Category: Stock Market News

Twilio Inc. recovered from the loss of Uber Technologies Inc., one of its biggest customers, to produce better financial performance than expected in the second quarter, and shares roared 12% higher in late trading Monday. The cloud-communications company reported a net loss of $7.1 million, or 8 cents a share, on revenue of $95.9 million, an improvement from a loss of 45 cents a share on sales of $64.5 million a year before. After adjustments for stock-based compensation and other effects, Twilio claimed a loss of 5 cents a share. Twilio beat its own estimates, which called for an adjusted loss of 10 to 11 cents a share, and analyst projections, which were for an adjusted loss of 11 cents a share on revenue of $86.2 million on average, according to FactSet. Twilio suffered after its previous earnings report, which included a weak forecast after the loss of Uber, which accounted for 12% of the company’s revenue but chose to move some of the functions for which it relied on Twilio into the company’s own operations. After topping that weak forecast, Twilio shares topped $34 in late trading, after closing with a 4.6% gain at $30.53.

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Avis Budget Group Inc. shares tanked more than 10% late Monday after the car rental company missed per-share earnings and sales expectations for its second quarter. Avis said it earned $3 million, or 4 cents a share, in the quarter, compared with $36 million, or 38 cents a share, in the year-ago period. Adjusted for one-time items, Avis said it earned 30 cents a share, compared with 63 cents a share a year ago. The company reported revenue of $2.2 billion, unchanged compared with a year ago, as increase in overall rental days was offset by a decrease in pricing and strong international revenue growth offset lower revenue in the Americas. Analysts polled by FactSet had expected adjusted earnings of 52 cents a share on sales of $2.3 billion. Avis also updated its full-year 2017 guidance, and said it expects sales between $8.8 billion and $9 billion for the year as well as adjusted EPS between $2.40 and $2.85. The analysts surveyed by FactSet expect 2017 sales to reach $8.8 billion and an adjusted EPS of $2.78 for the year.

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CBS Corp. revenue beat analyst projections in a Monday report, which the company credited to content like the “Twin Peaks” reboot and the NCAA basketball tournament. CBS reported net income from continuing operations of $397 million, or 97 cents a share, on sales of $3.26 billion, up from profit of 82 cents a share on sales of $2.98 billion in the year-ago quarter. Analysts on average expected adjusted earnings of 97 cents per share on revenue of $3.1 billion, according to FactSet. CBS Chief Executive Leslie Moonves said in the announcement that the new “Twin Peaks” show “boosted OTT subscriptions dramatically” for the Showtime streaming service, and the company said ad revenues were helped by the semifinals and finals of the NCAA men’s basketball championships.

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The Dow booked its 9th straight record and the S&P 500 also notched an all-time high on Monday, lifted by gains in technology and consumer-staples stocks. The Dow Jones Industrial Average added a modest 0.1% to at 22,118, but posted its longest winning streak since February, while the S&P 500 index gained 0.2% at 2,480, powered by a 0.7% rise in the consumer-staples sector, headlined by a 5.7% rise in Tyson Foods Inc. shares after the meat-producer reported better-than-expected revenue. The Nasdaq Composite Index enjoyed the best daily gain of its peers, up 0.5% at 6,383, logging the best advance for the technology-focused index since July 18, according to FactSet data. The modest rise in equities came as government bonds hovered at lows, with the benchmark 10-year Treasury note yielding 2.26%. Bond prices move inversely to yields. Lower bond yields can make owning stocks, perceived as riskier, more attractive to investors.

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Shares of Apple Inc. rallied $2.17, or 1.4%, in afternoon trade Monday, putting it on course to close at a second record high in four sessions since the tech giant reported better-than-expected fiscal third-quarter results after the Aug. 1 close. The stock is the leading percentage gainer among Dow Jones Industrial Average components, while the price gain is adding about 15 points to the Dow’s price, which is up 16 points. The stock is still below its all-time intraday high of $159.75, which was reached on Aug. 2. Apple shares have run up 37% year to date, while the tech-heavy Nasdaq 100 Index has climbed 22% and the Dow has gained 12%.

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AT&T Inc. said on Monday it’s inked a deal with media and entertainment company CBS Corp. to carry the network’s programming on its stand alone live streaming TV platform DirecTV Now. The deal includes CBS’s main broadcast network, The CW, Pop, CBS’s Sports Network and its premium cable network Showtime is available as an add-on. DirecTV Now will gain access to The Grammy’s, as well as CBS’s NFL, March Madness and SEC programming. Live events and sports have been a linchpin for cable TV as viewers cut the cord in favor of cheaper and often more convenient streaming platforms and skinny bundles like DirecTV, Hulu’s live TV service, Google Inc.’s YouTube TV and Netflix Inc. . Shares of AT&T are down more than 9% in the year to date, while CBS shares are up less than 1% and the S&P 500 index is up nearly 11%.

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Oil futures finished lower on Monday as investors remained skeptical over any viable results from an OPEC meeting to dicuss an agreement to limit crude oil production and stabilize prices. On the New York Mercantile Exchange, West Texas Intermediate for delivery in September slid 19 cents, or 0.4%, to settle at $49.39. Members of the Organization of the Petroleum Exporting Countries will wrap up their two-day meeting in Abu Dhabi, United Arab Emirates on Tuesday.

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Shares of Chemours Co. rallied 1% in afternoon trade Monday, on track for a record close, after UBS backed away from its bearish stance on the performance chemicals company for the first time in two years. Analyst John Roberts upgraded Chemours to neutral, after being at sell since Aug. 18, 2015. He raised his stock price target to $50, which is about 0.4% above current levels, from $36. Roberts wrote in a note to clients that his “prior concerns regarding [Chemours’s] ability to deliver costs savings, fluoroproducts growth and liabilities…have been disproved given company performance.” The stock had reported last Thursday second-quarter that rose more than expected. The stock has rocketed about five fold since Roberts went to sell in August 2015, or two months after it completed the spinoff from DuPont Co. , while the S&P 500 has climbed 22.5%.

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Minneapolis Fed President Neel Kashkari said Monday that businesses who complain they are having trouble finding workers but don’t raise wages are just “whining.” In a question-and-answer session in Sioux Falls, South Dakota, Kashkari said short-handed firms during the recent oil boom in North Dakota raised wages and “people responded.” “Are you really struggling to find workers? If so, the proof for me is you are raising wages. If you are not raising wages, then it just sounds like whining,” he said.

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Gold prices finished fractionally higher Monday, but with enough of an advance to end a skid for the precious metal at three sessions. December gold settled 10 cents, or less than 0.1%, higher at $1,264.70 an ounce. The move for gold futures comes as U.S. stocks were trading modestly higher, highlighted by the Dow Jones Industrial Average’s attempt to carve out a ninth straight close in record territory, drawing some demand away from haven assets like gold.

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