Category: Stock Market News

Shares of Kohl’s Corporation surged 7% in premarket trading Thursday before giving up those gains, after the retailer reported earnings that beat Wall Street estimates. The stock move came after Macy’s Inc. reported and offered a soft outlook, sending its shares lower. Kohl’s said net income for the second quarter was $208 million, or $1.24 per share, versus $140 million, or 77 cents per share, in the same period a year ago. Same-store sales rose 0.4% compared to a year ago, while overall sales in the quarter totaled $4.144 billion, down from $4.18 billion a year ago. Adjusted earnings per share were $1.24, versus $1.22 a year ago, and beating the FactSet consensus of $1.19. Foot traffic “accelerated” in the second quarter, CEO Kevin Mansell said in a release. Kohl’s shares are down 15% in the year to date, compared to a 10.5% gain for the S&P 500 [s:spx].

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Macy’s Inc. shares were up in early Thursday premarket trading after the retailer reported second-quarter earnings and revenue that beat expectations. Net income was $116.0 million, or 38 cents per share, up from $11.0 million, or 3 cents per share, for the same period last year. Adjusted EPS was 48 cents, beating the 46-cent FactSet consensus. Sales totaled $5.55 billion for the quarter, down from $5.87 billion and ahead of the $5.52 billion FactSet consensus. Same-store sales on an owned basis were down 2.8% for the quarter, and down 2.5% on an owned-plus-licensed basis. Macy’s Chief Executive Jeff Gennette said the company saw a “notable contribution” from women’s shoes and jewelry. Macy’s reaffirmed its full-year guidance for same-store sales decline between 2.2% and 3.3% on an owned basis and down 2% to 3% on an owned-plus-licensed basis. Sales are expected to be down between 3.2% and 4.3% and adjusted EPS is forecast to be $2.90 to $3.15 excluding the impact of anticipated fourth-quarter gains from the sale of the San Francisco men’s building and charges, premiums and fees associated with debt repurchases. The FactSet EPS consensus is $3.27 for the year. Macy’s shares are down 35.7% for the year so far while the S&P 500 index is up 10.5% for the period.

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JetBlue Airways Corp. said Thursday July load factor declined to 87.1% from 87.7% in the same period a year ago, as capacity growth outpaced a traffic increase. Traffic rose 5.1% to 4.48 billion revenue passenger miles, while capacity grew 5.9% to 5.14 billion available seat miles. The air carrier affirmed its third-quarter outlook for revenue per available seat mile to range from a decline of 0.5% to an increase of 2.5% from a year ago. The stock, which was still inactive in premarket trade, has gained 1.0% the past three months, while the NYSE Arca Airline Index has lost 4.3% and the S&P 500 has climbed 3.1%.

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Dillard’s Inc. fell 10% in Thursday premarket trading after the retailer reported second-quarter earnings that missed expectations. Losses for the quarter totaled $17.1 million, or 58 cents per share, after net income of $12.1 million, or 35 cents per share, for the same period the previous year. The FactSet consensus was for EPS of 18 cents. Sales totaled $1.46 billion, down from $1.49 billion last year and ahead of the $1.44 billion FactSet consensus. Same-store sales fell 1% for the quarter. Sales of women’s clothing rose slightly, but shoes were below trend, the company said. “Significant markdowns led to a disappointing loss as we dealt with inventory, which was up 2% at quarter end,” said Chief Executive William Dillard in a statement. Dillard’s shares are up 26.7% for the last three months and up 17% for the year so far. The S&P 500 index is up 10.5% for 2017 to date.

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Shares of Blue Apron Holdings Inc were climbing 4% in premarket trade Thursday after the meal-kit company beat second-quarter revenue expectations, in its first report as a public company. It reported a net loss of $31.6 million, or a loss of 47 cents per share, after net income of $5.5 million in the year-earlier period. Analysts surveyed by FactSet were expecting a loss per share of 27 cents. Revenue was $238.1 million, up from $201 million in the year-earlier period and above the FactSet consensus of $235.8 million. The number of customers fell 9% quarter-over-quarter, with 943,000 customers, compared to 1 million customers in the year-earlier period, which Blue Apron attributed to a reduction in marketing by $26.1 million. However, average revenue per customer increased to $251 for the second quarter, up from $236 in the previous quarter, but below $264 in the year-earlier period. The number of orders per customer also increased to 4.3, from 4.1 in the previous quarter. Shares of Blue Apron have fallen 23% in the past month, while the S&P 500 has gained 2%.

