Category: Stock Market News

PetIQ Inc. said late Thursday that it will price its initial public offering at the high end of its expected range for Friday trade. The distributor of pet medications had priced its IPO of nearly 6.3 million shares at $16 a share. In its filing with the Securities and Exchange Commission, the company had estimated it pricing at $14 and $16 a share. Shares will trade under the ticker “PETQ” on the Nasdaq on Friday.

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Russia’s state-owned Rosneft is in talks with Petroleos de Venezuela SA to swap Rosneft’s collateral stake in U.S.-based Citgo, which is owned by the Venezuelan oil and gas firm, for a fuel-supply deal and stakes in Venezuela-based oil and natural-gas fields, Reuters reported Thursday, citing people familiar with the negotiations. Rosneft received 49.9% of the equity in PDVSA subsidiary Citgo Petroleum Corp. late last year as collateral for a $1.5 billion loan to PDVSA. Reuters reported that two sources with knowledge of the negotiations said the move would avoid complications from U.S. sanctions.

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Super Micro Computer Inc. fell more than 10% in late trading Thursday after disclosing that profit came up short of projections, partly due to the high cost of memory chips. The high-performance computing company said that adjusted profit will be 35 cents to 37 cents a share, lower than previous guidance of 40 cents to 50 cents a share. The announcement noted three causes for a nine-cent downfall per share: “expiring customer agreements with unfavorable DRAM and SSD pricing; urgent new projects with unanticipated R & D expense from major partners with NRE to be recovered in later quarters; and tax impact due to our global corporate tax structure.” The cost for dynamic random access memory, or DRAM, and solid-state drives, or SSDs, have spiked in the past year, harming profit for many computer companies. Super Micro said it would report revenue at or above the high end of its previous guidance range of $655 million to $715 million, with expectations for sales now at $712 million to $717 million. Chief Executive Charles Liang promised more details when the company fully reports earnings on Aug. 3. Super Micro stock declined to around $24.15 after closing with a 2.3% increase at $27.10.

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Skechers USA Inc. shares declined in the extended session Thursday after the shoe maker’s earnings and outlook fell short of Wall Street estimates. Skechers shares fell 4.2% to $27.13 after hours. The company reported second-quarter earnings of 38 cents a share on revenue of $1.03 billion. Analysts surveyed by FactSet had estimated earnings of 44 cents a share on revenue of $966.5 million. For the third quarter, Skechers forecast earning of 42 cents to 47 cents a share on revenue of $1.05 billion to $1.08 billion. Analysts had estimated 57 cents a share on revenue of $1.06 billion.

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Shares of eBay Inc. fell more than 4% late Thursday after the online auction company reported second-quarter earnings and sales in line with Wall Street expectations. EBay reported a net income from continuing operations of $27 million, or 2 cents a share, compared with $437 million, or 38 cents a share, in the year-ago period. Adjusted for one-time items, eBay earned $493 million, or 45 cents a share, compared with 43 cents a share a year ago. Revenue reached $2.3 billion, compared with $2.2 billion in the second quarter of 2016. The company said it expects third-quarter net revenue between $2.35 billion and $2.39 billion and adjusted per-share earnings from continuing operations in the range of 46 cents to 48 cents. The analysts surveyed by FactSet expect third-quarter per-share earnings of 48 cents a share on sales of $2.32 billion. EBay also said it expects net revenue between $9.3 billion and $9.5 billion for the year, with non-GAAP per-share earnings from continuing operations in the range of $1.98 to $2.03. The same analysts forecast per-share earnings of $2 on sales of $9.4 billion for 2017.

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Apple Inc.’s stock ended a seesaw session Thursday in negative territory, snapping its win streak at nine sessions despite continued gains in the broader technology sector. The stock rallied as much as 0.5% to an intraday high of $151.74 in the opening minutes, then fell as much as 0.5% to an intraday low of $150.19 at about 10:40 a.m. ET, then turned positive again around midday before falling to close at $150.34. The nine-session losing streak was the longest since the nine-session stretch ending Aug. 25, 2014. Meanwhile, the tech-heavy Nasdaq 100 ticked up 0.1%, marking a 10th straight gain. Apple’s stock has rallied 29.8% year to date, while the Nasdaq 100 has climbed 21.8% and the Dow Jones Industrial Average has gained 9.4%.

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Microsoft Corp. produced much better profit in its fiscal fourth quarter than expected, and shares rose to prices that would be records in late trading Thursday. The company reported net income of $6.5 billion, or 83 cents a share, on sales of $23.3 billion. After adjusting for Windows revenue deferrals and other effects, the company claimed earnings of 98 cents a share on sales of $24.7 billion. Analysts on average expected adjusted earnings of 71 cents a share on sales of $24.3 billion, according to FactSet. Microsoft shares hit an intraday record price of $74.30 and closed at an all-time high of $74.22 Thursday, then gained as much as 2% in immediate trading following the report’s release.

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Shares of Aeglea Biotherapeutics Inc. fell 2% late Thursday after the company announced that Chief Executive David G. Lowe has resigned, effective immediately. Board member Anthony Quinn has been appointed to serve as interim chief executive officer while the company conducts a comprehensive search for a permanent chief executive officer, the company said in a statement. Shares ended the regular session up 2%.

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Shares of theater operator AMC Entertainment Holdings Inc. were up 5% intraday on Thursday. AMC stock has been beaten up recently after Barclays downgraded the stock on Wednesday following a Wall Street Journal report earlier in the week saying Chinese regulators had warned that funding the company received from parent company Dalian Wanda Group violated government capital rules. AMC has since denied receiving funding for acquisitions. As this has unfolded, AMC and other cinema stocks have also been beaten up due to poor box office performance and the threat of collapsing theatrical windows. B. Riley analyst Eric Wold said AMC’s stock paring losses points to some rational thoughts coming back to AMC investors. “We believe that some of the sell-side concerns around [premium video on demand] have been stretch concerns without a basis in reality around both what is best for the industry or, more importantly, catering to what consumers actually desire,” Wold said in an email. “As for the Wanda situation, once AMC made it clear that Wanda has not been involved in the company’s financing or acquisition activity, the issues around Wanda should be centralized to Wanda and have no impact on AMC.” Shares of AMC have declined more than 38% in the year to date, while the S&P 500 index is up nearly 11%.

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A Nevada parole board has granted former football star and celebrity O.J. Simpson an early release from Lovelock Correctional Center. The 70-year-old Simpson said during his parole hearing that he has “lived a conflict free” life since being convicted in 2008 of an armed robbery to regain sports memorabilia linked to the ex-athlete. Simpson could be released from the correctional facility as early as October after about nine years in prison. The celebrity appeared emotional after the board’s decision. Simpson, along with other men that he enlisted, tried to retrieve sports items that he claims were stolen from him. In 1994, Simpson was found not guilty in the 1994 murder of ex-wife Nicole Brown Simpson and Ronald Goldman. He later lost a civil suit related to that matter. That case has been the subject of a number of documentaries and movies.

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