Category: Stock Market News

Shares of Barnes & Noble Inc. ran up 3.1% in premarket trade Thursday, after the bookseller reported a narrower-than-expected fiscal fourth-quarter loss and sales that beat expectations. The net loss for the quarter to April 29 was $13.4 million, or 19 cents a share, compared with a loss of $30.6 million, or 42 cents a share, in the same period a year ago. The FactSet consensus for losses per share was 23 cents. Revenue fell to $821.2 million from $876.7 million, but was above the FactSet consensus of $783 million. Same-store sales fell 6.3% from a year ago, while online sales increased 2.9%. For fiscal 2018, the company expects same-store sales to decline in the “low single digits” percentage range, an improvement from the fiscal 2017 decline of 6.3%. “In fiscal 2018, we are focusing on ways to improve the business and reignite sales through an aggressive test and learn process and companywide simplification process that will take out costs,” said Chief Executive Demos Parneros. The stock had plunged 42% year to date through Wednesday, while the SPDR S&P Retail ETF has lost 12% and the S&P 500 has gained 8.8%.

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Shares of airline companies rallied in premarket trade Thursday, after Qatar Airways expressed interest in buying a large stake in American Airline Group Inc. . American said Qatar had interest in buying 10% of its common stock outstanding. Based on American’s market capitalization as of Wednesday’s close, a 10% stake would be worth about $2.39 billion. American’s stock ran up 5.3% in premarket trade. Among other air carriers, shares of United Continental Holdings Inc. rose 1.3%, Delta Air Lines Inc. climbed 1.4%, Southwest Airlines Co. gained 1.9%, JetBlue Airways Corp. advanced 1.2% and Alaska Air Group Inc. tacked on 1.1%. The NYSE Arca Airline Index has gained 3.8% year to date, to close Wednesday 2.5% below the near 16-year high hit on June 7. The S&P 500 has gained 8.8% year to date.

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Shares of American Airlines Group Inc. jumped 5.5% in premarket trade Thursday, after the air carrier disclosed that it received unsolicited notice that Qatar Airways intended to make a “significant investment.” In a filing with the Securities and Exchange Commission, American said Qatar has submitted a filing regarding a potential investment under the Hart-Scott-Rodino Act, which would be required for an acquisition of more than $81 million worth of American’s common stock. The notice said Qatar plans to buy at least $808 million worth of American common stock, and has indicated interest in acquiring a 10% stake. American’s market capitalization as of Wednesday’s close was $23.86 billion. “The proposed investment by Qatar Airways was not solicited by American Airlines and would in no way change the company’s Board composition, governance, management or strategic direction,” American stated in the filing. The stock has gained 3.u% year to date through Wednesday, while the NYSE Amex Airline Index has tacked on 3.8% and the S&P 500 has gained 8.8%.

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Shares of Accenture PLC declined 1.3% in premarket trade Thursday, after the business consulting company reported a fiscal third-quarter profit that matched expectations, but trimmed its margin outlook. Net profit for the quarter to May 31 fell to $692.5 million, or $1.05 a share, from $939.8 million, or $1.41 a share, in the same period a year ago. Excluding non-recurring items, such as a pension settlement charge, adjusted earnings per share came to $1.52, in line with the FactSet EPS consensus of $1.52. Net revenue rose to $8.87 billion from $8.43 billion, above the FactSet consensus of $8.82 billion, as both consulting and outsourcing revenue were slightly above expectations. New bookings were $9.8 billion. Looking ahead, company revised the fiscal 2017 GAAP EPS outlook to $5.37 to $5.44 from $5.31 to $5.48, but cut the GAAP operating margin outlook to 13.3% from previous guidance of 13.5% to 13.7%. The adjusted margin outlook was revised to 14.8% from previous guidance of 14.7% to 14.9%. Adjusted EPS is now expected to be $5.84 to $5.91, compared with the FactSet consensus of $5.88. The stock has rallied 8.5% year to date through Wednesday, while the S&P 500 has gained 8.8%.

