Category: Stock Market News

Sports retailer Hibbett Sports Inc. shares slip 16.5% in premarket trade Monday, after the company warned that it expects second-quarter same-store sales to fall about 10%, citing “very challenging sales trends.” The company said the decline, combined with “significant” pressure on gross margin, would push it to a loss of 19 cents to 22 cents for the quarter. The current FactSet consensus is for second-quarter earnings per share of 15 cents. The company said it is launching an e-commerce site, www.Hibbett.com, that will offer footwear, clothing and equipment. “Despite the difficult retail environment, the company remains focused on improving its business for the long term,” Chief Executive Jeff Rosenthal said in a statement. “Launching an e-commerce site has been a key strategic goal for Hibbett, and we took time to invest in our omni-channel infrastructure to do it the right way.” The stock has fallen 47% in 2017, while the S&P 500 has gained 10.4%.

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Gilead Sciences Inc. said early Monday that its HIV combination treatment had similar safety and efficacy results in two late-stage clinical trials to the standard of care. The data, along with two other late-stage clinical trials, are the basis of Gilead’s U.S. and European regulatory submissions, the company said. The combination of the drugs bictegravir and emtricitabine/tenofovir alafenamide is intended for patients who are new to treatment. One of the phase 3 studies, which enrolled 629 patients, found that 92.4% of patients on the BIC/FTC/TAF combination treatment achieved the primary endpoint at week 48, compared with 93% of patients achieving the primary endpoint on the other regimen. In the other study, which enrolled 645 patients, 89.4% of those on the BIC/FTC/TAF regimen and 92.9% of those on another regimen achieved the primary endpoint at week 48. In both studies, discontinuations due to adverse events were low, according to Gilead. Two studies looking at the combination in virologically suppressed adult patients are ongoing and are also part of the company’s U.S. and European regulatory submissions, Gilead said. Gilead shares surged 0.7% in pre-market trade before declining 0.2% pre-market. Shares have surged 11.3% over the last three months, compared with a 4.1% rise in the S&P 500 .

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Cal-Maine Foods Inc. reported a fourth-quarter net loss of $24.5 million, or 51 cents per share, after a loss of $376,000, or 1 cent per share, for the same period last year. The FactSet consensus was for a 22-cent loss. Revenue totaled $274.6 million, down from $303.0 million last year, but ahead of the $269.0 million FactSet consensus. Results included a $5.5 million payment for the BP settlement from the Deepwater Horizon spill in 2010. The results “reflect the volatile and challenging egg market fundamentals,” said Chief Executive Dolph Baker. Volumes were up due to extra weeks of sales, but the average customer selling price for the quarter was down 15.5% year-over-year. For fiscal 2017, the average customer selling price was down 42% versus 2016. Cal-Maine shares are down 16% for the year so far, while the S&P 500 index is up 10.4% for the period.

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VF Corp. shares rose 2.3% in Monday premarket trading after the company reported second-quarter earnings and revenue that beat estimates. VF Corp.’s portfolio of brands includes Timberland, Wrangler and The North Face. The company reported net income of $109.9 million, or 27 cents per share, up from $51.0 million, or 12 cents per share, for the same period last year. Adjusted EPS was 29 cents, beating the 28-cent FactSet consensus. Revenue was $2.36 billion, up from $2.32 billion last year and ahead of the $2.30 billion FactSet consensus. The company now expects revenue of $11.65 billion, up 2% year-over-year. The FactSet consensus is $11.61 billion. EPS is now expected to be $2.94, down 1%. The company previously guided in the range of $2.89 to $2.94. The FactSet consensus is $2.93. VF Corp. shares are up nearly 10% for the year-to-date while the S&P 500 index is up 10.4% for the period.

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Sports retailer Hibbett Sports Inc. warned Monday that it expects second-quarter same-store sales to fall about 10%, citing “very challenging sales trends.” The company said the decline, combined with “significant” pressure on gross margin, would push it to a loss of 19 cents to 22 cents for the quarter. The current FactSet consensus is for second-quarter earnings per share of 15 cents. The company said it is launching an e-commerce site, www.Hibbett.com, that will offer footwear, clothing and equipment. “Despite the difficult retail environment, the company remains focused on improving its business for the long term,” Chief Executive Jeff Rosenthal said in a statement. “Launching an e-commerce site has been a key strategic goal for Hibbett, and we took time to invest in our omni-channel infrastructure to do it the right way.” The stock was halted for the news, but has fallen 47% in 2017, while the S&P 500 has gained 10.4%.

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Stanley Black & Decker Inc. on Monday raised its yearly forecast for earnings and posted quarterly results that were ahead of expectations. The power tools manufacturer said second-quarter earnings were $277.2 million, or $1.82 a share, compared with $217.5 million, or $1.84 a year ago. Adjusted earnings were $2.01 a share, compared with a FactSet estimate of $1.97 a share. Revenue rose to $3.23 billion from $2.93 billion a year ago. Analysts were looking for $3.18 billion in sales. Stanley Black & Decker raised its fiscal year 2017 adjusted earnings forecast to a range of $7.18 to $7.38 a share, from a previous estimate of $7.08 to $7.28 a share.

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Poland’s currency gained on Monday following reports that Polish President Andrzej Duda said he will veto two of three bills revamping the country’s judiciary. He had been poised to sign into law the bills that would expand government control of the judicial system. There have been mass protests in Poland against the move, and the European Union had threatened sanctions. One U.S. dollar was buying 3.6392 zloty, down from around 3.66 zloty late Friday.

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U.S. President Donald Trump is expected to deliver a statement on health care Monday, according to media reports. Trump is expected to make the comments at 3:15 p.m. Eastern Time, just ahead of an event with “victims of Obamacare” at the White House. Last week Republicans ditched a plan to repeal and replace Obamacare simultaneously after four senators refused to support it. Senate majority leader Mitch McConnell said he plans to hold a vote to repeal Obamacare this week. In a warning over healthcare late Sunday Trump tweeted: “If Republicans don’t Repeal and Replace the disastrous ObamaCare, the repercussions will be far greater than any of them understand!”

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The International Monetary Fund has lowered its U.S. economic growth forecasts for this year and next. In itsWorld Economic Outlook update released Sunday, the IMF cut its U.S. gross domestic product forecast for 2017 to 2.1% from a prior forecast of 2.3%, and its 2018 outlook to 2.1% from 2.5%. The downgrade for this year partly reflects weak first-quarter growth, the IMF said. But the biggest factor behind growth revisions, especially for 2018, “is the assumption that fiscal policy will be less expansionary than previously assumed, given the uncertainty about the timing and nature of U.S. fiscal policy changes,” said the IMF. It added that market expectations of fiscal stimulus have also pulled back. Elsewhere, the forecast for U.K. growth was cut to 1.7% from 2.0% for 2017, while growth projections for many euro-area countries were revised up for this year, including Germany, France, Italy and Spain.

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Christopher Nolan’s World War II film “Dunkirk” conquered the competition at the U.S. box office this weekend, opening at $50.5 million from 3,720 locations. The critically acclaimed drama, from Time Warner Inc.-owned [s:TWX] Warner Bros., got a hefty boost from Imax theaters, which added $11.7 million to the film’s weekend haul. The film’s production budget was reportedly around the $100 million mark.

See also: Nolan’s cinematic vision in ‘Dunkirk’ is Hollywood’s best defense against Netflix

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