Category: Stock Market News

Zendesk Inc. shares fell in the extended session Thursday after the enterprise-software company forecast a wider-than-expected loss for the current quarter. Zendesk shares fell 7.7% to $27.40 after hours. The company forecast an adjusted loss of $5 million to $7 million on revenue of $98 million to $100 million for the second quarter. Analysts surveyed by FactSet had estimated a loss of $4.8 million on revenue of $99.8 million. For the first quarter, Zendesk reported adjusted first-quarter earnings of 5 cents a share on revenue of $93 million, while analysts had estimated a loss of 6 cents a share on revenue of $92.5 million.

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Shares of Herbalife Inc. climbed in Thursday’s extended session after the nutritional-products company posted strong quarterly earnings and issued an upbeat outlook for the full year. Herbalife reported its first-quarter earnings fell to $85.2 million, or 98 cents a share, from $95.8 million, or $1.12 a share, a year earlier. On an adjusted basis, the company would have earned $1.24 a share. Revenue slid to $1.1 billion from $1.12 billion. Analysts surveyed by FactSet had forecast earnings of 89 cents a share on revenue of $1.05 billion. Herbalife projected second-quarter adjusted earnings per share of 88 cents to $1.08 and 2017 adjusted EPS of $4.25 to $4.65. Analysts are forecasting an average EPS of $1.08 for the current quarter and $3.96 for 2017. Herbalife shares rallied 4.5% after hours.

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Time Warner Inc.’s HBO is exploring the possibility of four spinoffs to its critically-acclaimed series “Game of Thrones,” according to multiple media reports. The idea of a spinoff to “Game of Thrones,” which will air its second-to-last season on July 16, has been tossed around for a while. At last year’s Television Critics Association summer press tour HBO programming president Casey Bloys said the team had talked about a spinoff, but that it needed to make sense creatively. “Game of Thrones” is HBO’s most-watched series ever. Shares of Time Warner Inc. have gained 2% in the year to date and more than 31% in the prior 12-month period. By comparison, the S&P 500 Index is up nearly 7% in the year and more than 16% in the last 12 months.

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Shares of Square climbed 9% Thursday following the company’s stronger-than-expected earnings report, which prompted a number of price target increases from analysts covering the stock. Canaccord Genuity increased its price target on the stock by two dollars to $18, citing expectations that the company’s momentum will continue. Shares of Square traded around $19.87 in afternoon trade. They’ve gained 39% in the past three months and 48% in the past year, vastly outperforming the S&P 500 , which is up 4% and 16%, respectively. Despite a number of other price target increases, the average target on the stock is just $19.81, which implies a decline from current trading prices, according to a FactSet survey of two-dozen analysts. Canaccord said a “lack of near-term profit support for the valuation” may cause stock volatility. CFRA Research analyst Scott Kessler downgraded the stock to hold from buy, and reduced his price target by a dollar to $21.

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Oil prices dropped Thursday to their lowest settlement since Nov. 29, the day before the Organization of the Petroleum Exporting Countries announced a deal to curb production in an effort to balance the market. Prices fell as risks to crude production in Libya, which is not part of the output cut pact, eased following news that two factions made progress toward a resolution of the nation’s political crisis that has, at times, disrupted crude production. June WTI crude sank by $2.30, or 4.8%, to settle at $45.52 a barrel on the New York Mercantile Exchange.

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Starbucks Corp. said Thursday that it will expand its loyalty rewards program in grocery stores to include K-Cup packs and ready-to-drink Starbucks beverages. Starbucks has been offering rewards for packaged coffee since 2013. Rewards gathered for grocery purchases can be redeemed at Starbucks retail locations. Starbucks shares are nearly flat in Thursday trading, and are up more than 9% for the year so far. The S&P 500 index is up 6.8% for 2017 to date.

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Exchange-traded funds tied to the health-care sector maintained their modest upward bias on Thursday, after the House of Representatives passed the latest version of a bill designed to replace the Affordable Care Act, also known as Obamacare. The Health Care Select Sector SPDR ETF rose 0.4%, while both the Vanguard Health Care ETF and the iShares U.S. Healthcare ETF added 0.3%. The three funds traded roughly where they did prior to the close vote, which some had speculated wouldn’t result in passage. The iShares U.S. Healthcare Providers ETF was flat on the day while the iShares U.S. Medical Devices ETF was down 0.2%. Despite the vote, the bill is seen as having little chance of passing the Senate, meaning it wouldn’t be signed into law.

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Amazon.com Inc. confirmed with MarketWatch on Thursday that Cathy Beaudoin, president of Amazon Fashion, has resigned from her post. “Given the momentum of the business and strength of the team, she’s decided now is the right time to pass the baton. We thank Cathy for her tremendous contributions to Amazon Fashion and wish her all the best. An announcement regarding Cathy’s successor will be coming soon,” the company said in a statement. Amazon has been building its fashion business, adding private label brands, introducing a fashion-focused Echo Look device, and hosting an online fashion and beauty show. Amazon shares are up nearly 40% for the past year while the S&P 500 index is up 16.4% for the period.

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Starbucks Corp. said Thursday that it has entered an agreement with Caribbean Coffee Traders Limited, a consortium led by the Margaritaville Caribbean Group, to open Starbucks cafes in Jamaica. Caribbean Coffee Traders will have the exclusive rights to own and operate stores on the island, with the first one to open in Montego Bay. Margaritaville Caribbean Group’s portfolio of brands includes Wendy’s , Dairy Queen, Domino’s Pizza and Cinnabon. Starbucks shares are nearly flat in Thursday trading, and up 9% for the year so far. The S&P 500 index is up 6.5% for 2017 to date.

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