Category: Stock Market News

Valeant Pharmaceuticals International Inc. shares surged 7.9% in premarket trade on Tuesday after the company reported a second-quarter loss and cut its 2017 revenue guidance. The company reported a loss of $38 million, or a loss of 11 cents per share, compared with a loss of $302 million, or a loss of 88 cents per share in the year-earlier period. The FactSet adjusted earnings-per-share consensus was 94 cents. Revenue declined to $2.233 million from $2.42 million, above the FactSet consensus of $2.228 million. Valeant also cut its 2017 revenue guidance to $8.70 to $8.90 billion from $8.90 to $9.10 billion. Valeant shares have surged 5.9% year-to-date, compared with a 10.8% rise in the S&P 500 .

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Food packaging company Sealed Air Corp.’s shares rose 2.6% in premarket trade Tuesday, after the company beat sales estimates for the second quarter. The company said it had net income of $87.8 million, or 45 cents a share, in the quarter, up from $49.6 million, or 25 cents a share, in the year-earlier period. Adjusted per-share earnings came to 35 cents, a penny below the FactSet consensus of 36 cents. Sales rose to $1.07 billion from $1.04 billion, just ahead of the FactSet consensus of $1.06 billion. Chief Executive Jerome Peribere said the company is on track to close the sale of Diversey to private-equity firm Bain Capital in September. “We will continue to invest in research and development, disruptive technologies and targeted acquisitions that enable geographic or adjacent market expansion,” he said in a statement. The company is now expecting full-year adjusted EPS of $1.75 to $1.80 and sales of about $4.3 billion. The FactSet consensus is for full-year EPS of $1.80 and sales of $4.3 billion. Shares are down 3.3% in 2017 through Monday, while the S&P 500 has gained 10.8%.

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Shares of Wayfair Inc. soared 6.7% toward a record high in premarket trade Tuesday, after the online home furnishings retailer reported a narrower-than-expected second-quarter loss. The net loss narrowed to $38.9 million, or 45 cents a share, from $48.3 million, or 57 cents a share, in the same period a year ago. Excluding non-recurring items, the adjusted loss per share came to 26 cents, beating the FactSet consensus of a loss of 46 cents a share. Revenue rose to $1.12 billion from $786.9 million, but just missed the FactSet consensus of $1.15 billion. The number of active users increased 43.1% to 9.5 million, while the average order value was unchanged at $258, beating the FactSet consensus of $244. “As consumers increasingly embrace the selection and convenience of shopping online instead of in physical brick and mortar stores, we are taking advantage of that shift and capturing market share by offering a truly differentiated, customer-centric shopping experience,” said Co-Chairman Niraj Shah. The stock has more than doubled year to date through Monday, while the SPDR S&P Retail ETF has dropped 6.2% and the S&P 500 has gained 11%.

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Michael Kors Holdings Ltd. shares spiked more than 12.5% after the clothing and accessories company reported fiscal first quarter earnings and revenue that beat expectations. Net income totaled $125.5 million, or 80 cents per share, down from $147.1 million, or 83 cents per share. Adjusted EPS was 90 cents per share, beating the 62-cent FactSet consensus. Revenue was $952.4 million, down from $987.9 million and ahead of the $919.0 million FactSet consensus. Same-store sales fell 5.9%. The FactSet consensus was a decline of 9.2%. Michael Kors expects second-quarter revenue between $1.04 billion and $1.06 billion. Same-store sales are expected to fall in the mid-single digit range. EPS is expected to be in the range of 80 to 84 cents. The FactSet consensus is for sales of $1.01 billion and EPS of 78 cents. The company expects full-year revenue of about $4.28 billion and a same-store sales decline in the mid-single digit range. EPS is expected to be in the range of $3.62 to $3.72. The FactSet consensus is for sales of $4.19 billion and EPS of $3.54. The outlook doesn’t include the Jimmy Choo acquisition. Michael Kors believes the deal will be EPS dilutive in the low-single digit percentage range in both fiscal 2018 and 2019 and accretive in the low-single digits in fiscal 2020. Michael Kors shares are down 13.4% for the year so far while the S&P 500 index is up 10.8% for the period.

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Shares of Dean Foods Co. fell as much as 6% on light premarket volume on Tuesday after the company reported earnings for the second quarter that were below Wall Street expectations. The company said it had net income of $91.37 million, or 19 cents per share, compared with $91.68 million, or 36 cents per share during the same quarter a year ago. Adjusted earnings per share were 21 cents, well below FactSet’s consensus of 31 cents. Revenue hit $1.93 billion in the second quarter, up from $1.85 billion a year ago, but just below FactSet’s consensus of $1.94 billion. “We faced a challenging and rapidly evolving retail environment,” sad Dean Foods Chief Executive Ralph Scozzafava. “We experienced volume pressure from both a macro and competitive perspective that impacted our total volume performance with the quarter, and we anticipate this will carry forward for the remainder of 2017. Our financial results came in well below our expectations.” Scozzafava said he was not satisfied with the company’s results. The company lowered its per-share earnings expectations for the full year to be in the range of 80 cents to 95 cents, and plans to “aggressively address” its cost structure, cutting between $40 million to $50 million by the end of the year. Shares of Dean Foods are down more than 31% in the year to date, while the S&P 500 index is up nearly 11%.

