Category: Stock Market News

Shares of FedEx Corp. rose nearly 2% late Tuesday after the logistics company reported fiscal fourth-quarter earnings and sales above Wall Street expectations. FedEx said it earned $1.02 billion, or $3.75 a share, in the fourth quarter, versus a loss of $70 million, or 26 cents a share, in the year-ago period. Adjusted for one-time items, FedEx earned $1.15 billion, or $4.25 a share, in the quarter, compared with $897 million a year ago. Sales rose to $15.7 billion, from $13 billion a year ago. Analysts polled by FactSet had expected FedEx to report adjusted earnings of $3.87 on sales of $15.6 billion for the quarter. Operating results benefitted from higher base rates and higher package volume, the company said. The company said it was unable to provide GAAP fiscal 2018 earnings guidance because of pension-related adjustments. Shares of FedEx ended the regular trading session down 0.7%.

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Adobe Systems Inc. shares rose to prices it has never reached in regular trading Tuesday after the software company beat quarterly earnings projections with record quarterly revenue. The maker of the Creative Suite of products reported net income of $374.4 million, or 75 cents a share, on sales of $1.77 billion for its fiscal second quarter. After adjusting for stock-based compensation and other effects, Adobe claimed earnings of $1.02 a share. Analysts on average expected adjusted earnings of 95 cents a share on sales of $1.73 billion. Adobe stock topped $146 in after-hours trading following the report’s release, after closing the regular session with a 0.4% increase at $140.91. Adobe has never traded for more than $144.34 in regular trading and established a record closing high of $143.62 on June 7.

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Shares of Advanced Micro Devices Inc. shot up 8% in active trade Tuesday, to come within a penny of erasing all the losses suffered during the so-called “tech wreck” that started on June 9, ahead of the expected release of the company’s new server CPU, Epyc, later this afternoon. Volume jumped to 85.6 million shares, above the full-day average of 74.6 million shares. On June 9, when the broad and selloff in the technology sector began in midday trade, AMD’s stock had erased an intraday rally of as much as 3.9% to close down 4.8%. It tumbled a total of 11% through June 16 before starting its recovery this week. “Feedback from data center partners regarding AMD’s latest data center Zen-based chip, Epyc, has been positive,” said Pacific Crest analyst Michael McConnell. He said Epyc is likely to “fill the void” in the marketplace as a second source to Intel Corp. . AMD’s stock has rallied 14% year to date, while Intel shares have slipped 3.5% and the S&P 500 has gained 9.1%.

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As it seeks to turn around its ailing brand image, Uber Technologies Inc. said that it has added a tipping option to its app, starting Tuesday in Seattle, Minneapolis and Houston. The company said it will add more cities in the coming weeks to eventually make tips available in all cities by the end of July. Uber had been criticized by drivers for not including a tip option in its app, while rival Lyft and others have had that option. Uber said the move was “the right thing to do” and “long overdue.” The tipping decision is apparently part of Uber’s 180-days-of-change initiative, which also includes a shortened cancellation window for drivers to receive a fee, a paid per-minute rate if a driver waits more than two minutes for the fare, an additional $2 fee if the driver has a teenager as a passenger, and driver injury protection insurance. Uber is making these changes after its chief executive, Travis Kalanick, announced a leave of absence last week and after a report, sparked by a former engineer’s claims of harassment at the company, outlined steps Uber needed to take to upgrade its culture.

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Gold prices logged a second-straight session of losses Tuesday to settle at their lowest level since mid-May. Comments from Federal Reserve officials so far this week have supported expectations for further interest-rate hikes by the central bank this year, providing a lift to the U.S. dollar, and dulling gold’s investment appeal. August gold fell $3.20, or 0.3%, to settle at $1,243.50 an ounce.

