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Stanley Black & Decker Inc. late Wednesday said its board raised the quarterly dividend by nearly 9%. The 5-cents-a-share hike makes for a dividend of 63 cents a share to be paid Sept. 19 to shareholders of record as of Sept. 1. Shares of Stanley Black & Decker were unchanged after hours.
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Sarepta Therapeutics Inc. shares shot more than 13% higher in late trading Wednesday after the company reported sales of its $300,000-a-year drug for Duchenne muscular dystrophy were better than expected. Sarepta announced second-quarter revenue of $35 million, easily beating the average analyst forecast of $22.5 million, according to a FactSet survey. The company brought in nearly as much in sales during the second quarter as it did in the previous six fiscal years, when it recorded $36 million in revenue amid a nearly decade-long effort to get FDA approval for eteplirsen, the first approved treatment for DMD. Sarepta also increased its forecast for full-year revenue, to a range of $125 million to $130 million from previous guidance of more than $95 million. Sarepta stock rose to about $38.80 in late trading, after closing with a 0.6% gain at $34.08; the stock is up more than 61% in the past year, as the S&P 500 index has gained 13.7%.
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Republicans’ Obamacare repeal bill would leave 17 million more people uninsured next year, and 32 million more in 2026, the Congressional Budget Office said in an estimate Wednesday. It also said premiums would double by 2026. Senate Republicans are planning to vote again on a bill next week, and President Donald Trump is urging lawmakers to cancel recess to get a bill to his desk. The measure would also save $473 billion over the next decade, the CBO said. By 2026, three quarters of the population would live in areas with no insurers participating in the non-group market, due to upward pressure on premiums and downward pressure on enrollment, the report found.
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PTC Inc. shares dropped in the extended session Wednesday after the internet-of-things software company’s forecast earnings range fell mostly on the low side of Wall Street estimates. PTC shares fell 11% to $52.49 after hours. The company forecast fiscal fourth-quarter earnings of 33 cents to 38 cents a share on revenue of $303 million to $308 million. Analysts surveyed by FactSet estimate 37 cents a share on revenue of $309 million. The company reported adjusted third-quarter earnings of 28 cents a share on revenue of $291.3 million. Analysts had estimated earnings of 28 cents a share on revenue of $290.6 million.
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Shares of Kinder Morgan Inc. rose 4% late Wednesday after the energy infrastructure company said it expects its dividend to increase in future years and announced a share repurchase program. Kinder Morgan said it expects a 60% dividend increase for next year to 80 cents a share and projected a 25% dividend annual growth rate in the two years through 2020. The company’s board also authorized a $2 billion share buyback program. Kinder Morgan said it earned $337 million, or 14 cents a share, in the second quarter, compared with $333 million a year ago. Revenue reached $3.36 million, from $3.14 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 14 cents a share on sales of $3.37 million in the quarter. Kinder Morgan stock ended the regular session up 0.9%.
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C.H. Robinson Worldwide Inc. shares fell in the extended session Wednesday after the transportation and logistics company’s quarterly earnings came in below Wall Street estimates. C.H. Robinson shares, which had been halted prior to the release of results, dropped 7.7% to $63.40 after hours, following a 1.2% decline on the regular session. The company reported second-quarter earnings of 78 cents on revenue of $3.71 billion. Analysts surveyed by FactSet had estimated earnings of 90 cents a share on revenue of $3.64 billion. “Our results were significantly impacted by truckload margin compression,” said Chief Executive John Wiehoff in a statement. “Purchased transportation costs increased significantly during the quarter, while much of our customer pricing is committed at relatively flat prices.”
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Campbell Soup Co. Chief Executive Denise Morrison said Wednesday during the company’s investor event that the company will withdraw from the Grocery Manufacturer’s Association (GMA), a major food association, by the end of the calendar year. The decision, according to Morrison, is “not financial,” but rather “driven by purpose and principles.” Morrison’s remarks focused on the company’s goal of being “the leading health and well-being food company,” which includes an emphasis on transparency as a means of building trust with consumers, particularly millennials. GMA defended its own efforts at transparency in a comment emailed to MarketWatch. “It was GMA’s leadership that helped achieve passage in 2016 of a national standard for GMO disclosure,” said Roger Lowe, executive vice president of strategic communications for the GMA. “We supported an option that can provide consumers more information about GMOs than could ever fit on a label.” Lowe said the group’s transparency tool SmartLabel is expected to be used by 30,000 products by the end of the year, and it’s working with the Food Marketing Institute on “common wording” for product dating intended to reduce consumer confusion and waste. Campbell shares closed Wednesday up 3.1%, but are down 13.1% for the year to date. The S&P 500 index is up 10.5% for 2017 so far.
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C.H. Robinson Worldwide Inc. shares were halted in the extended session Wednesday after the transportation and logistics company’s quarterly earnings came in below Wall Street estimates. C.H. Robinson shares were halted at $68.69, following a 1.2% decline on the regular session. The company reported second-quarter earnings of 78 cents on revenue of $3.71 billion. Analysts surveyed by FactSet had estimated earnings of 90 cents a share on revenue of $3.64 billion. “Our results were significantly impacted by truckload margin compression,” said Chief Executive John Wiehoff in a statement. “Purchased transportation costs increased significantly during the quarter, while much of our customer pricing is committed at relatively flat prices.”
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Qualcomm Inc. met expectations with its quarterly earnings report Wednesday, but shares fell as the company’s forecast excluded any sales related to Apple Inc. products and came in less than expected amid a legal battle with the iPhone maker. Qualcomm reported fiscal third-quarter net income of $866 million, or 58 cents a share, on revenue of $5.37 billion. Qualcomm was expected on average to report adjusted earnings of 83 cents a share on revenue of $5.28 billion, according to a FactSet analyst survey. Qualcomm’s forecast was more highly anticipated, however, amid a big fight between Qualcomm and Apple over the licensing fees Qualcomm commands for its patented technologies, but Qualcomm did not include licensing fees in its forecast. “Our financial guidance for the fourth quarter of fiscal 2017 excludes QTL revenues related to the sale of Apple products by Apple’s contract manufacturers as well as the other licensee in dispute as we expect the recent actions taken by these licensees will continue until the respective disputes are resolved,” the company said in its release. Qualcomm predicted adjusted earnings of 75 cents to 85 cents
a share on sales of $5.4 billion to $6.2 billion. Analysts on average expected the fourth-quarter forecast to call for adjusted earnings per share of 93 cents on revenue of $5.51 billion, according to FactSet. Qualcomm shares dipped about 3% in late trading after the report was released, following a 0.9% gain in regular trading.
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Recreational vehicles company Polaris Industries Inc. recalled about 25,600 all-terrain vehicles (ATVs) after reports of fuel leaks and fires. The recall involves 2014 Sportsman 570 model ATVs sold from April 2014 through May 2017 for $6,500 to $7,700 in several colors, which were made by Polaris in the U.S., according to the Consumer Product Safety Commission. The recall follows 30 reports of fuel leaks and four incidents involving a fire, although no injuries had been reported. “Consumers should immediately stop using the recalled ATVs and contact Polaris to schedule a free repair,” the company said in a statement. “Polaris is contacting all known purchasers directly.” The stock, which was up 1.2% in afternoon trade, has rallied 12.9% year to date, while the S&P 500 has gained 10.4%.
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