Category: Stock Market News

McDonald’s Corp. was upgraded to buy from neutral at Goldman Sachs on Wednesday based on confidence that same-store sales will improve. The price target was raised to $153 from $126. Goldman says positive consumer reviews for the “Experience of the Future” could drive sales and excitement to push same-store sales higher. There’s also a clearer timeline for when the upgrades will roll out. The “Experience of the Future” includes mobile ordering, self-ordering kiosks, and other features. The McDonald’s app will also facilitate personalized offers and improved customer reviews. Expanded delivery service could also potentially drive upside. The one remaining issue was the fast-food chain’s value offers, which were “confusing” and needed greater emphasis on price point. Goldman said McDonald’s is finding a solution, which includes more regional value. McDonald’s shares are up 0.6% in premarket trading, and up 16% for the year to date. The Dow Jones Industrial Average is up 6% for 2017 so far.

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Molson Coors Brewing Co. said Wednesday it had net income of $201.3 million, or 93 cents a share, in the first quarter, up from $162.7 million, or 80 cents a share, in the year-earlier period. Sales rose to $2.91 billion from $950.8 million. The FactSet consensus was for EPS of $1.29 and sales of $2.46 billion. Sales were boosted by the acquisition of MillerCoors which was completed late last year. Chief Executive Mark Hunter said 2017 will be a transition year for the company following that deal. “First quarter underlying earnings were lower than last year, primarily due to higher brand amortization expense and weaker January and February volumes in the U.S. this year– and because we were cycling strong earnings comparatives from last year,” he said in a statement. Shares fell 0.9% in premarket trade, and are down 2% in 2017, while the S&P 500 has gained 6.8%.

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Pieris Pharmaceuticals Inc. shares surged as much as 54% in premarket trade Wednesday on news of the company’s $57.5 million deal with AstraZeneca to develop drugs for respiratory diseases. The deal includes $45 million upfront and $12.5 million in a milestone payment once Pieris begins a phase 1 trial this year for its lead preclinical drug, PRS-060, which is intended for patients with moderate to severe asthma. AstraZeneca will fund all clinical development and commercialization for PRS-060, with Pieris having the option of U.S. co-development and co-commercialization starting in phase 2a clinical trials. The agreement covers four additional therapeutic programs, with Pieris having the option for U.S. co-development and co-commercialization for two of them. Pieris is eligible for up to $2.1 billion in development dependent milestone payments and eventual commercial payments, according to the release. Pieris shares have surged 11.1% over the last three months, compared with a 4.1% rise in the S&P 500 .

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Shares of Sprint Corp. rose nearly 4% in premarket trade on Wednesday after the mobile phone company reported fourth-quarter revenue that was above Wall Street expectations. Sprint reported a net loss of $283 million, or 7 cents per share, for the quarter, which was an improvement from the year-earlier period when the company reported a loss of $554 million, or 14 cents per share. Sprint’s per-share loss was wider than expected, however. Analysts tracked by FactSet were forecasting a loss of 4 cents per share. Revenue for the quarter hit $8.54 billion, compared with $8.07 during the same period a year ago and above FactSet’s consensus of $7.90 billion. Sprint said it added 187,000 new wireless customers, while experiencing a 1.75% churn rate. Shares of Sprint have gained nearly 8% in the year to date and more than 147% over the last 12 months. By comparison, the S&P 500 index is up nearly 7% in the year and 16% in the prior 12-month period.

