Category: Stock Market News

Tesla Inc.’s First-quarter earnings showed a solid start to 2017 and the stock is expected to chalk up further gains, analysts wrote on Thursday. “TSLA beat our estimates, displayed strong automotive and Tesla Energy gross margin, and reiterated first-half delivery guidance,” wrote Ben Kallo, analyst at Baird. “Importantly, the Model 3 remains on track for July production and should ramp to ~5k Model 3 vehicles per week by year-end.” Kallo reiterated his outperform rating on the stock and $368 price target. At RBC Capital Markets, analyst Joseph Spak noted lower free cash flow burn, driven by lower-than-expected capital spending. Spak rates Tesla sector perform with a $314 price target. J.P. Morgan analyst Ryan Brinkman welcomed margin improvements and the reiteration of Model 3 timing, but said execution risks remain. “we continue to be cautious relative to the potential for a slower
than guided start to Model 3 assembly, and newly believe that the potential for Model 3 pre-orders cancellations may increasingly become a point of investor concern,” he wrote. Brinkman rates the stock underweight with a $190 price target, up from a previous $185. Tesla shares dipped 1.8% in premarket trade, but are up 46% in 2017 so far, while the S&P 500 has gained 6.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Chesapeake Energy Corp. surged 5.1% in premarket trade Thursday, after the oil and natural gas exploration company reported swung to a first-quarter profit that beat expectations. Net income was $75 million, or 8 cents a share, compared with a loss of $1.11 billion, or $1.66 a share, in the same period a year ago. Excluding non-recurring items, such as asset impairment charges, adjusted earnings per share came to 23 cents, above the FactSet consensus of 18 cents. Total revenue rose to $2.75 billion from $1.95 billion. Oil, natural gas and natural-gas equivalent revenue rose to $1.47 billion from $993 billion, beating the FactSet consensus of $1.11 billion, while marketing, gathering and compression revenue growth to $1.28 billion from $960 million was below expectations of $1.31 billion. Average daily production of 528,000 barrels of oil equivalent was within guidance of 515,000 to 535,000. Average oil production is expected to reach 100,000 barrels per day by year end, up from 83,700 barrels in the first quarter. ” We expect our production to grow significantly in the second half of 2017 as we place more wells to sales, and as a result, we have raised the bottom range of our 2017 production guidance,” said Chief Executive Doug Lawler. The stock had tumbled 21% year to date through Wednesday, while the SPDR Energy Select Sector ETF had lost 10% and the S&P 500 had rallied 6.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Dunkin’ Brands Group Inc. on Thursday reported a larger-than-expected rise in adjusted profit, but missed on revenue forecasts. The fast-food company said net income rose to $47.5 million in the first quarter, or 51 cents a share, up from $37.2 million, or 40 cents a share, in the year-ago period. Adjusted profit climbed to 54 cents a share, up from 44 cents a year ago and beating FactSet estimates of 48 cents. Revenue inched up to $190.7 million, from $189.8 million. Analysts had expected revenue of $192.3 million. Dunkin shares were down 1.5% in thin premarket trade.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Queen Elizabeth II’s husband, the Duke of Edinburgh, is stepping down from public life and will stop carrying out public engagements from this fall, Buckingham Palace said in a statement on Thursday morning. The 95-year old Prince Philip will still attend previously scheduled events between now and August. “Thereafter, The Duke will not be accepting new invitations for visits and engagements, although he may still choose to attend certain public events from time to time,” Buckingham Palace said. Earlier on Thursday, news that the Queen had called in all her staff for a meeting whirred the rumor mill into action. Some had speculated the Queen would abdicate, while others guessed she would announce a royal engagement or discuss the health of her husband.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Tableau Software Inc. shares rallied in the extended session Wednesday after the data analytics company reported a narrower-than-expected loss for the quarter. Tableau shares surged 8% to $59.10 after hours. The company reported an adjusted fiscal first-quarter loss of 3 cents a share on revenue of $199.9 million. Tableau had forecast a loss of 8 cents to 15 cents for the quarter, according to FactSet data. Analysts surveyed by FactSet had forecast a loss of 11 cents a share on revenue of $200.9 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Five9 Inc. shares rallied in the extended session Wednesday after the cloud-computing software company topped Wall Street estimates for the quarter. Five9 shares surged 12% to $20.20 after hours. For the first quarter, the company reported breakeven per-share results on revenue of $47 million. Analysts surveyed by FactSet had estimated a loss of 4 cents a share on revenue of $44.7 million. For the second quarter, Five9 forecast a loss of 2 cents to 4 cents a share on revenue of $45.3 million to $46.3 million, while analysts had estimated a loss of 3 cents a share on revenue of $44.8 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Tailored Brands Inc. shares jumped nearly 8% in late-Wednesday trading after the company updated its fiscal 2017 guidance. The revision was due to earlier news that it had ended its tuxedo rental partnership with Macy’s Inc. . Tailored Brands now expects to report one-time charges of about $17.0 million. The company forecasts earnings per share in the range of $1.37 to $1.67, down from previous guidance of $1.45 to $1.75. Adjusted EPS is expected to be in the range of $1.60 to $1.90. The FactSet consensus is for EPS of $1.72. Tailored Brands shares are down 50.7% for the year so far while the S&P 500 index is up 6.7% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Macy’s Inc. and Tailored Brands Inc. announced Wednesday that they are winding down their tuxedo rental license agreement, established with Men’s Wearhouse on June 9, 2015. The Tuxedo Shops will take new reservations until June 1, 2017, with operations ending by July 14, 2017. All customers with rentals after this period will be offered the option to transfer the reservation to a nearby Men’s Wearhouse or Jos. A Bank. In March, Tailored Brands reported a $14 million charge after expecting startup losses of $10 million. The increase was due to missing the bulk of wedding season, said Tailored Brands Chief Executive Douglas Ewert on the earnings call. Macy’s shares are down 0.2% in late-Wednesday trading, and down 26.2% for the past year. Tailored Brands is up 7.1% in after hours trading, but down 26.4% for the last year. The S&P 500 index is up 15.7% for the last 12 months.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Qorvo Inc. shares declined in the extended session Wednesday after the wireless components provider’s outlook fell short of Wall Street estimates. Qorvo shares fell 4.1% to $65.28 after hours. The company forecast fiscal first-quarter earnings of 70 cents to 90 cents a share on revenue of $610 million to $650 million. Analysts surveyed by FactSet had estimated earnings of $1.02 a share on revenue of $698.4 million. For the fiscal fourth quarter, the company reported adjusted earnings of 85 cents a share on adjusted revenue of $624 million, while analysts had estimated 81 cents a share on revenue of $632 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Viacom Inc. shares were down more than 7% in afternoon trade on Wednesday, leading the broader media sector in an afternoon sell off. Following Viacom, shares of AMC Networks Inc. were down nearly 6% and 20th Century Fox Inc. shares fell more than 5%. Shares of Walt Disney Co. and Comcast Corp. were down more than 2%. There was no clear indication as to why media stocks endured a broad sell off. Earlier on Wednesday Hulu, which is jointly owned by Disney, Fox, Comcast and Time Warner, launched the beta version of its live TV service and Akamai Media reported poor revenue outlook due to continued weakness in its media business. Viacom will report second-quarter earnings on Thursday and is expected to post lower year-over-year profit at 59 cents per share with slightly improved revenue of $3.03 billion, according to FactSet. Shares of Viacom have gained more than 12% in the year to date, while declining nearly 5% in the last 12 months. By comparison, the S&P 500 index has gained nearly 7% in the year and 16% during the prior 12-month period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News