Category: Stock Market News

Time Warner Inc.-owned Turner Sports is planning to launch a new sports streaming platform in 2018 the company said on Thursday. Turner acquired exclusive multi-platform rights to two of the world’s premier soccer competitions, the UEFA Champions League and the UEFA Europa League. Those two competitions will be the foundation for Turner’s direct-to-consumer streaming service. The three-year deal with UEFA, the governing body of European football, begins in 2018 with the launch of Turner’s streaming service. Walt Disney Co.’s premier cable sports network ESPN also recently announced it will launch a streaming service in 2018. Turner President David Levy said the deal with UEFA and the coming streaming platform aligns with the broadcaster’s strategy to expand the distribution of its content. Turner also plans to use Bleacher Report to offer access to live games, along with year-round clips and content to focus on reaching millennial audiences. Shares of Time Warner have gained 5.6% in the year to date, while the S&P 500 index is up 10.2%.

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Shares of Wal-Mart Stores Inc. and Cisco Systems Inc. are acting as a drag on the Dow Jones Industrial Average in premarket trade Thursday, in the wake of the companies’ earnings reports. Wal-Mart’s stock slumped $2.00, or 2.5%, ahead of the open, after the discount retail giant beat overall revenue expectations but Sam’s Club sales came up short. That would take about 14 points off the Dow’s price. Cisco shares fell 87 cents, or 2.7%, in premarket trade, after a downbeat outlook, which would shave about 6 points off the Dow. The combined drag on the Dow was 20 points, while Dow futures were down 63 points.

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Shares of Alibaba Group Holdings Ltd. rallied toward a record high on heavy volume in premarket trade Thursday, as investors cheered the China-based e-commerce giant’s better-than-expected results. The stock traded up 4.9% at $167.27 ahead of the open, above Wednesday’s record close of $159.50 and all-time intraday high of $158.32. Volume topped 4.5 million shares an hour before the open, enough to make the stock the most actively traded in the premarket. The full-day average volume over the past 30 days is 14.7 million shares, according to FactSet. Alibaba reported earlier fiscal first-quarter earnings and revenue that beat expectations. The stock has rocketed 81.6% year to date through Wednesday, while shares of U.S.-based e-commerce giant Amazon.com Inc. have run up 30.5% and the S&P 500 has gained 10.2%.

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Shares of Altaba Inc. , formerly known as Yahoo, ran up 4.6% in premarket trade Thursday, on the heels of Alibaba Group Holding Ltd.’s better-than-expected quarterly results. The stock was on track to open at the highest price seen during regular session hours since Aug. 28, 2000. Altaba was Yahoo until the company completed the sale of its operating business to Verizon Communications Inc. in June, but is now a closed-end management investment company that owns a “substantial” Alibaba stake. Alibaba’s stock surged 5.5% ahead of the open after the China-based e-commerce giant beat fiscal first-quarter profit and revenue expectations. Altaba’s stock has soared 57% year to date through Wednesday, while Alibaba shares have rocketed 82% and the S&P 500 has gained 10%.

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Wal-Mart Stores Inc. reported second-quarter net income of $2.90 billion, or 96 cents per share, down from $3.78 billion, or $1.21 per share, for the same period last year. Adjusted EPS was $1.08, ahead of the FactSet $1.07 consensus. Revenue was $123.4 billion, up from $120.9 billion and ahead of the $122.8 billion. Same-store sales were up 1.8%, with traffic growing 1.3% for the quarter. E-commerce sales at Walmart U.S. grew 60%. Sam’s Club sales were $14.9 billion, up from $14.5 billion last year, but below the FactSet consensus of $14.8 billion. Same-store sales, excluding fuel, were up 1.2%. Wal-Mart sees full year EPS of $4.18 to $4.28, and adjusted EPS of $4.30 to $4.40. The company sees third-quarter EPS of 90 cents to 98 cents. The FactSet consensus is for full-year earnings of $4.36 and third-quarter EPS of 97 cents. Wal-Mart shares are down 1.8% in Thursday premarket trading, but up 17.2% for the year so far. The S&P 500 index is up 10.2% for 2017 to date. The Dow Jones Industrial Average is up 11.5% for 2017 so far.

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From:: Stock Market News

Wal-Mart Stores Inc. reported second-quarter net income of $2.90 billion, or 96 cents per share, down from $3.78 billion, or $1.21 per share, for the same period last year. Adjusted EPS was $1.08, ahead of the FactSet $1.07 consensus. Revenue was $123.4 billion, up from $120.9 billion and ahead of the $122.8 billion. Same-store sales were up 1.8%, with traffic growing 1.3% for the quarter. E-commerce sales at Walmart U.S. grew 60%. Sam’s Club sales were $14.9 billion, up from $14.5 billion last year, but below the FactSet consensus of $14.8 billion. Same-store sales, excluding fuel, were up 1.2%. Wal-Mart sees full year EPS of $4.18 to $4.28, and adjusted EPS of $4.30 to $4.40. The company sees third-quarter EPS of 90 cents to 98 cents. The FactSet consensus is for full-year earnings of $4.36 and third-quarter EPS of 97 cents. Wal-Mart shares are down 1.8% in Thursday premarket trading, but up 17.2% for the year so far. The S&P 500 index is up 10.2% for 2017 to date. The Dow Jones Industrial Average is up 11.5% for 2017 so far.

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Shares of Alibaba Group Holding Ltd. shot up 4.6% in active premarket trade Thursday, after the China-based e-commerce giant reported fiscal first-quarter profit and sales that rose above expectations. Net income for the quarter to June 30 increased 99% to the equivalent of $2.58 billion, while earnings per share rose 92% to 83 cents. Excluding non-recurring items, adjusted EPS came to $1.17, beating the FactSet consensus of 93 cents. Revenue grew 56% to $7.40 billion, above the FactSet consensus $7.12 billion. Mobile monthly active users increased 24% to 529 million. Cloud computing revenue rose 96% to $359 million, as cloud computing paying customers increased 75% to 1.01 million. “Our technology is driving significant growth across our business and strengthening our position beyond core commerce,” said Chief Executive Daniel Zhang. The stock has soared 82% year to date through Wednesday, while the S&P 500 has gained 10%.

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Apple Inc. Chief Executive Tim Cook condemned white supremacists on Wednesday, and said the company is putting its money where its mouth is. In an email to employees that was obtained by Recode, Cook said the tech giant will donate $1 million each to the Southern Poverty Law Center and the Anti-Defamation League, and that it will match employee donations to human-rights organizations two-to-one through Sept. 30. Cook also said Apple was working on a way to make donations through iTunes. Cook said he disagreed with President Donald Trump’s response to the weekend violence in Charlottesville, Va. “This is not about the left or the right, conservative or liberal. It is about human decency and morality,” Cook said.

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Alphabet Inc.’s Google acquired a startup to help it with its artificial intelligence vision tech, according to report late Wednesday. Google acquired Belarus-based AIMatter, a company that uses a neural network to help detect and process images on mobile devices, according to TechCrunch. Terms of the deal were not disclosed. AIMatter makes the Fabby app, which uses AI to recognize different parts of selfies to apply effects and alterations.

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Analog Devices Inc. said late Wednesday that Prashanth Mahendra-Rajah will join the company on Sept. 28 as its senior vice president of finance and chief financial officer, reporting to Chief Executive Vincent Roche. Mahendra-Rajah is currently the CFO of WABCO Holdings Inc. . Shares of Analog Devices were flat in late trading after ending the regular session up 0.1%. WABCO shares, also flat, ended the regular session down 0.6%.

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