Category: Stock Market News

U.S. stock benchmarks opened higher a third straight session Tuesday as tensions between the U.S. and North Korea appeared to recede and as a spate of economic reports came in better than expected. The Dow Jones Industrial Average advanced slightly 0.1% at 22,019, the S&P 500 index climbed 0.1% at 2,467, while the Nasdaq Composite Index gained about 0.1% at 6,346. Tensions between the two nations appeared to ease on Tuesday, with North Korean leader Kim Jong Un deciding not to launch a threatened missile attack on Guam, according to Pyongyang’s state media. Meanwhile, A gauge of New York-area manufacturing soared to 25.2, marking a three-year high in August, a reading on retail sales surged 0.6% in July, while readings for June were increased to 0.3% from 0.2%. Also, a report on import prices showed an increase of 0.1% in July. The combination of upbeat economic data and easing geopoltical tensions helped to underpin equities slight rise. In corporate news, Shares of Dick’s Sporting Goods Inc. plunged 17% early Tuesday after the retailer reported second-quarter earnings that missed estimates, and issued a profit warning.

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Shares of Omeros Corp. sank 8% in morning trade Tuesday, after the biopharmaceutical company took advantage of a recent surge in price to launch a public offering of shares. The company said late Monday that it was selling 3 million shares, which would represent about 6.7% of the shares outstanding. The company was also offering the underwriter of the offering options to buy up to an additional 450,000 shares. The company said Tuesday that the offering priced at $22.75, which was 7.6% below Monday’s closing price of $24.61. Omeros, which develops small-molecule and protein therapeutics to treat central nervous system disorders, said it planned to use the proceeds from the offering to fund research and development and clinical trials. The stock has more than doubled year to date, while the iShares Nasdaq Biotechnology ETF has rallied 17% and the S&P 500 has gained 10%.

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Amazon.com Inc. said Tuesday that Amazon Instant Pickup is launching at five select pickup locations starting today, and additional locations in the coming months. Amazon Instant Pickup makes “daily essential” items like drinks and snacks, as well as some Amazon devices available at pickup stations in less than five minutes. The first five locations are in Los Angeles, Atlanta, Berkeley, CA, Columbus, OH, and College Park, MD. Amazon operates 22 pickup locations near college campuses around the country. The free service is available to Prime and Prime Student members. Amazon shares up 31.1% for the year so far while the S&P 500 index is up 10.1% for the period.

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TJX Cos. shares rose 1.3% in Tuesday premarket trading after the off-price retail company reported second-quarter earnings and revenue that beat expectations. TJX brands include T.J. Maxx and HomeGoods. Net income was $552.6 million, or 85 cents per share, compared with $562.2 million, 84 cents per share, for the same period last year. The FactSet EPS consensus was for 84 cents. Sales were $8.36 billion, up from $7.88 billion last year and ahead of the $8.30 billion FactSet consensus. Same-store sales rose 3% for the quarter, ahead of the 2.5% FactSet estimate. HomeGoods and TJX Canada same-store sales were up 7%. For the third quarter, TJX sees EPS in the range of 98 cents to $1. The FactSet consensus is $1. The company sees full-year EPS in the range of $3.89 to $3.93, and adjusted EPS in the range of $3.78 to $3.82. The FactSet consensus is $3.89. TJX shares are down 7.3% for the year so far while the S&P 500 index is up 10.1% for the period.

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Shares of GoPro Inc. were soaring 4% in premarket trade Tuesday after the stock was upgraded to neutral from sell at Goldman Sachs as the analysts see GoPro’s upcoming launch of a new Hero camera as a catalyst. GoPro appears to be on track to launch a HERO6 camera in the second half of the year, potentially October, and product launches have led to outperformance of the stock related to the S&P 500 , the analysts said. GoPro also plans to launch a 360-degree Fusion camera in 2018, leading to further upside. However, the company does still have challenges, as camera sell-through was down 9% year-over-year in the previous quarter. And sell through has declined in the past five of six quarters on a year-over-year basis. Still, the analysts expect GoPro to return to cash generation in the second half of 2017, helped by GoPro raising convertible debt, restructuring its costs and reducing inventory. They raised their price target to $10 from $6.75. Shares of GoPro have gained 13% in the past three months, while the S&P 500 has gained 3%.