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Invitation Homes , which went public in February, is merging with StarWood Waypoint Homes to create a company with a combined market value of $11 billion, the companies announced Thursday. The two companies, which both own and operate single-family rental homes in the U.S., have signed a definitive agreement to merge in a 100% stock-for-stock transaction, with each Starwood Waypoint Homes share converted into 1.614 Invitation Homes shares. The new company will still have the name Invitation Homes, with Fred Tuomi, the current chief executive of StarWood Waypoint Homes as CEO. Bryce Blair, the CEO of the current Invitation Homes will be chairman. The combined shares are expected to continue trading under Invitation Homes’ ticker, “INVH.” Invitation Homes also reported second-quarter earnings Thursday, with net income of $5.5 million, or 2 cents per share, after reporting a loss of $19.7 million in the year-earlier period, or a loss per share of 6 cents. Analysts surveyed by FactSet were expecting earnings per share of 2 cents. It reported revenue of $242 million, in line with the FactSet consensus. Shares of both Invitation Homes and Starwood were still inactive in premarket trade Thursday. Invitation Homes shares have lost 3% in the past three months, while Starwood’s stock has gained 1.2% and the S&P 500 has gained 3%.

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Shares of Kohl’s Corporation surged 7% in premarket trading Thursday after the retailer reported earnings that beat Wall Street estimates. Net income for the second quarter was $208 million, or $1.24 per share, versus $140 million, or 77 cents per share, in the same period a year ago. Same-store sales rose 0.4% compared to a year ago, while overall sales in the quarter totaled $4.144 billion, down from $4.18 billion a year ago. Adjusted earnings per share were $1.24, versus $1.22 a year ago, and beating the FactSet consensus of $1.19. Foot traffic “accelerated” in the second quarter, CEO Kevin Mansell said in a release. Kohl’s shares are down 15% in the year to date, compared to a 10.5% gain for the S&P 500 [s:spx].

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Battery maker Energizer Holdings Inc. said Thursday it has named Timothy Gorman as its chief financial officer with immediate effect. Gorman joined the company in 2014 and has served as interim CFO since June 8. The executive has also done stints at PepsiAmericas. Gorman will be paid a base salary of an annualized $520,000, and will be eligible for a target bonus of 75% of his base salary, depending on the company’s financial results. Shares were not active premarket, but have fallen 7% in 2017, while the S&P 500 has gained 10.5%.

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A U.S. Navy destroyer on Thursday came within 12 nautical miles of a Chinese island in the South China Sea as it carried out a “freedom of navigation operation,” according to Reuters. Citing U.S. officials speaking on condition of anonymity, the newswire said USS John S. McCain sailed close to Mischief Reef in the Spratly Islands, an area which China is in a territorial dispute over with its neighbors. The operation comes as tensions in the region remain escalated, with U.S. President Donald Trump seeking China’s cooperation in adding pressure on North Korea. Investors have in recent days fled so-called risk assets on concerns a dispute between the U.S. and North Korea will end in a full-fledged war.

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Toy giant Lego Group has axed Bali Padda, its first non-Danish chief executive, after just eight months in the role, replacing him with Niels Christiansen, former chief executive of Danfoss, a Danish industrial group. Padda, who is British, took up the role as Lego CEO in January and will step down on Oct. 1, when he will take on a special advisory role with the company. Jørgen Vig Knudstorp, executive chairman of Lego Brand Group, said incoming CEO Christiansen is “a great leader” who will help the company “to flourish and bring play experiences to more children around the world.” Knudstorp told the Financial Times that Padda’s short time at Lego isn’t down to his performance, but because the company was looking for someone younger. Padda is 61 years old, whereas Christiansen is 51.

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