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Shares of apparel retailers took a dive Tuesday, after Amazon.com Inc. appeared to take aim with the launch of its new Prime Wardrobe service, which allows users to try on multiple items at a time at home and receive a discount on items that are kept. Shares of Ascena Retail Group Inc.’s , the parent of apparel retailers including AnnTaylor, Charming Shoppes and The Dress Barn, tumbled 7.8%. Elsewhere, shares of Gap Inc. shed 3.8%, Abercrombie & Fitch Co. slid 3.6%, American Eagle Outfitters Inc. slumped 3.9%, Buckle Inc. fell 3.8% and Express Inc. dropped 3.4%. Among clothes-sellilng department store chains, shares of Nordstrom Inc. gave up 3.5%, Macy’s Inc. lost 1.9% and Dillard’s Inc. declined 4.5%. Meanwhile, Amazon’s stock edged up 0.1%. Amazon sparked a selloff in grocery store stocks after announcing a deal Friday to buy Whole Foods Market Inc. for $13.7 billion. Analysts fear Amazon’s move into a sector introduces a potential major competitor that will lead to lower prices and narrower margins. The SPDR S&P Retail ETF shed 1.8%, while the S&P 500 slipped 0.4%.

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Shares of Snap Inc. were falling 2.5% Tuesday after its competitor Instagram said that it has grown its audience for Instagram Stories to 250 million daily active users, up from 200 million in April. Instagram, owned by Facebook Inc. , launched its Instagram Stories, in which users can post photos or videos for 24 hours with effects, in August 2016. Snap offers a similar feature set but had 166 million daily active users as of May. Shares of Facebook were down less than 1% Tuesday.

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Regeneron Pharmaceuticals Inc. shares surged 6.6% in midday trade Tuesday after Novartis AG released positive data for two late-stage trials comparing its eye disease drug head-to-head with Regeneron’s Eylea. The drug, RTH258, met the primary and key secondary endpoints in both phase 3 trials, Novartis said. The trials enrolled more than 1,800 patients with neovascular age-related macular degeneration, which causes vision loss. More than half of patients were maintained when dosed with the drug every 12 weeks, which could provide a competitive advantage over Regeneron’s Eylea, which is dosed every eight weeks, analysts said. Novartis said it has plans to file for approval next year. “Some of the risk of this event is likely to have been discounted into REGN’s stock already,” said Leerink analyst Geoffrey Porges. That could explain the Regeneron stock surge, he said: “given the scarcity of such stocks, and opportunities, we see significant buyer interest around any meaningful decline in the stock.” SunTrust analyst Yatin Suneja said “we believe the [Novartis] drug has the potential to reduce treatment burden; however, RTH258’s safety profile will be key to uptake and would be watched closely when full data are presented at a medical meeting.” But results were better than expected, Porges said, with “the proportion of the RTH258 q12w therapy patients at the upper end of expectations.” Regeneron shares have surged 31.6% over the last three months, compared with a 5.5% rise in Novartis shares and a 3% rise in the S&P 500 .

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Shares of McClatchy Co. were down more than 7% on Tuesday amid a broad selloff in media stocks. On Monday McClatchy, along with Tribune Media Co. and Tegna Inc. , announced it was selling a majority of its ownership stake in CareerBuilder. McClatchy shares closed down less than 1% on Monday and extended losses on Tuesday, leading media stocks down. Shares of Gannett Co. and Tegna Inc. were down more than 3%, while the New York Times Co. and Tronc Inc. saw shares fall more than 1%. Shares of Time Inc. and Tribune Media Co. were down less than 1%. McClatchy shares have declined nearly 22% in the year to date and more than 35% in over the last 12 months. By comparison, the S&P 500 index is up more than 9% in the year and more than 17% in the prior 12-month period.

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Amazon.com Inc. is launching Prime Wardrobe, a new free service for Prime members that will offer customers discounts when they order – and keep – multiple items of clothing, shoes or accessories. To take advantage, Prime customers must order three or more items with no upfront charge. Shoppers have seven days to try the items before returning unwanted merchandise. Customers who keep three or four items save 10%, and if Prime shoppers keep five or more items, the savings is 20%. Shipping and returns are free. The service is currently in beta, but interested Prime members can ask Amazon to email them when it launches. For fashion shoppers, Amazon has launched the Echo Look in April featuring a hands-free, voice-activated camera to help users assess their outfit. Amazon shares are up nearly 1% on Tuesday, and up 34% for the year so far. The S&P 500 index is up 9.3% for 2017 to date.

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