Category: Stock Market News

Shares of AMC Entertainment Holding Inc. fell more than 19% late Tuesday after the movie-theater chain announced cost reductions and said it expects to swing to a loss in the second quarter. AMC saw second-quarter revenue between $1.200 billion and $1.204 billion, and a net loss between $178.5 million and $174.5 million, or between $1.36 and $1.34 a share, versus gains of 24 cents a share in the year-ago period. Analysts had expected an adjusted loss of 3 cents a share on sales of $1.246 billion in the quarter. The company is scheduled to report results Aug. 7. AMC predicted “a very challenging third quarter” and unveiled plans that included strategic pricing, promotions, and reduction in operating hours and staffing affecting company headquarters and domestic theater locations. AMC forecast total sales between $5.1 billion and $5.2 billion and a net loss between $150 million and $125 million for 2017.

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Hanesbrands Inc. shares rose in the extended session Tuesday after the apparel maker reported in-line quarterly results and forecast revenue for the year above Wall Street estimates. Hanesbrands shares gained 4.2% to $24 after hours. The company reported second-quarter net income of $172.5 million, or 47 cents a share, compared with $128.1 million, or 34 cents a share, in the year-ago period. Adjusted earnings were 53 cents a share. Revenue rose to $1.65 billion from $1.47 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 53 cents a share on revenue of $1.65 billion. For the year, Hanesbrands estimates adjusted earnings of $1.93 to $2.03 a share on revenue of $6.45 billion to $6.55 billion. Analysts expect $1.97 a share on $6.44 billion.

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Allstate Corp. shares rose in the extended session Tuesday after the insurance company reported quarterly results that topped Wall Street estimates and a share buyback program. Allstate shares rose 3.5% to $94.21 after hours. The company reported second-quarter net income of $550 million, or $1.49 a share, compared to $242 million, or 64 cents a share, in the year-ago period. Operating earnings were $1.38 a share. Revenue rose to $9.59 billion from $9.16 billion in the year-ago period. Analysts surveyed by FactSet had estimated 88 cents a share on revenue of $8.31 billion. Allstate also announced its board had approved a $2 billion share buyback program, which is expected to conclude by February 2019.

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SeaWorld Entertainment, Inc. said late Tuesday it has appointed Marc G. Swanson as interim chief financial officer and interim treasurer, effective immediately. Swanson has served as SeaWorld’s chief accounting officer since 2012, and served as interim CFO in 2015. He will continue to serve as chief accounting officer. Swanson replaces Peter J. Crage, “who is leaving the company to assume a senior-level financial position” at another, unnamed company, SeaWorld said in a statement. Crage will remain with SeaWorld through August to ensure a smooth transition, the company said. Last month, SeaWorld said it has faced federal investigations linked to a documentary critical of its practices concerning killer whales.

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Shares of Herbalife Inc. fell in Tuesday’s extended session after the nutritional-products company issued a weak outlook for the current quarter. Herbalife reported it swung to a second-quarter earnings of $137.6 million, or $1.61 a share, from a loss of $22.9 million, or 28 cents a share, a year earlier. On an adjusted basis, the company would have earned $1.51 a share. Revenue slid 5% to $1.15 billion. Analysts surveyed by FactSet had forecast earnings of $1.12 a share on revenue of $1.17 billion. Herbalife expects third-quarter adjusted earnings per share of 65 cents to 85 cents, falling short of the $1.22-a-share forecast by analysts. Herbalife shares slid 0.8% after hours.

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Despite a sizable decline on a year-over-year basis, the pace of U.S. vehicle sales actually improved in July, figures from Autodata show. Vehicle sales rose to a 16.73 million seasonally adjusted annual rate in July, up from 16.64 million in June. That’s ahead of the economist consensus for 16.9 million. Still, that’s below the 17.81 million pace in the same month of 2016, and auto sales have been below 17 million for five straight months.

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The U.S. retail market will rise 3.8% to $3.56 trillion in 2017, according to a forecast from Forrester. U.S. online sales will reach more than $459 billion, accounting for 12.9% of total sales. Clothing, consumer electronics and computers account for nearly a third of online sales. Online sales are estimated to account for 17% of total retail sales by 2022. About one-third of retail spending is made through Amazon.com Inc. , according to Forrester. The SPDR S&P Retail ETF is down 6.5% for the year so far while the S&P 500 index is up 10.5% for the period.

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Oil futures ended lower on Tuesday, with the U.S. benchmark falling back below $50 a barrel on renewed concerns over a global oversupply of crude. West Texas Intermediate oil futures for September delivery on the New York Mercantile Exchange fell $1.01, or 2%, to close at $49.16 a barrel. Oil slipped after a Bloomberg survey of analysts, oil companies, and ship-tracking data indicated the Organization of the Petroleum Exporting Countries saw crude output rise 210,000 barrels a day in July.

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Gold prices settled up Tuesday at their highest in nearly eight weeks as softening economic growth called into question whether the Federal Reserve will pull the trigger on another rate hike this year. Gold for December delivery settled up $6, or 0.5%, at $1,279.40 an ounce, its highest settlement since June 8. Meanwhile, silver for September delivery slipped 2 cents, or 0.1%, to settle at just above $16.76 an ounce.

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The new shares of Tidewater Inc. began trading on the New York Stock Exchange Tuesday, after the provider of offshore service vessels for the energy industry emerged from bankruptcy. The stock, which was listed under the same ticker symbol of “TDW” as it was before the emergence from bankruptcy, changed hands at $24.82 in morning trade, up 18% from an opening trade of $21. The stock had closed Monday at 93 cents. Through its bankruptcy, the company was able to eliminate $1.6 billion worth of debt, and cut annual interest and operating lease expenses by $73 million. “The company believes that its substantially deleveraged balance sheet positions it for long-term success for the benefit of all of its stakeholders,” Tidewater said in a statement released Monday. Tidewater emerges from bankruptcy at a tough time for the oil services sector, as the VanEck Vectors Oil Services ETF has tumbled 26% year to date, while the S&P 500 has gained 11%.

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