Category: Stock Market News

Shares of Boeing Co. rallied 2.4% toward a record high in premarket trade Wednesday, after the aerospace and defense giant’s profit beat and raised outlook offset a sales miss. The company swung to a net profit of $1.76 billion, or $2.89 a share, from a loss of $234 million, or 37 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.55, beating the FactSet consensus of $2.30. Revenue fell to $22.74 billion from $24.76 billion, below the FactSet consensus of $23.03 billion. Commercial airplane revenue dropped 10% to $15.71 billion, missing the FactSet consensus of $15.94 billion, while military aircraft revenue fell 3% to $2.90 billion to match expectations. Boeing raised its 2017 adjusted EPS outlook to $9.80 to $10.00 from $9.20 to $9.40, while keeping its revenue outlook at $90.5 billion to $92.5 billion. Boeing’s stock has soared 36.5% year to date, while the SPDR Industrial Select Sector ETF has climbed 10.2% and the Dow Jones Industrial Average has gained 9.4%.

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Amazon.com Inc. said Wednesday that it will host its first Jobs Day on August 2 from 8 a.m. to noon local time at 10 fulfillment centers nationwide, providing an opportunity for job seekers to learn about working with Amazon. The company has more than 50,000 job openings across its U.S. network of fulfillment centers, according to a statement. More than 10,000 of the openings are part-time at the company’s sortation centers, where workers sort and consolidate packages. Employees who work more than 20 hours per week receive benefits. Among the cities where Jobs Day events will take place are Baltimore, Chattanooga, TN, Hebron, KY, and Romeoville, IL. A Facebook Live livestream will be available for those interested in watching. Amazon shares are up 0.3% in premarket trading, and up 38.7% for the year to date. The S&P 500 index is up 10.6% for 2017 so far.

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Shares of Ford Motor Co. rose 1.6% before heading down in premarket trade on Wednesday after the company reported second-quarter profit and revenue that was above Wall Street expectations. Net income for the quarter came in at $2.04 billion, or 51 cents per share, compared with $1.97 billion, or 49 cents per share during the year-earlier period. Adjusted earnings per share were 56 cents, above FactSet’s earnings consensus for 43 cents per share. Revenue for the quarter hit $39.85 billion, compared with $39.49 billion during the same period a year ago. Revenue was above FactSet’s expected $37.28 billion consensus. Revenue from automotive sales were up to $37.11 billion in the quarter, compared with $36.93 billion a year ago, and the company said that automotive profits were driven by North America. Europe and Asia Pacific were also profitable. The car manufacturer said it expects full-year adjusted earnings per share to be in the range of $1.65 to $1.85. The FactSet consensus is for full-year earnings of $1.51 per share. Ford shares are down 7% in the year to date, while the S&P 500 index is up nearly 11% in the year.

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Tupperware Brands Corp. reported a second-quarter net loss of $17.7 million, or 34 cents a share, after a profit of $52.4 million, or $1.03 a year ago. Excluding non-recurring items, such as restructuring charges, adjusted earnings per share came to $1.21, beating the FactSet consensus of $1.20. Revenue rose to $572.9 million from $564.7 million, but missed the FactSet consensus of $578.6 million, as growth in Tupperware North America and Brazil offset declines in Europe, Asia Pacific and Beauty North America. Separately, the food storage container maker that it was “unsuccessful” in finding a buyer for its Beauticontrol business, so it decided it wind down the business over the next 60 to 90 days. Looking ahead, the company expects third-quarter adjusted EPS of 91 cents to 96 cents, compared with the FactSet consensus of 98 cents, while the 2017 outlook of $4.66 to $4.76 surrounds the FactSet consensus of $4.70. The stock, which was still inactive in premarket trade, has soared 32.3% year to date, while the S&P 500 has gained 10.6%.

