Category: Stock Market News

Shares of Acacia Communications Inc. fell more than 14% late Tuesday after the maker of fiber-optic products reported first-quarter earnings and sales above expectations but called for second-quarter results well below forecasts. Acacia said it earned $35.7 million, or 86 cents a share, in the first quarter, compared with $14.6 million, or 30 cents a share, in the first quarter of 2016. Adjusted for one-time items, the company earned $32 million, or 77 cents a share, compared with 44 cents a share a year ago. Revenue rose to $114.7 million, from $84.5 million a year ago. Analysts polled by FactSet expected adjusted earnings of $66 cents a share on sales of $112.5 million. The company said it expects sales of $85 million to $95 million in the second quarter, and an adjusted EPS of 22 cents to 35 cents. The analysts surveyed by FactSet expected adjusted EPS of 74 cents a share for the second quarter, on sales of $131 million. The shares ended the regular trading day up 3.3%.

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Microchip Technology Inc. shares rallied in the extended session Tuesday after the electronics component maker’s quarterly results and outlook topped Wall Street estimates. Microchip Technology shares surged 6% to $81 after hours. The company reported adjusted fiscal fourth-quarter earnings of $1.16 a share on revenue of $902.7 million. Analysts surveyed by FactSet had estimated earnings of $1.06 a share on revenue of $891.1 million. For the fiscal first quarter, Microchip Technology sees adjusted earnings of $1.17 to $1.27 a share on revenue of $920.7 million to $965.9 million. Analysts had estimated $1.11 a share on revenue of $913.1 million.

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Oil prices gained in electronic trading Tuesday after the American Petroleum Institute reported a hefty decline of 5.8 million barrels in U.S. crude supplies for the week ended May 5, according to sources. The API data also showed a rise of 3.2 million barrels in gasoline supplies, while inventories of distillates were down 1.2 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast a decrease of 1.8 million barrels in crude inventories. June crude was at $46.25 a barrel in electronic trading, up from the contract’s settlement of $45.88 on the New York Mercantile Exchange.

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Nvidia Corp. stock jumped more than 10% in late trading Tuesday after easily beating earnings estimates amid concerns about revenue from its core videogame segment. The graphics specialist reported net income more than doubled to $507 million, or 79 cents a share, on sales of $1.94 billion. Analysts on average expected Nvidia to report earnings of 66 cents a share on sales of $1.91 billion, according to FactSet. Nvidia stock has come under pressure of late amid skepticism of its market capitalization after a huge boom in 2016 and early 2017 thanks to artificial-intelligence advances. Shares roared back to more than $114 in late trading Tuesday after closing with a 0.2% advance at $102.94.

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Oil prices fell back below $46 a barrel on Tuesday, giving up the bulk of the gains they scored the past two sessions. In a monthly report, the Energy Information Administration raised its forecast for U.S. crude production this year and next, and cut its 2017 price outlook for Brent and West Texas Intermediate crude. That put pressure on prices as traders weighed the chances of an extension to the OPEC-led production cuts. June WTI crude fell 55 cents, or 1.2%, to settle at $45.88 a barrel on the New York Mercantile Exchange.

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Gold prices dropped Tuesday to their lowest finish in about eight weeks. Strength in the U.S. dollar pressured prices for the metal, which is traded in the greenback. Growing expectations that the U.S. Federal Reserve will raise interest rates at its meeting next month also contributed to weakness for gold prices. June gold fell $11, or 0.9%, to settle at $1,216.10 an ounce. That was the lowest finish since March 15, according to FactSet data.

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Eight Democratic senators called Tuesday for regulators to probe potential insider trading by billionaire investor Carl Icahn in the market for renewable fuel credits. In a letter to the heads of the Commodities Futures Trading Commission, Securities and Exchange Commission and the Environmental Protection Agency, senators including Massachusetts Democrat Elizabeth Warren said they had no way of knowing if Icahn made certain trades based on non-public information, “but the publicly available evidence is troubling.” In addition to Warren, the letter was signed by Sens. Debbie Stabenow of Michigan, Tom Carper of Delaware, Sherrod Brown of Ohio, Sheldon Whitehouse of Rhode Island, Tammy Baldwin of Wisconsin, Tammy Duckworth of Illinois and Amy Klobuchar of Minnesota.

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Shares of Pandora Media Inc. bounced sharply off earlier lows, after CNBC reported, citing sources, that the music streaming company was “confident” that it would sell itself in the next 30 days. The stock was down as much as 9.5% at an intraday low of $9.41 earlier in the session, then traded as high as $10.39–down just 0.1%–after the CNBC report. The company was not immediately available for comment. Earlier, the stock had declined after the company announced an agreement to receive a $150 million investment from private-equity firm KKR, which puta potential buyout by Sirius XM Holdings Inc. in doubt. Pandora’s stock was recently down 3.9%. It has tumbled 23% year to date, while Sirius shares have run up 10% and the S&P 500 has gained 7.2%.

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Snapchats are no longer as ephemeral as before. Snap Inc. unveiled an “infinity” setting to its app in which videos or photos can be viewed for as long as the user desires, instead of the previous 10 second maximum. The option will be available in the app for the Snap creator. Snap also added a looping feature, which allows the video creators to loop the video, repeating it, until the viewer closes it or moves on to the next part of the Snap story. Shares of Snap were up 2% midday Tuesday. Snap reports first-quarter earnings Wednesday.

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The U.S. Energy Information Administration raised its forecast on 2017 U.S. crude-oil production and lowered its price outlook, according to the agency’s monthly Short-term Energy Outlook report released Tuesday. The EIA forecast U.S. crude production at an average 9.31 million barrels per day in 2017, up 1% from the previous forecast. It sees 2018 output at 9.96 million barrels a day, up 0.6% from the previous forecast. The EIA cut its 2017 crude-price forecast by 3%, with West Texas Intermediate crude seen at an average $50.68 a barrel, and Brent crude at $52.60. June WTI crude was down 47 cents, or 1%, at $45.96 a barrel, while July Brent fell 48 cents, or 1%, to $48.86.

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