Category: Stock Market News

The premarket tumble in Cisco Systems Inc.’s stock , which is headed for the biggest one-day post-earnings selloff in 3 1/2 years, isn’t weighing too heavily on the Dow Jones Industrial Average , given Cisco’s low stock price. The stock was shedding $2.52, or 7.5%, after the company’s fiscal third-quarter results released late Wednesday. That would take about 17 points off the Dow’s price, while Dow futures are down 56 points. Cisco’s stock price is the third lowest among the Dow’s 30 components. Meanwhile, Wal-Mart Stores Inc. shares are gaining $1.13, or 1.5%, ahead of the open, after fiscal first-quarter results. That would add about 8 points to the Dow’s price.

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Wal-Mart Stores Inc. reported first-quarter net income of $3.04 billion, or $1.00 per share, versus $3.08 billion, or 98 cents per share, for the same period last year. The FactSet consensus was 96 cents. Sales were $117.5 billion, up from $115.9 billion last year, and just below the $117.8 billion FactSet consensus. Wal-Mart U.S. same-store sales increased 1.4% driven by a 1.5% increase in traffic. Digital sales for Walmart U.S. rose 63%. Wal-Mart sees second-quarter EPS of $1.00 to $1.08, excluding the estimated benefit of about 5 cents from the sale of its Mexican apparel format Suburbia. Same-store sales for Walmart U.S. excluding fuel are expects to rise 1.5% to 2%. Wal-Mart shares are up 0.8% in Thursday premarket trading, and up 19% for the past year. The Dow Jones Industrial Average is up 17.6% for the past 12 months and the S&P 500 index is up 15.1% for the period.

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Shire Plc American Depositary Receipts jumped almost 7% in premarket trade Thursday, after the company reported positive results from a late-stage trial of a treatment for Hereditary Angioedema (HAE), a rate genetic disease that causes swelling of the extremities, gastrointestinal tract, and upper airways. The company said a Phase 3 trial of investigational drug lanadelumab met its primary goal and all secondary goals “with highly statistically significant and clinically meaningful results.” Current treatment options for the disease include injections for acute attacks or short-acting intravenous infusions that are given twice a week. “If approved, lanadelumab may offer patients a long-acting treatment option that significantly reduces HAE attacks when administered subcutaneously as infrequently as every four weeks,” Banerji, M.D., Massachusetts General Hospital, Boston, MA and clinical trial investigator, said in a statement. HAE affects 1 in 10,000 to 1 in 50,000 people around the world. Shire is planning to submit a biologics license application to the U.S. FDA by late 2017 or early 2018. The ADRs have gained 7% in 2017 through Wednesday, while the S&P 500 has gained 5%.

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Shares of Alibaba Group Holding Ltd. dropped 2.8% in premarket trade Thursday, after the China-based ecommerce giant reported a fiscal fourth-quarter profit that fell short of expectations. Net income for the quarter to March 31 nearly doubled to the U.S. dollar equivalent of $1.55 billion, or 60 cents a share. Excluding non-recurring items, adjusted earnings per share in U.S. terms was 63 cents, missing the FactSet consensus of 65 cents. Revenue increased 60% to $5.61 billion, above the FactSet consensus of $5.24 billion, as revenue for core commerce rose 47% to $4.59 billion, for cloud computing doubled to $314 million and for digital media and entertainment more than tripled to $571 million. Fiscal 2017 gross merchandise volume on China retail marketplaces grew 22% to $547 billion, with mobile GMV rising 49% to $433 billion, or 79% of total GMV. Separately, the company said it launched a new $6 billion stock repurchase program, primarily to offset dilution from share-based compensation programs. The stock has soared 37% year to date through Wednesday, while the S&P 500 has gained 5.3%.

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Perry Ellis International Inc. reported Thursday fiscal first-quarter net income that rose to $12.8 million, or 83 cents a share, from $14.3 million, or 95 cents share, in the same period a year ago. That beat the FactSet consensus for earnings per share of 72 cents. The apparel and accessories maker said revenue for the quarter to April 29 fell to $242.1 million from $261.3 million, but was above the FactSet consensus of $228.5 million. For fiscal 2018, the company sees adjusted EPS of $2.07 to $2.17, surrounding the FactSet consensus of $2.11, and revenue of $870 million to $880 million, which tops expectations of $864.4 million. “We are pleased to report a solid start to Fiscal 2018 with both our top and bottom line results surpassing guidance, reflecting solid growth in our core brands driven by the earlier shipment of Spring merchandise and strong gross margin expansion,” said Chief Executive Oscar Feldenkreis. The stock has tumbled 27% year to date, while the S&P 500 has gained 5.3%.

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The iShares MSCI Brazil Capped ETF plunged 16% Thursday in premarket action as the country’s opposition lawmakers called for President Michel Temer to resign after a bribery allegation. Brazilian newspaper O Globo reported Wednesday that Temer encouraged a top businessman to buy the silence of a jailed former congressional leader, and the report has threatened to spark a new bout of political turmoil, a Wall Street Journal story said. Temer took office last year amid impeachment proceedings against former President Dilma Rousseff. The iShares fund is the largest U.S.-listed ETF tracking Brazilian stocks, and it has attracted nearly $6 billion in investor money.

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Grunge-rock pioneer Chris Cornell died Wednesday night in Detroit, according to an AP report citing a statement from his representative, Brian Bumbery. Cornell, 52, was the frontman for the band Soundgarden, known for “Black Hole Sun” and other hit songs, and he also was the lead singer for the supergroup Audioslave. His death was “sudden and unexpected,” and his family is expected to work closely with a medical examiner to determine the cause, Bumbery’s statement said.

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Dutch telecom Altice NV broke European Union rules by carrying out its acquisition of PT Portugal before notifying or getting approval from regulators, the EU’s competition watchdog said in a statement Thursday. The European Commission said Altice could face a fine of up to 10% of its annual worldwide turnover. Shares in Altice traded 1.8% lower on Amsterdam’s stock exchange.

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The European Union’s competition watchdog on Thursday said it has fined Facebook Inc. 110 million euros, or $123 million, for providing incorrect or misleading information during a 2014 investigation of the social-media giant’s takeover of WhatsApp. Facebook said in December that it was facing a potential fine over the matter from the European Commission. The commission said the fine has no impact on its decision to authorize the transaction. Facebook’s stock was inactive in premarket trading.

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Shares in Fiat Chrysler Automobiles NV traded 4.8% lower on Italy’s main exchange following multiple reports that the U.S. Justice Department plans to file a civil lawsuit against the auto maker over excess diesel emissions if no agreement is reached. The suit could come as early as this week, a Reuters report said. The Italian-American company said in January that the EPA had issued a notice of violation with respect to its emissions control technology.

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