Category: Stock Market News

Coach Inc. reported Tuesday a fiscal fourth-quarter net profit that rose to $151.7 million, or 53 cents a share, from $81.5 million, or 29 cents a share, from a year ago. Excluding non-recurring items, the luxury lifestyle brands company adjusted earnings per share came to 50 cents, beating the FactSet consensus of 49 cents a share. Revenue slipped to $1.13 billion from $1.15 billion, just below the FactSet consensus of $1.15 billion. North America same-store sales increased in the “mid-single-digit” percentage range, beating the FactSet consensus of 3.6% growth. Total Coach brand sales in North America fell to $586 million from $606 million, while Stuart Weitzman brand sales increased to $88 million from $84 million. For fiscal 2018, the company expects revenue, including projected Kate Spade results, of $5.8 billion to $5.9 billion, and EPS growth of 10% to 12% to $2.35 to $2.40. The FactSet consensus for revenue was $5.03 billion and for EPS was $2.40. The stock, which slumped 7% in premarket trade, has soared 37% year to date through Monday, while the SPDR S&P Retail ETF has shed 10.0% and the S&P 500 has gained 10.1%.

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Home Depot Inc. on Tuesday raised its forecasts for full-year earnings and sales after quarterly profit and revenue came in above Wall Street’s expectations. The home-improvement products and services retailer said second-quarter net earnings were $2.67 billion, or $2.25 a share, up from $2.44 billion, or $1.97 a share, a year ago. Revenue rose to $28.11 billion from $26.47 billion. Analysts polled by FactSet had expected earnings of $2.21 on sales of $27.83 billion. Home Depot said it now foresees fiscal 2017 sales rising by 5.3%. It also projected a 13% rise in fiscal 2017 per-share earnings growth, to $7.29. The company in May had raised its yearly per-share earnings growth forecast to 11%, to $7.15. Shares of Home Depot were up 0.5% ahead of Tuesday’s opening bell.

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Costco Wholesale Corp. late Monday said it will appeal a ruling that it marketed diamond rings that infringed upon Tiffany & Co.’s trademark. In a statement, Costco said the ruling “is a product of multiple errors in pretrial, trial, and post-trial rulings.” On Monday, a federal judge ruled that Tiffany could recover at least $19.4 million in damages from Costco, according to Reuters.

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David Tepper’s hedge fund Appaloosa Management unloaded its position in Snapchat-parent Snap Inc., and disclosed increases in the tech and health-care sectors at the end of the second quarter. As of June 30, Tepper’s fund showed that his fund dumped 100,000 shares of of Snap Inc. , which has lost more than a third of its value since it debuted as a public entity in early March. Tepper had been one of a number of prominent investors who had vocally expressed support of the social-messaging company. On Monday, Snap’s shares were among the most active, gaining about 6.5% to start the week. Elsewhere, Appaloosa showed new positions in the PowerShares QQQ Trust Series 1 , which mimics the technology laden Nasdaq-100 , purchasing 1.8 million shares of the so-called QQQs, valued at $249 million, representing about 3.7% of his overall portfolio, according to data from research provider Whalewisdom.com. The fund also more than doubled its Apple Inc. position to 625,000 shares worth about $90 million and those of Altaba Inc. , which he boosted to 5.1 million shares valued at $280 million. Appaloosa showed a fresh stake in Alibaba Group Holding Limited , scooping up 3.6 million shares worth $520 million. Tepper’s investment vehicle added a new position in exchange-traded IBB , a prominent ETF tracking the biotech sector, and SPDR S&P Biotech ETF , which closely mimics the S&P 500’s health-care sector. Tepper’s firm bought 235,000 shares of IBB worth about $73 million and 330,000 shares of XBI valued at $34 million, as of the end of June. In other sales, Tepper & Co. unloaded all of its position in Teva Pharmaceutical Industries , Energy Transfer Partners L.P. and Pfizer Inc. among others.

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Warren Buffett’s Berkshire Hathaway Inc. dropped its position in General Electric Co. and trimmed other positions, according to a Securities and Exchange Commission filing late Monday. Berkshire liquidated its position in GE, while trimming positions in International Business Machines Inc. , Costco Wholesale Corp. and Sirius XM Holdings Inc. . GE shares were off 0.3% after hours. Berkshire added a position of 17.5 million shares of Synchrony Financial , and shares were up 3.9% at $30.70 after hours.

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The Dow Jones Industrial Average on Monday booked its longest period, 61 sessions, without a 1% swing in about 22 years, according to data from WSJ Market Data Group. The Dow closed up 0.6%, or 135 points, at about 21,994, marking its best daily advance since June 28th. But over a longer stretch, the blue-chip gauge has moved fairly placidly over the past three months, failing to post a gain or loss of at least 1% since May 17, when the gauge declined 1.8%. That’s even after the Dow registered a 1.1% weekly drop last week on the back of heightened geopolitical worries, representing its worst weekly decline since the period ended March 24. At 61 sessions in a row, the Dow has logged the longest such succession of trades without a 1% swing since since the 69 trading days ended Oct. 25, 1995. Meanwhile, the S&P 500 index managed to notch a close of 1% at 2,465, while the Nasdaq Composite Index finished the session 1.4% higher at 6,340.

–Ken Jimenez contributed to this article

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Pandora Media Inc. late Monday announced that Roger Lynch will join the company as its CEO and president as well as a member the board of directors, effective Sept. 18. Naveen Chopra, who has served as Pandora’s interim CEO since June, will continue in his role as chief financial officer. Lynch served as the founding CEO of Sling TV, and prior to that was an executive at DISH Network Corp. Pandora also announced it has also appointed Michael Lynton to its board of directors. Pandora’s former CEO, Tim Westergren, stepped down in June. Shares of Pandora rose 5% after the announcement, and ended the regular trading day down 0.1%.

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Google Inc. said Monday that it had cancelled the domain registration for white-supremacy site the Daily Stormer.
“We are cancelling Daily Stormer’s registration with Google Domains for violating our terms of service,” a Google spokesperson wrote in an email to MarketWatch. The Daily Stormer was kicked off of GoDaddy Inc. earlier Monday after the site had published an article demeaning Heather Heyer, a protester killed at the neo-Nazi rally in Virginia. GoDaddy gave the Daily Stormer 24 hours to move its domain to another web hosting company.

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Oil prices settled Monday at their lowest level in three weeks, pressured by concerns over growing production from OPEC members and U.S. shale-oil producers. Separate reports from the Organization of the Petroleum Exporting Countries and the International Energy Agency last week showed a monthly rise in crude output from OPEC members. A report issued Monday from the Energy Information Administration also revealed expectations for a 117,000-barrel rise in next month’s U.S. shale-oil production. September West Texas Intermediate crude fell $1.23, or 2.5%, to settle at $47.59 a barrel on the New York Mercantile Exchange.

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New York Fed President William Dudley said Monday that he is in favor of continuing to slowly raise short-term interest rates even with inflation below the central bank’s 2% target. In an interview with the Associated Press, Dudley listed two reasons to continue to raise short-term rates, saying financial conditions have eased even though the Fed has been tightening and the current level of short term rates is “pretty low.” “I would be in favor of doing another rate hike later this year,” if the economy performs as expected, Dudley said.

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