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Shares of Photronics Inc. plunged 18% in premarket trade Tuesday, after the maker of chip-making equipment missed profit and sales expectations, provided a downbeat outlook and announced the retirement of its chief financial officer. The selloff put the stock on track to open at the lowest level seen during regular session hours since Aug. 18, 2015. Analyst Patrick Ho at Stifel Nicolaus cut his stock price target to $9 from $10, saying while he expected weakness in the results, the display weakness was a surprise, with the CFO transition reducing his confidence even more. Late Monday, the company reported fiscal third-quarter net income that fell to $4.0 million, or 6 cents a share, from $8.1 million, or 12 cents a share, in the same period a year ago, and missed the FactSet consensus of 8 cents a share. Revenue declined to $111.6 mililon from $123.2 million and missed the FactSet consensus of $115.0 million. The company said it expects fourth-quarter revenue of $108 million to $116 million, compared with the FactSet consensus as of July 31 of $124.2 million. Photronics also said CFO Sean Smith will retire effective Sept. 4 after 15 years in the position. The stock has tumbled 13% year to date through Monday, while the PHLX Semiconductor Index has climbed 21% and the S&P 500 has gained 10%.

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Dick’s Sporting Goods Inc. shares plummeted 17% in Tuesday premarket trading after the retailer reported second-quarter earnings that missed estimates, and issued a profit warning. Net income for the quarter was $112.4 million, or $1.03 per share, up from $91.4 million, or 82 cents per share. Adjusted EPS was 96 cents, below the $1 FactSet consensus. Revenue was $2.16 billion, up from $1.97 billion, but matched the FactSet consensus. Same-store sales increased 0.1%. The FactSet estimate was up 1.4%. Dick’s expects full-year 2017 EPS in the range of $2.85 to $3.05, and adjusted EPS in the range of $2.80 to $3. Same-store sales are expected to be in the range of about flat to a low single-digit decline. The FactSet consensus is for EPS of $3.62 and same-store sales growth of 1.3%. Dick’s expects third-quarter EPS in the range of 22 cents to 30 cents, and a same-store sales decline in the low-single digits. FactSet sees EPS of 56 cents and same-store sales growth of 0.5%. Dick’s shares are down 34.3% for the year so far while the S&P 500 index is up 10.1% for the period.

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Shares of Apple Inc. rose 0.5% in premarket trade, on track for a third-straight gain, after billionaire hedge fund manager David Tepper more than doubled his stake in the tech giant, and Warren Buffet maintained his large stake. The stock was trading at $160.60 ahead of the open, just 0.3% below the Aug. 9 record close of $161.06, and 0.8% below the Aug. 8 all-time intraday high of $161.83. Tepper’s Appaloosa LP owned 625,000 shares of Apple as of June 30, according to the latest filings, up from 300,000 shares at the end of March. Meanwhile, Buffett’s Berkshire Hathaway Inc. kept its Apple stake intact at 129.4 million shares, enough to make Berkshire the fifth largest shareholder. Separately, billionaire George Soros’s hedge fund Soros Fund Management increased its stake in Apple to 1,700 shares from 1,400 shares. Apple’s stock, which edged up 0.2% during the second quarter, has run up 11% since the end of June through Monday, while the Dow Jones Industrial Average has tacked on 3.0%.

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Advance Auto Parts Inc. shares slid 9% premarket Tuesday, after the company reported weaker-than-expected profit for the second quarter. The Roanoke, Va.-based aftermarket parts provider said it had net income of $87.0 million, or $1.17 a share, in the quarter, down from $124.6 million, or $1.68 a share, in the year-earlier quarter. Adjusted per-share earnings came to $1.58, below the FactSet consensus of $1.65. Same-store sales were flat, against expectations of a decline of 0.2%. “Our revised guidance for the year incorporates the impact of industry headwinds in the first half, which we expect to continue in the second half of the year and we are taking the appropriate actions to adapt to this environment,” chief Executive Tom Greco said in a statement. The company is expecting full-year same-store sales to fall 3% to 1%, wider than the FactSet consensus for a decline of 0.5%. It expects to open 60 to 65 new stores this year. Shares have fallen 35% in 2017, while the S&P 500 has gained 10%.

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From:: Stock Market News

Advance Auto Parts Inc. shares slid 7% premarket Tuesday, after the company reported weaker-than-expected profit for the second quarter. The Roanoke, Va.-based aftermarket parts provider said it had net income of $87.0 million, or $1.17 a share, in the quarter, down from $124.6 million, or $1.68 a share, in the year-earlier quarter. Adjusted per-share earnings came to $1.58, below the FactSet consensus of $1.65. Same-store sales were flat, against expectations of a decline of 0.2%. “Our revised guidance for the year incorporates the impact of industry headwinds in the first half, which we expect to continue in the second half of the year and we are taking the appropriate actions to adapt to this environment,” chief Executive Tom Greco said in a statement. The company is expecting full-year same-store sales to fall 3% to 1%, wider than the FactSet consensus for a decline of 0.5%. It expects to open 60 to 65 new stores this year. Shares have fallen 35% in 2017, while the S&P 500 has gained 10%.

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