Category: Stock Market News

Shares of Sturm Ruger & Co. Inc. rose more than 5% late Monday after the gun maker reported first-quarter sales above expectations. The company said it earned a net $22.2 million in the first quarter, or $1.21 a share, compared with $23.3 million, or $1.21 a share, in the first quarter of 2016. Net sales declined to $167.4 million in the quarter, compared with $173.1 million a year ago. Analysts polled by FactSet had expected sales of $162 million. Sturm Ruger also declared a dividend of 48 cents a share for the first quarter, payable May 31 to stockholders of record May 19. The board also expanded the company’s share buyback program to $100 million. Shares had ended the regular trading day down 4.4%.

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Shares of Pandora Media Inc. rose in Monday’s extended session after the internet-radio company announced it secured an additional $150 million from KKR and said it will consider various strategic alternatives, including a sale, 30 days before the financing deal closes. Separately, Pandora reported its first-quarter loss widened to $132.3 million, or 56 cents a share, from $115.1 million, or 51 cents a share, a year earlier. On an adjusted basis, the company would have lost 24 cents a share. Revenue rose to $316 million from $297.3 million. Analysts surveyed by FactSet had forecast a loss of 33 cents a share on revenue of $318 million. Total subscribers rose to 4.7 million from 3.9 million a year ago. Pandora expects revenue in a range of $360 million to $375 million in the second quarter, below the $389 million projected by analysts. For 2017, the company projected revenue of $1.5 billion to $1.65 billion versus average estimate of $1.62 billion. Shares initially fell after hours on earnings but rebounded to gain over 3% on news that Pandora may consider a sale. [Updated to reflect reversal in stock price.]

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Shares of Pandora Media Inc. fell in Monday’s extended session after the internet-radio company posted a bigger loss and issued a weak revenue forecast for the current quarter. Pandora reported its first-quarter loss widened to $132.3 million, or 56 cents a share, from $115.1 million, or 51 cents a share, a year earlier. On an adjusted basis, the company would have lost 24 cents a share. Revenue rose to $316 million from $297.3 million. Analysts surveyed by FactSet had forecast a loss of 33 cents a share on revenue of $318 million. Total subscribers rose to 4.7 million from 3.9 million a year ago. Pandora expects revenue in a range of $360 million to $375 million in the second quarter, below the $389 million projected by analysts. For 2017, the company projected revenue of $1.5 billion to $1.65 billion versus average estimate of $1.62 billion. Separately, Pandora said it will secure an additional $150 million from KKR and will consider various strategic alternatives, including a sale, before the financing deal closes. Shares fell 3% after hours.

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Marriott International Inc. shares rose in the extended session Monday after the hotel operator’s quarterly earnings topped Wall Street estimates. Marriott shares rose 4.7% to $100.85 after hours. The company reported adjusted first-quarter earnings of $1.01 a share on revenue of $5.56 billion. Analysts surveyed by FactSet had estimated earnings of 91 cents a share on revenue of $5.29 billion. For the second quarter, Marriott sees earnings of 99 cents to $1.03 a share, while analysts expect $1.02 a share.

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Bristol, Tenn.-based Contura Energy, which emerged as part of Alpha Natural Resources Inc.’s bankruptcy and restructuring, has filed for an initial public offering, according to a regulatory filing Monday. Alpha Natural sold core assets in Wyoming, West Virginia, and elsewhere to Contura, which was formed by Alpha Natural’s creditors. The company reported revenue of $1.3 billion in 2016, mostly from mining metallurgical coal, used in steel making, and steam coal, for electricity. The company cited a “substantial or extended decline in coal pricing” and demand as its main risks. Contura will trade on the New York Stock Exchange under the symbol CTRA.

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Hertz Global Holdings, Inc. shares tanked more than 14% late Monday after the car rental company missed first-quarter expectations. Hertz reported a first-quarter net loss from continuing operations of $223 million, or $2.69 a share, including $30 million of impairment charges, compared with a net loss from continuing operations of $52 million, or 61 cents a share, in the first quarter of 2016. Adjusted for one-time items, the company reported a net loss of $134 million, or $1.61 a share, compared with an adjusted net loss of $67 million, or 79 cents a share, for the same period last year. Total revenue for the first quarter reached $1.92 billion, a 3% decline compared with $1.98 billion a year ago. Analysts polled by FactSet had expected the car rental company to report a loss of 90 cents a share on sales of $1.95 billion. Shares had ended the regular trading day down 0.5%.

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Trading in Kate Spade & Co.’s stock was the most active in the apparel and accessories company’s history, in the wake of Coach Inc.’s buyout bid. Volume spiked to 112 million shares in recent trade, compared with the full-day average of about 4.6 million shares, and enough to make it the most actively stock on major U.S. exchanges. The stock’s previous record for volume, since it began trading in June 1981, according to FactSet, was 52.9 million shares on Aug. 12, 2014, when the stock plummeted 25%. The stock rose 8.2% in afternoon trade, after the company announced a deal to be acquired for $18.50 a share. That bid was 27.5% above the Dec. 27 closing price of $14.51, which was the last trading day before media speculation of a deal surfaced, the companies said. While the bid was 9.0% above Friday’s closing price, it was 23% below the Feb. 27 10-month closing high of $24.10. The stock has tumbled 23% over the past 12 months, while Coach shares have climbed 12% and the S&P 500 has run up 17%.

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Gold prices on Monday marked their first climb in four sessions. The rebound was modest, however, as pressure from strength in the U.S. dollar kept gains in check. June gold rose 20 cents to settle at $1,227.10 an ounce. It lost 3.3% last week, according to FactSet data.

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Apple Inc. became the first $800 billion company Monday, as the stock surged to record highs. The stock was up as much as 3.2% to an all-time intraday high of $153.70 in afternoon trade, before paring some gains. With 5.21 billion shares outstanding as of March 31, that price gave the company a market capitalization of $801.37 billion, by far the biggest valuation among U.S. companies. The stock was currently up 3% at $153.47, valuing the company at $800.17 billion. Behind Apple, Google parent Alphabet Inc.’s market cap is $657.78 billion, Microsoft Corp.’s market cap is $530.36 billion and Amazon.com Inc.’s market cap is $450.96 billion, according to FactSet. Helping propel Apple’s stock to record territory was a ringing endorsement from billionaire investor Warren Buffett. Apple’s stock has now run up 32% year to date, while the Dow Jones Industrial Average has climbed 6.3%.

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WASHINGTON (MarketWatch) – Demand for bank loans from commercial and industrial firms was weaker in the first quarter, the Federal Reserve said Monday in its senior loan officer survey. That came in a quarter when standards for loans were basically unchanged. The officers said that they continued to tighten standards for commercial real estate, a process that economists said started in late 2015. Many officers cited regulatory reasons for tightening commercial real estate standards. There was also weaker demand for auto loans and credit cards. The survey found a moderate tightening of standards for auto loans for the second straight quarter. But bank officers reported that they eased standards for credit-card loans.

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