Gerke welcomed new CEO Jeff Jones, who was appointed last week to take the helm in October. But he said the company’s strategy remains unchanged, and declined to offer detailed guidance for the next tax season. Analyst Jeffrey Silber at BMO Capital Markets said the numbers were in line in a seasonally light quarter. “We would not read too much into these results,” he said in a note late Tuesday. Shares have gained about 17% in 2017, while the S&P 500 has gained about 10%.

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