Category: Stock Market News

Herbalife Ltd. has named Richard Goudis chief executive, succeeding Michael Johnson, who will become executive chairman of the company. Goudis has been a part of the Herbalife management team for 13 years, serving as chief operating officer since 2010. Herbalife shares are up more than 49% for the year so far while the S&P 500 index is up 7.7% for the period.

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3M Co. said premarket Thursday that it plans to sell its electronic monitoring business to an affiliate of private equity advisory firm Apax Partners for $200 million. The deal is expected to close in the third quarter and add about 15 cents per share to 3M’s earnings. The business in question provides electronic monitoring technologies to correctional and law enforcement agencies around the world and brings in annual sales of about $95 million, 3M said. 3M is focusing its portfolio on transportation safety and mobility trends, it said. 3M shares were not active in premarket trade. Shares have risen 7.7% over the last three months, compared with a 0.7% rise in the S&P 500 .

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Express Inc. shares dropped 17.5% in premarket trade Thursday after the company reported first-quarter profit and revenue misses. The company said it had a loss of $4.5 million, or a loss of 6 cents per share, after earnings of $12.9 million, or 16 cents per share in the year-earlier period. The FactSet adjusted earnings per share consensus was a loss of 2 cents. Revenue declined to $467.0 million from $502.9 million, compared with the FactSet consensus of 467.7 million. “We are pleased with the recent trends in our business and believe that our initiatives are gaining traction in a challenging retail environment,” said David Kornberg, the company’s president and chief executive officer. The company said it expects adjusted EPS of 41 cents to 48 cents for full year 2017, compared with a the FactSet consensus of 66 cents. Express shares have dropped 28.4% over the last three months, compared with a 0.7% rise in the S&P 500 .

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Express Inc. shares dropped 13.8% in premarket trade Thursday after the company reported first-quarter profit and revenue misses. The company said it had a loss of $4.5 million, or a loss of 6 cents per share, after earnings of $12.9 million, or 16 cents per share in the year-earlier period. The FactSet adjusted earnings per share consensus was a loss of 2 cents. Revenue declined to $467.0 million from $502.9 million, compared with the FactSet consensus of 467.7 million. “We are pleased with the recent trends in our business and believe that our initiatives are gaining traction in a challenging retail environment,” said David Kornberg, the company’s president and chief executive officer. The company said it expects adjusted EPS of 41 cents to 48 cents for full year 2017, compared with a the FactSet consensus of 66 cents. Express shares have dropped 28.4% over the last three months, compared with a 0.7% rise in the S&P 500 .

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Eli Lilly & Co. said premarket Thursday that Chief Financial Officer Derica Rice will retire at the end of the year after working at the company for 27 years. The company said it is considering internal and external candidates to follow Rice. Rice also served as executive vice president global services and on Eli Lilly’s executive committee. Eli Lilly shares have dropped 5.1% over the last three months, compared with a 0.7% rise in the S&P 500 .

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L Brands Inc. said Thursday same-store sales fell 7% in May from the year-earlier period. Net sales fell 5% to $774.3 million, the parent of lingerie retailer Victoria’s Secret said in a statement. “The exit of the swim and apparel categories had a negative impact of 10 percentage points and 14 percentage points to total company and Victoria’s Secret comparable sales, respectively,” said the statement. Shares were not yet active but are down 22% in 2017, while the S&P 500 has gained 8%.

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Dollar General Corp. shares rose 4.9% in premarket trade Thursday after the company reported first-quarter profit and revenue beats. Earnings fell to $279.5 million, or $1.02 per share, from $295.1 million, or $1.03 per share in the year-earlier period. Earnings-per-share included a charge of 1 cent related to early retirement of long-term obligations, the company said, compared with the FactSet consensus of 95 cents. Revenue rose to $5.61 billion from $5.27 billion, above the FactSet consensus of $5.28 billion. The company said its proposed acquisition of more than 300 stores in 36 states from a small-box retailer had been approved by the Federal Trade Commission in April and is expected to close in June, with the store sites expected to be changed to the Dollar General banner by the end of November. The new stores should bring Dollar General’s expected new store growth above guidance for 2017, and to modestly grow the company’s EPS, Dollar General said. The company reaffirmed its EPS guidance for the fiscal year, and said it expects net sales to increase by 5% to 7%, above the prior guidance range of 4% to 6%. Dollar General shares have risen 0.05% over the last three months, compared with a 0.7% rise in the S&P 500 .

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Mobileye N.V. said Thursday it had net income of $33.5 million, or 14 cents a share, in the first quarter, up from $21.9 million, or 9 cents a share, in the year-earlier period. Adjusted per-share earnings came to 25 cents, a penny ahead of the FactSet consensus of 24 cents. The self-driving technology company said revenue rose to $124.7 million fro $75.2 million, also ahead of the FactSet consensus of $119 million. The company, which is being acquired by Intel Corp. , said it added revenue visibility “with new ADAS design wins, bolstered alliances with existing and new partners, and took a major step forward with our proprietary high-definition mapping product (REM(TM)) by signing definitive collaboration agreements with several major automakers.” Shares rose 0.9% premarket.

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President Donald Trump said in a tweet Wednesday night that he will announce his decision on whether the U.S. will keep its commitments to the Paris climate accord on Thursday at 3 p.m. Eastern at the White House Rose Garden. According to reports, the president is leaning toward withdrawing from the agreement, fulfilling a campaign promise but against the advice of many in his administration. Under the 2015 treaty, 190 countries — only Syria and Nicaragua are not currently on board — agreed to reduce greenhouse-gas emissions in the coming decade. The U.S. has pledged to reduce its emissions 26% to 28% below their 2005 levels by 2025.

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Pinnacle Foods Inc. stock jumped 8% Wednesday afternoon following a Reuters report that Conagra Brands Inc. had approached the company about a potential acquisition. Pinnacle shares rose to $66.70, which would be a new 52-week high, after closing the regular session with a 2.8% gain at $62.31. ConAgra split in two last year, spinning off Lamb Weston Holdings Inc. and changing its name from Conagra Foods to Conagra Brands while looking to focus on healthier options in its food lineup, which includes brands like Slim Jim, Chef Boyardee, and Orville Redenbacher’s. Pinnacle owns grocery-store brands including Bird’s Eye frozen vegetables and Vlasic pickles, though it recently said it would stop selling some frozen breakfast items under the Aunt Jemima brand. Conagra stock gained 1.2% in late trading, and has fallen 6.5% in the past three months, as the S&P 500 index has gained 2%. Pinnacle Foods stock has increased 9.1% in the past three months.

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