Category: Stock Market News

Shares of Royal Caribbean Cruises Ltd. rallied 2.2% in premarket trade Tuesday, after the cruise operator beat second-quarter profit and sales expectations and raised its earnings outlook. The net profit for the quarter to June 30 rose to $369.5 million, or $1.71 a share, from $229.9 million, or $1.06 a share, in the same period a year ago. The FactSet EPS consensus was $1.66. Total revenue increased to $2.20 billion from $2.11 billion, topping the FactSet consensus of $2.19 billion, as better-than-expected passenger ticket revenue offset a miss in onboard and other revenue. Looking ahead, Royal Caribbean expects third-quarter adjusted EPS of $3.45, above the FactSet consensus of $3.29, and raised its 2017 EPS outlook to a range of $7.35 to $7.45 from $7.00 to $7.20. The stock has soared 38% year to date through Monday, while the S&P 500 has gained 10%.

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Shares of Lumber Liquidators Holdings Inc. shot up 17% in premarket trade Tuesday, after the wood flooring retailer reported a surprise second-quarter profit and sales that rose above expectations. The company swung to a profit of $4.48 million, or 16 cents a share, from a loss of $12.2 million, or 45 cents a share, in the same period a year ago. The FactSet consensus was for a per-share loss of 6 cents. Revenue rose to $263.5 million from $238.1 million, above the FactSet consensus of $256.9 million, as same-store sales growth of 8.8% beat expectations of a 6.0% rise. The number of customers invoiced increased 5.3% and the average sale rose 3.5%. Gross margin improved to 37.0% from 29.7% a year ago. The stock had rocketed 57% year to date through Monday, while the SPDR S&P Retail ETF has lost 6.6% and the S&P 500 has gained 10%.

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S&P Dow Jones Indices joined FTSE Russell in barring companies like Snap Inc. whose shares offer limited to no voting rights from inclusion in their indices. S&P Dow Jones Indices announced late Monday that the S&P Composite 1500, which includes the S&P 500 , S&P MidCap 400 and S&P SmallCap 600 , will no longer add companies with multiple share class structures effective immediately. However, existing companies in the indices with multiple classes are grandfathered in and so will not be affected by the change. Companies with multiple share classes and limited shareholder voting will still be included in the S&P Global BMI Indices and the S&P Total Market Index. Last week, FTSE Russell announced that companies need to give unconnected investors a minimum of 5% voting rights in the company to be included in their indices. That limit is effective in September for new IPOs and stocks already in their indices have five years to make the change.

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Apple Inc.’s stock rose 0.3% in premarket trade Tuesday, as investors prep for the technology giant’s fiscal third-quarter results due out after the close. The stock had declined 3.1% the past three sessions. Although Wall Street analysts have cut their expectations for profit and sales since Apple’s second quarter ended, they have also lifted their stock price targets. The FactSet consensus for earnings per share has declined to $1.57 from $1.62 as of March 31, while the total revenue consensus has declined to $44.89 billion from $45.62 billion and the iPhone sales estimate has fallen to $25.52 billion from $26.42 billion. Meanwhile, the average price target of the 44 analysts surveyed by FactSet has increased by 7.8% to $163.20 from $151.39 at the end of March. Over that time, Apple’s stock has gained 3.5%, while the Nasdaq Composite has climbed 7.4% and the Dow Jones Industrial Average has advanced 5.9%.

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Shares of Sprint Corp. were up more than 3% in premarket trade on Tuesday after the wireless company reported earnings for its fiscal first quarter that were above Wall Street expectations. Net income came in at $206 million, or 5 cents per share, after a loss of $302 million, or 8 cents in the same quarter a year ago. FactSet’s consensus was for a loss of 1 cent per share. Revenue for the quarter was $8.16 billion, up from $8.01 billion last year and in line with FactSet’s $8.16 billion consensus. Sprint said it added 61,000 total customers in the quarter, despite losing 39,000 postpaid customers. The company also said it is increasing the low end of its operating income expectations for the full year and is forecasting a range of $2.1 billion to $2.5 billion. Sprint previously expected operating income of $2.0 billion to $2.5 billion. Shares of Sprint have declined more than 5% in the year to date, while the S&P 500 index is up more than 10%.

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Pizza Hut, a Yum Brands Inc. chain, said Tuesday that it is launching a loyalty program, Hut Rewards, that offers points for every dollar spent online. A medium pizza can be earned at 200 points, a large at 250 points. Pizza Hut will offer double points between August 10 and October 1. Points are earned and redeemed through online or mobile orders only. Pizza Hut recently announced it will hire 14,000 drivers by year-end to help with deliveries. Yum shares are unchanged in premarket trading, and up 19.2% for the year so far. The S&P 500 index is up 10.3% for 2017 so far.

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Under Armour Inc. shares dropped more than 9% in premarket trade on Tuesday after the company lowered its full-year outlook and announced job cuts. The athletic apparel company reported a net loss of $12.3 million, or 3 cents per share, compared with a loss of $52.7 million, or 12 cents per share in the year-earlier period. FactSet’s consensus was for a loss of 6 cents per share. Under Armour revenue was $1.09 billion, up from last year’s $1.00 billion during the same quarter, and just above the FactSet consensus of $1.08 billion. Under Armour announced a restructuring play that includes job the company, including job cuts. The company said it will incur restructuring charges of about $110 million to $130 million. The company also lowered its expectations for full year revenue growth, forecasting growth of 9% to 11%, compared with its previous expectation of 11% to 12%. Earnings per share for the year, excluding the impact from restructuring, are expected to come in at a range of 37 cents to 40 cents. FactSet expected per-share earnings of 42 cents. Shares of Under Armour are down more than 285 in the year to date, while the S&P 500 index is up more than 10%

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President Donald Trump personally dictated a misleading statement earlier this month about his son’s meeting with a Russian lawyer in June 2016, the Washington Post reported late Monday, which could place the president and some of his top advisers in legal jeopardy. The statement, written while Trump was flying home from the G-20 summit in Germany in early July, said the meeting between the lawyer and Donald Trump Jr. was about Russian adoptions. Days later, Trump Jr. admitted the meeting was in fact regarding an offer of damaging information on Hillary Clinton. While not illegal in itself, the Post said some of Trump’s advisers worry the misleading statement could be used as evidence of obstruction in special counsel Robert Mueller’s probe into Russian election meddling, and could expose Trump to accusations of a coverup.

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U.S. Silica Holdings Inc. shares dropped in the extended session Monday after the oil and gas industry silica supplier’s quarterly results fell short of Wall Street expectations. U.S. Silica shares dropped 7.5% to $26.95 after hours. The company reported second-quarter net income of $29.5 million, or 36 cents a share, compared with a loss of $11.8 million, or 19 cents a share, in the year-ago period. Adjusted earnings were 38 cents a share. Revenue rose to $290.5 million from $117 million in the year-ago period. Analysts surveyed by FactSet had estimated 39 cents a share on revenue of $316.4 million.

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Tribune Media Company said late Monday it has sold the majority of its ownership stake in the CareerBuilder website, as other owner Tegna Inc. completed the site’s sale to a group led by investment funds managed by affiliates of Apollo Global Management and the Ontario Teachers’ Pension Plan Board. Tribune Media will receive about $158 million in cash as a participant in the sale and will retain an approximate 7% ownership stake in CareerBuilder. Shares of Tribune Media were flat in late trading and ended the regular session down 0.2%. In a separate statement Monday, Tegna announced the sale had been completed.

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