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Shares in Nike Inc. rose 7% in premarket action Friday after the sportswear giant late Thursday reported better-than-expected fourth-quarter earnings and revenue. Nike also confirmed a deal to sell shoes through e-commerce king Amazon.com Inc.
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Shares of Micron Technology Inc. rose slightly after-hours Thursday after the chip maker reported earnings for the third quarter. Micron reported net income of $1.6 billion, or $1.40 per share, after reporting a loss of $215 million, or 21 cents per share during the same period a year ago. Adjusted earnings per share came in at $1.62, above FactSet consensus of $1.52. Revenue for the quarter hit $5.6 billion, up from $2.9 billion in the year earlier and just above FactSet’s $5.4 billion consensus. “The global trends taking shape today, including machine learning and big data analytics, are exciting and create significant opportunities for Micron,” said Chief Executive Sanjay Mehrotra in a statement. “We are focused on positioning the company to realize these opportunities by investing in technology and products while also strengthening our balance sheet.” Shares of Micron Technology have gained nearly 44% in the year to date, while the S&P 500 index is up 8% in the year.
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Shares of American Outdoor Brands Corp. skidded in Thursday’s extended session after the gunmaker issued a weak outlook for fiscal 2018. American Outdoor Brands reported its fiscal fourth-quarter earnings fell to $27.7 million, or 50 cents a share, from $35.6 million, or 63 cents a share, a year earlier. On an adjusted basis, the company previously known as Smith & Wesson, would have earned 57 cents a share. Revenue rose to $229.2 million from $221.1 million. Analysts surveyed by FactSet had projected earnings of 37 cents a share on revenue of $211 million. American Outdoor Brands projected first-quarter earnings per share of 7 cents to 12 cents while revenue is expected in a range of $140 million to $150 million. For fiscal 2018, the company forecast EPS of $1.42 to $1.62 and revenue of $750 million to $790 million, undershooting Wall Street’s average EPS estimate of $1.61 and $827.8 million in revenue. Shares plunged 8.1% after hours.
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Shares of Nike Inc. were climbing 3% after the market closed Thursday after the company beat fourth-quarter earnings expectations. Nike reported net income of $1.01 billion, or 60 cents per share, up from $846 million, or 49 cents per share, in the year-earlier period. The FactSet consensus was for earnings per share of 50 cents. Nike reported revenue of $8.7 billion, up from $8.2 billion in the year-earlier period and above the FactSet consensus of $8.6 billion. Shares of Nike have fallen 6% in the past three months, while the S&P 500 has gained 2.5%.
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Twitter Inc. is exploring the addition of a feature that would allow users to flag news items that contain “misleading, false or harmful information,” according to a Washington Post report. The feature is in a prototype phase and may never be released. A Twitter spokesperson told The Washington Post that there aren’t any plans to launch the feature, but they are working to address issues with fake news stories, which polls show are a concern for Americans. Twitter shares are up 8.3% for the year so far while the S&P 500 index is up 8.1% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of Micron Technology Inc. fell more than than 2% after the chip maker reported third-quarter profit that was below Wall Street expectations. Micron reported net income of $1.6 billion, or $1.40 per share, after reporting a loss of $215 million, or 21 cents per share during the same period a year ago. The FactSet consensus for earnings per share was $1.52. Revenue for the quarter hit $5.6 billion, up from $2.9 billion in the year earlier and just above FactSet’s $5.4 billion consensus. “The global trends taking shape today, including machine learning and big data analytics, are exciting and create significant opportunities for Micron,” said Chief Executive Sanjay Mehrotra in a statement. “We are focused on positioning the company to realize these opportunities by investing in technology and products while also strengthening our balance sheet.” Shares of Micron Technology have gained nearly 44% in the year to date, while the S&P 500 index is up 8% in the year.
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The Nasdaq Composite closed below its 50-day moving average for the first time in 2 1/2 months, but chart watchers may be reluctant to declare a breakdown of the short-term uptrend. The index fell 1.4% to 6,144.35, while the 50-day MA, which many use as a guide to the short-term trend, came in at 6,149.36. The last time the Nasdaq closed below the 50-day MA was April 13, but it closed right back above it the next session, and kept trending higher until the recent record peak of 6,321.77 on June 8. The time before that, the index closed below the 50-day MA for just two days–Dec. 1 and Dec. 2, 2016–before rallying back above it. Meanwhile, the S&P 500 dipped briefly below the 50-day MA before closing 0.5% above it, while the Dow Jones Industrial Average closed about 200 points above its 50-day MA.
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WASHINGTON (MarketWatch) President Trump plans to meet with Russian President Vladimir Putin next week at a gather of world leaders in Germany in what would be their first get-together since the Trump took office. The White House on Thursday confirmed Trump and Putin would meet face to face, though no agenda has been set. Russian media had previously reported that the two had agreed to meet at the G-20 summit in Hamburg, Germany. Trump has been dogged by an investigation into whether his campaign colluded with the Russians during the 2016 election. The president denies any collusion and no evidence has been found.
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WASHINGTON (MarketWatch) — President Trump plans to meet with Russian President Vladimir Putin next week at a gather of world leaders in Germany in what would be their first get-together since the Trump took office. The White House on Thursday confirmed Trump and Putin would meet face to face, though no agenda has been set. Russian media had previously reported that the two had agreed to meet at the G-20 summit in Hamburg, Germany. Trump has been dogged by an investigation into whether his campaign colluded with the Russians during the 2016 election. The president denies any collusion and no evidence has been found.
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If the debt limit remains unchanged, the Congressional Budget Office on Thursday projected that the Treasury will likely run out of cash in early to mid-October. That would lead to delays of payments for the government’s programs and activities, a default on its debt obligations, or both, the CBO found.
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