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Saudi Arabia will cut crude oil allocation to its customers worldwide in September by at least 520,000 barrels per day, Reuters reported Tuesday, citing unnamed sources familiar with the plans. If realized, that means the globe’s top producer will have made good on its pledge to help reduce the supply glut worldwide and then some. State oil giant Saudi Aramco will cut supplies to most buyers in Asia, the leading consuming continent, by up to 10% in September to comply with a producers’ deal to cut output, multiple sources told Reuters. That is reportedly the first cut to Asia since the cartel production-reduction pledge. Supplies to Europe and the U.S. will also be reduced, the sources said, according to the report. Total supply from the Organization of Petroleum Exporting Countries, including Saudi Arabia, hit a 2017 high in July. Brent prices traded above $58 in January but have fallen since on production cut pledges, ranging as wide $45 to $52 as those pledged cuts have sometimes been slow to materialize and as competing U.S. shale producers have increased output.

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Shares of Tenet Healthcare Corp. fell more than 10% late Monday after the company reported a larger-than-expected quarterly loss. Tenet reported a net loss of $55 million, or 55 cents a share, in the second quarter, compared with a net loss of $46 million, or 46 cents a share, a year ago. Sales reached $4.8 billion. Analysts polled by FactSet had expected Tenet to report a GAAP loss of 17 cents a share on sales of $4.9 billion in the quarter. The company said it expects full-year 2017 revenue of $19.1 billion to $19.4 billion. The analysts surveyed by FactSet expect sales of $19.8 billion for the year.

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Shares of Manitowoc Co. rose more than 12% late Monday after the maker of cranes for construction, oil and gas, and other industries swung to an adjusted quarterly profit and reported sales above forecasts. Manitowoc said it earned $500,000 in the quarter, breaking even on a per-share basis, versus a loss of $5.8 million, or 4 cents a share, a year ago. Adjusted for one-time items, Manitowoc said it earned 5 cents a share, compared with 3 cents a share a year ago. Net sales reached $394.6 million, compared with $457.7 million in the second quarter of 2016. Analysts polled by FactSet had expected an adjusted loss of 4 cents a share on sales of $396 million. Most of the decline in sales was thanks to lower crawler crane shipments in the Americas as the company had shipped a “significant volume” of these cranes in the prior year, and lower rough-terrain crane shipments in the Americas and in the Middle East due to continued weakness in oil and gas market demand, the company said in a statement. The company has experienced “pockets of improved demand in specific markets like the Permian and Eagle Ford basins in North America,” while European markets continue to experience moderate growth, partly offset by continued weakness in the Middle East, CEO Barry Pennypacker said. Manitowoc is “cautiously optimistic” for the near term, it said.

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Marriott International Inc. shares dipped in late trading Monday after the hotelier posted a quarterly earnings beat but projected profit in the current quarter would come in slightly lower than analysts’ expectations. Marriott announced net income of $414 million, or $1.08 a share, on revenue of $5.8 billion for its fiscal second quarter, an increase from earnings of 97 cents a share on sales of $3.9 billion a year ago. After adjustments for merger-related costs, the company claimed earnings of $1.13 a share. Analysts on average expected Marriott to report adjusted earnings of $1.01 a share on revenue of $5.64 billion. While Marriott topped those estimates, the company said that it expected earnings per share in the third quarter to be in a range of 96 cents to 99 cents a share, while analysts were projecting profit of $1.01 a share. Marriott shares fell about 2% in late trading after the numbers were released, after closing the trading session with a 1.1% increase at $106.17.

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Shares of LendingClub Inc. rose 8% late Monday after the company reported a narrower-than-expected adjusted second-quarter loss and its quarterly sales came in above expectations. LendingClub reported a consolidated net income of $25.4 million, or 6 cents a share, in the quarter, compared with a loss of $81 million, or 21 cents a share, a year ago. Adjusted for one-time items, LendingClub reported a loss of 1 cent a share, compared with a loss of 9 cents a share in the year-ago period. Revenue reached $139.6 million in the quarter, from $103 million a year ago. Analysts polled by FactSet had expected an adjusted loss of 2 cents a share on sales of $135 million. LendingClub also raised its guidance for full-year and third quarter 2017. The company said it expects revenue in a range of $585 million to $600 million for the year, and third-quarter revenue in a range of $154 million to $159 million.

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