Category: Stock Market News

FTD Companies Inc. announced preliminary results for 2017 late Wednesday, more than two months after the end of its fiscal year, and admitted that it had fumbled one of the biggest days of the year for florists. FTD said that its outlook for 2018 was hit by a miss on Valentine’s Day, with first-quarter outlook now expected to be about $20 million less than internal expectations due to a woeful performance on the holiday. “We took a different approach to media-based marketing in certain brands, and the results were substantially short of our expectations,” Chief Executive John Walden said in Wednesday’s release. “We will incorporate our many learnings from Valentine’s Day to inform our plans throughout this year and in the future.” FTD, which did not explain why it has not released earnings more than two months after the close of the year, said that it expects 2017 results to fall within previously stated forecast ranges, and now expects to fall in the lower half of guidance ranges provided for 2018 after the Valentine’s Day flub. The company did say that its outlook for 2018 leads executives to anticipate that it will not live up to certain obligations in its credit agreement, and it is discussing $50 million in credit support from its largest shareholder, Liberty Interactive Corp. FTD shares have declined more than 71% in the past year, as the S&P 500 index has gained 15.1%.

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Agilent Technologies Inc. announced Wednesday evening that it has agreed to buy Advanced Analytical Technologies Inc. for $250 million in cash. The 20-year-old private company, which is based in Iowa and has about 100 employees, focuses on tools to analyze molecules using a technique called electrophoresis. “Technology advances in genomics, metabolomics, and proteomics are driving growth and demand for innovative new solutions,” Agilent executive Stefan Schuette said in Wednesday’s announcement. Agilent did not provide information on how the acquisition would affect its finances nor a targeted closing date. Agilent shares were stable in late trading following the announcement, after closing with a 2.3% gain at $69.70.

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Agilent Technologies Inc. announced Wednesday evening that it has agreed to buy Advanced Analytical Technologies Inc. for $250 million in cash. The 20-year-old private company, which is based in Iowa and has about 100 employees, focuses on tools to analyze molecules using a technique called electrophoresis. “Technology advances in genomics, metabolomics, and proteomics are driving growth and demand for innovative new solutions,” Agilent executive Stefan Schuette said in Wednesday’s announcement. Agilent did not provide information on how the acquisition would affect its finances nor a targeted closing date. Agilent shares were stable in late trading following the announcement, after closing with a 2.3% gain at $69.70.

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A letter from 107 House Republicans, including Ways and Means Chairman Kevin Brady, is asking for President Donald Trump to tailor steel and aluminum tariffs. The letter calls for exclusions of fairly traded products and those that don’t pose security threats, allowing companies to petition for duty-free access for imports that are unavailable from U.S. sources, and grandfathering of existing contracts to purchase aluminum or steel.

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Tronc Inc. shares were flat in the extended session Wednesday after the company reported earnings that missed Wall Street expectations but higher-than-expected revenue. The company reported fourth-quarter net losses of $373 million, or 1 cent a share, compared with net income of $19.4 million, or 53 cents a share, in the year-ago period. Adjusted earnings were 30 cents a share. Fourth-quarter net income was impacted by a $10.8 million one-time reduction in deferred tax assets related to the changes in the U.S. tax code. Revenue rose to $435 million from $425.4 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 65 cents a share on revenue of $424 million. The company said it will provide 2018 outlook on its first-quarter 2018 earnings conference call. Earlier this year the company announced an agreement to sell the Los Angeles Times, The San Diego Union-Tribune and other California properties for $500 million in cash, plus the assumption of about $90 million in pension liabilities. Tronc stock has gained 43% in the past year, with the S&P 500 index rising 15%.

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Rent-A-Center Inc. said late Wednesday it is laying off about 25% of its corporate workforce in Plano, Texas, to “better align” the company’s structure with its operations under a plan to save $65 million to $85 million. Rent-A-Center also said its board is still reviewing “strategic and financial alternatives” to maximize stockholder value, including evaluating the sale of the company. “The company has received proposals from bidders interested in acquiring the company and the board and its advisors remain actively engaged with these parties,” Rent-A-Center said. A decision whether to pursue a sale is expected for the second quarter, with no further updates on that part of its strategic review, the company said. The headcount reduction of about 250 positions is expected to generate some $28 million in annual run-rate cost savings, with approximately $20 million realized in 2018, Rent-A-Center said. Severance charges and other one-time costs relating to the layoffs are seen around $3 million in the first quarter of 2018, the company said. “While major reductions in work force are difficult, we are confident that Rent-A-Center will be better positioned for long-term growth and profitability,” Chief Executive Mitch Fadel said in a statement. Shares of Rent-A-Center were halted.

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Guidewire Software Inc. announced plans to sell $200 million in fresh shares Wednesday afternoon, after the company’s stock hit a new all-time high in the regular trading session. The software company said it plans to offer $200 million in common stock, as well as $300 million in convertible debt. Guidewire stock hit an all-time intraday high of $92.65 in Wednesday’s session and closed with a 7% gain at a record of $91.17 after announcing fiscal second-quarter earnings Tuesday afternoon. Guidewire said the proceeds would be for general corporate purposes. Shares declined about 1% in late trading after the announcement, but have gained 59.6% in the past year, as the S&P 500 index has increased 15.2%.

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Costco Wholesale Corp. shares traded between slight gains and losses in the extended session Wednesday after the wholesale club’s revenue for the quarter topped Wall Street estimates. Costco shares, which had been up as much as 2.5% after hours, were last down 0.8%. The company reported fiscal second-quarter net income of $701 million, or $1.59 a share, compared with $515 million, or $1.17 a share, in the year-ago period. Earnings for the latest quarter include a benefit of 17 cents a share from the U.S. tax overhaul, Costco said. Revenue rose to $33 billion from $29.77 billion in the year-ago period. Analysts surveyed by FactSet had estimated $1.47 a share on revenue of $32.74 billion.

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Shares of Caesars Entertainment Corp. rose more than 3% late Wednesday after the casino and entertainment company swung to a profit in the fourth quarter. Caesars said it earned $2 billion, or $2.48 a share, driven by a tax benefit of $2.03 billion thanks to the U.S. tax overhaul and to the emergence from bankruptcy of one of its units, versus a loss of $463 million, or $3.15 a share, in the year-ago period. Revenue rose to $1.90 billion from $949 million a year ago. Analysts polled by FactSet had expected earnings of 8 cents a share on sales of $1.99 billion. Shares of Caesars ended the regular trading session up 1.6%.

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The White House said Wednesday President Donald Trump’s attorneys had won a case brought against him by former adult-movie star Stormy Daniels. “The president has denied the allegations against him, and again, this case has already been won in arbitration,” said press secretary Sarah Sanders. Sanders said Trump’s personal lawyers won the case. Daniels, whose real name is Stephanie Clifford, filed a suit against Trump saying his lawyer forced her to sign a false statement in response to inquiries about an alleged sexual encounter with the president.

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