Category: Stock Market News

Shares of retailer J.Jill Inc. tumbled 10% in premarket trade Tuesday, after the company beat second-quarter earnings estimates and offered a slightly soft outlook. The company said it had net income of $11.9 million, or 28 cents a share, in the quarter, up from $8.1 million, or 19 cents a share, in the year-earlier period. Adjusted per-share earnings came to 29 cents, matching the FactSet consensus. Sales rose to $181.4 million from $165.0 million, also ahead of the FactSet consensus of $179 million. Same-store sales rose 7.8%, ahead of the FactSet consensus of 7.7%. For the third quarter, the company is expecting adjusted EPS of 18 cents to 20 cents, compared with the FactSet consensus of 20 cents. Same-store sales are expected to climb in the high single digits. For the full year, the company is expecting adjusted EPS of 81 cents to 85 cents, compared with a FactSet consensus of 84 cents. Shares are down 4.1% in the month to date, while the S&P 500 has fallen 1.1%.

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DineEquity Inc. chain Applebee’s Neighborhood Grill + Bar said Tuesday that it has selected Stephen Bulgarelli as chief culinary officer. Bulgarelli joins after seven years with Chili’s, a Brinker International Inc. chain, where he was vice president for the last five years. He has also worked with chains like O’Charley’s and T.G.I. Friday’s. Applebee’s menu includes items like steaks, burgers and tacos. DineEquity shares are unchanged in premarket trading and down 48.2% for the year so far. The S&P 500 index is up 9.2% for 2017 so far.

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The Advisory Board Company said Tuesday it has entered agreements to sell its health care business to health services company Optum, and its education business to private-equity firm Vista Equity Partners, in a deal with a total value of $2.58 billion. Vista will acquire the education business, including Royall & Company, for $1.55 billion, in a deal expected to close by year-end or early 2018. Optum will merge with the health care business for $1.3 billion, including debt, in a deal also expected to close by year-end or early 2018. The Advisory Board Co. shares were halted for the news, but have gained 50% in 2017, while the S&P 500 has gained 9%.

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Hain Celestial Group Inc. shares soared 12.5% in Tuesday premarket trading after the food and beverage company issued upbeat fiscal 2018 guidance and beat fiscal fourth-quarter earnings. Hain Celestial’s portfolio of brands includes Celestial Seasonings, Arrowhead Mills, and Rudi’s Organic Bakery. Net income for the quarter totaled $313.0 million, or breakeven earnings per share, after a loss of $88.6 million, or 86 cents per share, for the same period last year. Adjusted EPS was 43 cents, beating the 40-cents FactSet consensus. Sales totaled $725.1 million, down from $737.5 million, but ahead of the $719.0 million FactSet estimate. Hain Celestial sees fiscal 2018 sales of $2.967 billion to $3.036 billion and adjusted EPS of $1.63 to $1.80. The FactSet consensus is for sales of $2.97 billion and EPS of $1.65. Hain shares are up 13.4% for the past three months, and 4.1% for the year to date. The S&P 500 index is up 9.2% for 2017 so far.

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President Donald Trump said Tuesday that “all options are on the table” following North Korea’s missile test over Japanese airspace. U.S. stock futures were trading lower after the test, which occurred late Monday. Trump said the world “has received North Korea’s latest message loud and clear: this regime has signaled its contempt for its neighbors, for all members of the United Nations, and for minimum standards of acceptable international behavior.”

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Acorda Therapeutics Inc. shares slid 26% premarket Tuesday, after the company said it has received a Refusal to File letter from the U.S. Food and Drug Administration regarding its new drug application for inbrija, an investigational treatment for symptoms of Parkinson’s disease. The FDA said the NDA was not complete enough to permit a substantive review. Specifically, it questioned the date by which the manufacturing site would be ready for inspection, as well as the submission of the drug master production record. The company said it will seek a meeting with the FDA and that it believes the issues can be addressed. “We will work with the FDA as quickly as possible to address the open issues and to clarify the path to successfully re-file our application,” Chief Executive Ron Cohen said in a statement. “We remain confident in INBRIJA’s data package and its promise as an important new therapy for people with Parkinson’s disease.” Shares have gained 37% in 2017, while the S&P 500 has gained 9%.

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YogaWorks Inc. said Tuesday it has acquired Tranquil Space’s two studios in the Washington, D.C. metro area, without providing financial details. The company, which completed its IPO on Aug. 11, said it now has 52 studios on the east coast. Tranquil Space was founded by Kimberly Wilson in 1999, and has two studios in Arlington, Va. and in the Dupont Circle neighborhood of Washington. Shares were not yet active premarket, but are down 5.6% in the week to date, while the S&P 500 is flat.

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Shares of electronics retailer Best Buy Co. rose nearly 5% during premarket trade on Tuesday after the company reported fiscal 2018 second quarter earnings that came in above Wall Street expectations. Best Buy reported net earnings of $209 million, or 67 cents per share for the quarter, up from $198 million, or 61 cents per share during the same quarter a year ago. Adjusted earnings per share were 69 cents in the quarter, above FactSet’s consensus of 63 cents. Revenue was $8.9 billion, up from $8.5 billion a year ago, and above FactSet’s $8.7 billion consensus. Also, same-store sales were up 5.4% in the quarter, better than FactSet’s expected 2.1% “Our higher-than-expected comparable sales of 5.4% were driven by stronger consumer demand for technology products and by the strong execution of our strategy,” said Best Buy Chief Executive Hubert Joly in a statement. “Against a backdrop of continued healthy consumer confidence, we believe broad-based product innovation is resonating with consumers and driving higher spend.” Best Buy raised its guidance for the full year, now expecting revenue to grow about 4.0%, compared with the previous 2.5% expectation. Non-GAAP operating income is expected to grow about 4.0% to 9.0%, an increase compared with the previous 3.5% to 8.5% projected growth. Shares of Best Buy have gained more than 46% in the year to date, while the S&P 500 index is up more than 9%.

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Acorda Therapeutics Inc. shares slid 24% premarket Tuesday, after the company said it has received a Refusal to File letter from the U.S. Food and Drug Administration regarding its new drug application for inbrija, an investigational treatment for symptoms of Parkinson’s disease. The FDA said the NDA was not complete enough to permit a substantive review. Specifically, it questioned the date by which the manufacturing site would be ready for inspection, as well as the submission of the drug master production record. The company said it will seek a meeting with the FDA and that it believes the issues can be addressed. “We will work with the FDA as quickly as possible to address the open issues and to clarify the path to successfully re-file our application,” Chief Executive Ron Cohen said in a statement. “We remain confident in INBRIJA’s data package and its promise as an important new therapy for people with Parkinson’s disease.” Shares have gained 37% in 2017, while the S&P 500 has gained 9%.

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The CBOE VIX Volatility index jumped some 25%, hitting 14.16, in the wake of the latest North Korean missile launch, which crossed into Japan’s airspace. Haven investments including gold, bonds and select currencies also got a boost overnight and early Tuesday in the wake of these developments. VIX, considered the stock market’s “fear gauge,” remains sharply higher ahead of the U.S. stock open. It was last changing hands at 13.75, up 21%. Tuesday’s intraday high remains below the year high of 17.28 struck on August 11 after President Donald Trump responded to North Korea’s Kim Jong-Un with a pledge of “fire and fury.”

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