Category: Stock Market News

Sears Holdings Corp. said Thursday that it has launched Kenmore appliances on Amazon.com Inc. , including Alexa-enabled smart appliances. The Kenmore Smart air conditioner is now available. Sears shares are up 8.3% in premarket trading. This is the broadest distribution of Kenmore products outside of Sears stores and related online sites, according to Sears. Distribution will be nationwide, and Kenmore, Sears Home Services and Innovel Solutions will provide delivery, installation, and other services. Terms of the deal weren’t disclosed. Sears stock is down 41.7% for the past year. Amazon shares are up 0.3% in premarket trading and up 37.7% for the last 12 months. The S&P 500 index is up nearly 14% for the last year.

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Kala Pharmaceuticals Inc. said Thursday it has priced its initial public offering at $15 a share. The company sold 6 million shares to raise $90 million in a deal underwritten by J.P. Morgan, BofA Merrill Lynch and Wells Fargo Securities, with Wedbush PacGrow acting as co-manager. The company is developing treatments for inflammation and pain after eye surgery and for temporary relief of signs and symptoms of dry eye disease, with both currently in late-stage trials. The stock will start trading Thursday on the Nasdaq under the ticker symbol “KALA.”

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The European Central Bank, as expected, left interest rates unchanged Thursday while reiterating its plan to buy 60 billion euros of government bonds and other assets each month through December, “or beyond, if necessary.” Investors are expected to focus on ECB President Mario Draghi’s news conference for clues to when the bank might begin to taper and wind down its asset purchase program. Draghi’s news conference is scheduled to begin at 2:30 p.m. Frankfurt time, or 8:30 a.m. Eastern.

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Polaris Industries Inc. reported Thursday a second-quarter net profit that fell to $62.0 million, or 97 cents a share, from $71.2 million, or $1.09 a share, in the same period a year ago. The off-road vehicle maker said adjusted earnings per share came to $1.16, above the FactSet consensus of $1.08. Revenue rose to $1.36 billion from $1.13 billion, beating the FactSet consensus of $1.26 billion. Off-road and snowmobile sales rose to $845.5 million from $799.3 million, above the FactSet consensus of $761.7 million, while motorcycle sales fell 13% to $198 million but beat expectations of $192 million. The company raised its 2017 sales growth outlook to 12% to 14% from 10% to 13% and its adjusted EPS outlook to $4.35 to $4.50 from $4.25 to $4.50. “The powersports industry remained very competitive and headwinds persist, but we were encouraged by the return to growth in our Side-by-Side business and continued strength and aggressive share gains for Indian Motorcycles,” said Chief Executive Scott Wine. On Wednesday, the company said it recalled 25,600 ATVs after reports of fuel leaks and fires. The stock, which wasn’t active in premarket trade, has rallied 12.2% year to date, while the S&P 500 has gained 10.5%.

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Citigroup initiated coverage of electric car maker Tesla Inc. Thursday, with a neutral/high risk rating and $357 stock price target. That’s equal to about 10% upside from its current level. “We’re positive on Tesla’s position as a Car of the Future leader and view the upside case to still be significant, however, we prefer to wait for a better entry point either through: (a) A stronger balance sheet, which in our view would more favorably tilt the 12-month risk/reward equation, all-else-equal; or (b) convincing signs of a smooth Model 3 ramp with limited Model S cannibalization,” analyst Itay Michaeli wrote in a note. The analyst said he is “fundamentally bullish” on Tesla, but that both bull and bear cases for the stock have merit. On the bull side, the company has had initial product success, brand appeal, speed of innovation and tech/software leadership,” he wrote. The next 12 months rely on Tesla achieving Model 3 conversions and meeting margin goals, while continuing to cement its leadership in self-driving. Tesla shares were slightly lower premarket, but have gained 52% in 2017, while the S&P 500 has gained 10.5%.

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Philip Morris International Inc. on Thursday reported revenues of $19.32 billion vs. $19.04 billion a year ago, below the FactSet consensus of $20.07 billion. It had adjusted earnings per share of $1.14, down from $1.15 a year ago and missing the FactSet consensus of $1.23. CEO André Calantzopoulos called the quarterly results “robust” but the company cut its 2017 EPS outlook to $4.78-$4.93 from $4.84-$4.99. Cigarette shipment volumes were down 7.5% in the second quarter. The stock has gained 33% for the year to date, compared to 10.50% for the S&P 500

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Insurer The Travelers Cos. Inc. said Thursday it had net income of $595 million, or $2.11 a share, in the second quarter, down from $664 million, or $2.24 a share, in the year-earlier period. Adjusted per-share earnings came to $1.92. The FactSet consensus was for EPS of $2.11. Revenue rose to $7.184 billion from $6.785 billion, while net written premiums rose to $6.640 billion from $6.345 billion. The FactSet consensus was for $6.547 billion. The company said it had an underwriting gain of $173 million, down from $388 million a year ago. “Second quarter core income of $543 million and core return on equity of 9.5% were impacted by high levels of catastrophe and non-catastrophe weather-related losses caused by significant U.S. tornado and hail activity,” Chief Executive Alan Schnitzer said in a statement. The company’s net investment income rose to $598 million from $549 million. Shares were not yet active premarket, but have gained 3.3% in 2017, while the Dow Jones Industrial Average has gained 9.5% and the S&P 500 has gained 10.5%.

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Sen. John McCain has been diagnosed with an aggressive form of brain cancer, according to a release from his office. The Arizona senator underwent a procedure last Friday, July 14, to remove a tumor above his left eye at the Mayo Clinic in Phoenix. According to the statement, the 80-year-old politician is “reviewing further treatment options,” which may include “a combination of chemotherapy and radiation.”

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White House adviser Jared Kushner, Donald Trump Jr. and former Trump campaign manager Paul Manafort will testify on Capitol Hill next week as part of investigations into Russian meddling in the November election. Kushner, the son-in-law of President Donald Trump, will testify in a closed-door session of the Senate Intelligence Committee on Monday, ABC News first reported late Wednesday. Kushner’s lawyer, Abbe Lowell, confirmed he would appear, saying Kushner “is prepared to voluntarily cooperate and provide whatever information he has on the investigations to Congress.” Separately, Reuters on Wednesday reported Trump Jr. — the president’s eldest son — and Manafort, who quit the campaign last August, will publicly testify Wednesday before the Senate Judiciary Committee. All three were said to be at a meeting with a Russian lawyer and a number of others last June in an effort to obtain damaging information on Hillary Clinton.

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TPG RE Finance Trust Inc. said late Wednesday it priced its initial public offering at $20 a share. The commercial real-estate company said it plans to offer 11 million shares to trade on the New York Stock Exchange on Thursday. Last week, in a Securities and Exchange Commission filing, TPG had said it expected a maximum offering price of $21 a share.

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