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European stocks lost ground Thursday, with the oil and gas sector lower as crude prices languished in a bear market. The Stoxx Europe 600 fell 0.3% to 387.40, on track for a third straight session of declines. Oil prices were back in focus, extending losses from Wednesday, when they dropped to their lowest in 10 months. European oil and gas stocks overall gave up 1.2% on Thursday. On major benchmarks, the U.K.’s FTSE 100 moved lower by 0.4% to 7,417.03. France’s CAC 40 was off 0.4% at 5,253.47, and Germany’s DAX 30 shed 0.3% at 12,733.72. Biggest decliner on the Stoxx 600 was oil producer Tullow Oil PLC as shares fell 2.8%, while Swedish engineering firm Alfa Laval AB topped the index by rising 3.2%. Late Thursday, U.K. Prime Minister Theresa May is expected in Brussels to present Britain’s plans for European Union citizens living in the U.K. as part of Brexit negotiations.

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Shares of Staples Inc. surged nearly 5% in after-hours trading late Wednesday after Reuters reported that private equity firm Sycamore Partners is in advanced talks to acquire the office supplies retailer. Reuters said Sycamore is finalizing a debt financing deal with Staples after beating out Cerberus Capital Management in an auction. A final deal, which may top $6 billion, could be announced next week, the report said. The Wall Street Journal reported in April that the troubled retailer was seeking a buyer. Staples has more than 1,200 stores in the U.S., but has been forced to close hundreds of stores in recent years due to an extended slump in sales. A proposed merger with rival Office Depot Inc. was rejected in 2016 over antitrust concerns. Staples shares are down 0.7% over the past month, and down 1.3% over the past year.

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Virginia-based Vencore Holding Corp. has filed for an initial public offer, according to a late Wednesday filing. Vencore is a government information-technology contractor focusing primarily cybersecurity, data management, and systems support for U.S. intelligence agencies and departments such as Justice and Homeland Security, and it is the “prime contractor” for the U.S. Navy’s Tomahawk program, according to the prospectus. The company reported sales of $1.17 billion in 2016, and $285 million in the first quarter of this year. Vencore is expected to trade on the New York Stock Exchange under the symbol VNCR. Private-equity group Veritas Capital Management owns Vencore.

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Altice USA priced its initial public offering at $30 a share on Wednesday, Dow Jones Newswires reported, citing a source. The IPO price is within its target range of $27 to $31, according to the report. The cable company earlier raised the number of shares it will sell by 37% to 63.9 million shares. Altice is seeking to secure around $2 billion via its stock offering.

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Biotech company Five Prime Therapeutics, Inc. , said late Wednesday founder and Chief Executive Lewis T. “Rusty” Williams plans leave his post and become executive chairman of the board by next year. The board “will conduct a comprehensive search for a candidate to fill the CEO position,” the company said in a statement. Williams will remain in his current role until a new CEO has been appointed, it said. Williams will also serve as chairman of Five Prime’s scientific advisory board. Shares of Five Prime ended the regular session up 7%. Shares were down 1% in late trading.

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Shares of Steelcase Inc. tanked more than 10% late Wednesday after the office-furniture maker reported first-quarter earnings below Wall Street expectations and forecast second-quarter results that would also be a miss. Steelcase said it earned $18.1 million, or 15 cents a share, in the quarter, compared with 16 cents a share a year ago. Sales reached $735.1 million, from $718.8 million a year ago, the company said. Analysts polled by FactSet had expected earnings of 18 cents a share on sales of $745 million. The company said it expects second-quarter revenue to be in the range of $750 million to $780 million, against analyst expectations around $800 million. Earnings per share were seen between 21 cents and 25 cents for the second quarter. The analysts surveyed by FactSet had forecast second-quarter EPS of 36 cents. Shares of Steelcase had ended the regular session down 1.2%.

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