Category: Stock Market News

BioScrip Inc. said Thursday that after a review of financial statements, it identified “internal control deficiencies” that may have led to potential financial statement errors. The stock edged up 0.3% in premarket trade. The deficiencies were in connection with reconciliations for certain asset and liability accounts. The provider of infusion and home care management services said the potential errors do not appear to be material, but the ongoing review may result in a delay in the filing of its Form 10-K annual report with the Securities and Exchange Commission. The company said it will report a “material weakness” related to certain spreadsheets used to calculate periodic adjustments to accounts, but it did not have any effect on 2017 financial statements. Separately, the company reported a fourth-quarter net loss that narrowed to $1.2 million from $5.2 million a year ago, and revenue of $182.6 million. The stock has run up 17.6% over the past three months, while the S&P 500 has gained 2.8%.

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Shares of American Eagle Outfitters Inc. rallied 3.1% in premarket trade Thursday, after the apparel retailer reported a fiscal fourth-quarter profit that matched expectations but beat on sales, provided an upbeat outlook and raised its dividend. Net income for the quarter to Feb. 3 rose to $94.0 million, or 52 cents a share, from $54.6 million, or 30 cents a share, in the same period a year ago. Excluding non-recurring items, such as a benefit from recent tax legislation, adjusted earnings per share came to 44 cents, in line with the FactSet consensus. Revenue rose to $1.23 billion from $1.10 billion, just above the FactSet consensus of $1.21 billion, while same-store sales growth of 8% beat expectations of a 7.2% rise. The gross margin rate decreased to 34.6% or revenue from 35.4%, reflecting higher promotional activity. The company expects first-quarter same-store sales to rise in the mid-single digit percentage range, while the FactSet consensus is for a 3.2% rise. Separately, the company raised its quarterly dividend by 10% to 13.75 cents a share, to be payable April 27 to shareholders of record on April 13. The stock has soared 19% over the past three months, while the S&P 500 has gained 2.8%.

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Shares of Kroger Co. tumbled 5.6% in premarket trade Thursday, after the supermarket chain reported fiscal fourth-quarter profit that matched expectations. Net income for the quarter to Feb. 3 rose to $854 million, or 96 cents a share, from $506 million, or 53 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 63 cents, in line with the FactSet consensus. Revenue rose to $31.03 billion from $27.61 billion, above the FactSet consensus of $30.82 billion, while same-store sales growth of 1.5% matched expectations. Gross margin was 21.9% of sales, compared with 22.4% in the sequential third quarter. Looking ahead, the company expects 2018 same-store sales growth of 1.5% to 2.0%, surrounding the FactSet consensus of 1.6%. The stock has lost 1.7% over the past three months through Wednesday, while the S&P 500 has gained 2.8%.

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The European Central Bank, as expected, left interest rates unchanged Thursday, but dropped a line saying it would increase asset purchases if its outlook deteriorate. The ECB said it would continue its program of asset purchases through September, “or beyond, if necessary.” The ECB left its refinancing rate at 0%, while the rate paid on deposits parked overnight at the bank was left at negative 0.4% and the rate on the deposit facility was left at 0.25%. The ECB repeated that it expects rates to remain at present levels “for an extended period of time, and well past the horizon of the net asset purchases.” ECB President Mario Draghi’s news conference is set to begin at 2:30 p.m. Frankfurt time, or 8:30 a.m. Eastern.

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Shares of Hess Corp. rose 0.6% in premarket trade Thursday, after the oil and gas exploration company said it set a new $1 billion stock repurchase program, in addition to the $500 million program announced in late 2017. The new program includes $500 million in accelerated repurchases and $500 million to buy back stock in the open market by the end of 2018. The company said it expects to fund the repurchases from existing cash and asset sales. Based on Wednesday’s stock closing price of $46.48, the new program would allow the repurchase of 21.5 million shares, or about 6.8% of the shares outstanding. The stock has gained 2.2% over the past three months, while the SPDR Energy Select Sector ETF has lost 3.0% and the S&P 500 has gained 2.8%.

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Victoria Secret parent L Brands Inc. said Thursday February sales rose 11.5% to $853.9 million from $765.5 million in the same period a year ago, while same-store sales grew 3% for the month. The FactSet same-store sales consensus for the fiscal first-quarter ending April is a 2.4% rise. The stock was indicated down about 1.8% in premarket trade. Separately, the company said it authorized a new $250 million stock repurchase program, which includes the $23.1 million remaining under the previous program. At Wednesday’s stock closing price of $43.97, the new buyback program would allow the repurchase of up to 5.7 million shares, or about 2.0% of the shares outstanding. The stock has plunged 23.2% over the past three months, while the SPDR S&P Retail ETF has tacked on 1.4% and the S&P 500 has gained 2.8%.

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Dollar General Corp. announced Thursday new parental leave and adoption assistance benefits, effective April 1. The new parental-leave benefit will include two weeks of paid time off for all qualifying “parent” employees and an additional six weeks of paid leave for birth mothers. The company will also provide up to $4,000 in adoption assistance. The discount retailer’s stock, which was still inactive in premarket trade, has lost 4.3% over the past three months, while the SPDR S&P Retail ETF has gained 1.4% and the S&P 500 has advanced 2.8%.

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Shares of Burlington Stores Inc. surged 3.4% in premarket trade Thursday, after the off-price apparel retailer beat fiscal fourth-quarter profit and same-store sales expectations and provided an upbeat outlook, although revenue came up shy. Net income for quarter to Feb. 3 rose to $240.7 million, or $3.47 a share, from $125.6 million, or $1.77 a share, in the same period a year ago. Excluding non-recurring items, such as the benefit of recent tax legislation, adjusted earnings per share came to $2.17, above the FactSet consensus of $2.10. Total revenue rose to $1.94 billion from $1.69 billion, below the FactSet consensus of $2.10 billion, but same-store sales growth of 5.9% beat expectations of a 3.1% rise. For the first quarter, the company expects adjusted EPS of $1.05 to $1.09, above the FactSet consensus of 99 cents, and sales growth of 9.5% to 10.5%; the FactSet revenue consensus of $1.46 billion implies 8.5% growth. The stock has gained 2.8% over the last three months, matching the gain in the S&P 500 .

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Health insurance company Cigna Corp. said Thursday it will purchase Express Scripts Holding Co. in a cash-and-stock deal worth $67 billion. The agreement includes Cigna’s assumption of about $15 billion in Express Scripts’s debt. The transaction consists of $48.75 in cash and 0.2434 shares of stock for each Express Scripts share. The deal represents a premium of 31% to Express Script’s closing price of $73.42 on Wednesday. Shares of Express Scripts climbed 16% to $85 in premarket trade. Cigna shares were down 2% in scant premarket volume.

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Ignoring his lawyers’ advice, President Donald Trump has asked at least two witnesses interviewed by special counsel Robert Mueller’s investigation what they talked about, the New York Times reported Wednesday. While the conversations with the two — White House counsel Don McGahn and former chief of staff Reince Priebus — likely did not amount to witness tampering, experts told the Times, they are potentially problematic. In both instances, sources familiar with the conversations reportedly alerted Mueller about them, in case they posed conflicts. Additionally, after a Times report in January said Trump ordered McGahn to order Mueller to be fired last summer, Trump told an aide that McGahn should issue a statement denying the report, the Times said. McGahn refused to do so, and confronted Trump, reminding him that he had in fact ordered him to fire Mueller, according to the Times.

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