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Hershey Co. reported a second-quarter profit and earnings beat on Wednesday and announced an increase in its quarterly dividend. Earnings for the latest quarter rose to $203.5 million, or 95 cents per share, from $146.0 million, or 68 cents per share in the year-earlier period. Adjusted earnings-per-share were $1.09, compared with the FactSet consensus of 90 cents. Revenue rose to $1.66 million from $1.64 million, above the FactSet consensus of $1.65 million. For 2017, the company expects retail industry challenges to lower its full-year 2017 net sales growth to around 1% from the previous guidance of 2% to 3%. This will result in “no change” to Hershey’s full-year outlook because of an increase in adjusted gross margin, the company said, reaffirming its adjusted EPS guidance of $4.72 to $4.81. Hershey also said it raised its quarterly dividend by 6% to about 66 cents on common stock and about 60 cents on class B stock. Hershey shares were up 0.24% in premarket trade. Shares have declined 0.1% over the last three months to $107.44, compared with a 3.8% rise in the S&P 500 .

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Anthem Inc. on Wednesday posted quarterly earnings that were ahead of Wall Street’s target, but sales missed the consensus mark. The health insurance heavyweight said net income for the second quarter was $855.3 million, or $3.16 a share, compared with $780.6 million, or $2.91 a share, a year ago. Adjusted earnings of $3.37 were above a FactSet consensus estimate of $3.24 a share. Operating revenue was $22.2 billion, up from $21.27 billion a year ago. Analysts had looked for $22.28 billion in operating revenue for the most recent period. Anthem said it’s raising its third-quarter dividend by 5 cents a share to 70 cents a share. It also now expects fiscal year 2017 adjusted earnings to be more than $11.70 a share.

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The first version of a health-care bill that would repeal and replace the Affordable Care Act fell far short of passage in the Senate Tuesday night following a close vote earlier in the day to move to debate health legislation at all. The version that was defeated 43-57 was titled the Better Care Reconciliation Act and included an amendment from Texas Sen. Ted Cruz that would have allowed insurers to sell bare-bones plans. The version also left in place two taxes on higher-income earners. The Senate is expected to act on two other versions of the bill perhaps as early as Wednesday.

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Shares of Chegg Inc. sank in Tuesday’s extended session after the online textbook vendor posted a quarterly loss. Chegg reported a second-quarter loss of $6 million, or 6 cents a share, from a loss of $9 million, or 10 cents a share, a year ago. On an adjusted basis, the company would have earned 6 cents a share. Revenue grew 6% to $56.3 million. Analysts surveyed by FactSet had forecast earnings of 4 cents a share on revenue of $53.3 million. Chegg projected third-quarter revenue of $56 million to $58 million and revenue in a range of $241 million to $243 million for the full year. Chegg shares skidded 11% after hours.

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Universal Health Services Inc. shares dropped in the extended session Tuesday after the hospital operator’s earnings and outlook fell short of Wall Street estimates. Universal Health Services shares fell 6.4% to $115 after hours. UHS reported second-quarter earnings of $1.76 a share on revenue of $2.85 billion. Analysts surveyed by FactSet had forecast $2.06 a share on revenue of $2.86 billion. UHS lowered their full-year earnings outlook to a range of $7.50 to $8 a share from a previous range of $7.70 to $8.20 a share. Analysts estimated $7.97 a share.

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The Securities and Exchange Commission issued an investigative report on Tuesday concluding that tokens offered and sold by a “virtual” organization known as “The DAO” were securities and, therefore, subject to the federal securities laws. The regulator is cautioning investors that offers and sales of “initial coin offerings” or “token sales” by “virtual” organizations using distributed ledger or blockchain technology are subject to the requirements of the federal securities laws. Issuers of distributed ledger or blockchain technology-based securities must register offers and sales of such securities unless a valid exemption applies. Participating in unregistered offerings may subject participants to civil or criminal enforcement proceedings. Securities exchanges trading in these securities must also register unless they are exempt. “The DAO” has been described as a “crowdfunding contract” but it would not have met the requirements of the Regulation Crowdfunding exemption because, among other things, it was not a broker-dealer or a funding portal registered with the SEC and the Financial Industry Regulatory Authority. However, the SEC decided not to bring charges in this instance, or make findings of violations in the Report, but use the results of the investigation to caution the industry and market participants.

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