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Time Warner Inc. on Wednesday reported earnings for the first quarter that were above Wall Street expectations. Net income for the quarter came in at $1.42 billion, or $1.80 per share, compared with $1.21 billion, or $1.51 per share during the same quarter a year ago. Adjusted per-share earnings were $1.66, above FactSet’s consensus of $1.45. Revenue for the first quarter hit $7.74 billion, up from last year’s $7.31 during the same period and above FactSet’s consensus of $7.67. Time Warner’s revenue growth was driven by its Warner Bros. film division, where revenue increased 8% to $3.37 billion due to the theatrical releases of “Kong: Skull Island” and “The LEGO Batman Movie” and home entertainment revenue from “Fantastic Beasts and Where to Find Them.” Turner Broadcasting revenue rose 6% due to better subscription revenues, though, advertising revenue fell 2% in the quarter. Revenue at HBO increased 4% thanks to an increase in subscription revenue. HBO debuted the limited series “Big Little Lies,” which reached more than 8 million viewers, during the first quarter, along with the final season of “Girls.” Shares of Time Warner were inactive in premarket trade, but have gained nearly 3% in the year to date and almost 35% in the last 12 months, while the S&P 500 index is up nearly 7% in the year and 16% over the prior 12-month period.

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Reynolds American Inc. reported Wednesday first-quarter net earnings that fell to $780 million, or 55 cents a share, from $3.57 billion, or $2.49 a share, a year ago, which included a significant gain from the sale of Natural American Spirit’s non-U.S. business. Excluding non-recurring items, adjusted earnings per share came in at 56 cents, missing the FactSet consensus of 57 cents. Revenue increased 1.1% to $2.95 billion from $2.92 billion, below the FactSet consensus of $3.03 billion, as a 4.4% decline in domestic cigarette volume underperformed the industry volume decline of 3.1%. Cigarette retail market share increased to 32.2% from 32.1%, as an increase in Newport share and in line share at Camel helped offset a share decline in Pall Mall. The stock, which was still inactive in premarket trade, has run up 16% year to date, while the S&P 500 has gained 6.8%.

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Yum Brands Inc. shares rose 1.6% in Wednesday premarket trading after the fast-food company reported first-quarter earnings that beat expectations. Net income was $280.0 million, or 77 cents per share, down from $364.0 million, or 54 cents per share, for the same period last year. Adjusted EPS was 65 cents, beating the 59-cent FactSet consensus. Revenue was $1.42 billion for the quarter, down from $1.44 billion last year and ahead of the $1.38 billion FactSet consensus. Same-store sales at Taco Bell grew 8% for the quarter; KFC same-store sales were up 2%; and Pizza Hut’s same-store sales fell 2% for the period. Global same-store sales rose 2%. Yum Brands shares are up 15.7% for the past year while the S&P 500 index is up 15.9% for the last 12 months.

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Humana Inc. reported first-quarter profit and revenue beats early Wednesday. Earnings for the latest quarter rose to $1.12 billion, or $7.49 per share, from $254 million, or $1.68 per share in the year-earlier period. Adjusted earnings-per-share were $2.75, compared with the FactSet consensus of $2.49. Revenue fell to $13.76 billion from $13.80 billion, compared with the FactSet consensus of $13.60 billion. The latest results include the “beneficial effect of the lower effective tax rate in light of pricing and benefit design assumptions associated with the 2017 temporary suspension of the health insurance industry fee,” Humana said, along with share buybacks in the first-quarter. Humana earnings were not active in premarket trade. Shares have risen 13.8% over the last three months, compared with a 4.1% rise in the S&P 500 .

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Twitter Inc. said it is facing class-action lawsuits in California alleging securities violations, according to a Securities and Exchange Commission filing late Tuesday. Twitter said “current and former officers” of the company have been named as defendants in pending class-action lawsuits filed in the U.S. District Court for the Northern District of California and the Superior Court for San Mateo County in California. Twitter did not disclose any further detail of the lawsuits. Twitter shares rose 0.2% to $18.28 after hours.

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Myriad Genetics Inc. [s; mygn] shares jumped in the extended session Tuesday after the medical diagnostic test company’s quarterly results and outlook topped Wall Street estimates. Myriad Genetics shares jumped 15% to $21.50 after hours. The company reported adjusted fiscal third-quarter earnings of 27 cents a share on revenue of $196.9 million. Analysts surveyed by FactSet had forecast earnings of 23 cents a share on revenue of $189.1 million. For the fourth quarter, Myriad sees adjusted earnings of 26 cents to 28 cents a share on revenue of $192 million to $194 million. Analysts expect earnings of 26 cents a share on revenue of $188.5 million.

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